Lets get this party started: The Bush Mortgage Bubble

Started by Vern, January 26, 2013, 10:53:58 AM

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taxed

Quote from: Vern on January 27, 2013, 04:02:05 PM
er uh taxed, you cant be 'chairman' if your party is in the minority.
Yes you can.  If you don't know that, you really shouldn't be discussing this stuff.  Nevertheless, Dodd-Frank was passed in 2010, when Dems had control.


QuoteWell I know Carter was president and I'm guessing dems controlled congress congress in 1977 but that has nothing to do with the Bush Mortgage Bubble that started in 2004. why cant people just make a point? (again taxed, its a rhetorical question)
You "guess"?  Son, if you don't know who had control then, and how chairs are appointed in committees, then you are worse off than I thought.

Please, in your own words, i.e., not a talking point from a lib source, summarize what the CRA is.  You don't know the basics on our government, so I guess you have no clue, even though it plays a part in the housing crisis.
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Solar

Quote from: taxed on January 27, 2013, 04:57:52 PM
Yes you can.  If you don't know that, you really shouldn't be discussing this stuff.  Nevertheless, Dodd-Frank was passed in 2010, when Dems had control.

You "guess"?  Son, if you don't know who had control then, and how chairs are appointed in committees, then you are worse off than I thought.

Please, in your own words, i.e., not a talking point from a lib source, summarize what the CRA is.  You don't know the basics on our government, so I guess you have no clue, even though it plays a part in the housing crisis.
Amazing! How can anyone sit there and place blame in it's entirety upon Bush over this mess and not accept the Dims held culpability at all is beyond reason.

The old tired line "It All Bush's Fault" is getting real tedious.
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taxed

Quote from: Vern on January 27, 2013, 04:23:08 PM
mmmm, a minority member of congress thinks there is no bubble. Can someone tell me how that makes him responsible?

  Its not like Barney forced Freddie and Fannie to buy more low income home loans (barney criticized that). Its not like barney allowed freddie and fannie to buy abusive subprime loans (barney criticized that). its not like barney PROTECTED PREDATORY LENDERS (barney criticized that).
Actually, genius, he was very much part of it, and did indeed force Freddie and Fannie to purchase low income home loans.  In 1992, he (a DEMOCRAT) was an architect and pretty much led the charge to force Fannie and Freddie to make these purchases.  Before they passed it (signed by Clinton, a DEMOCRAT), they were only required to buy PRIME mortgages that institutional investors buy.  Frank, and the other DEMOCRATS, thought this was unfair to the po' folks.  After the passage of this, over 50% of mortgages they bought were low income.  So, Bush inherits Clinton's mortgage mess, pushed by Frank, then it starts tanking, and then Frank starts blaming Bush and the Republicans (yes, there were indeed Republicans to blame too, but in 1992, it was a DEMOCRAT change to the legislation).
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Cryptic Bert

This is very simple to solve.If it is Bush's fault then there will be executive orders or legislation passed that Bush signed that makes denying loans based on income illegal and/or forcing quotas on financial institutions.

Since Verne claims to have all the facts he should be able to supply these bills/EO's.  They will be on the government website.

Solar

Quote from: The Boo Man... on January 27, 2013, 06:16:29 PM
This is very simple to solve.If it is Bush's fault then there will be executive orders or legislation passed that Bush signed that makes denying loans based on income illegal and/or forcing quotas on financial institutions.

Since Verne claims to have all the facts he should be able to supply these bills/EO's.  They will be on the government website.
That would require him to first accept Dim culpability, and since he can't he is blind to the facts.
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Cryptic Bert


Vern

You silly pubs are truly confused.  Lets review the facts you've learned in this thread

The Bush Mortgage Bubble started in late 2004 when Banks lowered their lending standards (you dont get to pretend it started in 1992 or 1977)
Bush's regulators not only didnt stop it. They encouraged it.
Bush stopped GSE 'reform' in 2003. It had nothing to do with subprime
Bush reversed the clinton rule that 'reined in' freddie and fannie
Bush forced GSEs to buy more low income home loans
Bush PROTECTED PREDATORY LENDERS
Bush stopped real GSE reform in 2005

and thats not even all of his toxic policies. and can someone explain to taxed that republicans controlled congress from 2003 to 2007 so Dodd wasnt chairman during the Bush mortgage Bubble. I told him but you guys know better than me how you dont like facts

kramarat

Quote from: Vern on January 28, 2013, 03:22:44 AM
You silly pubs are truly confused.  Lets review the facts you've learned in this thread

The Bush Mortgage Bubble started in late 2004 when Banks lowered their lending standards (you dont get to pretend it started in 1992 or 1977)
Bush's regulators not only didn't stop it. They encouraged it.
Bush stopped GSE 'reform' in 2003. It had nothing to do with subprime
Bush reversed the clinton rule that 'reined in' freddie and fannie
Bush forced GSEs to buy more low income home loans
Bush PROTECTED PREDATORY LENDERS
Bush stopped real GSE reform in 2005

and that's not even all of his toxic policies. and can someone explain to taxed that republicans controlled congress from 2003 to 2007 so Dodd wasn't chairman during the Bush mortgage Bubble. I told him but you guys know better than me how you dont like facts

There's no doubt that Bush allowed himself to get caught up in the fake housing boom that democrats created. Allowing banks to repackage bad paper and sell it to investors, was monumentally stupid. It created a runaway train, and nobody's arguing involvement by the Bush administration; which you're choosing to ignore.

