Hosing debacle was all on the dems for laws requiring the loaning unlimited funds to people who couldn't/wouldn't pay it back.
It was? The version of history I'm familiar with has both parties allowing F&F to grow unfettered (lol) for decades. To say nothing of the overwhelming bipartisan support for other financial deregulations like the repeal of Glass Steagall.
But I'm curious to hear more about your version of history where it was all the dems fault and the GOP is absolved of all sins.
Hard to remove laws/rules once they have them in there.
Hosing debacle was all on the dems for laws requiring the loaning unlimited funds to people who couldn't/wouldn't pay it back.
It was? The version of history I'm familiar with has both parties allowing F&F to grow unfettered (lol) for decades. To say nothing of the overwhelming bipartisan support for other financial deregulations like the repeal of Glass Steagall.
But I'm curious to hear more about your version of history where it was all the dems fault and the GOP is absolved of all sins.
You think it was GOP attorneys suing lenders for red-lining obviously risky (at best) loan applications? I’m not saying they are absolved, but mandating high-risk loans to people who can never pay them back wasn’t a part of the GOP platform. Obama was even one of the Democrats who sued banks before he got into politics to force them into lending to poor minorities.
He “unintentionally” bankrupted many of them that he knew couldn’t pay back the loans and didn’t give a shit afterward, but hey, they got loans!
Did I say that? Red-line lawsuits are but a small chapter in an incredibly dense textbook about the drivers of the financial crisis. Anyone who thinks the narrative is that one party was evil while the other helplessly stood by is a partisan idiot.
But you're the self anointed chief of the partisan idiots, so this response is extremely on-brand for you.
Both parties had a role in the financial crisis but the Rats played a bigger role in the Fannie and Freddie meltdown. Clinton was the first to use his leverage on okaying bank mergers in order to increase the number of low income home loans.
The by the time of the meltdown which started in 2007, Fannie and Freddie were no longer even the biggest players in the secondary mortgage market, Wall Street had moved in and they started buying up even more of the crappy paper FF were already buying. But FF had already set the industry standard. The simple fact is that if Fannie and Freddie had never existed there never would have been a housing meltdown in 2007-2008.
So, our federally owned student tuition debt is $1.6 trillion of which 10.9% is delinquent by more than 90 days. There is plenty of Republicans to blame for this but this was an democratic initiative taken by the dem congress and barry. It certainly isn't a conservative initiative. I'm sensing a pattern here. You leftards just love to swallow.
"By cutting out the middleman, we'll save the American taxpayers $68 billion in the coming years," Obama said when he signed this change into law. "That's real money." As a result, federal student loan debt shot up from $154.9 billion in 2009 to $1.1 trillion by the end of 2017.
Dec 1, 2016 — CNNMoney Op-Ed: An alternative to the student debt crisis. Obama's student loan policy is costing twice as much as expected ... at a cost to the federal government, which lends about $100 billion in student loans each year.
Hosing debacle was all on the dems for laws requiring the loaning unlimited funds to people who couldn't/wouldn't pay it back.
It was? The version of history I'm familiar with has both parties allowing F&F to grow unfettered (lol) for decades. To say nothing of the overwhelming bipartisan support for other financial deregulations like the repeal of Glass Steagall.
But I'm curious to hear more about your version of history where it was all the dems fault and the GOP is absolved of all sins.
You think it was GOP attorneys suing lenders for red-lining obviously risky (at best) loan applications? I’m not saying they are absolved, but mandating high-risk loans to people who can never pay them back wasn’t a part of the GOP platform. Obama was even one of the Democrats who sued banks before he got into politics to force them into lending to poor minorities.
He “unintentionally” bankrupted many of them that he knew couldn’t pay back the loans and didn’t give a shit afterward, but hey, they got loans!
Did I say that? Red-line lawsuits are but a small chapter in an incredibly dense textbook about the drivers of the financial crisis. Anyone who thinks the narrative is that one party was evil while the other helplessly stood by is a partisan idiot.
But you're the self anointed chief of the partisan idiots, so this response is extremely on-brand for you.
Red-line lawsuits that led to defaults weren’t a small part of the 2007 collapse, they were at the forefront.
