PostmodernProphet
fully immersed in faith..
its silly to ignore the Barney Frank and Congressional Black Caucus racist mortgage bubble.......
Why is it the Bush Mortgage Bubble? Because Bush created it.
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He is certainly cringe worthy in his ignorance and stupidity.
Jerry Mathers
Was it me?
im not arguing against any of that. why would banks need to have feds force due diligence if loans are how they make money?
(secret real answer: banks really make money by bubble crafting, hedging, and insider trading)
You're a dumb asshole who is in way over his head.
The problem was caused by Bush's overzealousness to cover for the failure of his tax cuts to deliver on any of the promises made of them by inflating a housing bubble in time for the 2004 election.
Wow, now I've heard it all...blaming the CRA, blaming Clinton, blaming Carter...now blaming FDR for the decision Bush made 70 years later to have his regulators cease the enforcement of lending standards for subprime loans, which were invented almost 50 years after FDR died.
It's amazing how much the ghost of FDR was able to control the minds of Republicans 70 years after his death.
I have posted about a dozen different links, not all are articles, showing and detailing how the Bush Mortgage Bubble started and what caused it to inflate.
You just refuse to accept them because you're a piece of shit who can't ever admit to being wrong because doing so would result in unraveling every single belief you hold.
Links you cannot even speak to or defend your position against because you're in over your head.
Getin the ring
Verified User
Barney frank and let's not forget Ted Kennedy.
those two ass clowns almost wrecked the American economy beyond repair.
And ironically Obama was tasked with fixing the problem and all he could come up with was printing money.
Which is why we are now 21 trillion in debt and at the mercy of praying to God Trump gets another 4 years to steer the ship in the right direction, and not let another nut**bag in after him come in and destroy the plan.
America is Woke, let's hope
Jerry Mathers
Was it me?
Bush's regulators are not the banks themselves.
why do I have to say that to you? are you retarded?
Did Alan Greenspan force Bush's regulators into not enforcing lending standards? If so, please show us where and when he did that.
As I've proven on this thread, it was caused by a dramatic weakening of underwriting standards for subprime loans, beginning in 2004.
Who was President in 2004? Who controlled Congress?
Getin the ring
Verified User
STUPID X 10 ^^^^^
And you're a troll to boot
why don't you go to a thread where you may actually know something about
That's exactly what the Bush Administration let them do in 2004, after an April meeting that essentially removed leveraging requirements and let the industry "police itself".
Agency's '04 Rule Let Banks Pile Up Debt
https://www.nytimes.com/2008/10/03/business/03sec.html
The question to be answered is why would banks engage in such risky schemes?
How Did the Subprime Mortgage Crisis Start?
How did the U.S. economy get to a point where in 2007, a full-on housing crisis began?
It doesn't happen overnight. In the early-to-mid 2000s, interest rates on house payments were actually quite low. In what looked to be a solid economy after a brief early 2000s recession, more and more people with struggling credit were able to qualify for subprime mortgages with manageable rates, and happily acted on that.
This sudden increase in subprime mortgages was due in part to the Federal Reserve's decision to significantly lower the Federal funds rate to spur growth. People who couldn't afford homes or get approved for loans were suddenly qualifying for subprime loans and choosing to buy, and American home ownership rose exponentially.
Real estate purchases rose not only for subprime borrowers, but for well-off Americans as well. As prices rose and people expected a continuation of that, investors who got burned by the dot com bubble of the early 2000s and needed a replacement in their portfolio started investing in real estate.
https://www.thestreet.com/personal-finance/mortgages/subprime-mortgage-crisis-14704400
Teflon Don
I'm back baby
We get it man. The democrat party is perfect. Their legislative proposals always work as plan. You are so lucky to belong to such a perfect party.
You're the one who is refusing to accept what the people who caused the crisis are telling you.
Ah, yes, of course...the Dunning-Kruger is strong with you.
You cna't form a cogent or coherent argument articulating your beliefs, and my argument is just too strong and backed up by actual evidence, so you have to posture to make me think I'm not totally getting under your skin and trashing all your long-held garbage beliefs.
I have "googled it", hence why I am able to make an argument using links that aren't lying Op-Eds like you have to rely on like a crutch because your argument is disabled.
What Parties Were to Blame for the Crisis?
The subprime mortgage crisis, which guided us into the Great Recession, has many parties that can share blame for it. For one, lenders were selling these as mortgage-backed securities. After the lenders approved and gave out the loan, that loan would be sold to an investment bank. The investment bank would then bundle this mortgage with other similar mortgage for other parties to invest in, and the lender would, as a result of the sale, have more money to use for home loans.
It is a process that had worked in the past, but the housing bubble saw an unusually large number of subprime mortgages approved for people who struggled with credit and income. When the Fed began raising interest rates over and over, those loans became more expensive and the borrowers found themselves unable to pay it off.
Lenders were far too ready to give away so many risky loans at once, seemingly assuming that housing prices would continue to rise and interest rates would stay low. Investment banks seem to have had similar motives, getting bolder with their mortgage-backed securities investments.
Though these parties decidedly took advantage of people with bad credit in need of a place to live, homebuyers and the distinctly American pursuit of owning a home played a small role in this as well. The dream of upward mobility and owning larger homes led people to be riskier with their own real estate investments, and predatory lenders were all too ready to help them.
The subprime mortgage crisis, which guided us into the Great Recession, has many parties that can share blame for it. For one, lenders were selling these as mortgage-backed securities. After the lenders approved and gave out the loan, that loan would be sold to an investment bank. The investment bank would then bundle this mortgage with other similar mortgage for other parties to invest in, and the lender would, as a result of the sale, have more money to use for home loans.
It is a process that had worked in the past, but the housing bubble saw an unusually large number of subprime mortgages approved for people who struggled with credit and income. When the Fed began raising interest rates over and over, those loans became more expensive and the borrowers found themselves unable to pay it off.
Lenders were far too ready to give away so many risky loans at once, seemingly assuming that housing prices would continue to rise and interest rates would stay low. Investment banks seem to have had similar motives, getting bolder with their mortgage-backed securities investments.
Though these parties decidedly took advantage of people with bad credit in need of a place to live, homebuyers and the distinctly American pursuit of owning a home played a small role in this as well. The dream of upward mobility and owning larger homes led people to be riskier with their own real estate investments, and predatory lenders were all too ready to help them.
Watch as Democrats attack the regulator and race hustle in the hearings in 2004 trying to get a handle on the impending crisis; yes the DEMOCRATS are the reason nothing was done folks:
Fannie Mae/Freddie Mac Hearings 2004
You know what's funny is that Barney Frank confronted Bush's Treasury Secretary about the threat to housing in 2003, and you know what Bush's Treasury Secretary said? Everything was fine:
Testimony from W’s Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s, September 10th, 2003:
Mr. Frank: Are we in a crisis now with these entities?
Secretary Snow: No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
Ouch. How damaging to your argument.