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Old 03-28-2013, 06:41 AM  
bevischief bevischief is offline
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New study confirms economy was destroyed by Democrat policies

New study confirms economy was destroyed by Democrat policies

Economy
December 21, 2012
By: Robert Moon

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review:

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.
Fox News shows timeline for economic meltdown
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.

-Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left's favorite blatantly partisan "fact-checkers," Snopes, admits (while pretending to 'set the record straight').

-Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

But non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.
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Old 03-29-2013, 09:15 AM   #121
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Quote:
Originally Posted by KC native View Post
Hard to take you serious when you don't even have the basic facts straight.

Those are subprime loans and Fannie and Freddie weren't even sizeable players in the subprime market.http://www.businessweek.com/investin...e_mae_and.html
I have not or ever made a claim as to what percentage of credit defaults come from Fannie Freddie loans, I simply said that their standards are and always have been the benchmark.

I know little to nothing about securitization or what happens after a loan is originated. All I know is the origination process. I'm a loan originator, that's all I've ever done and I have worked hard to become very good at it. I do know that I have had to originate the lion’s share of those loans to agency standards.

It would seem that Agency or Fannie Freddie loans essentially became subprime when underwriting standards were laxed.

If you’re not qualifying loans on Credit, Collateral and /or Capacity you basically have originated a subprime loan and by today's standards and they would grade out as such. In the OP those standard were subject to scrutiny and others opposed it. I don't care if they are Democrats or Republicans in my mind that doesn't matter because I trust neither.

All I have said is that between a span of around 2003 - 2007 we could originate a Fannie Mae 30 year fixed or 1yr, 3/1,5/1, 7/1 ARM with no income, asset or collateral verification and that is basically a subprime mortgage and would be considered that by today’s standards.

Those are the facts. They are indisputable, but if you'd like to try I would love to hear it, dumbass.
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Old 03-29-2013, 09:22 AM   #122
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Originally Posted by Dave Lane View Post
Really? That's like one loan a week...
$50,000,000 / 52 weeks = $961,538 average loan amount, not here.


For my average loan amount more like 3.5 loans per week.
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Old 03-29-2013, 09:33 AM   #123
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Quote:
Originally Posted by LOCOChief View Post
I have not or ever made a claim as to what percentage of credit defaults come from Fannie Freddie loans, I simply said that their standards are and always have been the benchmark.

I know little to nothing about securitization or what happens after a loan is originated. All I know is the origination process. I'm a loan originator, that's all I've ever done and I have worked hard to become very good at it. I do know that I have had to originate the lion’s share of those loans to agency standards.

It would seem that Agency or Fannie Freddie loans essentially became subprime when underwriting standards were laxed.

If you’re not qualifying loans on Credit, Collateral and /or Capacity you basically have originated a subprime loan and by today's standards and they would grade out as such. In the OP those standard were subject to scrutiny and others opposed it. I don't care if they are Democrats or Republicans in my mind that doesn't matter because I trust neither.

All I have said is that between a span of around 2003 - 2007 we could originate a Fannie Mae 30 year fixed or 1yr, 3/1,5/1, 7/1 ARM with no income, asset or collateral verification and that is basically a subprime mortgage and would be considered that by today’s standards.

Those are the facts. They are indisputable, but if you'd like to try I would love to hear it, dumbass.
No those aren't facts. That is you making shit up.
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Old 03-29-2013, 09:57 AM   #124
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Quote:
Originally Posted by KC native View Post
No those aren't facts. That is you making shit up.
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Old 03-29-2013, 10:03 AM   #125
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Quote:
Originally Posted by patteeu View Post
Just more evidence that you are remaining willfully ignorant. Fannie was not buying ARMs or NINJA loans.
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Old 03-29-2013, 10:11 AM   #126
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Originally Posted by KC native View Post
Just more evidence that you are remaining willfully ignorant. Fannie was not buying ARMs or NINJA loans.
Do you understand what the word "or" means? If it makes you feel any better, I don't think you're doing it willfully.
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Old 03-29-2013, 11:55 AM   #127
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Quote:
Originally Posted by KC native View Post
No those aren't facts. That is you making shit up.
What do you think I "made up"?
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Old 03-29-2013, 11:59 AM   #128
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Originally Posted by KC native View Post
Just more evidence that you are remaining willfully ignorant. Fannie was not buying ARMs or NINJA loans.
Oh I see. So Fannie wasn't buying ARM's and didn't do NINA loans?

