As America Changes, Some Anxious Whites Feel Left Behind

[Truth Detector]

So you obviously don't know what words mean. All you're saying here is that the GSE's were hit hard too. Why were they hit hard? Simple; the Bush Administration forced them to start biuying risky loans in 2004, after reversing a 2000 HUD rule. So again, it was actions you took that caused GSE's to become destabilized.

And how did GSE loans perform anyway? Why better than all other types of loans. Period.

View attachment 6589

So you see there on the chart that GSE's had the lowest delinquency rate of all loans, and were the last loans to rise in delinquency. Which means GSE's were not the cause of the collapse, but were a victim of it.

Franklin Raines snowflake; Franklin Raines.

Conclusion

If the affordable housing goals don’t account for the GSEs’ purchases of high risk subprime mortgages and their subsequent financial collapse, what does? The best explanation is the simplest. The GSEs badly misjudged the risk of subprime and Alt-A mortgages. They thought there were large profits to be made in the growing subprime market, and they sought to maintain and expand their share of the home mortgage market. They were not alone in misjudging the risks of subprime mortgages; so did other lenders. Indeed, the GSEs were by no means the first lenders to run into problems with their non-prime portfolios; HSBC and New Century were frontpage news in February 2007. But the GSEs, because they were bigger and were required to hold less capital took the biggest risks and had the most spectacular problems.

The GSEs have made other misjudgments than threatened their solvency. Economists have often analyzed risk for financial institutions along three dimensions:
interest rate risk, credit risk, operations risk. The GSEs have experienced all three.

 

[Truth Detector]

Which doesn't prove that GSE's were the cause of the collapse, but were rather victims of it. That's what the words you quoted mean.

Moron thinks GSE's were victims. You really are too stupid for words snowflake.

 

[Truth Detector]

Now you're just spitting whatever words your little mind can come up with in order to defend your own fascist party.

How can something be both fascists and marxist at the same time? The answer is that it can't, and what you're doing is projecting your own bullshit out on everyone else.

Fascist lying leftist getting triggered. Moron thinks there's a difference between Marxists and Fascists. You never seem to tire having your ass kicked do you snowflake.

 

[The Derp]

Franklin Raines snowflake; Franklin Raines.

So now you're just vomiting out random names because you cannot handle the fact that GSE's didn't cause the collapse. Nothing you've copied and pasted proves that, even what you cut and pasted here.

Where in what you posted does it say GSE's caused the collapse or the bubble? Nowhere. In fact, as you lie by omission, you decided not to bold and underline this part: Indeed, the GSEs were by no means the first lenders to run into problems with their non-prime portfolios; HSBC and New Century were frontpage news in February 2007.

So GSE's weren't the first to run into these problems, which means the problems started elsewhere, which means GSE's ​were the victims.

 

[Truth Detector]

Entirely correct. Greenspan thought in 2001 that we had to get rid of the surplus because paying off the debt by 2010 "wouldn't be fair to the bondholders"...that's why Greenspan supported and promoted the Bush Tax Cuts which ushered in the worst economic growth in 80 years, the erasing of a surplus and manufacturing of record deficits, and the economic collapse.

It was Bush the Dumber whose regulators ceased enforcement of lending standards for subprime loans beginning in 2004; those loans would default less than two years after they were issued, and that's what caused the subprime mortgage crisis.

Bush and the Conservatives were deliberately inflating a housing bubble in order to make the economy look like it was growing in 2004 as a result of the tax cuts when it was really growing as a result of debt.

Lying leftist moron still thinks it's all Bush's fault.

 

[Truth Detector]

So now you're just vomiting out random names because you cannot handle the fact that GSE's didn't cause the collapse. Nothing you've copied and pasted proves that, even what you cut and pasted here.

Where in what you posted does it say GSE's caused the collapse or the bubble? Nowhere. In fact, as you lie by omission, you decided not to bold and underline this part: Indeed, the GSEs were by no means the first lenders to run into problems with their non-prime portfolios; HSBC and New Century were frontpage news in February 2007.

So GSE's weren't the first to run into these problems, which means the problems started elsewhere, which means GSE's ​were the victims.

Franklin Raines snowflake; Franklin Raines.

Conclusion

If the affordable housing goals don’t account for the GSEs’ purchases of high risk subprime mortgages and their subsequent financial collapse, what does? The best explanation is the simplest. The GSEs badly misjudged the risk of subprime and Alt-A mortgages. They thought there were large profits to be made in the growing subprime market, and they sought to maintain and expand their share of the home mortgage market. They were not alone in misjudging the risks of subprime mortgages; so did other lenders. Indeed, the GSEs were by no means the first lenders to run into problems with their non-prime portfolios; HSBC and New Century were frontpage news in February 2007. But the GSEs, because they were bigger and were required to hold less capital took the biggest risks and had the most spectacular problems.

