Posted on 07/24/2011 5:36:13 PM PDT by Coleus
In one of W Bush’s SOTU speeches he took credit for increasing the percentage of home ownership. I think it was late first term.
FWIW
Actually, Greenspan warned us about Fannie and Freddie too. Not my fault you failed to listen.
I notice that you didn’t include a link to any Greenspan statement warning about the quality of loans. Imagine that.
Well, seeing that this thread is from 2011, I don’t care to look up Congressional testimony at the moment. If you weren’t smart enough then, you’re not smart enough now.
“In one of W Bush’s SOTU speeches he took credit for increasing the percentage of home ownership. I think it was late first term.”
That could well be. Dubya was a major fan of “increasing minority home ownership” and the American Dream Downpayment Initiative was one of his babies.
That program was dreamt up during the bubble and threw gasoline on the already furiously burning housing market. It gave away downpayments to people who didn’t have a cent so that they could buy houses.
Very popular among the illegal alien homebuyers here in California, which of course has always been one of the Bush family’s favorite constituencies. If you heard stories about strawberry pickers buying $800,000 homes this is how it was done.
we’re RE brokers. Wife did loans throughout the decade. Only 1 client short sold because he lost his job.
We were strict on our clients and wouldn’t tai stated only loans. Got out of it because the new regulations were too time consuming, so wife spent time on other business.
My fear is that the pressure is building to do sub-prime again. I get e-mails once a week or so from lenders doing some crazy things.
We found a lender who believe as we do and send all of our business to him.
How dare you criticize George Junior!
No Toaster for you!
Sincerely, The FR Day-in-the-Life-of-George-Junior Lonely Old Cat-Lady Club
That would be too hard for you, wouldn’t it? That’s okay, I don’t expect you to find a link to a Greenspan statement warning about subprime lending because there isn’t one.
The sole concern of the critics of Fannie and Freddie at the time was the capitalization ratio of the two GSEs. The quantity of loans versus their capital. But feel free to keep pretending.
The majority of subprime loans made during the bubble were made by non regulated shadow banking firms and not the GSEs. The Bush crew had no problem with widespread subprime lending and in fact had programs that encouraged it.
Stupid title. Poorly executed joke and poor grammar in the first sentence.
That’s enough for me.
“We were strict on our clients and wouldn’t tai stated only loans”
You were far more responsible than a lot of people I know. I had friends, neighbors and customers who were in the subprime business right from the start. Orange County CA was the epicenter of the whole madness.
I used to pick their brains to learn what was going on because it didn’t make sense to me. It became apparent that we were in a bubble and headed for big trouble but I sure didn’t expect it to have a global impact.
“My fear is that the pressure is building to do sub-prime again. I get e-mails once a week or so from lenders doing some crazy things.”
It could because nothing was done to prevent the same abuses from happening again. Conforming paper did well even if it was subprime, but there is no requirement for loans to be conforming. Lenders are still insulated from the performance of their own loans- before the bubble lenders typically held their own paper and had good reason to want their loans to work.
Orange county was rough but I think southwest Riverside County lead the league. We used to say that Countrywide owned Murrieta and there came a time when they did.
At first it sounds like he's attacking Perry, but if he's in New Jersey, rather than Texas, it's probably more a general attack by a liberal on conservatives, a little Bush-bashing between friends.
It does give support to Obama, but maybe he was stuck for something to write about and Perry's speech just caught his eye.
some people just can’t face the facts that bush was a miserable failure who spent more on title X funding of planned parenthood than every president before him, who left office with large deficits and the largest budget in the history of the USA and with a never-ending war that was not declared by congress. And many FReepers will be dumb enough to vote for JEB, well, you deserve him.
Your rant is so poorly written and rambling, that I think you may be Paul Mulshine himself.
Your rant is so poorly written and rambling, that I think you may be Paul Mulshine himself. >>
LOL, it doesn’t change the facts that Bush is RINO and a loser.
That's exactly why boyrude didn't quote him along with the a direct link. There is none.
People do this all the time. They provide some 20 page link which never backs up what they alleged. And why a quote is never accompanied with the link. It's a smoke screen of deceit.
In fact we have it in Bush's own words where he totally supported home loans for totally unqualified minorities.
Several years later the RE big top totally imploded.
George P.! is the new rage in TX; they haven’t got nearly enough of Bushes yet in TX.
I get it, you hate RINOs. No need to airbrush history.
You can't give me a quote so ya bring up more leftist like Kemp, the guy who came out against CA prop 187?
He's was good friends with Bush right?
BTW, it's not conservative to support home loans for unqualified minorities, like Bush did.
Ya wanna hear it in Bush's own words boyrude?
You want to promote home ownership? Tell people to get a job and save up money to buy a house.
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