Economists, Obama administration at odds over role of mortgage debt in slow recovery

Nov 22, 2012 Full story: The Washington Post 32

One year and one month before President Obama won reelection, he invited seven of the world's top economists into a private meeting in the Oval Office for their advice on what do to fix an ailing economy.

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“Waytogo”

Since: Oct 09

Location hidden

#21 Nov 23, 2012
Le Jimbo wrote:
<quoted text>GFY
Obama Voters United. We're Entitled.
'Gang fight' at Black Friday sale...
Man Punched in Face Pulls Gun On Line-Cutting Shopper...
Shots fired outside WALMART...
Shoppers smash through door at URBAN OUTFITTERS...
Customers run over in parking lot...
Woman busted after throwing merchandise...
Thousands storm VICTORIA'S SECRET...
VIDEO: Insane battle over phones...
Mayhem at Nebraska mall where 9 murdered in 2007...
Shoplifter tries to mace security guards...
Men Steal Boy's Shopping Bag Outside BED, BATH & BEYOND...
AH yes. When I show that your rants are just that rants. You change the subject with another rant.

Since: Dec 07

Athens, TX

#22 Nov 23, 2012
Wall Street Government wrote:
Tebaggers want the banks to run wild like they did in wild west days of Bush, who brought this country, the worst depression in 90 years.
Poor teabaggers, they'll never learn, just like Reaganomics.
Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.

Fannie/Freddie was a democrat program all together. Not Bush's. Bush tried to get it under control 7 times, all blocked by Dodd/Frank.

In the times that Fannie and Freddie couldn't make the market, they became the market. Over the years, it added up to an enormous obligation. As of June 2007, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.

Typical left fleabaggers, cause a major crises, blame others. DUH

“Obama Shames the USA”

Since: Apr 09

Location hidden

#23 Nov 23, 2012
Barney and Dodd. History will tag them as the authors of the mortgage crisis.
Chris Dodd is now head of the Motion Pictures Association of America. Ever wonder why there is so much propaganda in the movies? I wouldn't be surprised if he was the one that put together that stupid silly Movie trailer for the big Obama Home Boy Lie that Susan Rice has made famous.
NoMoreUSA

Woodleaf, NC

#24 Nov 23, 2012
This bastard can be "at odds" with whatever the fuck he wants, but if he doesn;t want to speed up the demise of his liberal scum he better sit down, shut his fucking dispicable communist mouth, and do what the fuck the House tells him, or he's just gonna speed up these liberals starvation rate. Either way is fine with us, because even if the GOP caves they still will not get a single penny toward pissing away more of it on failure. The money is question is exactly where mine has been for over 4 years now...it is overseas out of these bastards reach, and that is where it is gonna STAY.

These liberals if they have the first brain cell in their head are either gonna starve, or they are gonna listen and do what the hell we tell them to, becasue their free ride was over more than 4 years ago. They have been cutoff for four years ands the choice is very simple for them. They can figure out exactly how to pay back the Mountain of debt their Communist Dictator ran up, start paying their own way in life and building up their OWN buisnesses, or they are just gonna starve to extinction. Those are the only two choices they have left now. Maybe they won;t be so quick to ramrod a communist manifesto guised as a healthcare bill and might just elect to get rid of it when they realize the impossible task of running a buisness when it's effecively bankrupt before it ever open the doors.

You see? the difference between these liberal bastards is we don;t just yak incesseantly about mindless buishit, we actually take action like we did four years ago, and these bastards are gonna learn just how fucking brutal the world can really be when you go and runoff the only thing that was keeping your sorry ass alive. They don't have whjat it takes to survive and we're COUNTING on it!

Since: Nov 08

Location hidden

#25 Nov 24, 2012
ToManyLaws wrote:
<quoted text>
AH yes. When I show that your rants are just that rants. You change the subject with another rant.
You need to change hands cupcake, see if you can gain a stroke.

Since: Nov 08

Location hidden

#26 Nov 24, 2012
Ninthman wrote:
Barney and Dodd. History will tag them as the authors of the mortgage crisis.
Chris Dodd is now head of the Motion Pictures Association of America. Ever wonder why there is so much propaganda in the movies? I wouldn't be surprised if he was the one that put together that stupid silly Movie trailer for the big Obama Home Boy Lie that Susan Rice has made famous.
Rice is the new Vera Baker. Look for Michele to take many long trips. Obama wants in on some of that Secret Service action.

