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Thread: obama

  1. #235
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    Thanks for the long form, agreed there was more to the equation but how does this relate to less regulation in the banking industry which seems to be one of the prime objectives of conservative thought? The MERS system is but one of the artifacts of the housing bubble that has not been dealt with. Given time the same thing will happen again - the greed has only been temporarily suppressed if we don't reign in the banksters.
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  2. #236
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    Cool

    Actually, republicans have been trying since 2002 to reel in Fannie & Freddie but Barney Frank and Chris Dodd blocked it saying there was nothing to worry about. Their testimony is public. http://www.youtube.com/watch?v=wRpAn0ToV04

    Sure, plenty of blame to go around since the RHINO's played along with the dummycrats to run interference with the financial crooks who then gave campaign contribution kickbacks.

    Add in the Community Reinvestment Act, which forced banks to make bad ultra low interest loans to minorities (primarily blacks) to buy votes knowing there would be hell to pay, which we're in now. These bad loans were bundled with good loans and so-so loans as 'derivatives' and other very complex securities that were sold to pension funds by Goldman-Sachs and others. When the bubble burst, everything collapsed except for the few pirates who were left holding the cash. Obama tried to protect companines that serviced debts but Congress took it out of a bill. Lots of corruption to go around--they ALL should be in orange jumpsuits behind bars IMHO.

  3. #237
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    All that information and you BLAME THE BANKERS ? I dont share your generic hatred of bankers and profit.
    Barney Frank was one of the worst offenders arguing for lower standards for lending. He was complicit to a large degree in the sub- prime meltdown bullying lenders to loan to just about anyone. And he and Chris Dodd wrote the legislation to stop this from ever happening again ? HE WAS INSTRUMENTAL IN THE FAILURE OF THE SUB PRIME INDUSTRY.

    There is one common trait shared by liberals. They lack information and the humility to rexamine their ideology. Everone else is wrong.

    You blame the banks but why hasnt this happened before ? Because banks adhered to their lending standards without government intrusion or mandates to lower standards.

    Sure there were predatory lenders but there were buyers who lied, cheated and gave false information to get into a home they couldnt afford. People flipping houses and people taking out two and three mortgages on their houses to buy crap they dont need and used the instant equity the housing bubble gave them as collateral.

    But its the bankers fault ? lol......

    I gave you a reasonable explanation of what happened back then and why it had little two do with a couple of missed mortgage payments and you give me some 99% horse sh**.

    Investmemt banks knew the crash was coming and so did the politicians. Fannie and Fresdie were bundling mortgages to sell to Wall Street as derivitives.

    But blame the banks ?

  4. #238
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    Quote Originally Posted by hearthman View Post
    Actually, republicans have been trying since 2002 to reel in Fannie & Freddie but Barney Frank and Chris Dodd blocked it saying there was nothing to worry about. Their testimony is public. http://www.youtube.com/watch?v=wRpAn0ToV04

    Sure, plenty of blame to go around since the RHINO's played along with the dummycrats to run interference with the financial crooks who then gave campaign contribution kickbacks.

    Add in the Community Reinvestment Act, which forced banks to make bad ultra low interest loans to minorities (primarily blacks) to buy votes knowing there would be hell to pay, which we're in now. These bad loans were bundled with good loans and so-so loans as 'derivatives' and other very complex securities that were sold to pension funds by Goldman-Sachs and others. When the bubble burst, everything collapsed except for the few pirates who were left holding the cash. Obama tried to protect companines that serviced debts but Congress took it out of a bill. Lots of corruption to go around--they ALL should be in orange jumpsuits behind bars IMHO.
    Great post Hearthman. Its lost on our liberal friend.

  5. #239
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    So you expect me to believe when investors were clamoring for these mortgage backed securities the banks were blameless for buying up every note companies such as Country Wide could sell them. There is one common trait shared by conservatives. They lack information and the humility to reexamine their ideology. Everyone else is wrong.
    Fox News - Rich people paying rich people to tell middle class people to blame the poor.

