Dodd-Frank at three: time to reform the financial reform act | Hester Pierce

Jul 21, 2013 Full story: Guardian Unlimited 36

Dodd-Frank was very necessary but misbegotten in the aftermath of the financial crisis.

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“i hope we can change this!”

Since: Aug 08

usa

#1 Jul 21, 2013
gee, really?
so, the two guys instrumental in the financial crisis happening WEREN'T the right guys to fix it????
i'm shocked!
Wall Street Government

Sebastian, FL

#4 Jul 21, 2013
Poor teabagger.

He did no such thing.

Post it, lying teabagger.
Wall Street Government

Sebastian, FL

#5 Jul 21, 2013
carey529 wrote:
gee, really?
so, the two guys instrumental in the financial crisis happening WEREN'T the right guys to fix it????
i'm shocked!
The two guy's instrumental in the financial crises?

So, what was it?

Both democrats, held the Bush regime hostage?

These two guy's in their infinite wisdom fooled the entire Bush administration?

Were they THAT smart or was George that STUPID?

Poor teabagger.
serfs up

Ormond Beach, FL

#6 Jul 21, 2013
Eighthman wrote:
Chris Dodd almost single-handedly caused the financial meltdown when he filibustered a Senate bill that would have stopped the putrid lending practices in their tracks.
The hypocrisy of the democreeps is astonishing and very telling.
Hearing of the torture and slow death of those two scum bags would be just a start to getting even before the vengeance.

Since: Dec 07

Palestine, TX

#7 Jul 21, 2013
Wall Street Government wrote:
<quoted text>
The two guy's instrumental in the financial crises?
So, what was it?
Both democrats, held the Bush regime hostage?
These two guy's in their infinite wisdom fooled the entire Bush administration?
Were they THAT smart or was George that STUPID?
Poor teabagger.
Bush was much smarter then these bozo's.....bozo. Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots.

In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.
They WERE instrumental in causing the financial crisis.........and numbnuts like yourself blamed Bush..but you can't come up with a policy Bush passed without approval of congress that caused the financial crisis! LMAO

You're a dork and a dumb fleabagger.
Your Ex

United States

#8 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Bush was much smarter then these bozo's.....bozo. Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots.
In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.
They WERE instrumental in causing the financial crisis.........and numbnuts like yourself blamed Bush..but you can't come up with a policy Bush passed without approval of congress that caused the financial crisis! LMAO
You're a dork and a dumb fleabagger.
You've got 33% of the blame in the right place. You can look up dates and throw blame around til the cows come home, but here's really the best article I've read on this to date.
Unless Forbes is too Leftwing/Communist/Socialist for you....
http://www.forbes.com/sites/investor/2011/04/...
Wall Street Government

Sebastian, FL

#9 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Bush was much smarter then these bozo's.....bozo. Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots.
In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.
They WERE instrumental in causing the financial crisis.........and numbnuts like yourself blamed Bush..but you can't come up with a policy Bush passed without approval of congress that caused the financial crisis! LMAO
You're a dork and a dumb fleabagger.
B.S.

Gawd, you're stupid.

Then again you must be the "smart" teabagger.

1/20/2004

In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.

In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.

Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.

The FHA isn't a direct lender, but guarantees loan payments for mortgages on moderately priced owner-occupied property. The FHA guarantee now permits private lenders to finance as much as 97% of the purchase price of a home for millions of low- and middle-income borrowers.

In the proposal soon to be delivered to Congress, Bush would allow the FHA to guarantee loans for the full purchase price of the home, plus down-payment costs. As a practical matter, the FHA would guarantee mortgages as high as 103% of the value of the underlying property.

October 5, 2004

President Bush's weekend campaign promise that he will push legislation allowing for no money down on some federally insured mortgages could cost taxpayers as much as $500 million over four years because of a higher rate of defaults, according to the Congressional Budget Office.

Bush proposed zero-down-payment legislation earlier this year. The Congressional Budget Office has contended for months that the proposal would generate huge losses, an assessment that could be a stumbling block for the bill's passage. But the Department of Housing and Urban Development thinks the program could be run on a break-even basis.

Bush contends that reducing the required 3 percent down in the Federal Housing Administration mortgage program to zero down would help 150,000 first-time buyers in the first year. Homeownership rates are now about 69 percent nationwide, compared to about 64 percent 10 years ago. The FHA insures many private-lender home loans.

