Tilted Forum Project Discussion Community - View Single Post - Do you think the US will become socialist in the next 4 years?

guyy · 02-19-2009, 08:24 PM

Only 1/3 of CRA loans were subprime, which is pretty good when you think about the people they were lending to. On top of that, investment banks and non-bank lenders had nothing to do with CRA -- and surprise, surprise, where do we see the most spectacular crashes? Lehman Bros., Bear Stearns, New Century... oh my.

According to the Bush's Federal Reserve, the vast majority of subprime loans in 2006 -- 84%! -- were made by Heroes of Finance in the private sector. You know that if you even visited an American home during the Glorious Eight. It wasn't Freddie Mac or Fannie Mae that were calling you at dinner time to get you to refinance with Nachtschwärmer Mortgage. No, it was Nachtschwärmer Mortgage with CDO backing by the wise old owls at Bear Stearns or AIG. In fact, the Bush crew kept Freddie Mac and Fannie Mae out of the mortgage market so as not to compete with our Heroes of Finance and their Very Excellent Work. Under Clinton, Fannie Mae and Freddie Mac had been the dominant players, with their hands on 82% of the nations mortgages, but the roles of public and private lenders were reversed during those Happy Days of the Bush reign. Why?

02-19-2009, 08:24 PM	#31 (permalink)
guyy Addict Location: Cottage Grove, Wisconsin	Only 1/3 of CRA loans were subprime, which is pretty good when you think about the people they were lending to. On top of that, investment banks and non-bank lenders had nothing to do with CRA -- and surprise, surprise, where do we see the most spectacular crashes? Lehman Bros., Bear Stearns, New Century... oh my. According to the Bush's Federal Reserve, the vast majority of subprime loans in 2006 -- 84%! -- were made by Heroes of Finance in the private sector. You know that if you even visited an American home during the Glorious Eight. It wasn't Freddie Mac or Fannie Mae that were calling you at dinner time to get you to refinance with Nachtschwärmer Mortgage. No, it was Nachtschwärmer Mortgage with CDO backing by the wise old owls at Bear Stearns or AIG. In fact, the Bush crew kept Freddie Mac and Fannie Mae out of the mortgage market so as not to compete with our Heroes of Finance and their Very Excellent Work. Under Clinton, Fannie Mae and Freddie Mac had been the dominant players, with their hands on 82% of the nations mortgages, but the roles of public and private lenders were reversed during those Happy Days of the Bush reign. Why?