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The CRA and Key Players
Various ^ | 27 Sep 2008 | Self

Posted on 09/27/2008 10:08:08 AM PDT by hiredhand

The Subprime home mortgage collapse...a Primer.  
It's ALL about the CRA of 1977

Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!

The CRA was passed by the Carter administration.

In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000, one trillion dollars had been loaned to subprime borrowers.

Bear Stearns (collapsed in 2008) was the first to buy subprime mortgage securities. In October of 2000, Fannie Mae purchased two billion dollars worth of these subprime securities.

Subprime mortgages started to grow after 2000, and home prices started to rise. As we all know, Fannie Mae is a government sponsored enterprise. Fannie Mae GUARANTEES mortgages. Then Fannie Mae sells them to banks and investors. The more mortgages they sell, the more money they make.

Fannie Mae wanted to increase the number of mortgages sold. How does one increase the number of mortgages sold? This is done by making the loans available to low income borrowers through “affordable mortgages”. These loans were made available by allowing wider variances that borrowers needed to qualify for loans. These variances apply to:

1. loan-to-value ratio. 2. borrower contribution. 3. housing expense-to-income ratio. 4. others

REMEMBER...The banks HAD to issue subprime mortgages or pay stiff penalties mandated under the CRA. So how does one keep the loans affordable?

No money! No money down! Interest only! Low variable rate! No income verification! Bad credit? No credit?

Experts in the U.S. Financial industry began to worry when it was realized that - In 2004, 92% of all home loans issued by Fannie Mae were variable rate. In 2005, 91% of all home loans issued by Fannie Mae were variable rate.

Fannie Mae tells the banks to make the loans, “We'll guarantee them”. “Home ownership” kept rising and so did prices. Between September 2005 and March 2006, one year ARM (Adjustable Rate Mortgage) loans ballooned from roughly 4% to 6%. This wouldn't have been so bad all by itself, but the real catalyst was the gas prices increase. This “squeezed” people, especially low income earners.

At this point, some borrowers stopped paying, and to a degree, some banks stopped lending. During third quarter of 2007, the subprime market collapsed.

Foreclosures started piling up. This left the market with too many sellers and not enough buyers, and thus home prices started falling. More borrowers stopped paying.

Fannie Mae “guarantees” became worthless because they kept overstating their assets, which incidentally puts them in direct violation of the Sarbanes Oxley act of 2002 which deals with accounting reporting of publicly traded companies.

After this, banks began collapsing due to worthless government sponsored securities issued by Fannie Mae. Jobs were lost, and here we are.

The expansion of the CRA is directly to blame.

Before the CRA expansion by the Clinton Administration in 1995, home prices increased with inflation, but after the CRA expansion, home prices became unhinged from inflation. CRA expansion caused home prices to rise too fast! Economic fundamentals did NOT cause this rise, regulation mandated credit DID!

People DID try to stop it!

In 2003, the Bush administration proposed a new agency within the Department of The Treasury to oversee and regulate Fannie Mae and Freddie Mac, the two largest entities in the American mortgage lending industry. But the Democrats STOPPED it. They said that to regulate lenders tightly under those agencies might diminish their ability to finance loans for lower income families.

One Democratic Congressman who was pivotal in blocking the new agency was Rep. Barney Frank (D-MA). He spoke out against the proposal and was quoted at the time as saying, “...the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Another Democratic Congressman who blocked the new agency was Rep. Melvin Watt (D-NC). He spoke out against the proposal and was quoted at the time as saying, “...and in the process, weakening the bargaining power of poorer families and their ability to get affordable housing.”

Affordable housing? After CRA expansion, housing prices increased a LOT. Did this make housing affordable for low income borrowers?

Someone else tried to stop the collapse too.

In 2005 Sen. Charles Hagel (R-NE)sponsored a bill called “The Housing Enterprise Regulatory Act of 2005. Co-sponsors were John McCain, Sen. Elizabeth Dole (R-NC), and Sen. John Sununu (R-NH). This bill was filed in the Senate as Bill S-190. This bill sought to provide regulation and oversight of Fannie Mae and Freddie Mac. But Democrats blocked it. It came back in 2007 and Democrats blocked it in committee again.

