Obama Releasing Birth Certificate Right Now

[crustyme]

bush and the republicans were to blame for the mortgage meltdown.

every legislation from the gramm-leach-bliley act to the commodity futures modernozation act to deregulate banking originated with republicans who were in backpockets of their political donors.

bush also passed the 'american dream downpayment act of 2003' which gave the poor downpayment to buy homes because his largest donor just happened to own the largest subprime lending biz in the us. and where do the poor with bad credit go? exactly.

blaming fannie mae for this is pure fallacy. less than 1/4 of subprime lending originated through them. majority were through private subprime lenders. bush removed the anti-predatory lending laws which made it easy for them to prey on unsuspecting borrowers.

[BiffTFinancial]

Yes for sure - Obama big mistake was trying to stimulate the economy with a trillion dollars that created very few jobs and did little to help the economy. The roots of this start with Clinton, Frank, Cuomo, and Raines and continues unchecked through the Bush Administration. One thing that Bush and Clinton agreed on was the way to help the countrys poor was to increase their home ownership by forcing regulation on Fannie, Freddie, and Mortgage lenders. As stated above it was very politically correct to support this, anyone who opposed was attacked and leading the attack was Barney Frank front and center, anyone opposed was quickly labeled a racist.

i don't disagree re: stimilus. TARP began under Bush, but no question, Obama took it much further. there are a number of angles with which one can easily attack Obama and his policies, which is why i'm so befuddled when people fixate on issues like birth certificates, "how's that hope and change working out for ya?," health care reform (when they can't even discuss it intelligently), gas prices, race-baiting.

you clearly understand the subprime crisis. we could use someone like you in politics. thing is, if you're intelligent and industrious, i can't imagine a worse place to waste it than in politics, where the only hard and fast requirement is narcissism.

[BettingWizard]

yeah congrats to trump for "winning" 18 months before an election. Great timing.

[philswin]

[quote=crustyme;9788825]bush and the republicans were to blame for the mortgage meltdown.

every legislation from the gramm-leach-bliley act to the commodity futures modernozation act to deregulate banking originated with republicans who were in backpockets of their political donors.

bush also passed the 'american dream downpayment act of 2003' which gave the poor downpayment to buy homes because his largest donor just happened to own the largest subprime lending biz in the us. and where do the poor with bad credit go? exactly.

blaming fannie mae for this is pure fallacy. less than 1/4 of subprime lending originated through them. majority were through private subprime lenders. bush removed the anti-predatory lending laws which made it easy for them to prey on unsuspecting borrowers.[/quote

You are either clueless or so biased you cant understand facts. Fannie Mae and Freddie Mac are to blame and the 150 billion so far to bail out. They both entered the subprime markets. Cuomo, Clinto, Frank and Raines are to blame, ever heard about the trillion dollar commitment and the crap Cuomo passed. Do a little research on what Cuomo did to Fannie and Freddie forcing them into affordable housing agencies. Also the Mortgage transaction is the most documented transaction most people will ever sign. If borrowers were unsuspecting they were idiots, For 99% of the cases they were not unspecting they were greedy.

[BiffTFinancial]

wait a fkking minute now i cant leave the country with out first showing 3 forms of I.d. and getting a passport. Cant vote wihtout showing i.d. i am required to show i.d. for almost everything i do in this country........

and the mther fukking president should have to show everything he has ever done in order to qualify to be president.

i think its non sense to expect everyone ot just accept who he is and ofr it to be politically incorrect to question him.,

fuk that. that is what is wrong with this country.

the old people in this country dont ask enough fuking questions

now this is some howl-at-the-moon nonsense. he showed the short-form long ago. Hawaii apparently doesn't normally give out the long form, and Obama and his lawyer got them to release it. and now that he has, the people who hated him from the outset still will doubt the validity of the document and still will hate him. that's fine, but how much time and effort is he supposed to spend placating people who will hate him regardless?

correction: old people in this country don't pass away soon enough, consume too much in terms of health care dollars, and vote too consistently. but hey, why wouldn't we want consistent voter turn-out from people dumb enough to pine for the "good ole days" when there were separate bathrooms for whites and "coloreds," employers could fire you for having cancer, the Cold War/nuclear arms race, it was impossible to communicate with people on other continents, women made half as much as men in terms of wages, and it took hours to find out the score of a sporting event that wasn't on tv. fak the good ole days.

