I'll take that bet.

::chirp::

wonder how many of them were associated with acorn?

Si se puede comprar casas con documentos falsos!

Yes we can buy houses with fake identification!

Obama '08 yes we can!

Go Barney Frank

Yes we can!

I wonder how many of those mortgages were given after Dumya issued his "homeownership challenge."

The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago.

"I wonder how many of those mortgages were given after Dumya issued his "homeownership challenge.""

No wonder he wanted a pathway to amnesty for them.

This is what happens when you deregulate and allow banks to give out loans with no documentative support of assets or worth of the borrower.

I wonder how many of those mortgages were given after Dumya issued his "homeownership challenge."

Or when Clinton did the same:

Community Reinvestment Act 1995 Clinton Regime Lowers Lending Standards

In the revised version of the act, the lenders were told that proof of income, source of down payment and credit history of a person would no longer be required for qualifying criteria. Boston Federal Reserve made sure that the banks end up giving loans to people with poor credit records.

Tools. Again - plenty of blame to go around

The government should grab the homes of the illegals and re-sell them to pay for some of the bailout. IMMEDIATELY!

Re-sell them to who?

"In the revised version of the act, the lenders were told that proof of income, source of down payment and credit history of a person would no longer be required for qualifying criteria."

So? That didn't force ANY lender to be stupid. They chose on their own to do the 125% LTVs, interest-only loans, balloon payment loans, and teaser rate loans, then repackaged them, re-rated them, and sold them again and again. They also chose to leverage bad paper against bad paper. Many banks and many homeowners had nothing to do with this fiasco, yet we'll end up paying for things like the Lehman Brothers $2.5 billion in bonuses they paid...just last year.

As a loan officer I am blown away about how little you all know about mortgages. Illegals getting home loans is fraud it is a federal offense. I have denied people who were not legal the credit report will say in the fraud section that the ss# does not match the borrower. So the loan officer the underwriter and the client all need to be investigated

#11 - off topic, but is condescension a posting requirement on the DR? you are more expert than I at "X". appreciate your input. lose the attitude

Seems to be plenty of attitude 'round here, palsy.

#6 | Posted by taxman at 2008-10-09 05:56 PM

This is what happens when you deregulate and allow banks to give out loans with no documentative support of assets or worth of the borrower.

Without Fannie and Freddie providing a market for this junk, who would have purchased it at anything like par. The sharpies then saw a good thing, and without regulation went on a frolic of their own.

Where was the oversight? Barney Frank's committee oversaw this sector for some time now, and Frank declared rather recently that the Fannie and Freddie paper was sound. Did the Democrats, Frank, Dobbs, and the others deliberately euchre the American people? Or were they just irresponsible and ignorant?

Johnson -

Are you a direct descendant of one of the moneychangers Jeezus booted out of the Temple?

Someone at ancestry.com is trying to connect with you.

Fannie and Freddie provided the funds by the circulation of bad paper, selling it and buying more bad mortgages. No equity loans to poor credit risks is a recipe for disaster.

But thsat's okay. No situation is os bad that sa politician won't profit from it and screw the public. the bailout which was itself ill-c0nceived as it did not put money in the commercial paper market, but bailed out the bankers instead, contained $140 billion in pork, approximately 3.33 per billion per American, so that each of us, every man, woman, and child was burdened with additional debt of some $466 for the pork package that was an integral part of the bailout, which was itself a scam.

Fannie and Freddie...blah, hurrumph, snort, blah...
#16 | Posted by Johnson

Okay. but what about Mack the Knife?

"Okay. but what about Mack the Knife?"

Posted by Doc_Sarvis

"In the early days, living in their squalid apartment, all three shared dreams of success. In the end, however, Bob the Spoon and Ernie the Fork wound up in an old silverware drawer, and only Mack went on to fame and fortune."

Funny stuff, Zat, thanks!

Any time, Doc.
I'm here all week.
Try the veal.

As a loan officer I am blown away about how little you all know about mortgages. Illegals getting home loans is fraud it is a federal offense. I have denied people who were not legal the credit report will say in the fraud section that the ss# does not match the borrower. So the loan officer the underwriter and the client all need to be investigated

#11 | Posted by thomphar

Bears repeating. Thanks.

I haven't had a mortgage since 1977.
That one was started in 1971 for $20K, 30 year fixed; $177 a month. Paid cash ever since.

Not only were subprime loans given to illegal aliens but -- thanks to La Raza and other open border/pro-illegal alien radical left special interest groups -- the illegals were also givem money from HUD'S "Section 8 housing" program which paid 70% of their subprime monthly mortgage payments!