“Why did the Democrats block S-190?” you ask? Because Fannie and Freddie have friends in the Senate.

Sen. Chris Dodd (D-CT) is the current Senate Banking Committee Chairman. He received a sweetheart loan. In 2003 he received a cut rate $800,000.00 loan from Countrywide Financial. “Conflict of interest” you say? “Impropriety” you say? Why is Sen. Dodd still serving in the public interest? It seems that he is plainly serving the interest of Chris Dodd.

Sen. Barack Obama (D-IL) also received a sweetheart loan of $1.32 million loan from Northern Trust in Illinois at a very good rate. TOO good for the vast majority of most citizens.

Earlier in his presidential campaign, Barack Obama chose a man named Jim Johnson to head up his VP (Vice Presidential) search committee.

From 1985 until 1990, Jim Johnson was the Managing Director of Lehman Brothers, which is now recently bankrupt because of the subprime mortgage collapse.

From 1991 until 1998 – Jim Johnson was the CEO of Fannie Mae, when the CRA was expanded under the Clinton administration.

Mr. Johnson improperly deferred $200 million in expenses as the CEO of Fannie Mae. Fannie Mae underreported Johnson's compensation, which was originally reported as $6 to $7 million. Documents show that Johnson actually received $21 million. He was a contributor to Barack Obama's campaign and gave the personal maximum allowable donation of $4,600.00.

Currently, Jim Johnson is a wealthy private banker and is on the board of Goldman Sachs, which has donated another $700,000.00 (seven hundred thousand) to Barack Obama's campaign, and raised another $500,000.00 (five hundred thousand) through bundling.

In June of 2008 it was announced that Jim Johnson quit as an Obama advisor because of pressure on account of his involvement in the current financial crisis.

Oh, and by the way, Jim also received a sweetheart loan from Countrywide Mortgage.

Franklin Raines is Barack Obama's housing issues advisor. Mr. Raines currently lives in a house valued at approximately $7.6 million dollars. While there's nothing wrong with living in a big, expensive home, let's look look at Mr. Raines' past.

Raines served as an advisor in the Carter administration from 1977 to 1979 when the CRA was first enacted.

From 1980 to 1991 he was an investment banker with Lazard Ltd. From 1991 to 1996 he was the Vice Chairman of Fannie Mae, when the CRA was expanded to include subprime loans. From 1996 to 1998 he was the OMB (Office of Management and Budget) director for the Clinton administration. From 1999 to 2004 he was the CEO of Fannie Mae. He received a $25 million dollar “golden parachute” upon his departure.

He also received a sweetheart loan from Countrywide Mortgage sometime between 1996 and 2004.

Under Franklin Raines’ leadership as chairman and CEO, Fannie changed its charter to a more high-risk enterprise of buying mortgages and holding onto them. Fannie also overstated earnings by a mind-boggling $10.6 Billion and paid Raines and his management team massive bonuses tied to Earnings Per Share (EPS). Any company can hit its EPS targets if they don’t worry about minor details such as accounting rules, debt levels and risk factors.

Franklin Raines pulled in a total of $90 million between 1999 and 2003, the majority from bonuses. In 2004 the SEC (US Securities and Exchange Commission) and OFHEO (Office of Federal Housing Enterprise Oversight) sued Raines to recover some $50 million of his bonuses based on Enron-like accounting practices. Civil charges were also filed against Raines. As a result, Raines agreed to an “early retirement”, paid hefty fines and gave up lucrative retirement benefits (stock options valued at $15.6 million) for his role in accounting “errors”.

Franklin Raines resigned from Fannie Mae due to “accounting irregularities”.

From 1989 to 2008, Barack Obama received $126,349 in campaign support from Fannie Mae. This is four times more money from Fannie Mae per year than any other senator. It's 49 times more than John McCain.