[BiffTFinancial]

You are either clueless or so biased you cant understand facts. Fannie Mae and Freddie Mac are to blame and the 150 billion so far to bail out. They both entered the subprime markets. Cuomo, Clinto, Frank and Raines are to blame, ever heard about the trillion dollar commitment and the crap Cuomo passed. Do a little research on what Cuomo did to Fannie and Freddie forcing them into affordable housing agencies. Also the Mortgage transaction is the most documented transaction most people will ever sign. If borrowers were unsuspecting they were idiots, For 99% of the cases they were not unspecting they were greedy.

i have to disagree with one thing: 99% of the time, they were idiots. while you're correct that a mortgage transaction is the most documented transaction most people will ever sign, honestly, that means little when the person who's signing is an idiot and sees only the present-day cost and thinks he/she is getting a deal. two-thirds of americans can't find Iraq on a globe. apparently, 20% still wonder whether or not Obama was born in the US. one-man-one-vote doesn't work when 75% of our citizens are despicably stupid.

[philswin]

i don't disagree re: stimilus. TARP began under Bush, but no question, Obama took it much further. there are a number of angles with which one can easily attack Obama and his policies, which is why i'm so befuddled when people fixate on issues like birth certificates, "how's that hope and change working out for ya?," health care reform (when they can't even discuss it intelligently), gas prices, race-baiting.

you clearly understand the subprime crisis. we could use someone like you in politics. thing is, if you're intelligent and industrious, i can't imagine a worse place to waste it than in politics, where the only hard and fast requirement is narcissism.

Wow an independant thinker who can can look at issues logically, we need more of that.. I worked for both Freddie Mac and Fannie Mae in the 90's as a consultant getting there systems ready for the waves of regulation Cuomo forced on them and to allow all the suprime volume to flow. It really changed what freddie and fannie was created for. A lot of blame to both parties for the economy and the sad thing not really sure this country has learned from its mistakes.

[Full Time Hobo]

We need a businessman running the US but it should not be Trump.
The fact that idiots actually care about Obama's birth certificate at this point of his presidency is ridiculous.

[philswin]

i have to disagree with one thing: 99% of the time, they were idiots. while you're correct that a mortgage transaction is the most documented transaction most people will ever sign, honestly, that means little when the person who's signing is an idiot and sees only the present-day cost and thinks he/she is getting a deal. two-thirds of americans can't find Iraq on a globe. apparently, 20% still wonder whether or not Obama was born in the US. one-man-one-vote doesn't work when 75% of our citizens are despicably stupid.

There is always going to be an element of the population that preys on people. But the Govt has gone to great lengths to avoid this in a mortgage transaction. The really cannot require more documentation, agencies to assist, recission period, not sure what else can be done. People are taken advantage much more by investors, contractors, etc etc. Art Schlister hustled 30 people out of 1 -2 million dollarso on a phony ticket reselling scheme to support his gambling habit ( and of course lost it all betting parlays)

[BiffTFinancial]

Wow an independant thinker who can can look at issues logically, we need more of that.. I worked for both Freddie Mac and Fannie Mae in the 90's as a consultant getting there systems ready for the waves of regulation Cuomo forced on them and to allow all the suprime volume to flow. It really changed what freddie and fannie was created for. A lot of blame to both parties for the economy and the sad thing not really sure this country has learned from its mistakes.

thanks. can't imagine a worse existence than a politician. thankfully, my exhaustive drug history precluded me from ever considering. agree, both parties are to blame and the worst part is that we are doomed to repeat this cycle over and over. one of my better traits is that i truly despise both Democrats and Republicans.

[crustyme]

You are either clueless or so biased you cant understand facts. Fannie Mae and Freddie Mac are to blame and the 150 billion so far to bail out. They both entered the subprime markets. Cuomo, Clinto, Frank and Raines are to blame, ever heard about the trillion dollar commitment and the crap Cuomo passed. Do a little research on what Cuomo did to Fannie and Freddie forcing them into affordable housing agencies. Also the Mortgage transaction is the most documented transaction most people will ever sign. If borrowers were unsuspecting they were idiots, For 99% of the cases they were not unspecting they were greedy.

nope, pretty sure you're the clueless sheep here.

