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MrRodgers -> RE: Everything you need to know about wall street (1/24/2012 12:27:50 AM)
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quote:
ORIGINAL: truckinslave
quote:
Whenever any right-wing loon, or Bloombergite, tries to tell you the mortgage crisis was caused by the government forcing the poor banks to lend to broke black people, please direct them to this passage. The banks not only wanted to give out these loans, they wanted to give them out at the speed of light. They wanted to crank them out so fast that their own auditors literally couldn't read the writing on the loan applications. This was greed, not policy. Anybody who says anything else is high on something.
The conclusion you reach is, I think, undeniably right; but the government is why they wanted to do so.
Fannie and Freddie were buying them up as fast as the banks could write them.
And, yes, it did start with the government requiring banks to write risky loans.
They dragged their feet until the government made it automatically and hugely profitable for them to do so....
It seems that partisan reach continues to cause people to reach.
Required is a particular word and in no way was any lender, bank or mortgage company...required to lend to unqualified borrowers. What you speak of is the CRA otherwise known as the Community Reinvestment Act. First, less than 1 of 5 loans period are or were CRA loans.
Also, it was heavily touted by Bush and the righties as a path to the 'ownership society' where 'everybody' could own a home.
Unbeknownst to the great partisan right is that there was zero...i.e., no enforcement mechanism at all. Got that ? OK many know that yet still lie through their teeth.
If a bank didn't lend and I know several who NEVER did...never even heard a thing from govt. So your partisan-based ignorance or desire to denigrate by making things up...still rules your posts.
Freddie and Fanny were very late to the game and only started to get into trouble when they broke all tradition and began borrowing and buying outside there 50-80 year traditions...called qualifying ratios.
The principles at Fannie were no different than wall street $10's of millions in bonuses, so fuck you, fuck the country, fuck everybody and anything else. I at Fannie was a criminal, I cooked the fucking books, I borrowed out my fucking ass and caused its bankruptcy and I don't give a flying fuck about anything anybody has to say.
Being greedy capitalist scum, I don't care about anything except my money. I don't care about this country as along as I get richer and pay oh say less than 1/2 the fed. tax you great partisan political philosophers pay.
I got $30-40 million in bonuses and severance so me and the next 10 generations of my family...will NEVER have to work another day in their lives. FUCK YOU, fuck the govt. fuck everything else but my money...period.
GET A GRIP people will you ? There were, are and will always be big money, bonuses and everything else you can imagine when we are talking about a culture that produces...greedy capitalist scum. We have greedy capitalist scum running this country. We have greedy capitalist scum running our banks and corporations.
Once ANY mortgage seller found out these shit mortgages...got a AAA rating, is what caused the frenzy. The game was on.
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