" why some political appointees got fired "

Are you in favor of the Department of Justice lying to you, or only when they have an (R) after their names?

Jail,

How old are you really?

Nothing you state has an ounce of thoughtful worthiness and what is frightful is you think this is really the case.

Here's where these right wing idiots got their talking points from:

Oh, and he laughed at the failed vote today

The right wingers don't know when they've been punked

The reason for any of the firings is irrelevant because they are political appointees.

Well now, apparently you don't understand how we got here do you.

These apparent political appointees are also our LAW INFORCERS.

Americanundies, I got my outrage from the truth and the videos from YOUTUBE.

Just where all the university harvard professors get the historical information and data for such truth.

JAIL

You got the YouTube link from RushLimbaugh.com

I can click links myself. Wasn't hard to figure out where you got your info from.

In fact, I only had to go to one website to find out.

Anyone online right now can go to RushLimbaugh.com and see the video you're talking about, and see every topic the cowards who signed up with new names posted here today.

In case you all try to deny it tomorrow I used 'GRAB' on my Mac and took a picture of Rush's front page from today.

Too easy. Way too easy.

Internet Tough Guys must not have too much of a real life nor too much control in it. Sad really.

Larry

I couldn't agree moHr LarRy

It's been too long since we talked old freind. How are you?

Zeitgeist

Shit. I'm trembling in fear at your threat LOL !

Say, this plan is the way out. It worked very well before:

That is for you Unity. Good choice.

I could care less about my 401K. I 'll be a security guard until the day I die.

Hahahaha, you and me both brother.

Thanks, ZEITGEIST

I happened to see an article about Buffet in USA Today when I got my first really well paying gig.

It was a God thing for sure.

I dabbled in the 90's market, but got burned by a broker who churned my account with risky biotech startups. I never bought any other stock after that except for 100 shares of Microsoft in 1986 I stupidly sold a few years later.

Those that churn should be burned alive.

Zeitgeist

If you get a chance read that article I linked above about the Swedish financial crisis.

I hope someone in Congress gets wind of it. Seems to have made for a good result in the end for all concerned in Sweden.

I live this Unity, everyday, all day.

Sadly, we are not Swedish. We will be ok, but it will get ugly this week, fear, panic, pain, and anger are going to rule the day.

I'm not going to work tomorrow.

Those that churn should be burned alive.

#28 | Posted by r_zeitgeist

I had the guy on tape with me telling him to sell inthe crap he was buying - twice!

When I lost a lot of money I called him and told him (as he knew) that I could cost him his trading license for life.

Decided to just let it go rather than doing a slow burn for a few years while I waited for arbitration. Turns out the company (after he left) was shut down by the Feds, and the principles went to prison. Mob related somehow. How was I to know? A friend who was an American Airlines captain at the time used this particular firm in Century City, CA, and so I thought they'd be OK.

Out of $40K I started my account with I walked away with $7K. Learned a BIG lesson there. DON'T TRUST ANYONE! I'd told the guy when I invested the money I wanted it in Blue Chips. It only took 2 months for him to lose that much money - at the height of a great market. Oh, well.

ZEITGEIST

If you get a chance to read the article (and I have another transcript from a principal in the Swedish plan I could share with you) let me know what you think.

It's so similar to our situation. Do you think it could work?

Hope you don't lose your ass, man. Good luck. And I mean that sincerely.

How Sweden Solved It's Financial Crisis:

I read it Unity. About two weeks ago.

I saw fear today, fear and uncertainty, and in my job that is a rare occurance indeed.

If the normal man knew the fear that was out there, they wouldn't be so dismissive.

They would be worried.

ZEITGEIST

I just saw on CNBC the Asian markets are down 3-4% today, but are rebounding in late trading.

Hang in there man.

We've had a lot of bumps the last 3 decades. 1987 - 25% in a day.

We HAVE to reduce our national debt. I wonder how many people realize we're spending close to $500,000,000,000 a year servicing it?

IMHO Bush has blown the pooch on fiscal responsibility. I hope this is the end of ANYONE thinking 'deficits don't matter', as Cheney does.

Hopefully, those in power will end the mindset that Milton Friedman hung the moon. Trickle down economics have ended up resulting in the pain flowing up. That's my layman's view anyway.

One more thing ZEITGEIST

America needs to start manufacturing things again. An economy based on shuffling paper around is no economy with lasting benefit.

"Credit Default Swaps" and the like should be banished to the bonfires forever, and regulation of our financial sector returned to prudent oversight. Deregulation led to this mess with the green light for business models to engage in practices that were proven to be detrimental before historically.