The lawfirm, “Miner, Barnhill, and Galland” sued banks for not issuing enough subprime loans. They sued Citibank. Obama was a junior lawyer on the team that sued Citibank.

What we're seeing is bad government regulation that made banks become predatory lenders to fulfill a government mandate; to offer souped up, shell game, “Affordable mortgages.”

This was caused by self interest, greed, and stupidity on Wall Street.

The Democrats got their wish though! LOTS of “affordable mortgages” that people couldn't really pay for! While those mentioned above in Fannie and Freddie and around them got richer. It was a social engineering heist of enormous proportion. It created the environment and the WRONG incentives that set up low income families to FAIL. It was a setup mandated by the government, pushed by the banks, sold to Wall Street and now they want you and I to pay for it.


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 110th; 1977; 1995; 2002; 2003; 2005; 2007; acorn; acornnetwork; affordablehousing; bailout; barneyfrank; barnhill; carteradmin; carterlegacy; carterstaffer; charleshagel; chrisdodd; chuckhagel; citibank; clintonlegacy; communists; countrywide; countrywidefinancial; countrywidemortgage; cra; dodd; dogooders; dole; elizabethdole; fanniemae; frank; franklinraines; galland; gasprices; goldmansachs; hagel; hera; homeloans; housing; housingbubble; jimjohnson; jimmycarter; johnmccain; johnsununu; june2008; lazard; lazardltd; lehman; lehmanbros; lehmanbrothers; looters; mccain; melvinwatt; miner; mortgagecrisis; mouthpeace; nationalrobbery; northerntrust; raines; s190; sarbanesoxley; sarbanesoxleyact; socialists; subprimeloans; sununu; thieves
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I am not a "big volume" poster here on FreeRepublic, but these are notes which were derived from the "MouthPeace" video, which (IMHO) was too fast, and had just too much information in it. If you just couldn't sit through the 10 minute video that was bumped by Jim Rob, then review these notes. I hope this helps to clarify the massive deceit which is currently taking place in D.C.
1 posted on 09/27/2008 10:08:10 AM PDT by hiredhand
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To: Squantos; NFHale; Gilbo_3; Travis McGee

Ping...


2 posted on 09/27/2008 10:10:23 AM PDT by hiredhand
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To: hiredhand

Bump for later


3 posted on 09/27/2008 10:13:07 AM PDT by alice_in_bubbaland (Go Sarah & The (soon to be) "Second Dude" Todd!)
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To: alice_in_bubbaland

The video had TOO much info, in TOO short a time. These notes are a condensed version and should give people a little more time to digest and mull it over.


4 posted on 09/27/2008 10:16:31 AM PDT by hiredhand
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To: hiredhand

This is nothing more than creeping socialism.


5 posted on 09/27/2008 10:17:52 AM PDT by TorgsinsDepot
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To: hiredhand

“”I hope this helps to clarify the massive deceit which is currently taking place in D.C.””

I’m sure I heard Obama say in the debate last night that the Clinton administration tried to rein in some of these lenders....was news to me. No timeline I read says anything of the sort - only the opposite. Wonder why McCain didn’t pick up on it.


6 posted on 09/27/2008 10:22:36 AM PDT by Thank You Rush
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To: TorgsinsDepot
What's happening right now is not creeping. Too much is being attempted at one time for it to be creeping. I think the left has orchestrated the financial crisis in the face of losing something valuable to them this November. They know that one of two things will result from it this created crisis...

1. Successfully seizing the financial industry here in America will secure their power for generations to come.

2. Failing to seize the financial industry here in America essentially causes all their "previous work" to institute a scorched earth policy against us at this point.

We have to make sure that option #2 is successful...knowing that we are now in a recession, and will continue to be in a recession until capitalism and free trade level out the markets again.

We can recover in time from scorched earth. We will NEVER recover if they get away with this.
7 posted on 09/27/2008 10:27:59 AM PDT by hiredhand
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To: hiredhand

Yours is a good post with much accuracy of historical content defining the cause of the debacle. Thank You for the posting.


