The Poly Forum Has Turned Into A Disgrace

[akphidelt]

You're not understanding.

From 2005 to 2007, Fannie and Freddie bought approximately $1 trillion in sub-prime and Alt-A loans. This amounted to about 40 percent of their mortgage purchases during that period. Moreover, Freddie purchased an ever-increasing percentage of Alt-A and sub-prime loans for each year between 2004 and 2007.

It is a common practice among lenders to package bundles of mortgage loans and sell them to companies like Fannie Mae while still retaining the servicing of the loans.Fannie Mae purchases bundles of conforming loans from lenders. Conforming is a word used to describe loans that follow the Fannie Mae underwriting guidelines.

I understand it completely, trust me. I understand it much more than you. F&F were regulated in terms of what mortgages they could by. It wasn't until Wall Street, who had no standards whatsoever, were willing to buy every mortgage out there regardless of its underwriting. So in order to feed that greed, banks started lowering their lending standards basically shutting F&F out of that market. That is why F&F had to reduce it's underwriting requirements in order to compete with Wall Street. Because by law they were not allowed to purchase those type of loans. You can see it clearly in this graph how much the private sector took over right before the crisis.

 

[akphidelt]

I can agree with you there.

But that is different than saying there were "no" regulations in place. There were, people just were incentivized by political goals, bonuses and big salaries to stop paying attention.

Fine, tomato, tomatoe... whatever semantics you want to argue you can have them. The fact of the matter is the lending standards of private mortgage lenders were non existent. In fact so much so that the official investigation found that they would give loans based on faith... where the borrower did not have to prove any assets, did not have to prove they have a job or any income. It was literally walk in walk out... and it was all because banks didn't have to worry about whether the borrower would pay because big bad financial geniuses in Wall Street were figuring out a way how to fleece investors throughout the world.

 

[beefdiesel]

I predicted the poly forum would fall into a a right wing circle jerk after i left....but even I didn't see it getting this bad.

You have dave007 and Russ who are clearly two old men that are in the beginning or even middle stages of alzheimers. Dave still posting creepy pics and Russ trying to connect Benghazi dots that still don't appear after 8+ hearings. Even after The Guesser destroys these guys with one post....they still come back for more and more.

You got Acebb ,who is now giving Willie a run for his money on the amount of times he's wrong about things. Add that to his countless lies and you have a top candidate for most useless poster at rx. Sheriff Joe has completely lost his mind.

When Willie says what a cesspool that place has become....you know it has gotten bad.

Even Fest Zit, who i like, still keeps that hypocrisy tread going while never pointing out the countless scandals and corrupt republican politicians who get busted for something on a monthly basis. The title of thread is hypocrisy....I guess that fits though....because that is exactly what the thread is.

Gas man is posting his ususal nonsense. All useless garbage that is laughed at by normal people.

That part of the forum has really gone downhill......I knew once i left it would.

Sounds to me like you are a whiny libtard

 

[Acebb]

"Former Fannie Mae CEO Daniel Mudd (R) and Former Freddie Mac CEO Richard Syron (L) were charged with securities fraud by the Securities and Exchange Commission, alleging they misled investors about sublime mortgages, on December 16, 2011 in lawsuits files in New York."

===

Probably because there were no regulations.

 

[Acebb]

"You can see it clearly in this graph how much the private sector took over right before the crisis. "


In 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks, which profited from the opportunity created by the government.

=======================

Took over what?

 

[akphidelt]

"Former Fannie Mae CEO Daniel Mudd (R) and Former Freddie Mac CEO Richard Syron (L) were charged with securities fraud by the Securities and Exchange Commission, alleging they misled investors about sublime mortgages, on December 16, 2011 in lawsuits files in New York."

===

Probably because there were no regulations.

F&F did have regulations up until 2004 or 2005... because the unregulated private mortgage lenders were taking all their market share.

 

[akphidelt]

"You can see it clearly in this graph how much the private sector took over right before the crisis. "


In 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks, which profited from the opportunity created by the government.

=======================

Took over what?

Lmao!!! You are quoting 2008 numbers? That's when the crisis happened. You think it happened overnight?

 

[Acebb]

Private mortgage lenders were pretty much left unregulated. That's why they could give someone a NINA loan, no-doc loan with absolutely nothing to worry about. A homeless man could have walked in to a private mortgage lender and gotten a loan during that time.

Really?

Last week in Cleveland, nine former employees of a former subprime lender named Argent Mortgage Co. were indicted for their roles in making nearly $13 million of fraudulent residential mortgage loans. The Cuyahoga County Mortgage Fraud Task Force, which brought the charges (it operates under authority from the Ohio attorney general) alleged, among other things, that managers at Argent coached brokers on how to falsify loan documents—say, by lying about the borrower's income—so that the borrower would appear to meet the company's standards.

===Really?

JPMorgan Chase & Co. disclosed that it may become the latest giant bank to face a Justice Department lawsuit over bonds backed by housing-boom loans, and said a parallel criminal investigation is continuing.


==Really?

NEW YORK — Bank of America has been found liable for fraud in the sale of faulty loans by its Countrywide mortgage unit, a major victory for the federal government as it continues to pursue cases stemming from the financial crisis.
A federal jury in Manhattan sided with prosecutors who alleged Countrywide Financial Corp. churned out risky home loans in a process called "the Hustle" and then sold them to mortgage giants Fannie Mae and Freddie Mac.