I'm no financial expert like you or others in the biz who frequent DR, but we need regulation, regulation, regulation again to prevent this from happening again.

Phil Gramm can kiss my ass. I'm just glad I'm not losing my ass over all this. I feel for all those with 401K's invested with falling equity.

I'm gonna say a prayer for you and your family. This too shall pass..... Hang in there.

JAIL

I don't know who else you are here, but getting your talking points from RushLimbaugh.com isn't the best approach if you want to be taken seriously.

The rest of us know who's held the power since 2001, and before that from 1994 - January 2007 it was the bully GOP thugs who never let a Dem bill get out of committee and up for a vote.

See? The rest of us lived through it. Your pitiful attempts at blaming Democrats for Bush/Delay/Frist policies aren't gonna fly. Not when you know your history they won't.

And your pitiful attempts at insults are just that. Pitiful.

Jailchrisdodd, aka crackpipejunkie,aka obamaniger just can't take a hint.

Crackpipejunkie

Seniority: 1413

Private E-mail
No Home Page

Joined 2008/03/04
Visited 2008/07/22

Status: visitor

OBAMANIGER

Private E-mail
No Home Page

Joined 2008/07/20
Visited 2008/07/25

Status: visitor

I'll keep beating the drums until the grown ups are back in charge.

JAIL

January 20, 2009.

President Obama and Vice President Biden with a more hefty majority in Congress.

The GOP has blown it with tragic results. They'll be lucky to ever get a majority back in Congress. America's sick of what they've done to our country with the help of their puppet moron, George "Hoover" Walker Bush.

Bye bye. I don't care about your video. I've watched history unfold the last several years, and I'll be SO glad to see Bush gone and you Rushbots spitting at your computers. If only Rush will have a stroke during one of his rants maybe we could unite this country again around something.

JAIL

rcade's gonna catch wind of your ISP and ban you again.

Guess you missed the GOP Congress and Bush starting with surpluses in 2001, and then enacting the largest increases to the federal budget and national debt in American history.

You still have that crackpipe on fire, don't ya junkie? Rush is an idiot, and so are the followers who resort to stories based on the front page of his website. I call anyone who belives that BS 'gullible' - at best.

The Bush Economy:

Dow January 19, 2001: 10,587.59
Dow September 29, 2008: 10,365.45

NASDAQ Jan 19, 2001 = 2,770.38
NASDAQ September 29, 2008 = 1,983.73

CPI, January 19, 2001: 175
CPI, September 29, 2008: 219

Dollar exchange with Euro, January 19, 2001: 1.068
Dollar exchange with Euro, September 29, 2008: .695

When it comes to failure, der schimpanse has definitely made the pie higher.

OK ............lets start looking for the videos implicating republicans too, Im sure will find plenty. Your article goes to proove that the partisin politics of washington DC need to be changed. Obama08.

why democrats are to blame?

cause republicans are liars.

Democrats can't control themselves. Their 'white guilt' complex forces them to hand out unlimited credit American Express Gold Cards to every vagrant they pass on the street corner.

..."send the bill to the US Taxpayer," is what they tell the bums they hand them out to.

**Why Democrats are to Blame For Financial Crisis **

......why bother voting for Republicans if the Democrats are responsible for problems when they are in office, and when they are out of office ??....

why bother voting for Republicans if the Democrats are responsible for problems when they are in office, and when they are out of office ??....

You're right. To PREVENT problems, Republicans should NEVER be out of office.

To PREVENT problems, Republicans should NEVER be out of office.

Hasn't worked so far-from Nixon surrendering in VN to reagan surrendering in beirut, to Bush1 failing to do the job in Gulf 1 to Dubya losing two wars and sleeing through months of pre 9-11 warnings, Republicans only fail.

Economically- Clinton's surpluses to Bush's record deficita and debts make his foreign policy debacles look good in comparison.

(The Politico) The ACORN issue is off the table.

After several days of rage from conservative activists regarding a provision in the bailout bill that would send some of the profits from the sale of distressed assets the goverment buys into an affordable housing trust fund, congressional negotiators have removed section 105(d) of the bailout proposal, according to aides on both side.

ACORN, a Democratic ally, was not specifically directed any funds in the previous proposal, but money that went to state and local governments could then have been divvied out to the organization, which the GOP said was a deal breaker. Fevered opposition to the provision had become a viral sensation.

It appears that, with the removal of the affordable housing trust fund, all of the proceeds from the sale of assets will now go to retire the debt.