  6. #240
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    Investors typically rely on their brokers to make investments for them. The bundling and selling of mortgages was done by Fannie Mae and Freddie Mac to a large degree. A haven for ex democrat politicians .

    With out that there would be no secondary market and no subprime melt down. If not for politicians like Barney Frank who forced the lowering of underwriting standardd there would have been no sub prime.

    Did you not read hearthmans post ? His links ?

    The investment banks blew it because they knew that it eventually was going ti collapse abd didnt di anythinternally to stop it.

    If your an investment bank and you in one day unload all of your securites what dies that do to the market ?

  7. #241
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    You guys obviously need a less slanted view of how stuff works, so here is a link http://money.howstuffworks.com/mortg...d-security.htm
    Fox News - Rich people paying rich people to tell middle class people to blame the poor.

  8. #242
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    Quote Originally Posted by netsalt View Post
    You guys obviously need a less slanted view of how stuff works, so here is a link http://money.howstuffworks.com/mortg...d-security.htm
    I suppose.

    Now if only that link actually challenged anything Heartman or Commtech said.
    "Social networking" is an oxymoron.

  9. #243
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    If you read the the entire article you would notice there is no mention of D vs R. The facts are the facts, investment banks got greedy regardless of any political decision made by either party. 125% equity and no doc loans were not mandated by the government. But in typical fashion the far right will use any catastrophe to score political points. (to be fair the far left has been known to do this also)
    Fox News - Rich people paying rich people to tell middle class people to blame the poor.

  10. #244
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    I beleive it has already been acknowledged that banks were complicit.

    If you read the entire posts.
    "Social networking" is an oxymoron.

  11. #245
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    Quote Originally Posted by commtech77 View Post
    All that information and you BLAME THE BANKERS ? I dont share your generic hatred of bankers and profit.
    Barney Frank was one of the worst offenders arguing for lower standards for lending. He was complicit to a large degree in the sub- prime meltdown bullying lenders to loan to just about anyone. And he and Chris Dodd wrote the legislation to stop this from ever happening again ? HE WAS INSTRUMENTAL IN THE FAILURE OF THE SUB PRIME INDUSTRY.

    There is one common trait shared by liberals. They lack information and the humility to rexamine their ideology. Everone else is wrong.

    You blame the banks but why hasnt this happened before ? Because banks adhered to their lending standards without government intrusion or mandates to lower standards.

    Sure there were predatory lenders but there were buyers who lied, cheated and gave false information to get into a home they couldnt afford. People flipping houses and people taking out two and three mortgages on their houses to buy crap they dont need and used the instant equity the housing bubble gave them as collateral.

    But its the bankers fault ? lol......

    I gave you a reasonable explanation of what happened back then and why it had little two do with a couple of missed mortgage payments and you give me some 99% horse sh**.

    Investmemt banks knew the crash was coming and so did the politicians. Fannie and Fresdie were bundling mortgages to sell to Wall Street as derivitives.

    But blame the banks ?
    Really? Acknowledgement? I'm done here.
    Fox News - Rich people paying rich people to tell middle class people to blame the poor.

  12. #246
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    Quote Originally Posted by netsalt View Post
    Really? Acknowledgement? I'm done here.
    Just because I dont blindly buy into the 99% eat the rich evil bankers nonsense doesnt mean I dont fault the investment banks.
    They had a hand in it sure but it was after the fact after an entire industry was created for the express purpose of getting people into mortgages they wouldnt normally qualify for.

    The banks didnt initiate the sub prime market, politicians did. Namely politicians who claimed people were being treated unfairly and used the rhetoric of social justice to lower standards.


    Imagine that. People that had low credit or no credit defaulting on a loan. Go figure.

    My question to you is have banks always been evil or did they just start being evil in the last decade ?

    Getting a mortgage used to take a good credit history and a down payment.

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