You are a dumbass. How are Fannies loans decisioned?
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Old 05-30-2013, 09:10 AM   #129
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On Friday, President Obama will once more revive one of his ol’ campaign-favorite memes and remind college-age and younger voters of what it is exactly the Democrats can do for them — besides, you know, engendering a sluggish economy with a youth unemployment rate of sixteen percent, but I digress. On the campaign trail last summer, the president spoke to younger crowds about preventing the interest rate on federally subsidized Stafford loans from doubling to 6.8 percent as a way of boosting the economy, and Congress sent up a one-year extension of of the 3.4 percent rate for him to sign — but the sand is about to run out on the extension come July 1st, so it’s obviously time for some more campaigning on how the GOP doesn’t care about young people, or something.


President Obama will urge Congress to halt an upcoming hike in student loan interest rates during an event with college students at the White House on Friday, White House Press Secretary Jay Carney said Wednesday.

“While we welcome that House Republicans have paid some attention to this issue this year, their proposal unfortunately does not meet the task,” Carney said at the White House press briefing. “The president will call on Congress to pass a solution that truly helps keep college affordable for middle class families and students.”

In case you missed it, the GOP has indeed ‘paid some attention’ to the issue this year; just last week, the House passed a bill that proposed to — quelle horreur — tie future rates to the market instead of allowing the federal government to artificially manipulate the market with an arbitrarily determined rate, but it’s going nowhere in the Democratic Senate and our esteemed president has already issued a veto threat.


The bill was approved on party lines, 221-198. Senate Democrats oppose the bill and the White House issued a veto threat on Wednesday, so its prospects are dim. Democrats want to extend current rates for two more years to allow more time to find a permanent fix. …

The House Republicans’ proposal would tie loan rates to the interest rate on a 10-year Treasury note, plus 2.5 percentage points, with a cap that would prevent the interest rate on Stafford loans from rising above 8.5%. President Obama’s budget called for setting the rate at slightly less than 1 percentage point above the Treasury note rate.

The GOP plan would also reset the loan rate for all borrowers every year based on market fluctuations, while under Obama’s proposal, any borrower’s initial loan rate would remain fixed for the life of the loan.

Of course, allowing even just a partial return to free-market economics in any sphere is rarely the Democrats’ game, as established niche benefits once relentlessly seized upon as campaign tools are not to be relinquished — so it’s back to the drawing board on that one, nevermind that all of this manipulation and flooding the market with artificially cheap loans isn’t doing students nor anyone else any favors in the long run. Total U.S. student debt has already surpassed a whopping $1 trillion, and student debt delinquency rates are getting seriously alarming, Bloomberg reports:


Overdue student loans reached an all-time high as students struggle to find work after college, according to a government report renewing alarms about the rising burden of higher-education debt.

Eleven percent of student loans were seriously delinquent — at least 90 days past due — in the third quarter of 2012, compared with 6 percent in the first quarter of 2003, according to the report by the U.S. Education Department. Almost 30 percent of 20- to 24-year-olds aren’t employed or in school, the study found.

Of course, I’d imagine the president will use these figures as reasons why student loans need to remain cheap — i.e., we need to make sure students can afford to pay their loans back and help them out during this rough economic time — except that his proposed policy will do nothing to help fix the problem of an overcrowded and inhibited market that perpetuates the notion that a four-year college degree is the best route for the greatest number of young people and the economy as a whole to succeed. It’s not going to accomplish anything except continue to distort price signals and continue to drag down our struggling economy in which it is increasingly difficult for young people to start their careers.


http://hotair.com/archives/2013/05/2...ype-low-rates/
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Old 05-30-2013, 11:54 AM   #130
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Originally Posted by CoMoChief View Post
Our economy is destroyed because both parties work for the same corporation interests that have hijacked our govt and passed legislation in such ways that benefit them and their buddies.

Our govt gives a damn about themselves and their friends, not the American people.

Plain n simple.
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Old 06-03-2013, 12:51 PM   #131
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