The revised version of the bill drops the housing trust fund, a source of possible abuse, and includes insurance against taxpayer losses making it look to be a significantly stronger plan than the first version announced last week before House Republicans had signed on.

**** You're right. To PREVENT problems, Republicans should NEVER be out of office.
...... Posted by Farmer_John ******

......sounds like you haven't picked up a newspaper in 8 years......

**** What? You guys still blaming Bush for buying into Obama's mentor's trillion dollar mortgage scam?

...... Posted by Farmer_John ******

.......do Republicans never take responsibility for anything ?........

......again I have to ask why Republicans bother running for office if everything is the fault of the Democrats, whether the Republicans are in control of every vote or not......

........the Party of Personal Responsibility is a fake......

again I have to ask why Republicans bother running for office if everything is the fault of the Democrats, whether the Republicans are in control of every vote or not......

How is it you can rail on repubs when forty percent of Pelosi's party rejected the same plan as the sixty something percent repubs being blamed? You should be pissed at the incompetent fools acting as leaders. This majority mirrors the Hamas running palestine. They beg, borrow and steal to gain power and have no fucking clue what they should be doing.

Both parties are to blame...

The people blame Democrats...

from today's Boston Herald:

When it comes to the Wall Street meltdown, Rep. Barney Frank is considered the engineer of the financial train wreck, a bostonherald.com instant poll shows.

Frank (D-Newton), chairman of the House Financial Services panel, is plastered with blame even more so than President Bush or former fed chief Alan Greenspan.

Some readers argue all you have to do is click over to YouTube and listen to Frank, in the fall of 2003, swear "Fannie and Freddie (are) not in a crisis!" and are "fundamentally sound financially."

Whoops, guess not.

Fannie Mae and Freddie Mac have been taken over by the government and are under a grand jury investigation.

More than 5,000 responders to a bostonherald.com poll posted mid-day yesterday are calling for heads to roll:
# 36 percent state Frank is out in front.
# Bush is second with 29 percent for missing red flags.
# Greenspan, now knocked off his guru perch, is third with 19 percent blame.
# Former President Bill Clinton falls next with 12 percent responsibility.
# Barack Obama, 3 percent, and John McCain, 1 percent, escape mostly unscathed, for now.

do Republicans never take responsibility for anything ?

" but losing the battle for regulatory reform to "do nothing Democrats" who were too busy filling their re-election campaign war chests to care (like Barney Frank)."

Frank was on a Republican-dominated committee, chaired by a Republican who set the agenda. If Republicans "lost the battle", it's because they couldn't get the majority Republicans to vote the measure up.

But thanks for pointing out, even when the Republicans hold all three branches of government, they can't govern.

Frank was on a Republican-dominated committee, chaired by a Republican who set the agenda. If Republicans "lost the battle", it's because they couldn't get the majority Republicans to vote the measure up.

Yet Congress found time to pass the GSE Bill with bi-partisan support. Can you explain why the Dem controlled Senate shelved this legislation?

even when the Republicans hold all three branches of government, they can't govern.

Next time give us a filibuster proof Senate!

And thanks for owning up to the fact that when Democrats control all three branches, they rewrite the laws so as to social engineer us to a complete financial meltdown and need to "further socialize/ communize" the entire world's economy.

The "free market" gets fitted for a harness better suited for government's slaves with each Democrat that gets his totalitarian b*tt elected...

it's because they couldn't get the majority Republicans to vote the measure up.

I seem to remember the fact that Republicans had bigger fish to fry at the time.... a war in Iraq.

Maybe if the Democrats could stop playing politics for more than five minutes, we could have done both. But no, the Democrats all joined al Qaeda Iraq (AQI) the minute troops crossed into Iraq.

"when Democrats control all three branches, they rewrite the laws so as to social engineer us to a complete financial meltdown"

When, exactly, did Dems control all three branches?

And where in the laws is it written lenders must make 125% LTV loans, no-money down loans, interest-only loans, recollateralize those debts into re-rated bundles, or leverage bad paper against bad paper?

"..the Democrats all joined al Qaeda Iraq (AQI)"

Do you actually expect people to take you seriously when you barf up crap like that?

This is some seriously disturbing video, everyone needs to watch the clips again.

And where in the laws is it written lenders must make 125% LTV loans, no-money down loans, interest-only loans, recollateralize those debts into re-rated bundles, or leverage bad paper against bad paper?

But Danforth, according to Spud's sources at FOX News Barack Obama actually burst into the boardroom at CountryWide a coupla years back and put a gun to the CEO's head demanding that they do just that.

