ATV Florida Forum

How did this get overlooked.

Now its gotten worse since we voted in a DEMOCRATIC CONGRESS

Straight from the New York Times in Sept 1999

Quote=
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.


Here is the link


http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&partner=permalink&exprod=permalink

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  8) 8) 8) 8) 8)

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amen brotha.

One man can not do all of this.  We have 435 iditos that are in Congress that need to be fired.
One thing we should all learn from this is make sure you vote for your State officals that serve and make law.
Vote on term limits

I blame Obama lol and he's not even the president

Great point!!!  It is not one man, and it surely aint the President of any Term.  Congress has the control on the Ecomony.  Don't even look at this Bail-out bill that just past, it pisses me off, w/both parties.  Yea we surely needed to do something, but this Bill started out as 3 pages long, it is now over 400 pages, fill w/special interest, earmarks, it would just tick anyone off.  The sad thing is this, once some gets enough funds to get into either Congres, the Senate, and Presidency for that matter, they all those freakin speacial interest that contributed to their campaign.  My only warning is this, be very wery of the candidate w/the most funds, why because that is candidate w/the most payback.  Don't think that these special interest give to their campaign, because they believe in what the person stands for.  No, they give all that $$$$ cause they KNOW they are going to get it all back.  There needs to be a real change in how campaigns are managed, run and who should be allowed to donate.

You surely can't just lie all the blame on the Bush Administration, alot of this crap started along long time ago.  Clinton signed the current "deregulations" that everyone is complaining about now, and yes, the Bush Administration should of done more to change that.  But up until about 2 years ago, everyone saw the golden egg, all that wealth, w/the housing market, ect, no one would believe anyone who came against that, so now it has all blown up in our face!  And yep, good ole tax payers will be paying the bill, and all the special interest got their hand in it.  That includes Obama's gang as well, take a long hard look at ACORN, and you will get my point.

again...lefty democrats = socialists/Marxists....nothing new here peeps...

Thought this was interesting....

Which Senator has rec'd the most contributions from Fannie Mae....

#1) Christopher Dodd $165,000/Democrat - (Since he has been a Senator - pretty long time)

Quess who came in 2nd....  (And ain't been a Senator that very long) You guess it....

Barack Obama...  $120,000 (hmmmmmmm) Yea, no special interest there, ya think..... 

McCain aint even on the top 20 list.....  (oh yea, that's bcz he had that Bill in 2006 that tried to add more sanctions on Fannie Mae, but the democrats kept telling everyone, that everything was fine....) That Bill BTW did not pass, Rep for it, Demo against.  Had that Bill, or the ones in 03 & 05 had past, we more than likely would be in this bad of a mess, at least w/the housing market, which is the big bubble that went pop....

For those of you that can't make the link, Fannie Mae is a huge factor for our ecomomic mess...

Here' ya go, for those who might say, I just making it up..... :-*

http://www.youtube.com/watch?v=H-_HlpZ8azA&NR=1

Dang.... You mean ole fishy didn't come back on that fact too....

Here's another interesting fact...  Earmarks & Pork fat.... LOL  (okay for those that don't know what that is, it's when I Bill is introduced to Senate/House, and Congressmen/Senators add their own little special interest to the bill, which is basically just money allocated to special interest ie, ACORN, of which the democrats wanted 20 Million of our $ to go to them on this current bail-out...)

Obama has been in the Senate for about 950 days.... give or take a day or two...  How much has he allocated to earmarks ie special interest, over 937 million $.  Remember this is on top of the Bill, they are called admendments.  In other words he as admended Bills w/special interest earmarks to the tune of $937 Million dollars....  Hmm, what's he shooting for 1 Million a day....

How much has McCain earmarked on bills, ya know, according to Obama, McCain has been a Senator since the time of Christ...  It's actually a very long time, not sure on the actual number of days, but really long (we can all agree on that) ;) 

Okay, here you go, the total amount of amount allocated by McCain for Special Interest Earmarks on Bills....  0 that's zero dollars....  hmmm..