“Waytogo”

Since: Oct 09

Location hidden

#27 Nov 24, 2012
Le Jimbo wrote:
<quoted text>You need to change hands cupcake, see if you can gain a stroke.
Yes yes dont do anything but rant and attack and call names.. TYPICAL NAZI FASCIST GOP SLUG.....You have no facts and tell only lies so you have to attack and spew BS.
Makes sense

Dearborn, MI

#28 Nov 24, 2012
The losers who continue to lose elections spouting the same ol'shit just can't seem to STFU. Jimbo, 9thwoman, et all, should do what Laughing Liberal did when he was fired for poor performance. You should all GF yourselves. Seriously, as patriotic Americans we feel the pain for your relatives, neighbors, and co-retirees that have to listen to your BS night and day. Again, do us all a couple of favors. STFU and GFY. NO ONE cares what you losers think.
Wall Street Government

Sebastian, FL

#29 Nov 24, 2012
Le Jimbo wrote:
<quoted text>It was the libs law, you lies won't change that tinkerbell.


A libs "law" that "only" applied in a republican administration?

Why didn't they "apply" it a few years ago?

Or now?

It must be a teabagger "secret".
Wall Street Government

Sebastian, FL

#30 Nov 24, 2012
Bluebonnets-Thistle wrote:
<quoted text>
Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.
Fannie/Freddie was a democrat program all together. Not Bush's. Bush tried to get it under control 7 times, all blocked by Dodd/Frank.
In the times that Fannie and Freddie couldn't make the market, they became the market. Over the years, it added up to an enormous obligation. As of June 2007, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.
Typical left fleabaggers, cause a major crises, blame others. DUH
December 21, 2008

WASHINGTON — "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."

- President George W. Bush, Oct. 15, 2002

John Snow, say the housing push went too far.

"The Bush administration took a lot of pride that home ownership had reached historic highs," Snow said during an interview. "But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost."

Darrin West could not believe it. The president of the United States was standing in his living room. It was June 17, 2002, a day West recalls as "the highlight of my life." Bush, in Atlanta to introduce a plan to increase the number of minority homeowners by 5.5 million, was touring Park Place South, a development of starter homes in a neighborhood once marked by blight and crime.

West had patrolled there as a police officer, and now he was the proud owner of a $130,000 town house, bought with an adjustable-rate mortgage and a $20,000 government loan as his down payment - just the sort of creative public-private financing Bush was promoting.

"Part of economic security," Bush declared that day, "is owning your own home."

But for much of Bush's tenure, government statistics show, incomes for most families remained relatively stagnant while housing prices skyrocketed. That put home ownership increasingly out of reach for first-time buyers like West.

So Bush had to, in his words, "use the mighty muscle of the federal government" to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down.

The president also leaned on mortgage brokers and lenders to devise their own innovations. "Corporate America," he said, "has a responsibility to work to make America a compassionate place."

The president's first chairman of the Securities and Exchange Commission promised a "kinder, gentler" agency. The second was pushed out amid industry complaints that he was too aggressive. Under its current leader, the agency failed to police the catastrophic decisions that toppled the investment bank Bear Stearns and contributed to the current crisis, according to a recent inspector general's report.

As for Bush's banking regulators, they once brandished a chain saw over a 9,000-page pile of regulations as they promised to ease burdens on the industry. When states tried to use consumer protection laws to crack down on predatory lending, the comptroller of the currency blocked the effort, asserting that states had no authority over national banks.

Poor teabagger.
Wall Street Government

Sebastian, FL

#31 Nov 24, 2012
Bluebonnets-Thistle wrote:
<quoted text>
Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.
Fannie/Freddie was a democrat program all together. Not Bush's. Bush tried to get it under control 7 times, all blocked by Dodd/Frank.
In the times that Fannie and Freddie couldn't make the market, they became the market. Over the years, it added up to an enormous obligation. As of June 2007, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.
Typical left fleabaggers, cause a major crises, blame others. DUH
Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

* More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

* Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

* Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.

Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

Fannie and Freddie are not only zombie financial firms, they seem to have more than the normal number of zombie news stories associated with them.

And stupid teabaggers that believe them.

Typical teabaggers, cause a major crises, blame others. DUH.

“Liberal Teachers ruin Kids”

Since: Mar 09

Paradise Valley Arizona

#32 Nov 24, 2012
Ninthman wrote:
Barney Frank and Chris Dodd caused the mortgage meltdown. Maybe president Home Boy should ask them how to fix it!
http://www.projectshiningcity.org/fp1301.php

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