"To build an ownership society, we'll help even more Americans to buy homes," Bush said in an Ohio speech to home builders. "Some families are more than able to pay a mortgage but just don't have the savings to put money down."
Wall Street Government

Sebastian, FL

#10 Jul 21, 2013
June 15, 2002

President George W. Bush Saturday proposed an initiative to dismantle barriers that prevent minorities from owning their own homes.

"A home is a foundation for families and a source of stability for communities. It serves as the foundation of many Americans' financial security," the president said during his weekly radio address to the nation.

Bush is expected to start focusing on housing issues next week. He is to travel to Atlanta, Ga., Monday, where he will visit a community redevelopment project and discuss his proposals for spurring homeownership among minorities. Tuesday, Bush will tour the U.S. Department of Housing and Urban Development in Washington.

The administration plans to highlight the American Dream Downpayment Fund, which would provide $200 million to an estimated 40,000 low-income families a year.

"When a low-income family is qualified to buy a home, but comes up short on the down payment, the American Dream Down Payment Fund will help provide the needed funds," Bush said.

While nearly three-fourths of all white Americans own their own homes, less than half of all African Americans and Hispanic Americans are homeowners, Bush said.

Bush detailed three obstacles to homeownership: High down payment requirements, a lack of affordable housing, and the difficulty of the purchasing process.

Bush is also asking Congress to approve $35 million for the Housing Counseling Assistance program and funding for the Section 8 homeownership program, which would allow local housing agencies flexibility in moving low-income families into their own homes.
Wall Street Government

Sebastian, FL

#11 Jul 21, 2013
The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorized up to $200 million annually. Funds were appropriated for fiscal years 2004-2008. ADDI provided funds to all fifty states and to local participating jurisdictions that had a population of at least 150,000 or qualified for an allocation of at least $50,000 under the ADDI formula. ADDI is administered as a part of the HOME Investment Partnerships Program, a formula grant program.

ADDI provides downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards.

Poor teabagger.
Wall Street Government

Sebastian, FL

#12 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Bush was much smarter then these bozo's.....bozo. Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots.
In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.
They WERE instrumental in causing the financial crisis.........and numbnuts like yourself blamed Bush..but you can't come up with a policy Bush passed without approval of congress that caused the financial crisis! LMAO
You're a dork and a dumb fleabagger.
"Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots".

By two?

Of the minority party?

So, in essence, these two guy's ran the country?

Republicans were that stupid?

Since: Dec 07

Palestine, TX

#13 Jul 21, 2013
Your Ex wrote:
<quoted text>
You've got 33% of the blame in the right place. You can look up dates and throw blame around til the cows come home, but here's really the best article I've read on this to date.
Unless Forbes is too Leftwing/Communist/Socialist for you....
http://www.forbes.com/sites/investor/2011/04/...
From your own article...dippy! Read before posting!

"as far back as the Clinton administration, the government decided that poor people should share in the American dream and become homeowners. Since they had no down payment money and poor credit scores, normal mortgage standards had to be waived"

While the Financial Crisis Commission points fingers in many different directions, I believe it can be fairly said that the root cause of the crisis was government meddling. FHA arm twisting to promote affordable housing led to trillions of dollars in bad mortgages. Federal Reserve laxness in setting low interest rates allowed a housing bubble to form.

The facts, screwball
The republicans actually tried to regulate the sub-prime loans to avoid that crisis and TWICE the democrats voted no. So...The democrats stopped it. Barney frank testified at the congress that there was no problem in 2004....Nice eh?"

Isn't it amazing that so many people do not know this? It is so clearly documented. Bush tried to get Fannie Mae and Freddie Mac under control 17 times.

Of course..your spenarama vote buying demorats said no...and result hit in 09...

You're really funny....

Since: Dec 07

Palestine, TX

#14 Jul 21, 2013
Wall Street Government wrote:
<quoted text>
"Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots".
By two?
Of the minority party?
So, in essence, these two guy's ran the country?
Republicans were that stupid?
Yes, dipwad....they convinced they homie's in the demorat party that there was nothing wrong with F&F...we found out different didn't we...the hard way.

And no oblumber want's to repeat the process...it's amazing how the liberals keep making the same mistake over and over again hoping for different results...ala California.

LMAO...you don't get it, do you?

You think one man..the President at the time caused the recession!! Hilarious...how and what policies..back up your bullshit.

Since: Dec 07

Palestine, TX

#15 Jul 21, 2013
Wall Street Government wrote:
<quoted text>
"Bush tried 7 times to get fannie/freddie under control and was blocked in the senate and house by these two idiots".
By two?
Of the minority party?
So, in essence, these two guy's ran the country?
Republicans were that stupid?
Are you so stupid that you don't think bawney and chris could convince other dems to vote against Bush's attempts to get F&F under control when there was a dem majority in both the house and senate....