8 posted on 09/27/2008 10:40:49 AM PDT by rockinqsranch (Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
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To: Thank You Rush
I watched the debate. Everybody knows I'm not a McCain fan, but Obama got his ass kicked...plain and simple. He's got a plan like John F'n Kerry had a plan...they talk a lot about plans, and hope, and change, but they never give any details. They're hollow, empty, liars....saying one thing, but knowing full well exactly what they'll do if they achieve the power for which they strive.

Watching that debate was a classic case of old guy beating the crap out of young guy. Of course Obama's handlers will tell him how good he did, but then again, they won't tell the emperor that he is naked.

On a side note, did you catch the brief expression on Michelle Obama's face after the debate? Obama is going to need another sweetheart loan to buy the doghouse that he's going to be living in when his wife turns into a full blown ICE QUEEN after the election. :-)
9 posted on 09/27/2008 10:43:01 AM PDT by hiredhand
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To: hiredhand

again....right on the mark.


10 posted on 09/27/2008 10:44:07 AM PDT by rockinqsranch (Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
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To: rockinqsranch
This the THIRD post I've EVER made here, but the notes really made the info in the video clear for me, and the more I thought about it, the more I thought that it could help others who simply couldn't follow that video.

I'm glad it helped!
11 posted on 09/27/2008 10:44:55 AM PDT by hiredhand
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To: hiredhand
”Affordable housing? After CRA expansion, housing prices increased a LOT. Did this make housing affordable for low income borrowers?”

Democrat math (2 + 2 = the square root of pi)

12 posted on 09/27/2008 10:46:37 AM PDT by ArchAngel1983 (Arch Angel- on guard)
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To: rockinqsranch
I hope others realize these things and act accordingly. #2 in my above post MUST take place.
13 posted on 09/27/2008 10:47:00 AM PDT by hiredhand
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To: hiredhand

Placemarker...thanks, hiredhand.


14 posted on 09/27/2008 11:11:49 AM PDT by Bradís Gramma (Typical Whitey Gramma just like Obamies!)
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To: hiredhand

It is essential that people read and understand this timeline. My problem is finding something that looks very objective and neutral so I can send it to my very liberal relatives and they won’t think they are being spun or preached to or even that I am advocating. I have already been sending things, but they get so upset because they are not used to being challenged and they take it very personally. My daughter in law practically came unglued because I casually sent an excerpt where Sarah Palin was saying she had appreciated title IX...in return I got an email full of vitriol and angst with nonsense such as “McCain is a THIEF...he STOLE “change” from Obama”. I had to remind her that Bill Clinton ran on change...and so on. It seems like a formidable task to get through to such people and such people means just about everybody in my life. So, I start to feel like I am a NUT. Any advice as to direction that would be indisputable timeline of facts?


15 posted on 09/27/2008 11:12:10 AM PDT by Anima Mundi
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To: Anima Mundi
Unfortunately, neither the voice of reason, or a timeline will help us with people who suffer from the various types of "Sudden Derangement Syndrome". These people simply can't be reasoned with. This message is for those that are a little farther to the right (but not with us) who still possess the ability to reason, and make rational decisions based on the real situation, and past facts.

Don't give up though!
16 posted on 09/27/2008 11:25:37 AM PDT by hiredhand
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To: Brad's Gramma

Happy to help you Gramma! :-)


17 posted on 09/27/2008 11:26:32 AM PDT by hiredhand
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To: Brad's Gramma; All
I also posted a PDF version of this posting about the CRA HERE... just in case anybody wants to download it and print it, or forward it via e-mail.
18 posted on 09/27/2008 11:30:15 AM PDT by hiredhand
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To: hiredhand
Hiredhand, my hat is off to you for all of the painstaking research that was involved in your post -- I especially appreciate your citing how many times the administration, and individual republican legislators, attempted to make Fannie Mae and Freddie Mac more accountable, and the fact that the democrats stopped those efforts in their tracks every time.