So let's recap your argument here. You're asserting that the biggest factor for the 4 million+ home foreclosures that occurred during the financial crisis was primarily lawsuits supported by democrats that combated the practice of discriminating against minority loan applications. This, more than MBSs, CDOs, Freddie & Fannie negligence, decades-long financial deregulation, and an overall environment of "lend to anyone with a pulse", was the reason for the financial crisis.
Even by your standards of fucking stupid, this one's a doozy.
Hosing debacle was all on the dems for laws requiring the loaning unlimited funds to people who couldn't/wouldn't pay it back.
It was? The version of history I'm familiar with has both parties allowing F&F to grow unfettered (lol) for decades. To say nothing of the overwhelming bipartisan support for other financial deregulations like the repeal of Glass Steagall.
But I'm curious to hear more about your version of history where it was all the dems fault and the GOP is absolved of all sins.
You think it was GOP attorneys suing lenders for red-lining obviously risky (at best) loan applications? I’m not saying they are absolved, but mandating high-risk loans to people who can never pay them back wasn’t a part of the GOP platform. Obama was even one of the Democrats who sued banks before he got into politics to force them into lending to poor minorities.
He “unintentionally” bankrupted many of them that he knew couldn’t pay back the loans and didn’t give a shit afterward, but hey, they got loans!
Did I say that? Red-line lawsuits are but a small chapter in an incredibly dense textbook about the drivers of the financial crisis. Anyone who thinks the narrative is that one party was evil while the other helplessly stood by is a partisan idiot.
But you're the self anointed chief of the partisan idiots, so this response is extremely on-brand for you.
Both parties had a role in the financial crisis but the Rats played a bigger role in the Fannie and Freddie meltdown. Clinton was the first to use his leverage on okaying bank mergers in order to increase the number of low income home loans.
The by the time of the meltdown which started in 2007, Fannie and Freddie were no longer even the biggest players in the secondary mortgage market, Wall Street had moved in and they started buying up even more of the crappy paper FF were already buying. But FF had already set the industry standard. The simple fact is that if Fannie and Freddie had never existed there never would have been a housing meltdown in 2007-2008.
I mostly agree with this. Democrats were generally more supportive of expanding home ownership (though Bush and other republicans played plenty a role themselves), which ultimately caused the financial crisis. The exacerbation of that crisis, i.e. the bank mergers, was a primarily GOP-led undertaking (as you just noted). Anyone trying to tell the whole story as being a single party's fault is hilariously stupid. The very fact that Trump rode his wave of populism to the presidency was due in no small part because of the very fact that both parties played such a cooperative role in the destruction of the economy.
Hosing debacle was all on the dems for laws requiring the loaning unlimited funds to people who couldn't/wouldn't pay it back.
It was? The version of history I'm familiar with has both parties allowing F&F to grow unfettered (lol) for decades. To say nothing of the overwhelming bipartisan support for other financial deregulations like the repeal of Glass Steagall.
But I'm curious to hear more about your version of history where it was all the dems fault and the GOP is absolved of all sins.
You think it was GOP attorneys suing lenders for red-lining obviously risky (at best) loan applications? I’m not saying they are absolved, but mandating high-risk loans to people who can never pay them back wasn’t a part of the GOP platform. Obama was even one of the Democrats who sued banks before he got into politics to force them into lending to poor minorities.
He “unintentionally” bankrupted many of them that he knew couldn’t pay back the loans and didn’t give a shit afterward, but hey, they got loans!
Did I say that? Red-line lawsuits are but a small chapter in an incredibly dense textbook about the drivers of the financial crisis. Anyone who thinks the narrative is that one party was evil while the other helplessly stood by is a partisan idiot.
But you're the self anointed chief of the partisan idiots, so this response is extremely on-brand for you.
Red-line lawsuits that led to defaults weren’t a small part of the 2007 collapse, they were at the forefront.
So let's recap your argument here. You're asserting that the biggest factor for the 4 million+ home foreclosures that occurred during the financial crisis was primarily lawsuits supported by democrats that combated the practice of discriminating against minority loan applications. This, more than MBSs, CDOs, Freddie & Fannie negligence, decades-long financial deregulation, and an overall environment of "lend to anyone with a pulse", was the reason for the financial crisis.
Even by your standards of fucking stupid, this one's a doozy.