Fannie Mae and Freddie Mac were victims, not culprits

Posted by: Aaron Pressman on September 26, 2008

There’s a dangerous — and misleading — argument making the rounds about the causes of our current credit crisis. It’s emanating from Washington where politicians are engaging in the usual blame game but this time the stakes are so high that we can’t afford to fall victim to political doublespeak. In this fact-free zone, government sponsored mortgage giants Fannie Mae and Freddie Mac caused the real estate bubble and subprime meltdown. It’s completely false. Fannie Mae and Freddie Mac were victims of the credit crisis, not culprits.
Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

Look at the numbers. While the credit bubble was peaking from 2003 to 2006, the amount of loans originated by Fannie and Freddie dropped from $2.7 trillion to $1 trillion. Meanwhile, in the private sector, the amount of subprime loans originated jumped to $600 billion from $335 billion and Alt-A loans hit $400 billion from $85 billion in 2003. Fannie and Freddie, which wouldn’t accept crazy floating rate loans, which required income verification and minimum down payments, were left out of the insanity.
There’s a must-read study by staff members of the Federal Reserve Bank of New York analyzing the roots of the subprime crisis that came out in March. I don’t think it got much attention then as the conclusions seemed uncontroversial at the time. But now that Washington politicians are trying to rewrite history, it should be mandatory reading for every American interested in knowing how we got here.
The study identifies five causes of the subprime meltdown:
-Convoluted loan products that consumers didn’t understand.
-Credit ratings that didn’t do a good job highlighting the risks contained in subprime-backed securities.
-Lack of incentives for institutional investors to do their own research (they just relied on the credit ratings).
-Predatory lending and borrowing (which I think means fraud perpetrated by borrowers).
-Significant errors in the models used by credit rating agencies to assess subprime-backed securities.
You’ll note in the Fed’s five causes that there’s some culpability for lenders, borrowers, investors and credit raters. There’s no blame for Freddie Mac or Fannie Mae which had little or nothing to do with the entire situation.
It’s certainly fair to criticize Fannie and Freddie over real issues that contributed to their downfall. The companies had numerous accounting problems and inadequate safeguards covering their own investment portfolios. Those weaknesses came home to roost when the real estate market cratered. Fannie and Freddie purchased billions of dollars of subprime-backed securities for their own investment portfolios and got hit just like every other investor. But it’s some kind of crazy, politically inspired CYA to blame for the mess we’re in.

[philswin]

We need a businessman running the US but it should not be Trump.
The fact that idiots actually care about Obama's birth certificate at this point of his presidency is ridiculous.

Agree with both points. Hopefully an independant candidate. The problem is it is tough to raise money as an independant and tough to get endorsements and support. If you run as a Democrat or Republican you basically sell your soul to either party and the party now owns you.

[BiffTFinancial]

There is always going to be an element of the population that preys on people. But the Govt has gone to great lengths to avoid this in a mortgage transaction. The really cannot require more documentation, agencies to assist, recission period, not sure what else can be done. People are taken advantage much more by investors, contractors, etc etc. Art Schlister hustled 30 people out of 1 -2 million dollarso on a phony ticket reselling scheme to support his gambling habit ( and of course lost it all betting parlays)

you are correct about they cannot require more documentation. until they can mandate the reading, comprehension and retention of the material contained in those documents, every mortgage transaction could look like the Magna Carta and it would make no difference. this is why the shortfalls in our education system infect every other aspect of US society.

[itchypickle]

for the record, it is a piece of legislation that is to be phased in over a four-year period, not a magic fkn wand. and for now, the lynchpin to the entire legislation - the individual mandate - is stuck in litigation. the only way to expand health care to those uninsured, effective immediately, would be to implement a government entitlement program, aka a public option (e.g., remove the minimum age on Medicare). that would send shockwaves through the entire insurance industry (which, interestingly enough, hates health care reform in its entirety except for the individual mandate). from 1999 to 2008, overall inflation was 29%, while workers' earnings increased 34%. over the same nine-year period, health care premiums increased 119%. the entire structure has to be changed to bend the cost curve to enable the uninsured to obtain coverage. long-term problems don't have simple fixes. that's why the average person would rather obsess over a birth certificate because trying to figure out how to fix our health care system would make any sane person want to jump out of a window.

I'm aware of the plan's rollout...but it also still won't cover every American as they had said before...it has also had it's projections of cost raised by the CBO just as the opponents said would happen once ALL inclusions were added that the leadership made sure wasn't attached during the debate....and let's not forget that waivers have been granted to many unions (who are reported to represent the poor blue collars who want this...they are saying no we don;t need it because it's not affordable....and lastly the main cheerleaders for the plan originally such as Congressman Weiner, have now made sure his people are going with another plan....so where is the good stuff in this monstrous bill?

