(Bush) White House Philosophy....

[NewHampshire Black Bears]

http://www.nytimes.com/2008/12/21/business/21admin.html?em


HEY..."W".

"Stick...T H I S........into your Legacy" !!

As MILLIONS of Americans face (A ZERO) Christmas, because of an economy, (which started from "YOU know WHERE")......
....."THANKS for NOTHING" !!!!!!!!

 

[delldude]

Yeah...created under Carter.....then pushed by Clinton,furthered by W.

 

[KCFlyer]

Yeah...created under Carter.....then pushed by Clinton,furthered by W.

We have to go back 30 years to blame the democrat....dell...where were all the foreclosures and mortgage defaults prior to 2008? Many of those "bad loans" begat by Carter would have been paid in full by 2008. Why would someone who took a loan in 2000 be able to afford the payments for 8 years before defaulting? Curious minds want to know.

 

[Art at ISP]

Actually, in 1999, Clinton Administration officials pushed Fannie May to originate more loans, to increase their profit.

In the end, I think both parties share the blame, but what I find to be totally reprehensible is that Congress ignored repeated warnings by Alan Greenspan and others that this was going to happen and did N O T H I N G, which is their norm...

So don't just blame administrations--there's plenty of blame to go around.

 

[delldude]

We have to go back 30 years to blame the democrat....dell...where were all the foreclosures and mortgage defaults prior to 2008? Many of those "bad loans" begat by Carter would have been paid in full by 2008. Why would someone who took a loan in 2000 be able to afford the payments for 8 years before defaulting? Curious minds want to know.

I wasn't particularly blaming anyone.
I never said anything about any loans under Carter either.
You are aware Carter implemented the Community Reinvestment act aren't you?
You also must know that nothing really happened with the act until Clinton started pushing it.
Don't you know that Acorn,Fannie Mae and Freddie Mac were also very very instrumental?
Even the Dreaded GWB pushed Clinton's efforts along too.
Barney and Chris and a whole bunch of other touchy feely Dem's looked the other way when GOP members attempted to rectify what they saw was going to happen....party line vote :down: and the rest is history.
If you want blame....you can go after both parties...but I can't quite comprehend why Chris Dodd and Barney Frank are given a free pass for tanking the global economy?Weren't they the key people on banking and Finance?

 

[NewHampshire Black Bears]

dell,

If the time to "act" was between 1/20/01.....to.....1/1/07, Barney and Chris were not on "the hook" for any of it, seeing that your side(BOTH houses of Congress)..."Ruled the Roost", during that....."6" YEAR period,.......which then puts the "Doo-Doo"..SQUARELY on EL-CHIMPO. :blink: :blink:

 

[Cosworth]

I have not read the act and do not know a great deal about banking but I am curious if the administrations advocated that they make loans available to more people or if the administrations said make bad loans to anyone who asks. I seriously doubt the intent of law was to allow someone making $50k a year to buy a $300k house with an ARM loan. I suspect it was more along the lines of a person making $50k a year buying a $100k house on a 30 yr fixed. The fact that the banks made bad loans if hardly the fault of the US government or anyone else.

Of course I could be totally off base on this and give the history, incompetence and greed of this nation who knows what the true intent was.

 

[delldude]

dell,

If the time to "act" was between 1/20/01.....to.....1/1/07, Barney and Chris were not on "the hook" for any of it, seeing that your side(BOTH houses of Congress)..."Ruled the Roost", during that....."6" YEAR period,.......which then puts the "Doo-Doo"..SQUARELY on EL-CHIMPO. :blink: :blink:

Think so?

 

[Hopeful]

dell,

If the time to "act" was between 1/20/01.....to.....1/1/07, Barney and Chris were not on "the hook" for any of it, seeing that your side(BOTH houses of Congress)..."Ruled the Roost", during that....."6" YEAR period,.......which then puts the "Doo-Doo"..SQUARELY on EL-CHIMPO. :blink: :blink:

NH/BBs...How are you buddy..

Have to disagree with you...There is plenty of blame to go around.In 1999 Clinton pushed for more home ownership so more Americans can attain the "American Dream." To do that, down payment requirements were all but gone, and loan regulations relaxed to almost nil. Fannie Mae and Freddy Mac were out of control. Bush, El Chimpo as you refer to him, failed to reinforce those regulations. Many an administration and treasury heads and reserve bosses are to blame here. I know you would like to Blame "el chimpo for AIDS and cancer, maybe teen pregnancies, but this problem is decades in the making, not just the period spanning 2001 to present.

No one did any borrowers any favors by allowing no money down and sub prime loans.