How many American voters do you suppose are aware of those pieces of recent history? I'd estimate probably 1 in 100. And we have the mainstream media to thank for that.

~ joanie

19 posted on 09/27/2008 3:38:05 PM PDT by joanie-f (If you believe that God is your co-pilot, it might be time to switch seats ...)
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To: hiredhand

“No money! No money down! Interest only! Low variable rate! No income verification! Bad credit? No credit?”

*****

Thanks for the post. On some other thread someone thought that the Graham Bill allowing regular banks to make riskier investments to make more money was more of a cause. Obviously it is a big factor as well.

However - when a bank is FORCED to NOT make money (as with the CRA) on its normal business (loans at a naturally competitive rate) - it obviously needs to make up the loss somewhere else.


20 posted on 09/27/2008 3:56:53 PM PDT by 21twelve (Ever Vigilant, Never Fearful)
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To: 21twelve
“No money! No money down! Interest only! Low variable rate! No income verification! Bad credit? No credit?”

All I've been thinking of since compiling those notes is that instead of a run on the banks, there ought to be a run on hardware stores for ROPE.

There are only a very few methods which have shown effective in combating tyranny. We're on the precipice of having to institute such methods.
21 posted on 09/27/2008 4:04:24 PM PDT by hiredhand
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To: hiredhand
well presented Sir, now forward it to j mccain...

sadly, the man on the street stuff I hear is...this is what happens when republican are runnin things...

I said they tried to stop it, and response was, they had the congress and didnt get it done...

uphill battle all the way w/o the bully pulpit...

22 posted on 09/27/2008 4:22:34 PM PDT by Gilbo_3 ("JesusChrist 08"...Trust in the Lord......=...LiveFReeOr Die...)
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To: Gilbo_3

Forward? Do you have an address?


23 posted on 09/27/2008 4:23:37 PM PDT by hiredhand
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To: Gilbo_3

It’s been downloaded 533 times from the site here. I don’t know how many views it’s gotten on FR because I forgot to put a tracker in it. I hope it gets around! We’re simply not getting a straight story via the MSM....as if we ever do!


24 posted on 09/27/2008 4:26:18 PM PDT by hiredhand
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To: hiredhand
I dont have the addy, but Im sure he knows this info, its just a matter of him USING it when he has the people as an audience...

like you said, the loonies wont hear it, but if he put the info out and encouraged people to verify for themselves, as well s NAMING THE TYRANTS responsible, it might swing some o the muddle grounders...

25 posted on 09/27/2008 4:31:33 PM PDT by Gilbo_3 ("JesusChrist 08"...Trust in the Lord......=...LiveFReeOr Die...)
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To: Gilbo_3

I could send it to his daughter...I can find her blog, and I “think” it had an e-mail address on it. Maybe she would pass it on as a “must read” sort of thing.


26 posted on 09/27/2008 4:33:07 PM PDT by hiredhand
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To: Squantos
Check it... :-) On the main FR page at the top...a note asking everybody to watch the "MouthPeace" video!

It says - Every voter should watch this video regarding the current mortgage banking/financial crisis. Who's responsible for the failures?

GOOD!
27 posted on 09/27/2008 8:24:28 PM PDT by hiredhand
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To: hiredhand

Needs doing....side bars are so disfunctional ect a “special header” is needed! Recent header had the St Louis Brown Shirts deal noted !

Stay safe !


28 posted on 09/27/2008 8:29:41 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
The St. Louis Brown Shirts got swapped out with the MouthPeace "Burning Down The House" video just recently.

I almost hate to breathe things like this....but all weekend, hoards of nervous, panicky people have been waiting for D.C. to do "something". I think that the potential for a run on banks come Monday morning is pretty good. If they do, I'll be working from home. I'm not even going out.
29 posted on 09/27/2008 8:39:06 PM PDT by hiredhand
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To: hiredhand

Understand that .....We’re safe......got our fiscal security taken care of !