[philswin]

nope, pretty sure you're the clueless sheep here.

Fannie Mae and Freddie Mac were victims, not culprits

Posted by: Aaron Pressman on September 26, 2008

There’s a dangerous — and misleading — argument making the rounds about the causes of our current credit crisis. It’s emanating from Washington where politicians are engaging in the usual blame game but this time the stakes are so high that we can’t afford to fall victim to political doublespeak. In this fact-free zone, government sponsored mortgage giants Fannie Mae and Freddie Mac caused the real estate bubble and subprime meltdown. It’s completely false. Fannie Mae and Freddie Mac were victims of the credit crisis, not culprits.
Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

Look at the numbers. While the credit bubble was peaking from 2003 to 2006, the amount of loans originated by Fannie and Freddie dropped from $2.7 trillion to $1 trillion. Meanwhile, in the private sector, the amount of subprime loans originated jumped to $600 billion from $335 billion and Alt-A loans hit $400 billion from $85 billion in 2003. Fannie and Freddie, which wouldn’t accept crazy floating rate loans, which required income verification and minimum down payments, were left out of the insanity.
There’s a must-read study by staff members of the Federal Reserve Bank of New York analyzing the roots of the subprime crisis that came out in March. I don’t think it got much attention then as the conclusions seemed uncontroversial at the time. But now that Washington politicians are trying to rewrite history, it should be mandatory reading for every American interested in knowing how we got here.
The study identifies five causes of the subprime meltdown:
-Convoluted loan products that consumers didn’t understand.
-Credit ratings that didn’t do a good job highlighting the risks contained in subprime-backed securities.
-Lack of incentives for institutional investors to do their own research (they just relied on the credit ratings).
-Predatory lending and borrowing (which I think means fraud perpetrated by borrowers).
-Significant errors in the models used by credit rating agencies to assess subprime-backed securities.
You’ll note in the Fed’s five causes that there’s some culpability for lenders, borrowers, investors and credit raters. There’s no blame for Freddie Mac or Fannie Mae which had little or nothing to do with the entire situation.
It’s certainly fair to criticize Fannie and Freddie over real issues that contributed to their downfall. The companies had numerous accounting problems and inadequate safeguards covering their own investment portfolios. Those weaknesses came home to roost when the real estate market cratered. Fannie and Freddie purchased billions of dollars of subprime-backed securities for their own investment portfolios and got hit just like every other investor. But it’s some kind of crazy, politically inspired CYA to blame for the mess we’re in.

Wow congrats you know how to use google. How many articles did you comb through to find this. What do you know about the author.?? I can post hundreds of articles proving my points plus I actually have knowledge of the subject matter.

[crustyme]

Gramm's successful effort to pass banking reform laws in 1999, which reduced decades-old regulations separating banking, insurance and brokerage activities, helped to create the current economic crisis.

Achuthan agrees that Gramm's banking reform laws helped lead to the subprime mortgage crisis as commercial banks started taking enormous risks.



phil gramm = republican

[crustyme]

Wow congrats you know how to use google. How many articles did you comb through to find this. What do you know about the author.?? I can post hundreds of articles proving my points plus I actually have knowledge of the subject matter.

if you got the facts, post em. i doubt it though.

[MUHerd37]

Obama could have made this a non-issue from the start. All he had to do was the show the birth certificate from the beginning. Why wait like this???

[jjgold]

Now Obama being pressured to produce college documents
They say he was a fukkin idiot and want to know how he got into law school
He might of got in as a foreign exchange student whih makes him a non american

this aint over

[philswin]

What you cant understand I am not blaming Democracts or Republicans I am blaming both parties and looking at the facts. You are so sucked in by 1 party that you only believe things that support your parties views and Politicans with a (D) after their name and totally ignore anything that may actually blame your party. This is why the country cannot learn from its mistakes and grow politically bikering over it was this party or this party, not looking at facts and growing as a Country.

[BettingWizard]

Obama could have made this a non-issue from the start. All he had to do was the show the birth certificate from the beginning. Why wait like this???

Republicans could have demanded his birth certificate be shown in 2008.

Why wait like this?

