Obama - a record of mailaise and failure

Nordberg said:
The lending agencies were controlled by banks. The same banks that were selling the crap mortgage-backed securities. If you did a scrap of checking out what happened, you would know the banks determined the levels of scrutiny lenders were going to use . The rating agencies said the bankers were pulling their strings too.
You are being suckered again. Read something real. We had a televised house investigation showing what was going on. The banks, lending agencies, and rating agencies all confessed. Hence you are absolutely wrong.
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Banks weren't selling mortgage backed securities you ignorant dumb fuck.
 
floridafan said:
Let me ask again, would you direct me to the place in the CRA that gave the government the ability to force banks to make bad loans?
You can't, so give it up already.
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For brain dead, useless morons who are too stupid to do their own research:

What is the Community Reinvestment Act (CRA)?

The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.

https://www.federalreserve.gov/consumerscommunities/cra_about.htm
 
Truth Detector said:
For brain dead, useless morons who are too stupid to do their own research:

What is the Community Reinvestment Act (CRA)?

The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.

https://www.federalreserve.gov/consumerscommunities/cra_about.htm
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So we have a law passed over 30 years ago, that never had a problem until the Bush administration? Does "meet the credit needs" mean something that we cannot understand, you fucking piece of dog shit
 
floridafan said:
Let me ask again, would you direct me to the place in the CRA that gave the government the ability to force banks to make bad loans?
You can't, so give it up already.
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[Bwarney Fwank's] most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.

At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007. Despite Frank's effort to make this seem like a partisan issue, it isn't. The Bush administration was just as guilty of this error as the Clinton administration. And Frank is right to say that he eventually saw his error and corrected it when he got the power to do so in 2007, but by then it was too late.
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https://www.theatlantic.com/busines...vernment-did-cause-the-housing-crisis/249903/
 
floridafan said:
So we have a law passed over 30 years ago, that never had a problem until the Bush administration? Does "meet the credit needs" mean something that we cannot understand, you fucking piece of dog shit
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LIE and LAME. It is apparent that even when you are force fed the facts, there is nothing inside that thick skull capable of comprehending it.
 
decrepit tRumpanzee said:
Obamunism in Debt:

2009 $11,910 83%
2010 $13,562 90% Obama Stimulus Act cost $400 billion.
2011 $14,790 95%
2012 $16,066 99%
2013 $16,738 99%
2014 $17,824 101% War cost $309 billion. QE ended. Strong dollar hurt exports.
2015 $18,151 99%
2016 $19,573 104%

Total Debt = $9,548 Billion. A 95% increase.
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Obamunism,

what a honkey asswipe, spawn of turd birds
 
Dark Soul said:
[Bwarney Fwank's] most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.

At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007. Despite Frank's effort to make this seem like a partisan issue, it isn't. The Bush administration was just as guilty of this error as the Clinton administration. And Frank is right to say that he eventually saw his error and corrected it when he got the power to do so in 2007, but by then it was too late.
https://www.theatlantic.com/busines...vernment-did-cause-the-housing-crisis/249903/
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Under normal circumstances I would say that this will leave a mark; but the idiot we trying to educate is too dishonest and lacks the IQ to comprehend anything beyond the false narratives he has been fed.

The video:
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
 
guno said:
Obamunism,
what a honkey asswipe, spawn of turd birds
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:lolup:Brain dead race hustling moron triggered. Poor snowflake. :laugh:

giphy.gif
 
Dark Soul said:
[Bwarney Fwank's] most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.

At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007. Despite Frank's effort to make this seem like a partisan issue, it isn't. The Bush administration was just as guilty of this error as the Clinton administration. And Frank is right to say that he eventually saw his error and corrected it when he got the power to do so in 2007, but by then it was too late.
https://www.theatlantic.com/busines...vernment-did-cause-the-housing-crisis/249903/
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Let's also not forget Franklin Raine's part in this massive Liberal created fiasco:

In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO.

On December 21, 2004, Raines accepted what he called "early retirement"[4] from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He was accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.[5]

In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $90 million in payments made to Raines based on the overstated earnings,[6] initially estimated to be $9 billion but have been announced as $6.3 billion.[7]

Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused.[8] On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller dismissing its charges. The three executives maintained their denial of the charges but agreed to the payment of fines totaling about $3 million, which were paid by Fannie's insurance policies. Raines also agreed to donate to charity the proceeds from the sale of $1.8 million of his Fannie stock newly issued to him by the company and to give up stock options, which were valued at $15.6 million when issued. The stock options however had no value.[citation needed] The OFHEO press release said Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses. Raines denied that he gave up any such benefits or paid any money out of pocket for the settlement.[9]

An editorial in The Wall Street Journal called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches."[dead link] In 2003 alone, Raines's compensation was over $20 million.[10]

A statement issued by Raines said of the consent order, "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO."[11]


https://en.wikipedia.org/wiki/Franklin_Raines
 
Dark Soul said:
Nice logical fallacy, requiring your debate opponent to be specific to you needs. But I proved my point, therefore destroyed yours.
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As usual you provided shit, absolutely nothing. Now where in the CRA does it allow banks to operate the way you indicated?
The answer my dear is that it doesn't
 
floridafan said:
As usual you provided shit, absolutely nothing. Now where in the CRA does it allow banks to operate the way you indicated?
The answer my dear is that it doesn't
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You were given the answer numerous times. But you are a mental midget with the intelligence of a gnat and cannot comprehend anything based in fact or reality. You really are that fucking dumb and pathetic. :clap:
 
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