Ball Mason jars full of cash under the dog house and more in Sister Olivia’s mattress ! Safer that Ft Knox IMO !

Honestly have taken steps to reduce risks across the board !


30 posted on 09/27/2008 8:46:47 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
Since I put that PDF up here at the site sometime after 1300 EST, it's been downloaded 1010 times, by 676 individual IP addresses...from EVERYWHERE you can imagine!

A goodly portion of those who downloaded it were dialup users, and from what I understand from my friends way, WAY out in the sticks, YouTube is a real PITA over dial up. But the PDF is small!

I never figured as many would download it...I thought perhaps a couple of hundred over a few days...but not 1000 in 12 hours!
31 posted on 09/27/2008 9:19:19 PM PDT by hiredhand
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To: hiredhand

Very Cool of you to post that .....you need to post a link in each of your posts here at FR as well !

Atta Boy chit for yer Awww Chit file !.....:o)

Never forget these two loser BHO toe suckers from the Brown Shirts as well....

http://www.youtube.com/watch?v=iQ2DXN3aOSo

http://www.youtube.com/watch?v=_ySFbPLHcQg


32 posted on 09/27/2008 9:25:56 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
I didn't think of linking to a PDF file until AFTER the fact...otherwise I would have mentioned it when I posted the subject of this thread! Hindsight IS 20/20! :-)

Chits! HA! I threatened to make the kids use them if they didn't put my tools back where they belong! I had to explain the WHOLE thing! They started putting them back! :-)

I'll check those other two videos NOW! Thanks!
33 posted on 09/27/2008 9:29:51 PM PDT by hiredhand
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To: hiredhand

...........and POST that link in every post !......:o)

later !


34 posted on 09/27/2008 9:31:09 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
Somebody needs to test the ole "truth squad"...in court...ASAP. Given the recent statement from their Governor, I think it should be tested as soon as possible.

They've truly lost their minds! Publicly elected justice system officials who engage in this are clearly in violation of ethics rules, as well as being in conflict of interest. But worst of all they're making a complete mockery of the First Amendment of the U.S. Constitution's Bill of Rights!

They might "think" that this was a wise and prudent thing to do, but it will backfire horribly on them. I hope the Governor goes on the warpath after this and CLEANS HOUSE! ...at least to the degree which he is able!

Yeah...that's right! Tell all the stupid people that Obama is a CHRISTIAN and that he's going to reduce government extortion taxes of those who make less than $250g (or something close to it). Don't tell them that he's a STINKING COMMUNIST PIG, and that he's hostile to the Lord as well as people who cling to their guns and religion!

As I said, they've lost their damned minds! I hope they are dealt with swiftly and appropriately.
35 posted on 09/27/2008 9:44:48 PM PDT by hiredhand
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To: Squantos

I “wonder” if I can put it in my tagline...I’ll try NOW.


36 posted on 09/27/2008 9:46:30 PM PDT by hiredhand (<A href="http://www.rc4systems.net/Downloads/Docs/CRA-Notes-27Sep2008.pdf" target="_blank">CRA</A)
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To: hiredhand

#32.....#34......I’d really like to read that PDF......:o)


37 posted on 09/27/2008 9:46:53 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: hiredhand

Got it .......:o)

I just copy and post it so folks know where they are going like this !

http://www.rc4systems.net/Downloads/Docs/CRA-Notes-27Sep2008.pdf

Good Man !

thanks !


38 posted on 09/27/2008 9:49:05 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos

The anchor HTML tags didn’t work out very well in my tagline....oops. I’ll try something else!


39 posted on 09/27/2008 9:49:39 PM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: Squantos

Anchor tags get all screwed up in taglines because the Perl scrip that builds taglines into HTML adds “quote” tags. Ah well....I’ll add the info to my “about” page.


40 posted on 09/27/2008 9:51:13 PM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: hiredhand
In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000, one trillion dollars had been loaned to subprime borrowers.