The GSEs have made other misjudgments than threatened their solvency. Economists have often analyzed risk for financial institutions along three dimensions:
interest rate risk, credit risk, operations risk. The GSEs have experienced all three.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

 

[The Derp]

You keep posting the same dumb bullshit thinking it doesn't make you look lie a bigger moron; you would be wrong. I never said Democrats stopped GSE's you ignoramus....I said they were the one's who attacked the regulator trying to warn them they were headed for trouble by race hustling the issue.

First of all, no, the regulator wasn't warning about what you claim.

Secondly, at the time, GSE's were not under any threat as the Bush Administration's own Treasury Secretary said in testimony:


- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

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.


So right there, on September 10th 2003, your own Treasury Secretary told Congress that GSE's posed no imminent danger to the financial system. Which was true because GSE's weren't being forced to purchase risky loans. That changed in 2004, when you goofballs forced GSE's to resume counting risky loans toward affordable housing goals. That's what posed the threat to the GSE's. Prior to your shitty financial collapse, GSE's had the lowest delinquency rate of any mortgage lenders, and that trend continued after the collapse as well.

Thirdly, the subprime mortgages that caused the crisis were issued in 2004-7, what you're talking about has no relation to subprime lending standards at all.

You keep trying to pretend GSE's played a part in this and you couldbn't be more wrong...mostly because GSE's weren't the ones handing out loans people couldn't pay back...and GSE's weren't buying those loans until you fucking assholes made them in 2004.

 

[Truth Detector]

In fact, as you lie by omission, you decided not to bold and underline this part: Indeed, the GSEs were by no means the first lenders to run into problems with their non-prime portfolios; HSBC and New Century were frontpage news in February 2007.

Read it again snowflake:

But the GSEs, because they were bigger and were required to hold less capital took the biggest risks and had the most spectacular problems.

 

[The Derp]

Bush didn't kill GSE reform

Then tell me what these words mean:

"Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac."
https://www.marketwatch.com/story/oxley-pulls-fannie-freddie-bill-under-heat-from-bush

And then tell me what these words mean:

"Despite what appeared to be a broad consensus on GSE regulatory reform, efforts quickly stalled. A legislative markup scheduled for October 8, 2003, in the House of Representatives was halted because the Bush administration withdrew its support for the bill"
https://pdfs.semanticscholar.org/e31c/f28389f421cbc0a45ce0ade0f45af9c38cd2.pdf

Are you now saying words don't mean what they mean?

 

[The Derp]

Bush didn't kill GSE reform no matter how many time you stupidly and falsely claim it

I'm not falsely claiming it. You're the one making false claims here because you don't want to admit you've been conned.

"Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac."
https://www.marketwatch.com/story/oxley-pulls-fannie-freddie-bill-under-heat-from-bush

"Despite what appeared to be a broad consensus on GSE regulatory reform, efforts quickly stalled. A legislative markup scheduled for October 8, 2003, in the House of Representatives was halted because the Bush administration withdrew its support for the bill,"
https://pdfs.semanticscholar.org/e31c/f28389f421cbc0a45ce0ade0f45af9c38cd2.pdf

(fyi, broad consensus means it would have probably passed. what happened to it again? oh yea bush stopped it)

 

[The Derp]

Lying leftist moron still thinks it's all Bush's fault.]

It was Bush's fault. It was his regulators who ceased enforcement of lending standards on subprime loans beginning in 2004 and extending into 2007, just like the Bush Working Group on Financial Markets says.

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
http://www.treasury.gov/resource-cen...s update.pdf

That's Bush's own group, of his handpicked people, who said that weak enforcement of standards (aka regulation) was the cause of the financial turmoil.

You haven't been able to refute that point with anything.

BTW - if you say Franklin Raines' name three times in a row, he will appear behind you and will refuse to back your mortgage...unless it's 2004 and he's forced to because Bush made him.

 

[The Derp]

Read it again snowflake: But the GSEs, because they were bigger and were required to hold less capital took the biggest risks and had the most spectacular problems.

YOU READ IT AGAIN.

IT VERY PLAINLY SAYS IT IS NOT THE CAUSE OF THE PROBLEMS.

So all you're doing here is proving my point that GSE's were victims. Victims of your deregulatory, laissez-faire capitalism. GSE's had to compete against those private entities and it did that by purchasing risky loans, which Bush made them do in 2004.

So you're screeching about how big GSE's are, but ignoring the fact that they weren't the ones who started the party, and were in fact the ones who arrived the latest to it.

Must be why delinquency rates for GSE-backed loans were the last to enter delinquency during the crisis, and whose delinquency rates were lower than everyone else.