 

[Acebb]

Lmao!!! You are quoting 2008 numbers? That's when the crisis happened. You think it happened overnight?

LMAO!!!

So in other words, what you typed was just stupid bullshit.

You mention "right before the crisis" and I post data 'right before the crisis' and you come back with utter nonsense.

 

[Acebb]

F&F did have regulations up until 2004 or 2005... because the unregulated private mortgage lenders were taking all their market share.

Fannie Mae had regulations from its inception until today.

At no point was Fannie Mae not subject to regulations.

 

[akphidelt]

Really?

Last week in Cleveland, nine former employees of a former subprime lender named Argent Mortgage Co. were indicted for their roles in making nearly $13 million of fraudulent residential mortgage loans. The Cuyahoga County Mortgage Fraud Task Force, which brought the charges (it operates under authority from the Ohio attorney general) alleged, among other things, that managers at Argent coached brokers on how to falsify loan documents—say, by lying about the borrower's income—so that the borrower would appear to meet the company's standards.

===Really?

JPMorgan Chase & Co. disclosed that it may become the latest giant bank to face a Justice Department lawsuit over bonds backed by housing-boom loans, and said a parallel criminal investigation is continuing.


==Really?

NEW YORK — Bank of America has been found liable for fraud in the sale of faulty loans by its Countrywide mortgage unit, a major victory for the federal government as it continues to pursue cases stemming from the financial crisis.
A federal jury in Manhattan sided with prosecutors who alleged Countrywide Financial Corp. churned out risky home loans in a process called "the Hustle" and then sold them to mortgage giants Fannie Mae and Freddie Mac.

Yea, they are found guilty of making shit loans because no one was regulating them and they did whatever they wanted.

 

[akphidelt]

LMAO!!!

So in other words, what you typed was just stupid bullshit.

You mention "right before the crisis" and I post data 'right before the crisis' and you come back with utter nonsense.

Hahaha, so to you... right before the crisis means the days before the crisis? To me, right before the crisis means the few years leading up to the crisis since the analysis spans decades. The debate has been settled for years. Private mortgage lenders inflated the shit out of subprime mortgages to satisfy the need from Wall Street. It's not even a debate anymore. The fact you are still wrong 5 years later is hilarious.

 

[Acebb]

Yea, they are found guilty of making shit loans because no one was regulating them and they did whatever they wanted.

But that doesn't mean there were no regulations.

Those Democrats running Fannie Mae were just crooks, is all.

 

[Acebb]

The debate has been settled for years. Private mortgage lenders inflated the shit out of subprime mortgages to satisfy the need from Wall Street. It's not even a debate anymore. The fact you are still wrong 5 years later is hilarious.

Except you haven't settled any "debate" and I'm not "wrong" about anything.

 

[Acebb]

Hahaha, so to you... right before the crisis means the days before the crisis?

No, and nobody posted anything about "days" you idiot liar.

"The debate has been settled"

Hysterical.

 

[Acebb]

That is what is so funny about people like this troll.

They completely ignore any information that is contrary to their view and pronounce the "debate" over.

Laugh out loud funny.

 

[akphidelt]

But that doesn't mean there were no regulations.

Those Democrats running Fannie Mae were just crooks, is all.

Your arguments are always so stupid. The fact you take "no regulations" literally is hilarious. Of course there are regulations on the books... but there was no one regulating the banks when they were making loans to anyone who walked in the door regardless of what regulations existed. If you are arguing that there are regulations out there, then more power to you, lol. As if that means anything to the argument as to what caused the financial crisis.

 

[Acebb]

Your arguments are always so stupid. The fact you take "no regulations" literally is hilarious.

The fact is, you don't even understand some of the words you type.

Probably because you're so stupid.

I mean, why would anyone want to use words in a manner that they actually mean, right?

ZOMG!!!! SO DUMB!!!!!!!

 

[akphidelt]

No, and nobody posted anything about "days" you idiot liar.

"The debate has been settled"

Hysterical.

It has...

We conclude collapsing mortgage-lending standards and the mortgage securitization
pipeline lit and spread the flame of contagion and crisis. When housing
prices fell and mortgage borrowers defaulted, the lights began to dim on Wall Street.
This report catalogues the corrosion of mortgage-lending standards and the securitization
pipeline that transported toxic mortgages from neighborhoods across America
to investors around the globe.
Many mortgage lenders set the bar so low that lenders simply took eager borrowers’
qualifications on faith, often with a willful disregard for a borrower’s ability to
pay. Nearly one-quarter of all mortgages made in the first half of  were interestonly
loans. During the same year,  of “option ARM” loans originated by Countrywide
and Washington Mutual had low- or no-documentation requirements.
These trends were not secret. As irresponsible lending, including predatory and
fraudulent practices, became more prevalent, the Federal Reserve and other regulators
and authorities heard warnings from many quarters. Yet the Federal Reserve
neglected its mission “to ensure the safety and soundness of the nation’s banking and
financial system and to protect the credit rights of consumers.” It failed to build the
retaining wall before it was too late. And the Office of the Comptroller of the Currency
and the Office of Thrift Supervision, caught up in turf wars, preempted state
regulators from reining in abuses.

 

[Acebb]

It has...

Hysterical.

That is what is so funny about people like this troll.

They completely ignore any information that is contrary to their view and pronounce the "debate" over.

Laugh out loud funny.