Sorry guys/gals, just had to add my daily point that's all....  And Honestly, I sent McCain and email, how funny is that....  I was like dude, once and for all, please please put this guy in his place.... LOL

An example of an earmark...  Is how Obama earmarked money for the company that his wife works for, after they doubled her salary....  Hello CNN, news flash.... 

I'd say the one who has been president for that last 8 years.

You brought up most of this stuff before and I said if the republicans knew Fannie and Freddie were messed up and they had control of the house and senate and the white house  why did they not fix it.  I also answered your question for you which is the voters would have not wanted interference from congress and I am sure plenty of republicans get money from Fannie and Freddie.

http://zfacts.com/p/318.html

They don't listen to facts here. ;)

Hey fish new flash....

Why don't you look up the Senate Bill that McCain tried to pass in 2006?

And yea, go back and look @ 2003 & 2005 when Bush tried to warn Congress and Senate, but good Ole Barney Frank & all the other democracts, that had their hand so far up Fannie Maes but, assured everybody, it was a okay....

Hey ask Obama when he was the lawyer for ACORN about the lawsuit he filed against that forced more mortgages to low-income, non-qualified borrows....  Oh trust me ACORD is happy, cuz they get their 20 million kick back from our taxes that Obama and his buds adds to the Bills....

Whereas, Clinton sign deregulation in law while he was in office.

Oh I know I mentioned this too...

Fannie Mae's top contributions is to who, Christopher Dodd/Democrat & who else, can you say Obama.  Hell Obama has only been in the Senate for 2 years, and he is SECOND on the list for the ALL TIME leader for rec'ving contributions from FANNIE MAE. 

Almost a trillion $$ just from Obama in Earmarks, MCCain zero....

Hey while you are at, ask Obama who paid for his Harvard Education??? 

Oh, yea, tell Obama to say hi to his next door neighbors, you know, Resko, Ayers, and Farrakun....  YEa, that' right, it is a okay. Cuz just like Rev Wright would say, God Da@# America, hey did you know that we blew up the Twin Towers, and inject black babies w/the Aids virus, oh Gosh Beck, how could you say such a thing, I didn't that the good Ole Rev Wright.  You know that pastor that Obama had for over 20 years, before Obama ever met his lovey, nonracist wife.  Give ME a BREAK.

PLEASE people you have to be kidding me. 

But like you once said, and I say it again Fish, You would vote for the devil himself before rebulican.  Well again, that's exactly what you are doing..... 

Most of your nonsense can be covered by snopes.com but why don't you prove this statement you just made  "Almost a trillion $$ just from Obama in Earmarks, MCCain zero.... "  you have no idea how much money that is.

I am waiting Fish, show me the proof...  Cuz I got the proof right here in front of me. 

And yea you are right about one thing, I have no idea how much money that is....  But I will correct this, did I say a trillion, I am sorry got that confused w/how much money Obama has in his budget for next year....  I meant almost a billion in earmarks...  Do stand corrected there, and yea, McCain Zero......

Oh yea, your right, man snopes.com, that surely beats going to the directly to the homepage of the Senate and Congress. 

But I will not back down...  You 1st.... YOU SAID YOU READ MCCAIN'S BOOK AND HAD THE SAME CRAP AS OBAMA'S..... Why have you not answered me, come on, stick to the question.  And yea, for you fish, in the meantime, I wil get the all bills that your buddy Obama added all his earmarks to, and post them, but dang don't know if I can type all of that on website.  But I will surely be glad to give you the facts....

Due to the fact I really have to get up a 5AM, some of us have to work, and don't wait for Obama's so-called entiltlements....  But I assure you, I will have all the facts that you ask for, in the meantime, I am waiting for you proof that you said you had YESTERDAY!!!!

Look forward to reading it... thanks....

Are you drinking again, I never ever said I read McSames book (I did not even know he had a book) and I never said I read Obamas book.  Find where I said it and get back with me and then ask your ridiculous questions

u can almost lead a horses azz to water but ya surely cant make a dumocrat drink, I mean think >:D

http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article4890933.ece

Do you have any original material?   ;) ;) ;) 

I found this on another site,Thought this was interesting  ;D .  I spent 15 yrs in investment banking before the mortgage business and undserstand more than most about the " Markets" but things changed alot and I'm just trying to help everyone understand more of what its about without the finger pointing banter.
I love the fact that Countrywide and Bear Sterns were great until it hit the fan - then its all their fault  
This has been para-phrased from an article by John Lott Jr - I just tried to shorten it a bit, here is the complete link below. These 2 articles will spell out exactly what has happened, I was in the mortgage business and yes this is ALL true.