Merry Christmas to you and yours, friend!

 

[NewHampshire Black Bears]

NH/BBs...How are you buddy..

Have to disagree with you...There is plenty of blame to go around.In 1999 Clinton pushed for more home ownership so more Americans can attain the "American Dream." To do that, down payment requirements were all but gone, and loan regulations relaxed to almost nil. Fannie Mae and Freddy Mac were out of control. Bush, El Chimpo as you refer to him, failed to reinforce those regulations. Many an administration and treasury heads and reserve bosses are to blame here. I know you would like to Blame "el chimpo for AIDS and cancer, maybe teen pregnancies, but this problem is decades in the making, not just the period spanning 2001 to present.

No one did any borrowers any favors by allowing no money down and sub prime loans.

Merry Christmas to you and yours, friend!

Hopeful,

FIRST off,..............Glad to hear from you, and a happy..12/25...AND....1/1/09..to you and yours as well !!!


I'm sure that Clinton had his "paws" in this, and that congress(from 1/1/07 to present) exacerbated the problem.

I'm sure you'll correct me if I'm wrong,.....but I was under the Impression that when the warning signs started to trickle into ..."1600", it was on W's watch.
As the article pointed out, W was "all over the map" in dealing(or NOT dealing) with this.
(example) Dissenting voices suggesting Tighter REGULATION were FIRED.
If a Republican congress was giving W a hard time(when they were in control) is hardly the fault of B. frank, or Cris Dodd.

But as you and others have suggested, there is "STINK" on a Lot of fingers.

I know you'll agree with me Hopeful, that Regulation(s) are foreign to the Gop.

Again, Happy Holidays !!

 

[Hopeful]

So, could we blame the attacks of 9/11 on Bill Clinton because the plan was started in 1996 under Billy Blowjob's watch? The hatred for America precludes Jan 2001 when "el Chimpo" took office.

Same thing with the mortgage crisis.

 

[Cosworth]

So, could we blame the attacks of 9/11 on Bill Clinton because the plan was started in 1996 under Billy Blowjob's watch? The hatred for America precludes Jan 2001 when "el Chimpo" took office.

Same thing with the mortgage crisis.

Actually I think you have to go back a bit farther. Reagan co-opted OBL and his band of merry men to help fight the big bad Ruskies when they invaded Afghanistan. Afterward, Regan dropped OBL like a hot potato and that just pissed OBL off. The rest is history.

Here is an interesting take on Reagan, OBL and Gorbachev. I have heard the same info at other source and I tend to believe it's veracity given Reagan's obvious hatred of Russia.

Reagan and OBL

 

[delldude]

Why would someone who took a loan in 2000 be able to afford the payments for 8 years before defaulting? Curious minds want to know.

Don't forget this too..

"We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe's-Home Depot did to their industry. And I think if we've done our job, five years from now you're not going to call us a bank."

- Kerry Killinger, chief executive of Washington Mutual, 2003

As a supervisor at a Washington Mutual mortgage processing center, John Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling those of stockbrokers. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.

"It was a disgrace," said Dana Zweibel, a former financial representative at a WaMu branch in Tampa, Florida. "We were giving loans to people that never should have had loans."

If Zweibel doubted whether customers could pay, supervisors directed her to keep selling, she said. "We were told from up above that that's not our concern," she said. "Our concern is just to write the loan."

Blame it on Bush???

 

[dapoes]

We have to go back 30 years to blame the democrat....dell...where were all the foreclosures and mortgage defaults prior to 2008? Many of those "bad loans" begat by Carter would have been paid in full by 2008. Why would someone who took a loan in 2000 be able to afford the payments for 8 years before defaulting? Curious minds want to know.

Typically there are three primary reasons for home foreclosures. Death, Divorce and Job/Income Loss.

What is happening statistically is small as recent reports were saying only 7% of homeowners are in default. That means 93% of homeowners aren't having problems.

High concentration of foreclosures are in areas that experienced heavy development with large percentages sold investment properties. Areas like AZ, NV, FL ans Inland Empire of Southern California. When flipping was the norm these properties changed hands multiple times and pushed up values to the stratosphere.

Also there was heavy marketing and advertising to people to repeatedly refi to take cash out, etc. So as time progressed the mortgage ballooned, and behavior was such that they thought they could refi their way out of it. Some peoples expectation was home prices were going to go up and up forever.

Perfect example was the San Diego lady who chained herself to here house in protest to stave of foreclosure eviction. But what records revealed was that she repeatedly sucked out cash from her home like an ATM to the tune of $674K and quit making payments.