That means you and I -- taxpaying American citizens -- used our tax money to help pay subprime mortgage payments every month for people not even legally suppose to be here. Now MORE of our tax money is going to bail out the subprime loans after having paid for their Section 8 housing. So much for the BS of illegal aliens only coming here "to pick lettuce and feed their family." We also gave them $400,000 subprime loans and let them buy 6-bedroom McMansions. Hey, that's an expensive way of saving 10 cents on a head of lettuce.

A high percentage of Section 8 housing (a federal rent/mortgage subsidy program for poor and low income people) are given to illegal aliens out here in California. Many complaints were made because Section 8 housing subsidies were going to illegal aliens rather than to U.S. military veterans who could use it and many of our military veterans ended up homeless on the streets as the available funding for Section 8 housing went instead to illegals.

As a loan officer I am blown away about how little you all know about mortgages. Illegals getting home loans is fraud it is a federal offense. I have denied people who were not legal the credit report will say in the fraud section that the ss# does not match the borrower. So the loan officer the underwriter and the client all need to be investigated

#11 | Posted by thomphar at 2008-10-09 08:11 PM

Helloooo? None of these loan officers, banks and lending institutions needed a SS# to process a loan for an illegal alien. Guess you never worked for Wells Fargo or Washington Mutual -- two of the biggest lending institutions of subprime loans to illegal aliens.

Thanks to La Raza, the Mexican government, the Democrat libs in Congress, and all the rest of the players in this giant con game, the law make it "okay" to just accept a "federal tax payer ID number" instead of an SS# when applying for a loan.
Also, they never asked immigration status.

Also Wells Fargo, WAMU, and the other loan companies all advertized and bragged they would accept the Mexican government issued "Matricular Counsular" card as an acceptable form of ID. Everyone knows that the ONLY persons needing a MC card are illegal aliens. People here on issued legal visas, or in the middle of applying for residency, had their Green Cards, whatever, all had proper forms of ID.

Only illegal aliens needed a matricular card. It got so crazy out here in California that local talk show hosts were getting MC cards with their pictures on it to show how easy it was. Anyone could get one for $25. No real proof was required. So a "Juan Rameriz" on a matricular counsular card could really have been born "Luis Gonzolez" back in Mexico and no one would have known. And our own U.S. government -- pushed by the Democrats to make this farce of an id card valid -- went ahead and okayed it even though our own FBI fought not to allow these cards.

So you ended up with hundreds of thousands of subprime loans handed out to illegal aliens showing only a taxpayer ID card (available to anyone) and/or a matricular counsular card (an ID needed only by illegals). When some of these illegals walked away from the loan payments and defaulted the banks had no clue as to even where to find them (probably back in Mexico) or if they even had the person's real birth name.

THAT'S how it worked out here in California.

When the banks here first started this crap and catering to illegals there were actual protests in front of Wells Fargo banks by Americans protesting the banks letting illegals open up accounts and getting loans and American citizens were closing their Wells Fargo accounts in protest of the banks actions but, of course, they were labeled "racist' by La Raza, the liberal Democrats, and the other racebaiters and most of the politicians were terrified of the label so they allowed the use of these fraudulent id's by the banks.

And that was a few years ago before we saw the disaster of giving these subprime loans to illegal aliens.

So now all you racebaiters and libs who wanted to give the illegals everything and open our borders -- you got what you asked for. And YOU are now going to be the ones to pay for it as subprime loans to illegal aliens, along with other factors like derivatives and Republican deregulation destroying our regulations rules have now just about taken down our economy.

"have now just about taken down our economy."
-CC

Give it another week.

ZAT

I have a serious question for you on the economy.

Most of the money guys now have cashed out their investments. Even guys like tv stockmarket guru Jim Cramer and others have cashed out -- many pulling out last year. Even Trump has no investments in the market -- only in hard real estate.

I heard last night banks have something like $18 billion LESS in money now being deposited into the banks than normal.

I see report after report of safe companies not being able to keep up with the demand and are running 4-6 weeks behind in filling orders for people who want to buy safes to keep their cash in at home..

Money in the bank could be gone in an instant if a number of banks fold and it can happen in a second -- as I personally saw it happen with my own bank of Washington Mutual. I went to the dentist in the afternoon and by the time I had gotten home the FDIC had taken over the bank.

I have a feeling this is going to get much worse. If there is a "banking holiday" called you won't even be able to go to your ATM machine.

My Question -- do you think it's best to cash out now and pull out most of your cash from your bank leaving in only the barest amount to pay bills until this mess is over?

"My Question -- do you think it's best to cash out now and pull out most of your cash from your bank leaving in only the barest amount to pay bills until this mess is over?"

Posted by CalifChris

Worst case: Paper money will be useful as kindling.
I have a safe; A gun safe. It's full of guns and ammunition.

As for stocks, I've been out of the market for years.