[BiffTFinancial]

I'm aware of the plan's rollout...but it also still won't cover every American as they had said before...it has also had it's projections of cost raised by the CBO just as the opponents said would happen once ALL inclusions were added that the leadership made sure wasn't attached during the debate....and let's not forget that waivers have been granted to many unions (who are reported to represent the poor blue collars who want this...they are saying no we don;t need it because it's not affordable....and lastly the main cheerleaders for the plan originally such as Congressman Weiner, have now made sure his people are going with another plan....so where is the good stuff in this monstrous bill?

there is a ton of good stuff. begin with the individual mandate. if anyone currently doesn't pay into our health care system, we should go to their house and beat the premiums out of them. the free rider problem is the primary factor that has caused the cost curve to become so unmanageable over the past 12 years.

a ton in the health care reform bill is good. coverage of preventive care without cost-sharing to encourage people to seek treatment before they get sick. removal of lifetime/annual limits for essential benefits. guaranteed availability/renewability of coverage. removal of pre-existing condition exclusions. disallowing health status-based discrimination. prohibition against discrimination against individual participants and beneficiaries based upon health status. prohibition against discriminatory premium rates. increased incentives for wellness. enhanced appeal processes. patient protections (access to, e.g., PCPs, emergency services, OB/GYN, pediatric care). expanded dependent coverage (and on pre-tax basis). medical loss ratio rules to ensure that most of premiums go to medical services. why don't i just send you one of my speaking outlines?

could PPACA be better? without question. is it the only way to go about health care reform? of course not. is it absolutely essential that we get about the business of meaningful health care reform ASAP? absolutely. the cost of medical care is more than double what it was ten year ago, and any doctor will tell you that the care is basically the same, and certainly isn't twice as good. people whine like bitches when gas prices go up 25c, but apparently aren't bothered that their health care premiums increase 10-20% per year almost every year.

one of the best things i did for my IQ was giving up watching 24-hour news channels a couple of years back. i get all of my info now by reading or attending presentations by people who actually think.

[BiffTFinancial]

Obama could have made this a non-issue from the start. All he had to do was the show the birth certificate from the beginning. Why wait like this???

from post #110: he showed the short-form long ago. Hawaii apparently doesn't normally give out the long form, and Obama and his lawyer got them to release it. and now that he has, the people who hated him from the outset still will doubt the validity of the document and still will hate him. that's fine, but how much time and effort is he supposed to spend placating people who will hate him regardless?

[crustyme]

What you cant understand I am not blaming Democracts or Republicans I am blaming both parties and looking at the facts. You are so sucked in by 1 party that you only believe things that support your parties views and Politicans with a (D) after their name and totally ignore anything that may actually blame your party. This is why the country cannot learn from its mistakes and grow politically bikering over it was this party or this party, not looking at facts and growing as a Country.

i know the facts. i posted the facts. they all support what i said, that phil gramm, a republican, was behind the banking deregulations which caused the meltdown. bush made it worse by passing the 'american dream downpayment act of 2003' and removing the anti-predatory lending laws.

this had NOTHING to do with fannie mae or CRA, as you neocons always blame.

[BiffTFinancial]

Now Obama being pressured to produce college documents
They say he was a fukkin idiot and want to know how he got into law school
He might of got in as a foreign exchange student whih makes him a non american

this aint over

see what i mean? i don't understand why he wastes any effort placating the tea party mongoloids who will hate him regardless. if i were him, i'd tell his detractors to go nuts with FIOA requests to their heart's content, but not to expect any more facilitation from him. besides, so long as people focus on issues like this, the GOP is hurting their chances in 2012. if you can beat someone on the issues, why waste time with petty nonsense? so long as the GOP panders to its base, it alienates independents like me, and that's who wins elections. bullshit like this only counts in primaries.

[philswin]

if you got the facts, post em. i doubt it though.

Give this one a little read only posting the first page. There is a lot of articles you can read. Try a learn a little without letting your politics interfere. Lot of blame to go around to a lot of people who are Democrats, Republicans, Business leaders etc.
Andrew Cuomo and Fannie and Freddie

How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis

A A A Comments (33) By Wayne Barrett Tuesday, Aug 5 2008

There are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go, but one decisive point of departure is the final years of the Clinton administration, when a kid from Queens without any real banking or real-estate experience was the only man in Washington with the power to regulate the giants of home finance, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac.
Photograph by Staci Schwartz. Baby Models: Pescha and Sophia Samiljan


