Twardlow Loc: Arkansas

....and they're already well on their way!

MtnMan Loc: ID

The secret is to keep your expectations as low as possible and don't get upset if they manage to outdo even your worst predictions. That's what Washington D.C. is best at.

It has become clear to me that those who succeed to get into positions of power in Washington D.C. are the least likely to care about the rest of us beyond one thing: getting our v**es. After that it is all about staying there and enjoying the fruits of their political success.

They aren't going to hurt big business because that's the source of all goodness for them; from campaign contributions to free $1,000 dinners and private jet rides to private resorts, etc.

HEART Loc: God's Country - COLORADO

With the Kenyan in Kontrol, your "bliss" has already happened - destruction of the America system almost complete!! The Republicans can only make a bad situation worse...which won't happen - they actually practice two words you libs don't know..."COMMON SENSE."

Keenan Loc: Central Coast California

You don't know what you are talking about and simply fabricate complete and utter bs. In 2002, Barney Frank did no such thing. The only thing that happened in 2002 related to mortgage lending is the Bush Administration strong arming the attorney generals of all 50 states to begin allowing predatory lending. It is Bush that opened up the spigots of unqualified borrower mortgages, i***t. We've already discussed this at length several times on the forum over the last few months. The fact even after this you still can't be bothered with even minimally educating yourself on this, and instead have to continue speaking out of your arse, is just incredible. You are a complete waste of time.

Steven Seward Loc: Cleveland, Ohio

What you call predatory lending, I call charity. What is so predatory about a bank lending money to people who could not normally obtain a loan? This is what Barney Frank and other Democrats had been pushing for since the Carter administration. They were all saying that bank lending was discriminatory toward minorities. The Community Reinvestment Act was signed into law in 1977 which allowed the government to pressure banks into giving loans to low income minorities, largely through the infamous Freddie Mac and Fannie May. George Bush was simply continuing the same policy, perhaps to show his "compassionate conservatism."

Keenan Loc: Central Coast California

You should educate yourself about predatory lending and why the attorney generals of all 50 states' regulations against them until the Bush Administration swept the regulations away in 2002.

Then you should ask yourself why banks would WANT to WILLINGLY give loans to unqualified borrowers, as they did in the bubble of 2003 to 2007. Obviously, the banks were engaged in fraud, and repackaging the loans to investors as fraudulent high quality bonds, because by the time the loans were defaulted on and blew up, the banks were no longer holding the bag. This feeding frenzy of fraud and predatory lending was participated in by Wall Street Banks, mortgage brokers, ratings agencies, appraisors, etc.

Jackinthebox Loc: travel the world

:thumbup: :thumbup:

yhtomit Loc: Port Land. Oregon

The real tricky part for George was getting his knee planted squarely between the AG's shoulder blades.
When we discussed this in the past,you and Barney lost.
This is a good read from boston.com.Tell me what you think.
http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/

Go Seahawks!

MtnMan Loc: ID

That was some game!

yhtomit Loc: Port Land. Oregon

F**e field goal touchdown,f**e extra point conversion,interception,
interception,4 minutes...Overtime pass to a Washington native to win game.
Rusell crying for the honour of having great team mates.
You can't make up a story like this game...Gasp.

Steven Seward Loc: Cleveland, Ohio

That was one incredible game! I can't say that Seattle deserved to win even though I was kind of rooting for them. It almost seemed like the hand of God reached down and reversed the outcome. How about the two point conversion by Seattle. The Packer defender who could have jumped for the air ball just kind of stood there paralyzed, as if momentarily stunned by some supernatural force. i still don't believe it!

Steven Seward Loc: Cleveland, Ohio

Bush used the Office of the Comptroller of the Currency (OCC) to keep States from controlling National Banks, as opposed to local State banks. Their ruling, overiding State laws about predatory lending of national banks did not come till 2003. I admit that this may have had some bearing on the eventual collapse of the housing market by giving the national lenders protection from State laws, though Obama has declined to give up their power, and all the States Attorneys General are still fighting the same old battle with the OCC over States rights.

