Alcoa, Inc. Message Board
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I don't follow things as closely as you do so thanks for explaining that stuff about what is going on with the agents.
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That is exactly the kind of article I'd expect a dimwit to post. It fits hand in glove with the explanation for the housing collapse pushed by right wing media. But the truth is Fannie and Freddie's market share during the time the bubble was inflating quickly, during the early to mid 2000's, was dropping. To a large extent they were still only backing traditional loans, not the sub-prime stuff that melted down, for people with 700+ credit scores and significant down payments. The portion of their loan portfolio experiencing the biggest losses was fairly small because they kept out of the part of the market with the most risk. However, the rest of the portfolio was effected due to the severity of the price decline of homes. That decline was caused by the issuance of non-conventional loans facilitated by the opening of a new process for selling off loans which did not involve F&F. Namely, the aforementioned securitization of loans in to MBS investment vehicles that were sold off around the globe to investors seeking higher rates of return than they could get in the low interest rate environment that dominated the time period. You remember, the bundled loans rated AAA by Moody's and S&P that turned out to be junk.
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Google Brooksley Born.
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Now you also might want to consider B. Frank had no authority to set policy while the bubble was inflating as Dems were in the minority and he held no committee chairmanship. The bubble was about the raising of capital reserve ratios by investment banks, the rating of securitized mortgages as AAA by corrupt rating agencies allowing underwriters to sell off the debt exposure and re-fund themselves, and the lowering of lending standards because lenders did not have any risk to default once the loans were bundled and sold.
All those things happened as a result of a lack of oversight by regulatory authorities under the control of the Bush admin or agencies run by its appointees. -
I realize the following doesn't fit with the propaganda you have been fed but you might want to read it over.
"This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."
- President George W. Bush, December 16, 2003
The Accomplishments
Increasing Homeownership
•The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.
•The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.
•President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
•The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.
•President Bush proposed a new Single Family Affordable Housing Tax Credit to increase the supply of affordable homes.
•The President has proposed to more than double funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities.
•The President proposed $2.7 billion in USDA home loan guarantees to support rural homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America. -
It's snowing here in CO so while I'm house bound I'd ordinarily enjoy attempting to humiliate you more than you humiliate yourself. Not easily done. But we both know you have no interest in doing anything other than weaving together some anecdotes to satisfy your need to blame Obama for the failings of the Orange Man and his merry band of nutbags. You certainly aren't interested in going beyond clever quips to get to the real reasons we find ourselves in our current condition.
Will has turned his back on the idiotic positions you and your kind hold. Something that can only lead to a better country in which to live. You seem like a fairly bright guy, too bad you continue to waste your talents and energy spinning the failures of your party. Virtually every fundamental belief you hold has been exposed as either factually inaccurate or ineffective in their application. Rather than deal with that reality you cowardly retreat to the comfort of a distorted view of the world constructed inside a media bubble that exists to reinforce and perpetuate itself for the enrichment of its players and at the expense of the country. -
Another post chock-full of lies, distortions, and stupidity. The kind of thing that brings tears of pride and joy to Roger Ailes' eyes. 5 years ago the Dow was on its way to 6K, tax receipts were about to plummet, unemployment was about to soar, and we were already running huge deficits. All thanks to Texas Stupid's handywork. You nitwits love to say government spending rocketed but have a blind spot as to why. The impact of the sequester has not been felt yet. The consensus is it will shave at least .5% off of GDP just as the economy is picking up a bit. But after all that is what the GOP wants. To complain about slow growth as they support measures to ensure it. Even the Tangerine Man admits the sequester is the wrong way to go about cutting spending but can't get the teabagger caucus to agree to close a single tax loophole despite Obama putting entitlement spending cuts on the table.
Please keep believing the steaming piles you are being fed by conservative media. You nitwits are in the minority on every major policy issue facing the country. Keep running batshyte crazy candidates like Todd Akin, Christine O'Donnell, Sharon Angle, and Allen West. Keep denying science, promoting intolerance, ignoring facts, as Bobby Jindal says keep being the "stupid party."