No, I didn’t say that at all. You’re spinning fast so a major part of the 2007 collapse isn’t blamed on the Democrats who sued lenders into making high-risk loans. Didn’t really matter to the banks, there was zero chance the UniParty wasn’t going to bail them out, but the millions who defaulted on loans had no recourse or bailout.
The UniParty doesn’t care about citizens. You voted for bankers, Wall Street, and large corporations when you voted for Biden-Bush 2020. Stop lying about me absolving the GOP. I clearly didn’t do so, you Liar. The Romney GOP is much more dishonest than the AOC Democrats, who at least tell you their plans in the open. I respect that. AOC and Trump have a lot on common that way.
The banks and mortgage companies didn’t care about making those crap loans because they knew they weren’t going to be holding the crap paper.
There was a ready market, mostly created by Fannie and Freddie, but then put on steroids by Wall Street, for all of those garbage loans.
Banks and mortgage companies made money by making the loans not by servicing the loan. The implied Federal backing of Fannie and Freddie made all of this possible without it there never would have been a housing meltdown
The banks and mortgage companies didn’t care about making those crap loans because they knew they weren’t going to be holding the crap paper.
There was a ready market, mostly created by Fannie and Freddie, but then put on steroids by Wall Street, for all of those garbage loans.
Banks and mortgage companies made money by making the loans not by servicing the loan. The implied Federal backing of Fannie and Freddie made all of this possible without it there never would have been a housing meltdown
Community reinvestment act, under Carter, rewritten under Clinton coupled with the Financial Services Modernization act under Clinton, paved the way for the crisis. The requirement to extend loans to people who can't cover them, coupled with mechanisms that allowed for securitizing the debt removed borrower and lender responsibilities and accountability. Democrats are very good at fucking up economies with selective regulation.
The banks and mortgage companies didn’t care about making those crap loans because they knew they weren’t going to be holding the crap paper.
There was a ready market, mostly created by Fannie and Freddie, but then put on steroids by Wall Street, for all of those garbage loans.
Banks and mortgage companies made money by making the loans not by servicing the loan. The implied Federal backing of Fannie and Freddie made all of this possible without it there never would have been a housing meltdown
Community reinvestment act, under Carter, rewritten under Clinton coupled with the Financial Services Modernization act under Clinton, paved the way for the crisis. The requirement to extend loans to people who can't cover them, coupled with mechanisms that allowed for securitizing the debt removed borrower and lender responsibilities and accountability. Democrats are very good at fucking up economies with selective regulation.
Worked in banking during that phase a bit. The CRA people would come sauntering through big-dick swinging because they knew if they didn't get their way, they had a pipeline to the very top. Hated those motherfuckers. Some real shitty loans processed in the name of "Community Reinvestment". Mostly a big scam to fund the burgeoning homeless 'non-profit' industry.
Comments
The by the time of the meltdown which started in 2007, Fannie and Freddie were no longer even the biggest players in the secondary mortgage market, Wall Street had moved in and they started buying up even more of the crappy paper FF were already buying. But FF had already set the industry standard. The simple fact is that if Fannie and Freddie had never existed there never would have been a housing meltdown in 2007-2008.
"By cutting out the middleman, we'll save the American taxpayers $68 billion in the coming years," Obama said when he signed this change into law. "That's real money." As a result, federal student loan debt shot up from $154.9 billion in 2009 to $1.1 trillion by the end of 2017.
Dec 1, 2016 — CNNMoney Op-Ed: An alternative to the student debt crisis. Obama's student loan policy is costing twice as much as expected ... at a cost to the federal government, which lends about $100 billion in student loans each year.
Even by your standards of fucking stupid, this one's a doozy.
The UniParty doesn’t care about citizens. You voted for bankers, Wall Street, and large corporations when you voted for Biden-Bush 2020. Stop lying about me absolving the GOP. I clearly didn’t do so, you Liar. The Romney GOP is much more dishonest than the AOC Democrats, who at least tell you their plans in the open. I respect that. AOC and Trump have a lot on common that way.
There was a ready market, mostly created by Fannie and Freddie, but then put on steroids by Wall Street, for all of those garbage loans.
Banks and mortgage companies made money by making the loans not by servicing the loan. The implied Federal backing of Fannie and Freddie made all of this possible without it there never would have been a housing meltdown