Yes, dems were that stupid to fall for it...and the result was the recession.

Facts...Bush was right...bawney and dodd were wrong.
John Deere

Fishers, IN

#16 Jul 21, 2013
Wishingtoon D.C. Drama Club??????;-0000
Wall Street Government

Sebastian, FL

#17 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
From your own article...dippy! Read before posting!
"as far back as the Clinton administration, the government decided that poor people should share in the American dream and become homeowners. Since they had no down payment money and poor credit scores, normal mortgage standards had to be waived"
While the Financial Crisis Commission points fingers in many different directions, I believe it can be fairly said that the root cause of the crisis was government meddling. FHA arm twisting to promote affordable housing led to trillions of dollars in bad mortgages. Federal Reserve laxness in setting low interest rates allowed a housing bubble to form.
The facts, screwball
The republicans actually tried to regulate the sub-prime loans to avoid that crisis and TWICE the democrats voted no. So...The democrats stopped it. Barney frank testified at the congress that there was no problem in 2004....Nice eh?"
Isn't it amazing that so many people do not know this? It is so clearly documented. Bush tried to get Fannie Mae and Freddie Mac under control 17 times.
Of course..your spenarama vote buying demorats said no...and result hit in 09...
You're really funny....
"Barney frank testified at the congress that there was no problem in 2004....Nice eh?"

It was 2003, dipstick.

The issue that day in 2003 was whether mortgage backers Fannie Mae and Freddie Mac were fiscally strong. Frank declared with his trademark confidence that they were, accusing critics and regulators of exaggerating threats to Fannie’s and Freddie’s financial integrity. And, the Massachusetts Democrat maintained,“even if there were problems, the federal government doesn’t bail them out.’’

Who bailed them out?

Monday 08 September 2008


The Bush administration ripped up years of laissez-faire economic policies last night and launched a government takeover of two of the most powerful mortgage companies in the US. The move is designed to forestall a collapse in house prices that could plunge America into a new Great Depression and trigger chaos on the world's financial markets.


The seizure of the two lenders, Fannie Mae and Freddie Mac, puts a federal guarantee behind an extraordinary $5trn of outstanding mortgage debt, and writes a blank cheque from the US taxpayer that could ultimately run into tens of billions of dollars of support for the country's ailing housing market.

The US Treasury Secretary, Henry Paulson, said that by bringing the companies under government control, the government could ensure they continued to do their vital work providing financing to the mortgage market. Without them, few Americans would be able to find loans to buy homes, consumer confidence could collapse and the already fragile global economy would contract dramatically.

"The republicans actually tried to regulate the sub-prime loans to avoid that crisis and TWICE the democrats voted no. So...The democrats stopped it.

When?

"Isn't it amazing that so many people do not know this? It is so clearly documented. Bush tried to get Fannie Mae and Freddie Mac under control 17 times".

Clearly documented?

Name ONE time.

Poor teabagger.

“i hope we can change this!”

Since: Aug 08

usa

#18 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
From your own article...dippy! Read before posting!
"as far back as the Clinton administration, the government decided that poor people should share in the American dream and become homeowners. Since they had no down payment money and poor credit scores, normal mortgage standards had to be waived"
While the Financial Crisis Commission points fingers in many different directions, I believe it can be fairly said that the root cause of the crisis was government meddling. FHA arm twisting to promote affordable housing led to trillions of dollars in bad mortgages. Federal Reserve laxness in setting low interest rates allowed a housing bubble to form.
The facts, screwball
The republicans actually tried to regulate the sub-prime loans to avoid that crisis and TWICE the democrats voted no. So...The democrats stopped it. Barney frank testified at the congress that there was no problem in 2004....Nice eh?"
Isn't it amazing that so many people do not know this? It is so clearly documented. Bush tried to get Fannie Mae and Freddie Mac under control 17 times.
Of course..your spenarama vote buying demorats said no...and result hit in 09...
You're really funny....
if he's half as smart as he thinks he is, he knows he's posting nothing but bullsht...
if he's twice as smart as I think he is, he needs to be watered twice a week!
Wall Street Government

Sebastian, FL

#19 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Yes, dipwad....they convinced they homie's in the demorat party that there was nothing wrong with F&F...we found out different didn't we...the hard way.
And no oblumber want's to repeat the process...it's amazing how the liberals keep making the same mistake over and over again hoping for different results...ala California.
LMAO...you don't get it, do you?
You think one man..the President at the time caused the recession!! Hilarious...how and what policies..back up your bullshit.
Evidently they convinced George too.