Them poor lenders had no choice!!

Proof?

Well, they sed they'd "get back to" Spud once their photoshopper er photographer guy finished developing the film.

Be Well.

And where in the laws is it written lenders must make 125% LTV loans

125's went out about 8 years ago danforth. Why doesn't someone as knowledable about finances as you, not get the fact banks and lenders loaned money with the guarantee from fannie and freddie? Every prime loan we have ever done was electronicaly underwritten and approved by fannie or freddie.

Do you actually expect people to take you seriously when you barf up crap like that?

Then maybe you could explain why the Democrats turned their backs on the American people and began to actively undermine the war effort and stabbed Bush and Cheney in the back at every turn for the past five years.

They went into the domestic terrorism business and killed America's free market system out of spite.

Osama bin Laden LOVES you guys. He's sitting in a cave in Tora Bora with an Obama '08 button on tunic.

NEW YORK TIMES
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES

Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

Farmer John,

WRONG!

Bin Laden has a button that reads, "Bush-Cheney 2008 - END TERM LIMITS ON THE PRESIDENCY!"

Why would he do that? Obama's walking right into the Afghanistan troop trap. After four years, he'll have trained another 200,000 mujahadeen and will be ready to march on Islamabad.

"125's went out about 8 years ago danforth. "

Farmer John: Living proof cow patties are not for human consumption

After four years, he'll have trained another 200,000 mujahadeen and will be ready to march on Islamabad.

#65 | Posted by Farmer_John at 2008-09-30 06:52 PM | Reply

Unless he has an Air Force--he doesn't have a chance to march on anything.

Au - Answer: You!

Don't pay any attention to the sheep farmer. His rantings are caused by his being the late stages of Sheep Spongiform Encephalopathy. Unlike BSE (Mad Cow Disease), the sheep form of this malady can also be transmitted by sexual contact. The poor newbie troll is obviously in a bad way.

Unless he has an Air Force--he doesn't have a chance to march on anything.

That's NOT the lesson that the Soviets learned in Afghanistan.

"Then maybe you could explain why the Democrats turned their backs on the American people and began to actively undermine the war effort and stabbed Bush and Cheney in the back at every turn for the past five years."

That garbage has been flying around for years. Please point to one aspect of the prosecution of the Iraq war the Republicans wanted to do, which was thwarted by the Dems, or STFU. Iraq is exactly how the Republicans engineered it. Afghanistan is exactly how the Republicans engineered it. And the financial sector regulators are appointed by the Executive Branch, and the wrongdoers prosecuted by the Judicial Branch. If this was due to lack of regulation, blame the lenders, and include the legislators. If this was due to fraudulent repackaging and re-leveraging, blame the lenders and the lack of vigorous oversight.

Don't pay any attention to the sheep farmer

Awwww... wazza matter, Axe? Afraid people will catch on the Demokkkrat's plan to pass out "payment free" American Taxpayer Express Cards to every impoverished unskilled and unemployable Demokkkratic junkie voter on the planet?

Affordable housing is a "right"!

SheepF**kerJohn,

The only asshole ever kicked out of the KKK for being TOO racist.

Quit channeling Flush Rimjob and get a life, newbie troll!!!!

Please point to one aspect of the prosecution of the Iraq war the Republicans wanted to do, which was thwarted by the Dems... you mean the Republicans managed to win the war, rather than surrender?

That's quite an accomplishment given the Democrats went into "oppose everything" (even Fannie/Freddie regulatory reform) filibuster mode.

Had the ball been in the Democrat's court, Iran's mullah's would be annexing Iraq as we speak.

Who's a newbie, Axe? And please, racist? You're trying to play the RACE card on me? I'd have to give a sh*t about race. LOL!

I say, "impoverished unskilled and unemployable Demokkkratic junkie voter on the planet?" and Axe IMMEDIATELY ASSUMES I'm talking about African Americans? Who's the racist, Axe? Look in the mirror.

You just post like a newbie, then. Your posts in this topic have been completely, 100% asshole quality racist.

Just like the child-buggering radio fraud you parroted them from.

Until you come up with an original thought, you'll always be a newbie troll, SFJ

These right wing idiots get all their talking points from the home page at RushLimbaugh.com

ANAMERICAN, for example, was claiming last night he got his thread stories from YouTube. Where did he find the YouTube story and link? Just guess. Well, you don't have to.

Rush Limbaugh's home page yesterday:

"Had the ball been in the Democrat's court, Iran's mullah's would be annexing Iraq as we speak."

