Politics
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- monkeyshine0
Watching CNN and seeing both McCain and Palin at their rallies...they both look like white power rallies...or for McCain, maybe a Promise Keepers convention. Creepy.
Have you guys seen the new voter registration stats? Wowza!
- ukit0
MO
Obama 50
McCain 47FL
Obama 52
McCain 45VA
Obama 50
McCain 48CO
Obama 51
McCain 45OH
Obama 47
McCain 48It looks like an Obama landslide...
- sshh...don't say that out loud. :omonkeyshine
- I'm thinking the same thing. McCain was over with last week.Mimio
- unless this dirty campaigning bullshit cuts into it, but I am hopefulhallelujah
- McCain is definitely done. Let's hope Obama can clean up this mess he's recently been handed.tommyo
- tommyo0
- hahhaha..yeah yeah...tank02
- Don't drink the koolaid..TheBlueOne
- I don't anything about politics, but shouldn't we really blame Fannie and Freddie?Point5
- Everything I've read so far about the government pushing subprime loans was that it was a Democrat issue.tommyo
- so we're supposed to believe 235 dems and ZERO repubs are responsible for that mistake? hardly.kona
- No I don't believe that's the case either. But it does seem like pushing subprime loans was a Dem initiative. A bad one.tommyo
- So you're saying that the Republicans have been powerless in solving the crisis?IRNlun6
- Read 6/7tommyo
- TheBlueOne0
In response to the above obvious right wing propaganda that "oh yes it was the blacks and mexicans that destroyed the economy, with the help of their usual enablers - those pesky commie democrats", maybe you should look at the fucking facts and not be taken in yet again like the yahoos that you are by the rich and powerful...
http://bigpicture.typepad.com/co…
Here's all releveant questions about the legislation in question, to whit you may feel free to answer "No" to each and everyone,thus sinking the obvious distortion of reality presented in the video above like the rotten ship that it is:
• Did the 1977 legislation, or any other legislation since, require banks to not verify income or payment history of mortgage applicants?
• 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision; another 30% were made by banks or thrifts which are not subject to routine supervision or examinations. How was this caused by either CRA or GSEs ?
• What about "No Money Down" Mortgages (0% down payments) ? Were they required by the CRA? Fannie? Freddie?
• Explain the shift in Loan to value from 80% to 120%: What was it in the Act that changed this traditional lending requirement?
• Did any Federal legislation require real estate agents and mortgage writers to use the same corrupt appraisers again and again? How did they manage to always come in at exactly the purchase price, no matter what?
• Did the CRA require banks to develop automated underwriting (AU) systems that emphasized speed rather than accuracy in order to process the greatest number of mortgage apps as quickly as possible?
• How exactly did legislation force Moody's, S&Ps and Fitch to rate junk paper as Triple AAA?
• What about piggy back loans? Were banks required by Congress to lend the first mortgage and do a HELOC for the down payment -- at the same time?
• Internal bank memos showed employees how to cheat the system to get poor mortgages prospects approved that shouldn't have been: Titled How to Get an "Iffy" loan approved at JPM Chase. (Was circulating that memo also a FNM/FRE/CRA requirement?)
Caseshillerpricedeclines_2
• The four biggest problem areas for housing (by price decreases) are: Phoenix, Arizona; Las Vegas, Nevada; Miami, Florida, and San Diego, California. Explain exactly how these affluent, non-minority regions were impacted by the Community Reinvesment Act ?
• Did the GSEs require banks to not check credit scores? Assets? Income?
• What was it about the CRA or GSEs that mandated fund managers load up on an investment product that was hard to value, thinly traded, and poorly understood
• What was it in the Act that forced banks to make "interest only" loans? Were "Neg Am loans" also part of the legislative requirements also?
• Consider this February 2003 speech by Countrywide CEO Angelo Mozlilo at the American Bankers National Real Estate Conference. He advocated zero down payment mortgages -- was that a CRA requirement too, or just a grab for more market share, and bad banking?
- Oh by the way the guys from Lehman brothers walked out the backdoor with millions in bonuses...TheBlueOne
- ..all the poor people will get foreclosed on. Yeah - what the hell happened - business as usual.TheBlueOne
- tommyo0
I don't think anyone is saying that the mortgage industry didn't take advantage of people. But how can you argue that the Democrats DIDN'T open that door? You invite the wolves over and they're going to eat the fucking chickens.
- wolves being the republicans?tank02
- Must be easy to think Democrats are 'good' and Republicans are 'evil.' Both are fucked up power junkies. Both.tommyo
- true, but i think Mccain is some shades worse than Obama.tank02
- and I would agree with you. :)tommyo
- Yes he is, but the republicans had 6 YEARS to fix it and they couldn't?????DCDesigns
- You do realize that the President doesn't actually make policy. Congress didn't fix anything, both sides.tommyo
- Point50
the more i read this shit and the news, the more I want to just vote for my dog
- tommyo0
http://iperceive.net/hidden-clin…
"In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That’s made banks willing to lend to lower-income families they once might have rejected. . ."