So you're trying to lump in GSE's with your shitty decisions, but the fact is that GSE trouble is because of your shitty decisions, specifically the decision to lower lending standards in 2004, and by forcing GSE's to buy those shitty loans.

This is so easy for me, BTW.

 

[Truth Detector]

First of all, no, the regulator wasn't warning about what you claim.

Secondly, at the time, GSE's were not under any threat as the Bush Administration's own Treasury Secretary said in testimony:

- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

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.

So right there, on September 10th 2003, your own Treasury Secretary told Congress that GSE's posed no imminent danger to the financial system. Which was true because GSE's weren't being forced to purchase risky loans. That changed in 2004, when you goofballs forced GSE's to resume counting risky loans toward affordable housing goals. That's what posed the threat to the GSE's. Prior to your shitty financial collapse, GSE's had the lowest delinquency rate of any mortgage lenders, and that trend continued after the collapse as well.

Thirdly, the subprime mortgages that caused the crisis were issued in 2004-7, what you're talking about has no relation to subprime lending standards at all.

You keep trying to pretend GSE's played a part in this and you couldbn't be more wrong...mostly because GSE's weren't the ones handing out loans people couldn't pay back...and GSE's weren't buying those loans until you fucking assholes made them in 2004.

Dumbfuck thinks GSE's under Franklin Raines loser leadership were the victims.

 

[Truth Detector]

Then tell me what these words mean:

"Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac."
https://www.marketwatch.com/story/oxley-pulls-fannie-freddie-bill-under-heat-from-bush

And then tell me what these words mean:

"Despite what appeared to be a broad consensus on GSE regulatory reform, efforts quickly stalled. A legislative markup scheduled for October 8, 2003, in the House of Representatives was halted because the Bush administration withdrew its support for the bill"
https://pdfs.semanticscholar.org/e31c/f28389f421cbc0a45ce0ade0f45af9c38cd2.pdf

Are you now saying words don't mean what they mean?

Because he thought the regulations were too weak you simple minded dumbfuck on steroids. The Democratic Party of the Jackass didn't want to do ANYTHING because they claimed it was racially motivated.

Oxley's plan to reform oversight of the nation's biggest home lenders "falls short of real reform," a senior Treasury Department official said Tuesday in Washington.

 

[Truth Detector]

It was Bush's fault.

Of course it is snowflake; and then you wonder why I call you an idiot.

 

[Truth Detector]

YOU READ IT AGAIN.

IT VERY PLAINLY SAYS IT IS NOT THE CAUSE OF THE PROBLEMS.

So all you're doing here is proving my point that GSE's were victims. Victims of your deregulatory, laissez-faire capitalism. GSE's had to compete against those private entities and it did that by purchasing risky loans, which Bush made them do in 2004.

So you're screeching about how big GSE's are, but ignoring the fact that they weren't the ones who started the party, and were in fact the ones who arrived the latest to it.

Must be why delinquency rates for GSE-backed loans were the last to enter delinquency during the crisis, and whose delinquency rates were lower than everyone else.

So you're trying to lump in GSE's with your shitty decisions, but the fact is that GSE trouble is because of your shitty decisions, specifically the decision to lower lending standards in 2004, and by forcing GSE's to buy those shitty loans.

This is so easy for me, BTW.

Moron says its all Bush's fault. What a retard.

 

[Boris The Animal]

The Democratic Party, and its reliance on corporate donations, is not a party of Socialists or Communists.

Actually, the Democrat party is made completely up of whacked out Leftists. No conservatives whatsoever. Therefore, it is a party of Socialists and Communists.

 

[Boris The Animal]

For the historically deficient Leftist, Barney Fag and Chris Dudd started this whole housing mess in the first place.

 

[Guno צְבִי]

Actually, the Democrat party is made completely up of whacked out Leftists. No conservatives whatsoever. Therefore, it is a party of Socialists and Communists.

the white christer party of loons and mutants praise jebus

 

[evince]

We treated Greenspan like he was an all knowing oracle. He was the default treasury head if Dems or Repubs were in charge. He was a farce. He was a Libertarian who actually believed if the banking industry was deregulated, it would naturally do the right thing for the people. Who needs regulation? Well he got his way with Gramm/Leach and the bankers were set free. They saw it as a license to steal and loot on a scale the world had never seen. They were the creators of the real estate/banking crash. They bought off what little regulation was left. The rating agencies caved in totally. They oked any and all deals saying they were based on sound economics. They lied and admitted it. They and the bankers walked away with all the loot they stole. They even got their bonuses as the banks were crashing.

They did not go away. They waited for a guy like Trump to come in and they could loot again.

NO

GLB act would have worked fine



the republicans REFUSED to impliment LAWS for 8 years to let the banks AVIOD laws