#75 | Posted by Farmer_John at 2008-09-30 07:05 PM | Reply | Flag: Obvious, pathetic attempt at historical revision

Actually, if the ball had been in the Democrat's court, Iran would be countered by Saddam Hussein, over 4,000 American heroes would still be alive (not to mention tens of thousands of injured), and American forces would have been focused on the real enemy, in Afghanistan.

"That's NOT the lesson that the Soviets learned in Afghanistan."

The mujahadeen weren't marching on another country's capital ("another 200,000 mujahadeen and will be ready to march on Islamabad.").

James A. Johnson--the man chosen by Sen. Barack Obama to lead his vice presidential search committee---served as head of the Federal National Mortgage Association, or "Fannie Mae," from 1991 to 1998, receiving a reported $21 million in compensation upon his departure.

As CEO of Fannie Mae, Johnson set a goal of buying up $1 trillion in low-income mortgage loans, a move that eventually helped trigger what would become the sub-prime mortgage crisis.

125's went out about 8 years ago danforth. "

WTF are you talking about?
www.loanexpo.com

"Why doesn't someone as knowledable about finances as you, not get the fact banks and lenders loaned money with the guarantee from fannie and freddie?"

Why doesn't someone as stupid about finances as you learn that Fannie and Freddie are not the entire problem? Look at that list and tell me what FM & FM had to do with the gawd-awful decisions made by the lenders.

Try and get a 125% from anyone idiot. Look at what list clown? The list from Lending Tree you posted? Do you even have a fucking clue? Fannie and Freddie guarantee those loans dumb ass. Do you think Lenders are in business to loan money knowing the loan will default? Are you sure you are a financial planner? Because you don't know shit about Mortgages.

Farmer John,

Why do you need to get talking points from RushLimbaugh.com?

These right wing idiots get all their talking points from the home page at RushLimbaugh.com

Funny. You have been burned hard trying to be the first to post a huffington story. You really think you have room to point fingers at anyone?

The mujahadeen weren't marching on another country's capital. No. They wants nukes. So soon, they'll be marching on THEIR OWN capital. They mujahadeen are mostly Paksitani's.

Huh?

BWAAAAAAAAAAAA

I wonder how many parrot posts it takes to get a free vacation with Rush to the Dominican Republic. AnAsshole says he'd love to be there with his bottle of Viagra.

And I hear the sheep are REAL PRETTY down there FarmerJohn.

The very title of this thread is laughable

The fact it came from RushLimbaugh.com is even more so.

I can always anticipate which threads the Rushbots will throw up and what their comments will be...

Is this one of them? Cuz I sure haven't seen any. I think your Karnac act need's a little work, Au, cuz you're battin' .000 so far.

You really think you have room to point fingers at anyone?

#85 | Posted by crispee_oc at 2008-09-30 07:20 PM | Reply | Flag

Do you have room in that little head of yours to actually think and post on your own?

I hear the sheep are REAL PRETTY down there FarmerJohn.

You'd be the one to know...

CRISPEE

I rarely visit Huffington Post

I'm into verifiable and credible news stories who've vetted and verified their stories before printing them.

...and it's B-A-A-A-A-A w/o the W.

Now how do you like it again? What? You want me to slip your back legs into my sheep boots and walk you up to the edge of a cliff???? Kiiiiiinnnky!

FARMER

I posted the source for the ridiculous claim this thread makes.

A YouTube video linked from RushLimbaugh.com yesterday?

God, you're funny !!!

I think I"ll make a YouTube video claiming George W Bush was infected with NeoCon tapeworms that ate his brain. That would be just as credible. In fact, it's more plausible than the YouTube video this thread links to

CRISPEE

I rarely visit Huffington Post

I'm into verifiable and credible news stories who've vetted and verified their stories before printing them.

Like Palin cutting funding for special needs kids? How many times did you put your foot in your mouth posting that until everyone corrected you and the story?

palin did cut funding for the special need kids.

"Try and get a 125% from anyone"

You claimed 125s "went out" "about 8 years ago". I proved they didn't.

"Look at what list?"

125% LTV loans, no-money down loans, interest-only loans, recollateralize those debts into re-rated bundles...leverage bad paper against bad paper

"Fannie and Freddie guarantee those loans"

"Guarantee" doesn't mean the same as "force to make bad loans". I can provide a dictionary link if you need.

"Do you think Lenders are in business to loan money knowing the loan will default?"

I think it's bad business policy, and bad governmental policy, to say "Bet whatever you want, and double down every time you want. If you win big, you get to keep the money. If you lose big, we'll pick up the tab.

