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AshevilleApp wrote:Not everyone should own a home. Including many who have good enough credit to qualify.

AZGrizFan wrote:Repeating the same failed policies over and over is the definition of stupidity.

kalm wrote:

AZGrizFan wrote:Repeating the same failed policies over and over is the definition of stupidity.

I thought it was misquoting Einstein?

kalm wrote:

AshevilleApp wrote:Not everyone should own a home. Including many who have good enough credit to qualify.

This is true but tell that to builders, developers, realtors, lenders, etc. I'll bet BDK and Leadbolt still think the CRA and social engineering caused the last crash.

With lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans
The Daily Caller ^ | 9/3/2012 | Neil Munro

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.


As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.


(Excerpt) Read more at dailycaller.com ...

Bronco wrote:-
Not surprised

With lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans
The Daily Caller ^ | 9/3/2012 | Neil Munro

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.


As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama helmed as the lead plaintiff’s attorney.


(Excerpt) Read more at dailycaller.com ...

kalm wrote:

AshevilleApp wrote:Not everyone should own a home. Including many who have good enough credit to qualify.

This is true but tell that to builders, developers, realtors, lenders, etc. I'll bet BDK and Leadbolt still think the CRA and social engineering caused the last crash.

GannonFan wrote:

kalm wrote:
This is true but tell that to builders, developers, realtors, lenders, etc. I'll bet BDK and Leadbolt still think the CRA and social engineering caused the last crash.

Come on, Kalm, that's weak. No one is saying that lending to people with bad credit was the sole cause of the last crash. Obviously there were several causes. But even you can agree that when presented with, say, 10 reasons why the last crash happened, we shouldn't wait until we solve all 10 at the same time before we solve any of them individually.

kalm wrote:

AshevilleApp wrote:Not everyone should own a home. Including many who have good enough credit to qualify.

This is true but tell that to builders, developers, realtors, lenders, etc. I'll bet BDK and Leadbolt still think the CRA and social engineering caused the last crash.

Ibanez wrote:Some people have poor credit and it has little to do with the decisions they've made. Some of it has to do with bad economic times.

Bronco wrote:-
Been posted many times before but always good to show the folks that just read this site what was going on
Others, I guess... keep forgetting

Timeline shows Bush, McCain warning Dems of financial and housing crisis in 2001


[youtube]http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1[/youtube]

Bronco wrote:-
Been posted many times before but always good to show the folks that just read this site what was going on
Others, I guess... keep forgetting

Timeline shows Bush, McCain warning Dems of financial and housing crisis in 2001


[youtube]http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1[/youtube]

WASHINGTON — "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."

- President George W. Bush, Oct. 15, 2002

From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency.

"There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."

Looking back, Keith Hennessey, Bush's current chief economic adviser, said he and his colleagues had done the best they could "with the information we had at the time." But Hennessey did say he regretted that the administration had not paid more heed to the dangers of easy lending practices.

And both Paulson and his predecessor, John Snow, say the housing push went too far.

"The Bush administration took a lot of pride that home ownership had reached historic highs," Snow said during an interview. "But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost."

For much of the Bush presidency, the White House was preoccupied by terrorism and war; on the economic front, its pressing concerns were cutting taxes and privatizing Social Security, a government retirement and disability benefits program. The housing market was a bright spot: Ever-rising home values kept the economy humming, as owners drew down on their equity to buy consumer goods and pack their children off to college.

Lawrence Lindsay, Bush's first chief economic adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals.

"No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."

CID1990 wrote:

Ibanez wrote:Some people have poor credit and it has little to do with the decisions they've made. Some of it has to do with bad economic times.

That's still no reason for giving them a loan they are at risk of defaulting on.


Sent from the center of the universe.

kalm wrote:

Bronco wrote:-
Been posted many times before but always good to show the folks that just read this site what was going on
Others, I guess... keep forgetting

Timeline shows Bush, McCain warning Dems of financial and housing crisis in 2001


[youtube]http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1[/youtube]

Aaaaaand right back at ya:

[youtube]http://www.youtube.com/watch?v=GkAtUq0OJ68[/youtube]

WASHINGTON — "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."

- President George W. Bush, Oct. 15, 2002

From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency.

"There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."

Looking back, Keith Hennessey, Bush's current chief economic adviser, said he and his colleagues had done the best they could "with the information we had at the time." But Hennessey did say he regretted that the administration had not paid more heed to the dangers of easy lending practices.