It is easy to figure out why banks would want to willingly give loans to unqualified borrowers. As I said before, The government, through Fannie May and Freddie Mac (doesn't that sound like a fast food restaurant?) took all of the risk away from the banks, buy simply buying their loans. If the homeowner stopped paying his mortgage, the banks still got reimbursed.

By the way, all of the prosecutions for predatory lending were carried out during the Bush administration (Household Finance, Countrywide Mortgage, etc...). It was hoped that Obama would come down on all these "greedy lenders" and that a wave of Justice Department prosecutions would ensue, but it has not happened.

Keenan Loc: Central Coast California

The operative word is 'regulations'. All 50 states' attorney generals are responsible for protecting their citizens from fraud and abusive practices by businesses, regardless of whether the business is headquartered inside the state or outside. These regulations included the ban on predatory lending. The Bush administration sweeping away the ability of states to regulate banks could have been justified if federals regulations were as strong as the states' regulations to protect consumers. But that was not the case. Instead, the Bush Administrations efforts to pre-empt states from regulating banks was due to lobbying efforts by national banks to get rid of those regulations, so that they could do what they wanted to increase their profits at the expense of consumers, including the offering of precatory loans, which they did immediately following the deregulation.


Thanks for the correction. 2003 instead of 2002 still does not change anything regarding the reason why predatory lending started being offered in 2003 whereas previously it was non allowed, and how it played a major part in the bubble and collapse a few years later.


Good. Now we are getting somewhere as far as you at least starting to reasonably look at the true history behind the Bush recession.


A lot of people were disappointed at Obama not keeping his campaign promises to hold Wall Street criminals accountable.


But previously to Bush's deregulations, Fannie May and Freddie Mac would not insure loans that were made to unqualified buyers, including the requirement to prove income.

It is also important to acknowledge that loans insured by the government were not the major part of the bad loans. The majority of bad loans the blew up after 2006 were actually NOT government insured loans, but were the new predatory loans that were designed to mislead consumers, with negative amortization and variable interest rates that predictably would lead to default down the road, but were still profitable to the underwriters and brokers who made money before the loans were sold to unwitting investors. In most cases, borrowers did not have to prove their current income, or prove that they could afford future interest rate increases that were inevitable. These were the so-called "liar loans" that were mostly not insurable by Fannie May and Freddie Mac.


Can't disagree with you there. I am very disappointed with Obama regarding his selling out to Wall Street.

Steven Seward Loc: Cleveland, Ohio

Thanks for the feedback. You are apparently NOT watching football today. How do you do the selective quote thing from specific pieces of my post? Being new to computers, I haven't mastered the particular tools on this site. I want to know how some people actually post in color or in large letters.

I have only one difference in opinion from your last post. Many people put all the onus for foreclosures on the banking industry, instead of on the home buyers. While there certainly have been some unscrupulous lenders, I think most foreclosures are due to the incompetence or greed of the buyers. I myself have gone through the process of purchasing homes twice, and refinancing once, and I have known people who have lost their homes due to foreclosure. There are so many safeguards built in for the buyer that it is daunting for anyone who looks at the massive paperwork involved. It takes a huge effort to pour over every document that lawyers and politicians have deemed mandatory to agree to. There is no way to not know what you are getting into if you read the material.

The greed on the part of the buyer is when they see that wonderful house that they could not normally afford, and the bank says "pay us very little money up front, and we will buy the entire house for you. Just pay us back double, little by little each month for the next 30 years". Many people cannot control themselves and don't think about the consequences of whether or not they will be able to pay this off in the future. Some self-employed people also inflate their earnings statements or earning potential in order to qualify. These responsibilities lie solely with the buyer and not the lender.

If the government did not get involved in pushing who the banks should lend to, then there would not be unrealistically cheap downpayments to lure the irrepressible.

bvm Loc: Glendale, Arizona

We have grown it population, in taxes paid on every level and of course out of control Federal spending.

REAL unemployment is staggering.

We have been paying " infrastructure" taxes forever.
Where has it gone?

Not roads, highways or bridges, but to pay for the excessive pensions.

Remember those not so ready " shovel ready jobs" ?

Where did that money go?

Vanished!

Let's see the states and Feds account for the money they have ALREADY collected in road use taxes, fuel taxes, tolls, auto sales taxes etc.

Then we can talk.