There's tons of blame all around. But the core root cause of it was a lack of lending standards from private lenders who were packaging this shit up to feed Wall St... who in turn, turned it in to even more of a liability. The only thing F&F had to do with it is in 2005 they were able to reduce their lending standards in order to compete with the private lenders as they took more than 50% of their market share. F&F had very little to do with the housing collapse.
What happened back in 2002 when people were aware of the coming bust in the housing market, and wanted to start to have it regulated before it got out of control, which would cause a huge economic catastrophe ...?
They got beat up on, cursed at and basically ran out of the building. And told they were trying to lynch Franklin Raines
http://youtu.be/IyqYY72PeRM
Go back to poly forum if you don't like this thread. Try to find willie there...after being caughht posting more inaccurate info he has crawled into a hole again. Guy is taking one of those epic beatings...you can relate after all your massive beat downs....pm the poor guy and help him out. Don't mention the treaty bush signed that did not specify that troops will remain in iraq...sore subject and he won't respond.
I just have to disagree again. There is no evidence that F&F was at all a reason for the collapse. They were part of the game but so were many private banks that weren't involved in predatory lending. Lot of people got crushed who weren't the core reason for the collapse. You can see in all the data this tremendous increase in private lending. That was the only difference at that time. Private lenders were in a frenzy to get out as many loans as possible because Wall St didn't give a fuck about whether someone could pay the loan back or not. It was all just a game of passing off risk. Credit default swaps, CDO's, etc. Sick and twisted game with no accountability what so ever.
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.
http://fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_conclusions.pdf
Obama polling lower than George W. Bush on competency
http://washingtonexaminer.com/obama-polling-lower-than-george-w.-bush-on-competency/article/2549877
Americans now view President Obama as less competent than George W. Bush at the same point in his presidency, according to a new poll.
The Wall Street Journal/NBC News survey found that just half of all respondents consider Obama to be competent, even lower than those polled in the wake of Bush's botched response to Hurricane Katrina.
And 54 percent said Obama is no longer able “to lead the country and get the job done.” More than 40 percent of respondents believe the administration’s performance has gotten worse in the past year.
http://washingtonexaminer.com/obama-polling-lower-than-george-w.-bush-on-competency/article/2549877
Americans now view President Obama as less competent than George W. Bush at the same point in his presidency, according to a new poll.
The Wall Street Journal/NBC News survey found that just half of all respondents consider Obama to be competent, even lower than those polled in the wake of Bush's botched response to Hurricane Katrina.
And 54 percent said Obama is no longer able “to lead the country and get the job done.” More than 40 percent of respondents believe the administration’s performance has gotten worse in the past year.
Making threads about me now? Lmao. It's so easy to send you into meltdown mode. Keep following me everywhere tubby.
Keep sticking that chin out and I will keep knocking you senseless.
Why aren't you happy for benghazi victims families? They will get some justice now thanks to president obama.