Details

Research assistance by Samuel Breidbart, Brian Colgan, Tatyana Gulko, Sarah Lavery, and Amanda Stutt
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Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.
What he did is important—not just because of what it tells us about how we got in this hole, but because of what it says about New York's attorney general, who has been trying for months to don a white hat in the subprime scandal, pursuing cases against banks, appraisers, brokers, rating agencies, and multitrillion-dollar, quasi-public Fannie and Freddie.
It all starts, as the headlines of recent weeks do, with these two giant banks. But in the hubbub about their bailout, few have noticed that the only federal agency with the power to regulate what Cuomo has called "the gods of Washington" was HUD. Congress granted that power in 1992, so there were only four pre-crisis secretaries at the notoriously political agency that had the ability to rein in Fannie and Freddie: ex–Texas mayor Henry Cisneros and Bush confidante Alfonso Jackson, who were driven from office by criminal investigations; Mel Martinez, who left to chase a U.S. Senate seat in Florida; and Cuomo, who used the agency as a launching pad for his disastrous 2002 gubernatorial candidacy.
With that many pols at the helm, it's no wonder that most analysts have portrayed Fannie and Freddie as if they were unregulated renegades, and rarely mentioned HUD in the ongoing finger-pointing exercise that has ranged, appropriately enough, from Wall Street to Alan Greenspan. But the near-collapse of these dual pillars in recent weeks is rooted in the HUD junkyard, where every Cuomo decision discussed here was later ratified by his Bush successors.
And that's not an accident: Perhaps the only domestic issue George Bush and Bill Clinton were in complete agreement about was maximizing home ownership, each trying to lay claim to a record percentage of homeowners, and both describing their efforts as a boon to blacks and Hispanics. HUD, Fannie, and Freddie were their instruments, and, as is now apparent, the more unsavory the means, the greater the growth. But, as Paul Krugman noted in the Times recently, "homeownership isn't for everyone," adding that as many as 10 million of the new buyers are stuck now with negative home equity—meaning that with falling house prices, their mortgages exceed the value of their homes. So many others have gone through foreclosure that there's been a net loss in home ownership since 1998.
It is also worth remembering that the motive for this bipartisan ownership expansion probably had more to do with the legion of lobbyists working for lenders, brokers, and Wall Street than an effort to walk in MLK's footsteps. Each mortgage was a commodity that could be sold again and again—from the brokers to the bankers to the securities market. If, at the bottom of this pyramid, the borrower collapsed under the weight of his mortgage's impossible terms, the home could be repackaged a second or a third time and either refinanced or dumped on a new victim.
Those are the interests that surrounded Cuomo, who did more to set these forces of unregulated expansion in motion than any other secretary and then boasted about it, presenting his initiatives as crusades for racial and social justice.
Cuomo was shrewd enough at the age of 24 to manage his father's successful 1982 gubernatorial campaign, and to help run his government. The only statewide campaign his father ever lost was in 1994—when Andrew was at HUD as an assistant secretary and couldn't manage it. He is as quick and as silver-tongued as the elder Cuomo he sounds so much like, but HUD was a test of his depth, so he found himself balancing competing forces and making deals on a grander scale than he was used to in Albany. We now know that he was also making history.
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. The GSEs don't actually sell mortgages to borrowers. They buy them from banks and mortgage companies, allowing lenders to replenish their capital and make more loans. They also purchase mortgage-backed securities, which are pools of mortgages regularly acquired by the GSEs from investment firms. The government chartered these banks to pump money into the mortgage market and, while they did it, to make a strong enough profit to attract shareholders. That created a tug-of-war between their efforts to maximize shareholder value, which drove them toward high-end mortgages, and their congressionally mandated obligation to finance loans for those who needed help. The 1992 law required HUD's secretary to make sure housing goals were being met and, every four years, set new goals for Fannie and Freddie.
Andrew Cuomo and Fannie and Freddie

[crustyme]

villagevoice? lol.... you do know they are a free tabloid paper? might as well post a neocon blog.


businessweek & ny times >>>>>>>>>>>>> village voice

[Bluehorseshoe]

We need a businessman running the US but it should not be Trump.
The fact that idiots actually care about Obama's birth certificate at this point of his presidency is ridiculous.

In return, I want to see Trump show his credit report.