"you don't know shit about Mortgages."

I obviously know more than the current crop of geniuses. Which reminds me...have you found that article comparing tax revenues which would pass Econ 101 muster?

I posted the source for the ridiculous claim this thread makes Prove it.

Your "Rush" screen shot video "time" doesn't match with the video on this thread. You're just a deranged idiot who attacks the WRONG messenger! LOL!

RushLimbaugh.com yesterday:

btw- I always thought W. was 1/2 Mexican... 41 just couldn't keep it in his pants back in the old "Zapata" days.

The YouTube channel the linked video this thread is based on came from (note the 'McCain-Palin' wallpaper):

One in the same

Really? Look at the same time stamps. Awwww. It sucks to be you!

The YouTube channel the linked video this thread is based on came from (note the 'McCain-Palin' wallpaper):

Nope. Definitely NOT Limbaugh...

Well, I'd better go grab a "SUN" magazine. I need to read up on two headed babies and alien abductions.

Later, Farmer

Chow, mein!

Now we know where you get all your information from when not posting over at the Puffinglungs Post.

all the talking points from the neoliberal republican poster come from limbah, they have for a very long time.

These righties who are supposed to be so very educated sure don't appear as such, they can't manage a single statement from their own minds, it all is talking limbah. And what is funnier, getting them to defend the position once they posted it and they are totally lost. Limbah doesn't defend his position so they can't either.

FARMER

I don't usually read Huffington Post, and certainly don't post there.

I do peruse DailyKos for a few minutes a day. Those couple of threads I do read all the way through are based on MSM vetted and verified stories. Like the story I based the thread I put up today. Story came from the Anchorage Daily News.

Whoever posted this thread is a 'VISITOR' who joined on 12/31/1969? Must have something to do with those SUN Magazine stories of alien abductions since the internet wasn't even around in '69.

Chow Mein yourself! :-)

Back in private industry by 1985, Johnson became a managing director at Lehman Brothers, the recently defunct investment bank. He returned to Washington in 1990, this time as vice chairman of Fannie Mae. In 1991, he became chairman and CEO serving through 1998.

The 3/2 Option

Almost immediately upon taking the helm at Fannie Mae in 1991, Johnson began expanding low-income mortgage lending, unveiling a $10 billion plan to expand low- and moderate-income mortgage lending by using the "3/2 option."

This option allowed low-income borrowers to secure mortgages by providing just 3 percent of the required 5-percent down payment from their own funds. The other 2 percent could come either as a gift from a family member or a grant from a non-profit agency or state or local government.

At the time, Johnson told reporters in Seattle that the $10 billion initiative targeted "the other 20 percent of the country" that hadn't yet benefited from federal housing policies because of their low-income status.

This new low-income initiative was part of a broader social agenda that sought to increase home ownership beyond the middle class. In 1992, Johnson told The American Banker that not only was low-income borrowing good citizenship, it was good business.

In that same interview, Johnson suggested that the incoming Clinton administration would be "an activist administration" when it came to low-income borrowing. "There's a tremendous amount of business to be done--and a tremendous amount of profitable business," said Johnson.

Fannie Mae opposed any attempt to regulate or monitor that business. In 1992, Congress considered a proposal requiring Fannie Mae and Freddie Mac to disclose their debt to the Securities and Exchange Commission (SEC). Public disclosure of Fannie's and Freddie's debt would have allowed the SEC to monitor their business and ensure that these "government-sponsored enterprises," which were exempt from federal taxes, and had a line of credit with the U.S. Treasury, did not overextend themselves.

Johnson opposed the proposal in a letter to House Financial Services Committee Chairman Rep. Ed Markey (D-Mass.), saying that "exemption from registration requirements" was "embodied in our Charter" and was "an integral element of our capacity to provide continuous liquidity to the secondary-mortgage market."
Congressional Democrats succeeded in halting the measure.

Meanwhile, Johnson's prediction that the Clinton administration would be active in pushing low-income mortgages came true. The Department of Housing and Urban Development (HUD) mandated that 30 percent of Fannie Mae's business be made up of low-income loans by 1994. In a letter to HUD Secretary Henry Cisneros, Johnson speculated that his company would be hard-pressed to meet the new requirements, but that he would make them his top priority.

By March 1994, Johnson not only had met the mandate, he had upped the ante by pledging that Fannie Mae would "transform the housing finance system" by providing $1 trillion in low-income financing by the end of the decade--a pledge that represented not the 30 percent that HUD required, but a full 50 percent of Fannie's business.