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Starting during the early 1990s, mortgage-underwriting standards have been consistently weakened. Many of the names involved in the forefront of those changes, Freddie Mac and Fannie Mae as well as Countrywide and Bear Stearns, have been the most prominent financial entities to become insolvent.

Others did not share these economists' concerns. The Wall Street Journal quoted Congressman Barney Frank in 2003 as criticizing Greg Mankiw, chairman of President Bush's Council of Economic Advisers, "because he is worried about the tiny little matter of safety and soundness rather than ‘concern about housing.'"

The changes in underwriting standards were pushed to accomplish what many called a "noble goal" -- an increase in home ownership among poor and minority Americans -- but the changes created a time bomb that was set off as soon as property values began to decline. The new rules involved eliminating verification of income or assets, little assurance of the ability to pay the mortgage, and virtually eliminating down payments.

Making it possible for otherwise unqualified people to buy homes increased demand and increased the price of houses. As long as housing prices rose, the problems inherent in not requiring down payments or relaxing other standards were hidden. While prices rose, no one had to default. Instead, if someone was unable to pay the mortgage, the obvious option was to sell the house at a profit. As long as prices continued to rise, people could accurately claim that the new standards did not have an appreciably different default rate than the old standards.

The Boston Fed still used the study to produce a manual for mortgage lenders that said: "discrimination may be observed when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower–income minority applicants."

So what were some of the "outdated" criteria?

Credit History: Lack of credit history should not be seen as a negative factor.... In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts....

Down Payment and Closing Costs: Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations, or municipal agencies to cover part of these costs. . . .

Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

Accepting these new criteria was hardly voluntary. The Fed warned the banks:

"Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

And mortgage lenders followed these rules. Liebowitz explained to FOXNews.com that these changing financial standards "encouraged speculation -- potential homeowners could gamble on the price of homes going up without using any of their own money. Remember, 25 percent of homes being purchased were purchased for speculation."One lender singled out by Fannie Mae for special praise for following these new criteria was Countrywide:

Countrywide tends to follow the most flexible underwriting criteria permitted under [Government Sponsored Enterprises] and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the [Government Sponsored Enterprises] programs. When necessary — in cases where applicants have no established credit history, for example — Countrywide uses nontraditional credit, a practice now accepted by the [Government Sponsored Enterprises].

Or take a 1998 sales pitch from Bear Stearns, which also followed the Boston Fed manual:

Credit scores. While credit scores can be an analytical tool with conforming loans, their effectiveness is limited with [Community Reinvestment Act] loans. Unfortunately, [Community Reinvestment Act] loans do not fit neatly into the standard credit score framework… Do we automatically exclude or severely discount … loans [with poor credit scores]? Absolutely not.

Given these lending practices mandated by the Fed and encouraged by Fannie Mae and Freddie Mac, the resulting financial problems for financial institutions such as Countrywide and Bear Stearns are not too surprising.

Liebowitz told FOX News that "such reckless behavior by [Fannie Mae and Freddie Mac] has lead to their financial meltdown and to the financial problems for the whole country.
During Franklin Raines' chairmanship of Fannie Mae, they were a major proponent of relaxing standards."
This guy was paid $90 mill. in 6 years as head of Fannie - he is also one of Sen Obama's financial advisors - keep an eye out for his name.

The Banks even sent maps out to show us areas where the Fed's wanted them to loan more so they weren't accused of discrimination and cherry picking.  

http://www.foxnews.com/story/0,2933,424945,00.html

I have been hearing about these "Credit Default Swaps" and really didn't know what they were either, found this that explains them simply. This also explains why they had to bail out AIG.

http://www.newsweek.com/id/161199

pretty freakin sad ain't it...  good post...

Keeter, sorry, I get all of my material from this website. Are you trying to suggest it ain't all true what we read here?