And both Paulson and his predecessor, John Snow, say the housing push went too far.

"The Bush administration took a lot of pride that home ownership had reached historic highs," Snow said during an interview. "But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost."

For much of the Bush presidency, the White House was preoccupied by terrorism and war; on the economic front, its pressing concerns were cutting taxes and privatizing Social Security, a government retirement and disability benefits program. The housing market was a bright spot: Ever-rising home values kept the economy humming, as owners drew down on their equity to buy consumer goods and pack their children off to college.

Lawrence Lindsay, Bush's first chief economic adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals.

"No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."

http://www.nytimes.com/2008/12/21/busin ... d=all&_r=0" onclick="window.open(this.href);return false;

So curiously, we have a Republican president and a Democratic president both pushing for policies that increase minority home ownership. My whole point in bringing up the CRA and the industries that benefit from home construction is why? Why does it come from both sides? BDK, Bronco, and nearly the entire right wing of this country harken back to F&F and the CRA, politicizing the issue. And milquetoast conks like Gannon and Leadbolt defend the notion by saying it's all in the past and lets focus on now!

The home construction, real estate, and mortgage industries aren't in the game to do what's best for America in this regard. They want to build, sell, and finance homes. The financial services industry wants deregulation of markets so they can bet on the success of these loans. They all pay for these policies to be implemented, and they pay both sides of the fence.

This is crony capitalism at its finest and it starts with campaign finance. But lets keep wringing our hands about why we're repeating the same mistakes over and over again. Maybe it will change.

C'mon fellas, make some connections...think bigger picture.

Ibanez wrote:

CID1990 wrote:
That's still no reason for giving them a loan they are at risk of defaulting on.


Sent from the center of the universe.

How many people with excellent ratings defaulted or went bankrupt. We let computers and not the humans make the decision. That is wrong, IMO.

AZGrizFan wrote:

Ibanez wrote: How many people with excellent ratings defaulted or went bankrupt. We let computers and not the humans make the decision. That is wrong, IMO.

Do you have ANY idea what you're talking about?

kalm wrote:

Bronco wrote:-
Been posted many times before but always good to show the folks that just read this site what was going on
Others, I guess... keep forgetting

Timeline shows Bush, McCain warning Dems of financial and housing crisis in 2001


[youtube]http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1[/youtube]

Aaaaaand right back at ya:

[youtube]http://www.youtube.com/watch?v=GkAtUq0OJ68[/youtube]

WASHINGTON — "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."

- President George W. Bush, Oct. 15, 2002

From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency.

"There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."

Looking back, Keith Hennessey, Bush's current chief economic adviser, said he and his colleagues had done the best they could "with the information we had at the time." But Hennessey did say he regretted that the administration had not paid more heed to the dangers of easy lending practices.

And both Paulson and his predecessor, John Snow, say the housing push went too far.

"The Bush administration took a lot of pride that home ownership had reached historic highs," Snow said during an interview. "But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost."

For much of the Bush presidency, the White House was preoccupied by terrorism and war; on the economic front, its pressing concerns were cutting taxes and privatizing Social Security, a government retirement and disability benefits program. The housing market was a bright spot: Ever-rising home values kept the economy humming, as owners drew down on their equity to buy consumer goods and pack their children off to college.

Lawrence Lindsay, Bush's first chief economic adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals.

"No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."

http://www.nytimes.com/2008/12/21/busin ... d=all&_r=0" onclick="window.open(this.href);return false;

So curiously, we have a Republican president and a Democratic president both pushing for policies that increase minority home ownership. My whole point in bringing up the CRA and the industries that benefit from home construction is why? Why does it come from both sides? BDK, Bronco, and nearly the entire right wing of this country harken back to F&F and the CRA, politicizing the issue. And milquetoast conks like Gannon and Leadbolt defend the notion by saying it's all in the past and lets focus on now!

The home construction, real estate, and mortgage industries aren't in the game to do what's best for America in this regard. They want to build, sell, and finance homes. The financial services industry wants deregulation of markets so they can bet on the success of these loans. They all pay for these policies to be implemented, and they pay both sides of the fence.

This is crony capitalism at its finest and it starts with campaign finance. But lets keep wringing our hands about why we're repeating the same mistakes over and over again. Maybe it will change.

C'mon fellas, make some connections...think bigger picture.

kalm wrote: So curiously, we have a Republican president and a Democratic president both pushing for policies that increase minority home ownership.