You need to add some of this information after that sentence:

How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable

Explains changes Clinton made in 1997 that caused CRA loans to expand considerable with Fannie Mae/Freddy Mac taking all the risk. Ground zero for the current mess we are in.

41 posted on 09/27/2008 9:52:18 PM PDT by TruthWillWin
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To: hiredhand

Cool ....do ya care if I post it on my posts ?

http://www.rc4systems.net/Downloads/Docs/CRA-Notes-27Sep2008.pdf


42 posted on 09/27/2008 9:52:30 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
You go RIGHT ahead! If SP complains about the circuit getting soaked, I'll move her over to the Road Runner biz class circuit here.

Go for it buddy!
43 posted on 09/27/2008 9:54:12 PM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: TruthWillWin
I would, and I DO appreciate you posting that here, but I think it's important to keep the document fairly short. I'm having a small bit of trouble getting people to read all the way through it. They tend to not want to go to the trouble. But if they will, then they'll go research things like what you've posted and hopefully call their legislators and say not only NO but

HELL NO!


44 posted on 09/27/2008 9:56:23 PM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: hiredhand

Now do NOT let me piss off Sweetie Pie !.......LOL !

I’d rather have the Taliban after me than SP .....:o)

http://www.rc4systems.net/Downloads/Docs/CRA-Notes-27Sep2008.pdf


45 posted on 09/27/2008 9:59:29 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
I’d rather have the Taliban after me than SP .....:o)

Lawd-a-Mercy! ...that's a good example of being between a rock and a hard place!...having to choose between Taliban chasing you down, or HER! I'll have to think on that one! :-)

Seriously...I've got to get her moved over to the RR biz class circuit anyway, and all I have to do is change the route on her PC...it's EASY! I'll do it NOW in fact and she'll never be any worse for wear! :-)
46 posted on 09/27/2008 10:02:29 PM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: hiredhand

Kinda like tap dancin in the mine fields ain’t it ?.....:o)

http://www.rc4systems.net/Downloads/Docs/CRA-Notes-27Sep2008.pdf


47 posted on 09/27/2008 10:08:01 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Squantos
Kinda like tap dancin in the mine fields ain’t it ?.....:o)

Er...worse really! I just realized that I can't move her PC over to the RR circuit. Her workstation is also the internal mail server! OOPS. Its traffic MUST go out the static circuit!

If she notices, I'll be a "nice guy" and offer to share my workstation. :-) That might work! :-)
48 posted on 09/27/2008 10:10:47 PM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: 21twelve
Scanning through this thread I noticed your post. Maybe this will help clear things up?

Villain Phil(Gramm)(Dimocrat Financial Shape-Shifting)

49 posted on 09/27/2008 10:15:28 PM PDT by ForGod'sSake (ABCNNBCBS: An enemy at the gates is less formidable, for he is known and carries his banner openly.)
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To: hiredhand
....but I think it's important to keep the document fairly short....

The Democrats spin (propaganda/lies) is that the current problem was caused by deregulation. Deregulation had nothing to do with the changes at Fannie Mae/Mac that gave birth to the current financial mess. By including some of the information from the link I provide it will show exactly where the problem began, very important in my opinion to debunk the deregulation lies.

Following is the relevant information that I believe should be included in your summary:

Rather than submit legislation that the GOP-led Congress was almost sure to reject, Clinton ordered Robert Rubin's Treasury Department to rewrite the rules in 1995.

Clinton's HUD secretary, Andrew Cuomo, "made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis," the liberal Village Voice noted. Among those decisions were changes that let Fannie and Freddie get into subprime loan markets in a big way.

Other rule changes gave Fannie and Freddie extraordinary leverage, allowing them to hold just 2.5% of capital to back their investments, vs. 10% for banks.

Since they could borrow at lower rates than banks due to implicit government guarantees for their debt, the government-sponsored enterprises boomed.

Link to entire article:

How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable

50 posted on 09/28/2008 6:14:17 AM PDT by TruthWillWin
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