[falconticket]

[quote=crustyme;9789197] nope, pretty sure you're the clueless sheep here. Fannie Mae and Freddie Mac were victims, not culprits Posted by: Aaron Pressman on September 26, 2008 There’s a dangerous — and misleading — argument making the rounds about the causes of our current credit crisis. It’s emanating from Washington where politicians are engaging in the usual blame game but this time the stakes are so high that we can’t afford to fall victim to political doublespeak. In this fact-free zone, government sponsored mortgage giants Fannie Mae and Freddie Mac caused the real estate bubble and subprime meltdown. It’s completely false. Fannie Mae and Freddie Mac were victims of the credit crisis, not culprits. Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie. Look at the numbers. While the credit bubble was peaking from 2003 to 2006, the amount of loans originated by Fannie and Freddie dropped from $2.7 trillion to $1 trillion. Meanwhile, in the private sector, the amount of subprime loans originated jumped to $600 billion from $335 billion and Alt-A loans hit $400 billion from $85 billion in 2003. Fannie and Freddie, which wouldn’t accept crazy floating rate loans, which required income verification and minimum down payments, were left out of the insanity. There’s a must-read study by staff members of the Federal Reserve Bank of New York analyzing the roots of the subprime crisis that came out in March. I don’t think it got much attention then as the conclusions seemed uncontroversial at the time. But now that Washington politicians are trying to rewrite history, it should be mandatory reading for every American interested in knowing how we got here. The study identifies five causes of the subprime meltdown: -Convoluted loan products that consumers didn’t understand. -Credit ratings that didn’t do a good job highlighting the risks contained in subprime-backed securities. -Lack of incentives for institutional investors to do their own research (they just relied on the credit ratings). -Predatory lending and borrowing (which I think means fraud perpetrated by borrowers). -Significant errors in the models used by credit rating agencies to assess subprime-backed securities. You’ll note in the Fed’s five causes that there’s some culpability for lenders, borrowers, investors and credit raters. There’s no blame for Freddie Mac or Fannie Mae which had little or nothing to do with the entire situation. It’s certainly fair to criticize Fannie and Freddie over real issues that contributed to their downfall. The companies had numerous accounting problems and inadequate safeguards covering their own investment portfolios. Those weaknesses came home to roost when the real estate market cratered. Fannie and Freddie purchased billions of dollars of subprime-backed securities for their own investment portfolios and got hit just like every other investor. But it’s some kind of crazy, politically inspired CYA to blame for the mess we’re in.

Bs article. The article keeps using terms like "originate". Yep that's true F and F did not originate these loans, however they purchased them from the originators. F and F was bound by the regulations set forth by HUD. The originators knew they could sell these loans off to the GSE 's in a heartbeat. Because the requirements were low. The republicans tried on three ocassions to have these standards raised, but were blocked by the donkeys. They bought votes thru HUD, its pretty simple.

[King Mayan]

In return, I want to see Trump show his credit report.

Retard trust fund baby that steals by declaring bankruptcy....

[bradthebloke]

ny times doesnt report anything unless it further helps their slanted agenda. Id rather read the voice

[jarvol]

The fact that idiots actually care about Obama's birth certificate at this point of his presidency is ridiculous.

The fact Obama didn't produce his birth certificate until this point of his presidency is even more ridiculous isn't it?

[philswin]

villagevoice? lol.... you do know they are a free tabloid paper? might as well post a neocon blog.


businessweek & ny times >>>>>>>>>>>>> village voice

Do a google search on Andrew Cuomo and subprime you will find hundreds of articles read numerous ones and see if you could possibly learn something.

[BiffTFinancial]

The fact Obama didn't produce his birth certificate until this point of his presidency is even more ridiculous isn't it?

fkn Christ, no accounting for reading comprehension. from post #110: he showed the short-form long ago. Hawaii apparently doesn't normally give out the long form, and Obama and his lawyer got them to release it. and now that he has, the people who hated him from the outset still will doubt the validity of the document and still will hate him. that's fine, but how much time and effort is he supposed to spend placating people who will hate him regardless?

he should invite the people who still have doubts about his validity as president to go blind on FOIA requests for the next 2 years, but he's done addressing this sort of nonsense. whatever he produces, they won't be satisfied and will want additional information anyway. i never understand engaging one's enemies in this way. anyone who doubts that he's a citizen should lose their right to vote based upon sheer stupidity. if you want to hate him, fine, there are plenty of good reasons, but this is not one.

[MUHerd37]

Republicans could have demanded his birth certificate be shown in 2008. Why wait like this?

They didn't wait. They were demanding it in 2008.