Today HUD's target is 56%... and in the next Obama Administration, look for it to go over 60%! The bailout does NOTHING to lower the HUD targets or get Fannie/Freddie to mend their ways!

The entire US banking system suffers from "affirmative action overkill". I little help in 1992 was a good thing. But now their just flushing trillions down the toilet.

Handing out free "American Taxpayer Express" credit cards with no credit limits or equity investment requirements is just stupid? And guess what, nobody in DC is talking about stopping the practice.

I love this part of the new slumlord trust fund...

Because their new business is increasing, the amount in 2008 is expected to be higher. However, 25% of the funds each year must first go to a reserve fund at the Treasury to offset scoring problems.

Scoring problems... code words for payoffs to help people with bad credit get credit, all courtesy of the same government social engineering professionals that brought you the original capital market meltdown.

"Scoring problems... code words for payoffs to help people with bad credit get credit"

But that's always going to be the case when administrations talk about increasing home ownership. The increase comes from the next layer lower, the folks who couldn't qualify last time, as all the top tiers who want to own a home (or seven) already do. Any downturn, and it'll always be predominately the folks on the fringe who lose their houses...it only makes sense. The lending problem, however, exacerbates when the loans get repackaged (and re-rated), resold, and bet upon, based on doubling down again and again.

So Democrats invented credit default swaps, deregulated the financial system so they could be sold with no asset backing, leveraged their Wall St. firms 30:1, jacked up the price of housing, ran up huge deficits and then reassured the public over the last year there was no problem?

Funny, I thought it was the Republican administration and execs on Wall St.

Guess I better take a look at El Rushbo's site again.

The increase comes from the next layer lower,

...and when you get to the poorest 25% of Americans, and you're dealing with people w/IQ's in the mid-eighties.... you really think these people are capable of making a rational mortgage decisions and are prepared cope with rising interest rates on their variable rate mortgages during the periodic recessions that are bound to hit, and/or refinancing when rates go down? Wow. You're pretty gullible.

30% may have been a "reasonable" HUD target, at the time. A 56% HUD target today is INSANITY!

and when you get to the poorest 25% of Americans, and you're dealing with people w/IQ's in the mid-eighties....

Really dip shit, really!!

How many deviations does that poorest 25% really fall on that curve.

"you really think these people are capable of making a rational mortgage decisions..."

I don't. But the lenders did.

"Wow. You're pretty gullible."

On the contrary...I didn't make those loans.

I was just making fun of your surprise that the downturn hit those on the edge hardest. What's next...water is wet?

Democrats?
Republicans?

People still believe there's a difference?

We're screwed.

You mean the video you see when you click the title of this thread? (which you didn't bother to do before making a fool of yourself)

No one can call you a genius today kid.

I was just making fun of your surprise that the downturn hit those on the edge hardest. What's next...water is wet?

#122 | Posted by Danforth at 2008-09-30 10:16 PM | Reply | Flag:

I love you, man. lol

How many deviations does that poorest 25% really fall on that curve When your making loans to near 46% of African Americans... where do you think the IQ "deviations" are? Especially since the "upper" IQ's have already "paired" and bought their homes. LOL!

Speaking of FARCE... can a mortgage bailout work in a system with more fraud than ever, and no action being taken to mitigate the fraud?

...mortgage fraud soared in the run-up to this mess, and believe it or not, it's continuing to rise. The FBI says that reports of suspicious mortgage activity increased by 10-fold from 2001 through 2007, and rose another 42 percent in the first quarter of 2008. As more and more mortgages have gone bad, researchers have looked into troubled portfolios and found startling rates of deception. BasePoint Analytics, a research firm, has estimated, for instance, that 70 percent of subprime loans that default before they reset (exactly the kind that trouble the market right now) contain some kind of misrepresentation by the borrower, lender or broker, or some combination of the three.

One big category of deception has been so-called no-doc' loans, where a borrower agrees to pay a slightly higher interest rate in exchange for not documenting his income. Originally designed for the growing number of self-employed workers in America who don't have ready documentation from an employer, these mortgages became known as liar loans' because many people without sufficient income used them to qualify for financing they otherwise couldn't get. One lender that compared what 100 applicants claimed as income on no-doc loans to what they reported to the IRS on their tax returns found that in 60 percent of cases borrowers were exaggerating their income by as much as half (or lying to the IRS).