- Point50
Expanding Homeownership. 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.
- haha nice to know that both parties pushed irresponsibility.tommyo
- I wouldn't have a clue unless you posted first. I guess I really should read morePoint5
- I thought you had all those muscles so you could read the really heavy books that we couldn't?tommyo
- I've got War and Peace written on my lats and all the articles of the constitution on my erectors and obliques.Point5
- Palindrome0
- hahaha nicetommyo
- Obama does have some really smart ads.tommyo
- He's got a bunch of em, all pretty good:
http://www.youtube.c…Palindrome - Obama is boone for the creative class....robotron3k
- Point50
@ TheBlueOne... in your above post of that article, I can only respond to
•The four biggest problem areas for housing (by price decreases) are: Phoenix, Arizona; Las Vegas, Nevada; Miami, Florida, and San Diego, California. Explain exactly how these affluent, non-minority regions were impacted by the Community Reinvesment Act ?
I don't know about the other 3 regions, but here in Vegas, as affluent as it may seem on the surface, the life blood of all that shitty glitz and glamor is a heavy dose of minorities. It takes a shit load of maids to clean those tens of thousands of hotel rooms, to port the tons of trash, to drive the insane fleet of cabs. When the boom first started out here in the late 80s the cost of living was insanely low, but since the turn of the century it has climbed to tame the financially-happy beast. Being a labeled "minority" (what a fucking lame word to apply these days), I know plenty of other minorities that did purchase houses during these periods and plenty of "non-monorities" (whites?) that purchased houses as well... many of them being a part of the service industry and many not; And I know plenty of both that have/are losing them just the same. Bling and money in times of prosperity created something out of nothing here. IT'S THE FUCKING DESERT PEOPLE! Seriously, come on. What is this patch of dry dirt worth? you can't grow shit here, the man-made lake is drying up, and the casinos are still rolling in millions of dollars every as citizens lose their houses and jobs. This was a facade... it's a polished turd out here. The only thing you can sustain out here easily is your alcohol buzz. I think Vegas is a prime example of speculation and keeping up with the Jones's. I glad this market is getting kicked in the balls, maybe prices will end up where they should be.
- and not, this is not a shot at you BlueOne, just me ranting and ventingPoint5
- ukit0
America's chickens are coming home to roost
- tommyo0
Yeah good points in regards to Vegas. To add to that, and to illustrate some of the abuse that these lenders were involved in - About 3 years ago I ran into a latino gentleman I was a busboy with about 4 years prior. He informs me that he owned over 20 houses. In 4 years the guy bought 20 fricken houses. He was about 24 years old at the time. When I asked him if he lived on the rent he received he said 'Kinda, I pretty much refinance whenever I need money.' So basically, dude was leveraged to the hilt and these lenders just kept giving him money to buy and refinance houses.
- 20?! that's nuts! I knew some well off people that owned around 5 or 6, but not 20!Point5
- Yeah man my jaw hit the floor when he said it. He lives next door to a buddy of mine over off the 215 and Decatur. Insane!tommyo
- If he didn't dump a lot of those houses before the housing market took a bath 2 years ago ... I'd bet he's really hurting.tommyo
- ukit0
- Look at the crowd. Doesn't it look like he's at a Promise Keepers convention?monkeyshine
- This guy is a total fuckwit...you can just see the script writers,,,"OK keep saying who is the real Barack Obama".BusterBoy
- WOW that's the craziest psychological mumbo jumbo...robotron3k
- DrBombay0
i said this 4 years ago and will say it again, if you identify with republicans, you have a character flaw.
- They aren't that much different. In the scope of things they really aren't.tommyo
- HA HA most of my Repub friends aren't very informed... They don't read much.DCDesigns
- same hereDrBombay
- There IS a big difference. Repubs are all about MY money and MY freedom. It's all at the expense of the greater good.joeth
- That is SO true!!!DCDesigns
- Actually no you're right. Most people that do 'identify' with Republicans are a little off.tommyo
- Ron Paul?!BattleAxe
- ukit0
http://talkingpointsmemo.com/arc…
So we have McCain today getting his crowd riled up asking who Barack Obama is and then apparently giving a wink and a nod when one member of the crowd screams out "terrorist."
And later we have Sarah Palin with the same mob racket, getting members of the crowd to yell out "kill him", though it's not clear whether the call for murder was for Bill Ayers or Barack Obama. It didn't seem to matter.
- I need to point out that your posting was 1776. You are a true patriot, my friend.monkeyshine
- hahahaukit
- these people have their place in hell.omgitsacamera
- monkeyshine0
Wow, that's so creepy, ukit. Looking at footage of both rallies today, it felt like witnessing some white power rally.
- ukit0
Here's a scary thought...what really got us out of the Great Depression?
- War is a much different proposition today to what it was then.MrOneHundred
- That's what they thought too...TheBlueOne
- omgitsacamera0
Ah, those mavericky neo-cons...