March 27, 2004

President Bush traveled to two swing states with sizable Hispanic populations yesterday and talked up his proposals to increase home ownership opportunities for minorities.

"Not enough minorities own their own homes," the president said during a stop at a carpenters' training center in Phoenix, which followed a talk about home ownership at the New Mexico State Fairgrounds in Albuquerque. "And it seems to me it makes sense to encourage all to own homes."

While the Bush administration has been promoting home ownership for Section 8 renters, it is seeking to cut the rental program itself. Bush's 2005 budget calls for a $1.1 billion decrease in the funding used to back Section 8 vouchers, which are distributed by public housing authorities.

The president yesterday spoke about the Section 8 voucher program in the past tense. "It was important to help people rent," Bush said in Phoenix, "but, remember, we want people owning."

Bush has proposed ending the requirement that housing authorities distribute 75 percent of vouchers to people at or below 30 percent of area median income.

He urged Congress to expand the American Dream Down-Payment Fund, which would provide $200 million in grants over five years to low-income families who are first-time home buyers.

The money would be used for down payments, one of the major obstacles to home ownership, Bush said.

It is anticipated that 40,000 low-income families -- receiving about $5,000 each -- would benefit from those grants, he added.

To encourage the construction of single-family homes in neighborhoods where affordable housing is scarce, developers would receive $2.4 billion in tax credits to build lower-cost housing in distressed areas.

"And no oblumber want's to repeat the process...it's amazing how the liberals keep making the same mistake over and over again hoping for different results...ala California".

I know, continuing Reaganomics is clearly insane, when it's a bigger failure than the man it was named after.

Poor teabagger.
Wall Street Government

Sebastian, FL

#20 Jul 21, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Are you so stupid that you don't think bawney and chris could convince other dems to vote against Bush's attempts to get F&F under control when there was a dem majority in both the house and senate....
Yes, dems were that stupid to fall for it...and the result was the recession.
Facts...Bush was right...bawney and dodd were wrong.
Name ONE time Bush tried to get fannie mae under control.

Seems he was using them to promote his "ownership" society.

Remarks by the President on Homeownership
St. Paul AME Church
Atlanta, Georgia

I do believe in the American Dream. I believe there is such a thing as the American Dream. And I believe those of us who have been given positions of responsibility must do everything we can to spotlight the dream and to make sure the dream shines in all neighborhoods, all throughout our country. Owning a home is a part of that dream, it just is. Right here in America if you own your own home, you're realizing the American Dream.

That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.

This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments.(Applause.)

Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership.

So these are some of the beginnings of a national effort. And I want to thank all those who are responsible for the organizations I just named for lending your talents to this important effort for America. You know, one of the things Presidents can do, is they can call the old conference. So I'm going to call one, just to make sure people understand, not only are we serious, but to let them check in. If they've signed up and said they're going to help, this will give everybody a chance to say, here's what I've done to help. It's what we call accountability.

George W. Bush.

Poor teabagger.
Your Ex

United States

#24 Jul 22, 2013
Bluebonnets-Thistle wrote:
<quoted text>
From your own article...dippy! Read before posting!
"as far back as the Clinton administration, the government decided that poor people should share in the American dream and become homeowners. Since they had no down payment money and poor credit scores, normal mortgage standards had to be waived"
While the Financial Crisis Commission points fingers in many different directions, I believe it can be fairly said that the root cause of the crisis was government meddling. FHA arm twisting to promote affordable housing led to trillions of dollars in bad mortgages. Federal Reserve laxness in setting low interest rates allowed a housing bubble to form.
The facts, screwball
The republicans actually tried to regulate the sub-prime loans to avoid that crisis and TWICE the democrats voted no. So...The democrats stopped it. Barney frank testified at the congress that there was no problem in 2004....Nice eh?"
Isn't it amazing that so many people do not know this? It is so clearly documented. Bush tried to get Fannie Mae and Freddie Mac under control 17 times.
Of course..your spenarama vote buying demorats said no...and result hit in 09...
You're really funny....
Keep trying with the revisionist history.
I guess Forbes isn't too Liberal for you.
Just too far over your head.
Your Ex

United States

#26 Jul 22, 2013
carey529 wrote:
<quoted text>
if he's half as smart as he thinks he is, he knows he's posting nothing but bullsht...
if he's twice as smart as I think he is, he needs to be watered twice a week!
Forbes is too Liberal/ over your head for you too?
For a guy still using Bush for an Avatar,
We all fail to be surprised.

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