I cannot imagine why the democrats keep blaming George Bush for all that is going wrong in the country. Many moons ago they did the same to the Senior Bush. And more moons before that, they did the same to Ronald Reagan. And many more moons before those, they blamed Gerald Ford. And moons before those, they blamed Richard Nixon. How I yearn for the good old times, when the streets were paved with gold during the Carter and Clinton years. When in the summertime, there was free pink lemonade for everyone on street corners, and hot tea during the winter months. And when you filled the gas tank with petro, you would get a free set of dinner plates and silverware at gas stations. I can still see Dorothy in her purple sandals dancing in the streets.

"How I yearn for the good old times, when the streets were paved with gold during the Carter and Clinton years. When in the summertime, there was free pink lemonade for everyone on street corners, and hot tea during the winter months. And when you filled the gas tank with petro, you would get a free set of dinner plates and silverware at gas stations. I can still see Dorothy in her purple sandals dancing in the streets."

I see you've been listening to Danni. Personally, I'm anxious for the Obamessiah to be elected and establish a socialistic society. Then, we can cater to the Muslims and establish Sharia law nationwide. When that happens, I'm gonna get a switch and go lash Danni really good for smoking pot and not covering her face...I can't wait!

"Personally, I'm anxious for the Obamessiah to be elected and establish a socialistic society."

Lucky for you, you didn't have to wait. George & The Boys have already done that for you.

You claimed 125s "went out" "about 8 years ago". I proved they didn't.
"you don't know shit about Mortgages."

I obviously know more than the current crop of geniuses. Which reminds me...have you found that article comparing tax revenues which would pass Econ 101 muster?
Posted by Danforth

No you proved your an idiot. Find a Lender who does 125% CLTV. Please find one because I have about a hundred loans I can submit. I just called the link you provided and lo and behold they don't offer them. So as usual you look like a fucking idiot claiming you know about Mortgages.

What muster is that? I linked straight from WSJ and the Government website. Both claiming record tax revenues. Just because the inner troll in you doesn't accept those numbers is not my problem.

"I linked straight from WSJ and the Government website. Both claiming record tax revenues"

And neither factoring inflation. Have you called your local community college Economics professor yet? Has he laughed in your face yet?

"your an idiot."

The classic self-retorting retort. Coming from you, I'll wear it like a badge of honor.

"Find a Lender who does 125% (LTV). "

"the inner troll in you doesn't accept those numbers"

It's not me. It's every self-respecting economist, and everyone who understands you can't compare two disparate years without factoring for inflation.

"you look like a fucking idiot claiming you know about Mortgages."

All I claimed was I know more than the current geniuses who lent money in situations where I wouldn't.

Comprehension isn't your strong suit, is it?

"Find a Lender who does 125% (LTV). "

www.google.com

#133 | Posted by Danforth at 2008-10-01 06:45 PM | Rep

You think doing a search proves you are right? As usual you didn't bother to look at the list or read my post about 125's. Tell everyone here who does them moron. Lending Tree? Wrong. The other name from your search? Wrong. Their site is dated 2006. Come on genius. Prove your ignorance again on this. Like I said earlier your inner troll takes over and makes you look like a fucking clown.

I linked straight from WSJ and the Government website. Both claiming record tax revenues"

And neither factoring inflation. Have you called your local community college Economics professor yet? Has he laughed in your face yet?

As usula you can't provide any facts to your trolling ways. Those articles are accurate and only someone desperate for attaention would question the numbers. Of course I would love to see anything published by you regarding tax revenues. Anything? One article. Something with your name on it. Otherwise you should shut your yap about that subject. I linked professionals. You are an amateur. Know what I mean Vern????

All I claimed was I know more than the current geniuses who lent money in situations where I wouldn't.

Comprehension isn't your strong suit, is it?

No you claimed that fannie and freddie were not the problem. Then you ignorantly listed loan programs not knowing those were fannie/freddie products.Get off the subject son. You embarrass yourself.

" Wrong. Their site is dated 2006. "

Which makes you a moron for claiming they've been gone for "around 8 years".

"Those articles are accurate and only someone desperate for attaention would question the numbers. "

That's why you're an idiot. Anyone who compares two different times, years apart, and doesn't factor for inflation, all the while touting "Record Revenues!" has an agenda. In the WSJ's case, they're playing to their base, and in the government's case, the press release was trying to justify massive tax cuts. They both rely on the ignorant and intellectually lazy to take their statements as gospel. To those of us who've actually passed an Econ class, the mistake is obvious. To dumbasses like you, it's just another opportunity to parade your stunning ignorance of the most basic of Economic principles.

" you can't provide any facts to your trolling ways."

Lucky for you, you didn't have to wait. George & The Boys have already done that for you.