Bush Administration Warned you all in 2001 , 2002 and 2003 -

your wasting you time here. this site is full of obamanites.

The Marxists caused all this

I lovd when O Riely kick Barney Fags ass!

*loved

why? theyre both on the same team.

"In 2003 the White House upgraded the warning to a systemic risk that could spread beyond the housing sector"

.. and did nothing to stop it the next 5 years.

Democrats in charge... what did you think.

Remember how Boney Crank had his gay lover in one of these big banks...

Yes, Democrat controlled congress always = disaster. Always has and likely always will. It's what they do.

BUMP for truth and real truth

booooooooooooo obama.......

We're damned either direction we go with our form of government. Do you expect one party to be better than the other? Really!?

My favorite liberal ass kicking is George Will making Bill Maher look like his real self, stupid, arrogant, and silent when his propaganda is exposed.

The only thing Bush was after was for the government to quit backing Fannie and Freddy so his buddies could have total control over Home mortgages. It wasn't Fannie or Freddie that caused the Housing crisis, it was the Shitty mortgages packed up and sold as triple A bonds that caused the Banking problems.

NO... it was NO GOVT Oversite..... and when BUSH TRIED to have it changed... the Democrats said no

Did you even watch the two videos???

Geeeesss... I have some swamp land in Florida and Obama will give you FREE USA Money for it too....

Clinton doubled down on the Community Reinvestment Act as political payback to Sharpton, Jackson and the rest of the race hustler community. These same race hustlers started protesting mortgage "red lining" and threatened banks to make more loans to minorities. Andrew Cuomo, as HUD Sec. at the time, threatened and intimidated banks into lowering their lending standards. Even the liberal Village Voice admits this: [link to www.villagevoice.com]

Once the ball got rolling, everyone was making money passing bad paper back and forth. Everybody, politicians, banks, developers, realtors, house flippers, investors, home improvements companies, builders, landscapers, contractors, mortgage brokers, ratings agencies, everybody. All based on a credit market that many knew was unsustainable. No one wanted it to stop. The trick was just going to be knowing when to jump off the train before it went off the tracks.

The pressure on the banks created the necessity for MBS's but it also created a great profit-taking opportunity for banks and lenders and, yes, they did abuse their responsibility for due diligence from the broker right on up. The final stop was the dumping of all the worthless paper into the laps of Fannie and Freddie, effectively putting the taxpayer on the hook for the results of their malfeasance. But the forced sub-primes came FIRST and are the engine that drove everything after, MBS derivatives included.

Andrew Cuomo's involvement, USING THE FORCE OF GOVERNMENT TO PRESSURE BANKS INTO LOWERING THEIR LENDING STANDARDS!

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.

Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income." Part of the pitch was racial, with Cuomo contending that Fannie and Freddie weren't granting mortgages to minorities at the same rate as the private market. William Apgar, Cuomo's top aide, told The Washington Post: "We believe that there are a lot of loans to black Americans that could be safely purchased by Fannie Mae and Freddie Mac if these companies were more flexible."

When HUD released the next set of goals in 2004, it reported that after Cuomo's previous edict, there had been a sudden spurt of GSE subprime investment, "partly in response to higher affordable-housing goals set by HUD in 2000." Fannie had gone from $1.2 billion in subprime-mortgage and securities purchases in 2000 to $9.2 billion in 2001 and $15 billion in 2002. Freddie's numbers were murkier, but clearly also on the rise. In 2003 alone, the two bought $81 billion in subprime securities—which also count against the goals.

But raising the affordable-housing goals was only half the Cuomo story. The HUD secretary is also required to produce voluminous rules that govern how the GSEs meet those goals, and the 187-page rules Cuomo issued opened the door to abuse. The rules explicitly rejected the idea of imposing any new reporting requirements on the GSEs. In other words, HUD wanted Fannie and Freddie to buy risky loans, but the department didn't want to hear just how risky they were.

When Cuomo issued his rules barely a week before the 2000 election, he failed to put any data demands in place that would have alerted the next administration, regardless of who it was, to any risks in the new GSE portfolio.

But Cuomo wasn't only stifling data that HUD could use to keep the GSEs out of trouble. He also went against his own recommendation—in a report issued jointly with the Treasury Department a few months earlier—that called for a prohibition against the GSEs purchasing loans "with high costs and/or predatory features." Instead, Cuomo decided without explanation to adopt rules that prohibited nothing.

The GSEs hired 88 lobbying firms over six years, three of which were friendly enough with Cuomo to give to his campaign committee later.

o,realy he is a classy guy , this guy would be barrels o fun at a kegger if he can come un glued like this sober imagine just how much fun he would be after a couple pitchers.

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Last Edited by Sara13 on 07/12/2012 05:09 AM

you mean like the republicunt controlled congress you have now??

and just FYI, Boosh created your great depresion and record defictits...but you already knew that.