Housing Boom and Bust. The same discredited assumptions and the same disregard of repercussions.

[Acebb]

In 2000, Cuomo required a quantum leap in the number of affordable, low-to-moderate-income loans that the two mortgage banks—known collectively as Government Sponsored Enterprises—would have to buy.

^ That is a great article about how HUD, run by Democrats from 1992-2001, was a cesspool.

 

[akphidelt]

You are a laughable, clueless idiot. You don't even own a home.

But please, go on with silly, generic statements like this and pretend they correspond to reality.

Definitely own a home. And that's exactly what happened. Not sure how anyone can argue against that basic fact 7 years later unless you're retarded... oh wait...

 

[akphidelt]

You do nothing but come on this Web site and lie all day.

You are so fucking dumb it is surreal.

Here is the proof of your dumb shit lie. Now this is the part where you start arguing that when Fannie actually bought Sub Prime loans they weren't actually dealing with the banks. {Note: Fannie and Freddie bought 25.2% of the record $272.81 billion in subprime MBS [mortgage-backed securities] sold in the first half of 2006}

Or something.

I was talking about pre-private lender days... but your reading comprehension skills failed miserably again. In 2005, because the private lending market was destroying F&F, they did lobby to get their restrictions lowered so they can deal with these crap subprime mortgages. Do you really not know this by now?

 

[akphidelt]

Why does this idiot little kid comment on these topics?

Between 2005 and 2008, Fannie purchased or guaranteed at least $270 billion in loans to risky borrowers — more than three times as much as in all its earlier years combined, according to company filings and industry data.


“We didn’t really know what we were buying,” said Marc Gott, a former director in Fannie’s loan servicing department. “

Capitol Hill bore down on Mr. Mudd as well. The same year he took the top position, regulators sharply increased Fannie’s affordable-housing goals. Democratic lawmakers demanded that the company buy more loans that had been made to low-income and minority homebuyers.

Good thing there was like so much super-duper regulations and stuff! I mean, you had to prove to the government that you were credit worthy!

What a fucking moron this kid is.

Unreal.

Yes, F&F did start participating in what the private lenders had been doing for years. You should already know I know this.

 

[akphidelt]

What a shocker!! The private sector got their greedy little hands in the mortgage market and destroyed it. And it took them all of 5 years to destroy something that was working well for decades.

 

[PatsFan1283]

I was talking about pre-private lender days... but your reading comprehension skills failed miserably again. In 2005, because the private lending market was destroying F&F, they did lobby to get their restrictions lowered so they can deal with these crap subprime mortgages. Do you really not know this by now?

That is the whole point though. Gov't subsidizing risk led to more and more bad loans from banks and private lenders.

Obviously there was just ol fashion exuberance in there as well. Like the selling of MBS as triple A rated investments to investors all over the world.

 

[akphidelt]

That is the whole point though. Gov't subsidizing risk led to more and more bad loans from banks and private lenders.

Obviously there was just ol fashion exuberance in there as well. Like the selling of MBS as triple A rated investments to investors all over the world.

No, Wall Street taking the risk away from banks and bundling these shit loans in to CDO's led to more and more bad loans from private lenders. The government had nothing to do with it.

 

[Dave007inVegas]

I see Dave is taking math lessons from Ace. Thinks 2009 was 9 years ago.

It could have been a typo that I missed or it could be that I’m mathematically challenged or it could be that my DNA got infected with the dreaded Liberal gene.

I’ll let you decide.

 

[PatsFan1283]

No, Wall Street taking the risk away from banks and bundling these shit loans in to CDO's led to more and more bad loans from private lenders. The government had nothing to do with it.

How does buying MBS and pushing lower lending standards to uncreditworthy individuals not make you complicit in the problem?

Greenspan rate cuts after 9/11
Not to mention repealing of Glass-Steagal.

There is no one reason it happened but to just dismiss Gov't impact on the problem is crazy talk

 

[akphidelt]

Just imagine that, it took a whole 5 years for the private sector to completely dismantle the housing market. 5 fucking years, lol.

 

[akphidelt]

How does buying MBS and pushing lower lending standards to uncreditworthy individuals not make you complicit in the problem?

Greenspan rate cuts after 9/11
Not to mention repealing of Glass-Steagal.

There is no one reason it happened but to just dismiss Gov't impact on the problem is crazy talk

You can blame the Government for being complicit and allowing it to happen. But the reason it happened was not the government. The reason was banks and wall street found a way to make a shit load of money off mortgages. So as they soaked up all the demand for credit worthy borrowers they just started lowering their standards until they basically were giving loans away to any homeless man who walked through the door. It was all 100% greed. The government definitely is to be blamed for allowing the private sector to destroy themselves, which is a common theme.

 

[PatsFan1283]

Ginnie Mae is racist as fuck

 

[akphidelt]

You can even see when the shit lending happened. The housing market was find for the decades leading up to 2002-2003. It honestly took the private sector less than 5 years to destroy it.

 

[akphidelt]

When will Ace learn not to challenge me, he gets his ass beat every single time. Like when he thought you couldn't liquidate a mutual fund or when he was confused by easy division. Poor fella. He tries hard though, got to give him that.

 

[Acebb]

Definitely own a home. And that's exactly what happened. Not sure how anyone can argue against that basic fact 7 years later unless you're retarded... oh wait...

You've presented no "basic fact" other than you made something up out of whole cloth.

And of course you don't own a home. You're a pathetic dipshit liar.

 

[Acebb]

Yes, F&F did start participating in what the private lenders had been doing for years. You should already know I know this.

You're the complete imbecile who typed: "The government wasn't even allowed to deal with the sub prime junk loans that the private mortgage lenders were creating."

Don't worry, you're so fucking dumb you don't even understand the contradiction.

 

[akphidelt]

You've presented no "basic fact" other than you made something up out of whole cloth.

And of course you don't own a home. You're a pathetic dipshit liar.

Of course I own a home. I make a lot of money. And yes, the facts have been known for years. The fact you are still arguing this is hilarious. You are incredibly dumb. But we already knew that. Poor fella.

 

[Acebb]

When will Ace learn not to challenge me, he gets his ass beat every single time. Like when he thought you couldn't liquidate a mutual fund or when he was confused by easy division. Poor fella. He tries hard though, got to give him that.

You do nothing but lie on this Web site all day.

It is your whole life.

Remember, The government wasn't even allowed to deal with the sub prime junk loans that the private mortgage lenders were creating.

 

[akphidelt]

You're the complete imbecile who typed: "The government wasn't even allowed to deal with the sub prime junk loans that the private mortgage lenders were creating."

Don't worry, you're so fucking dumb you don't even understand the contradiction.

Yes, we were speaking about the decades leading up to the private sector entering the market. I'm glad the 40+ years before 2005 are forgotten by you, lol.

 

[Acebb]

Of course I own a home. I make a lot of money. And yes, the facts have been known for years. The fact you are still arguing this is hilarious. You are incredibly dumb. But we already knew that. Poor fella.

There isn't anyone reading other than guesser who believes you own a home.