The term "predatory lender" was invented to lay the blame on the people that made bad loans............while following government dictates. No one was forced to take out a loan.

If you really want to get to the crux of the problem, in fact, most of our problems, they have their basis in FDR's New Deal, and Johnson's Great Society. Other president's have built on them, but these are where things really took root. It was the idea that people that didn't earn things, deserved to have them anyway. Policies were implemented to make it happen; including getting people with no money into home ownership. The thought was, get them into houses, and it would motivate them into becoming responsible citizens, getting full time jobs, making their payments, etc. It didn't work. Turns out there was a reason they didn't own homes before, and it wasn't because lenders were being discriminatory; it was because they didn't have the motivation or the money to own a home.

kramarat

#113
Not that this will matter. :glare:

http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/clintons_drive.html

You're also fooling yourself if you think things will be just fine with Bush gone. Things are going to get much worse.

http://www.nationalreview.com/articles/312807/burn-down-suburbs-stanley-kurtz#

Cryptic Bert

Quote from: Vern on January 28, 2013, 03:22:44 AM
You silly pubs are truly confused.  Lets review the facts you've learned in this thread

The Bush Mortgage Bubble started in late 2004 when Banks lowered their lending standards (you dont get to pretend it started in 1992 or 1977)
Bush's regulators not only didnt stop it. They encouraged it.
Bush stopped GSE 'reform' in 2003. It had nothing to do with subprime
Bush reversed the clinton rule that 'reined in' freddie and fannie
Bush forced GSEs to buy more low income home loans
Bush PROTECTED PREDATORY LENDERS
Bush stopped real GSE reform in 2005

and thats not even all of his toxic policies. and can someone explain to taxed that republicans controlled congress from 2003 to 2007 so Dodd wasnt chairman during the Bush mortgage Bubble. I told him but you guys know better than me how you dont like facts
If these are facts Vera then you provide links for each example.

Vern

Quote from: The Boo Man... on January 28, 2013, 10:08:21 AM
If these are facts Vera then you provide links for each example.

holy mother mary of god!!! boo, I did provide links.  The only thing I didnt specifically provide a link for was "They encouraged it."  let me know when you are ready for that specific link.

Quote from: kramarat on January 28, 2013, 04:39:17 AM
Not that this will matter.

You're right kram, it doesnt matter because your 'editorial' continues to ignore the fact that the Bush Mortgage Bubble started in late 2004. Read this slowly. You can post links to thousands of housing policies from every president but when you do, you have to explain the connection between it and banks lowering their lending standards in late 2004 and Bush's regulators letting them.  Your 'editorial' cant so thats why it doesnt.   Its entire premise is "clinton promoted paper thin down payments".  Notice its kinda of vague about what constitutes 'paper thin'. And please notice that iIt leaves out that "bush implemented 0 downpayments and gave away 40,000 free downpayments".  Calling Bush's actual policies "paper thin" would be a compliment.  guess what year Bush implemented his 2 'super duper paper thin' down payments? yea 2004

Quote from: kramarat on January 28, 2013, 04:19:01 AM
There's no doubt that Bush allowed himself to get caught up in the fake housing boom that democrats created.

there you go again.  You repeating your factless linkless self serving delusions doesnt change the facts that Bush encouraged, protected and funded the bubble that started in late 2004.

kramarat

#116
Here's the HUD release, bragging about the start of the bubble. Year: 1996

http://archives.hud.gov/news/1996/pr96-011.cfm

President Clinton launched the National Homeownership Strategy in November, 1994. He directed Cisneros to form the "National Partners in Homeownership," in which 56 major housing and finance industry groups are now working with government and nonprofit organizations to reduce barriers to homeownership.

If you are not smart enough to understand that "making it easier to get financing" means, pressuring banks to ease lending requirements, that's not my problem.

Solar

Quote from: kramarat on January 28, 2013, 02:45:30 PM
Here's the HUD release, bragging about the start of the bubble. Year: 1996

http://archives.hud.gov/news/1996/pr96-011.cfm

President Clinton launched the National Homeownership Strategy in November, 1994. He directed Cisneros to form the "National Partners in Homeownership," in which 56 major housing and finance industry groups are now working with government and nonprofit organizations to reduce barriers to homeownership.

If you are not smart enough to understand that "making it easier to get financing" means, pressuring banks to ease lending requirements, that's not my problem.
He refuses to accept that the left were in anyway culpable in creating the bubble.
This speaks more about a sanity issue, if anything.

And the mantra continues "Bush's Fault"!
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JustKari

Quote from: Solar on January 28, 2013, 02:58:19 PM
He refuses to accept that the left were in anyway culpable in creating the bubble.
This speaks more about a sanity issue, if anything.

And the mantra continues "Bush's Fault"!

I am sure in his mind Bush gave Eve the apple.  :rolleyes:

kramarat

There's more:

http://theaffordablemortgagedepression.com/2010/03/11/origin-of-the-housing-bubble-the-national-homeownership-strategy.aspx

More broadly The National Homeownership Strategy encompassed parallel regulatory and legislative reforms during 1994 and 1995.  Examples include: 

The Community Reinvestment Act (CRA) was revised to force lenders to make loans to uncreditworthy borrowers as a cost of doing business

The Riegle-Neal Act was passed making compliance with The Community Reinvestment Act a prerequisite for banks to expand, make acquisitions or operate in more than one state