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Posted on 12/09/2008 4:28:41 AM PST by Nick Thimmesch
WASHINGTON -- Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac.
(Excerpt) Read more at washingtonpost.com ...
I am sure the press will report this when hell freezes over. I cannot possibly detest democrats anymore than I do right now. They are thieving, corrupt, socialists and no-one does anything about it. I just decided to look over at the Today show this morning and it was laughable. They were talking about obama’s smoking habit and his ‘long strugggle to quit’. At one point the reporter said: ‘Obama was asked his toughest question at the end of his Meet The Press appearance’ and then they showed a clip of Brokaw asking him about his smoking....lol.
We are so Screwed!
It still goes back to the bad loans that were made along with the increasingly bad lending practices. Today, we learned that half of the bad loans that the government ‘fixed’ are already in default. This should be no surprise and we’ve got stop rewarding bad behavior with more bad behavior.
“This should be no surprise and we’ve got stop rewarding bad behavior with more bad behavior”
Well, Barney Frank(The banking queen) and the democrats cannot be removed from office until 2010, so nothing will happen but more bail-outs and socialism. The only thing we can do is hound the republicans to filibuster everything they do from here until 2010.
Discover the link:
Barney Frank’s former so-called “spouse” was a man named Herb Moses.
http://www.washingtonpost.com/wp-srv/politics/special/clinton/stories/frank121898.htm
At the time, Herb Moses was a director for housing initiatives at Fannie Mae.
http://findarticles.com/p/articles/mi_qn4182/is_/ai_n10104224.
Herb Moses helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.
http://www.familysecuritymatters.org/publications/id.1277/pub_detail.asp
Herb Moses was reportedly a mortgage expert who left Fannie Mae in 1998 to start a pottery business.
http://www.businessandmedia.org/articles/2008/20080924145932.aspx
But not before his lover Barney Frank lobbied hard to widen Fannie Mae’s ability to give mortgages to high-risk borrowers.
http://www.businessweek.com/archives/1994/b33985.arc.htm
A “Herbert M. Moses” from Washington D.C. and employed by Fannie Mae gave $1500 to Democrats in the 1990s.
http://www.opensecrets.org/indivs/search.php?name=moses%2C+herb&state=&zip=&employ=&cand=&all=Y&sort=N&capcode=jb97b&submit=Submit
A “Herbert M. Moses” in D.C. is listed at whitepages.com
http://www.whitepages.com/search/FindPerson?extra_listing=mixed&form_mode=opt_b&post_back=1&firstname_begins_with=1&firstname=herbert&name=moses&street=&city_zip=&state_id=DC&localtime=survey.
At this whitepages page, you will find a “background records” link that allows you to buy a detailed report on that name from a list of several links.
http://preview.ussearch.com/preview/ala/newsearch?&searchState=DC&searchFName=herbert&searchLName=moses&adID=6194003754&adsource=9&TID=1&cid=background&searchtab=background
Several of those links will give a teaser list of cities where the named person presumedly has lived or lives.
http://www.ussearch.com/consumer/ala/category.do?cid=5105&did=0&adID=10002101&&searchtab=people&&searchFName=Herbert&searchMName=M&searchLName=Moses&searchCity=Washington&searchState=DC&searchApproxAge=&searchStateJurisdiction=DC&searchGender=&searchZip=20009-1106&vid=cfc&searchAgentNotes=Name_ViewAll&searchPerson=001786905501
Fact check: you can type in the name of someone you know and see that the list of teaser cities is an actual list of the actual cities where the named person has lived.
For “Herbert M. Moses” of D.C., Huntington Beach, CA, is one of 6 cities listed as a current or former residence.
http://www.ussearch.com/consumer/ala/category.do?cid=5105&did=0&adID=10002101&&searchtab=people&&searchFName=Herbert&searchMName=M&searchLName=Moses&searchCity=Washington&searchState=DC&searchApproxAge=&searchStateJurisdiction=DC&searchGender=&searchZip=20009-1106&vid=cfc&searchAgentNotes=Name_ViewAll&searchPerson=001786905501
Newport Beach is 6 miles from Huntington Beach
http://maps.google.com/maps?f=d&saddr=newport+beach,+ca&daddr=Huntington+Beach,+CA&hl=en&geocode=&mra=ls&sll=33.829785,-117.27787&sspn=1.204664,2.460938&ie=UTF8&z=13
A google search of “Herbert Moses”
http://www.google.com/search?hl=en&q=%22Herbert+Moses%22
brings you to a photo and contact page of “Herb Moses” working at Wells Fargo in the mortgage department
https://www.wfhm.com/wfhm/herbert-moses/index.page
and Herb Moses of Wells Fargo mortgage is also listed at this website
http://workmanrealestategroup.com/lenders.html
A brand new FReeper, Stevie1958, has posted an interesting note at FR claiming that this same pictured Herb Moses has made porn films with his current long-term gay sex partner.
http://www.freerepublic.com/focus/news/2094109/posts?page=85#85
A google search using key terms revealed by this new FReeper, Stevie1958, does lead to webpages with photos of the same pictured man (identified above as Herb Moses) engaged in explicit homosexual sex acts.
http://www.google.com/search?hl=en&q=%22jessie+foxx%22+%22real+couples%22
So, it seems that Barney Frank’s former homosexual “spouse” who was a Fannie Mae executive, is now a third rate loan salesman and gay pron star. It makes Frank’s old housemate, Steve Gobie, who Frank met when he hired him as a male escort, and who ran a gay “escort” service from Frank’s D.C. home, seem pretty tame in comparison (Representative Barney Frank received a formal reprimand from the House for his relationship with a male prostitute - Gobie).
And one more thing: Is Stevie1958 really Stephen L. Gobie?
Call in Carter, Clinton and even Bush .. AND THEIR CONGRESSES .. they all had their hand in putting the CRA in motion.
Cache of dead link:
The answer to your question in a word, oversupply.
With so many more buyers arriving on the scene, home builders had the incentive to fill the current needs of the market. As money became increasingly easier to get for more and more people, supplies of available homes became scarce and prices began to rise.
As the terms of the mortgages, providing the majority of the thrust in the market, began to run full circle and many, if not most of those who were subject to those terms could not now afford to pay their mortgage payments.
As the defaults and subsequent foreclosures commenced, the supply of available homes on the market increased at the same rate. Many of these newly available homes were going at deep discounts or at auction.
As the prices at which homes are being sold for in your neighborhood decline, so does the value of your home. Until the price of a previously owned home rises to at least the level of the cost to build new one, prices will be depressed.
IMHO, the impact of oil prices on the prices is of a secondary nature. As the cost of commuting to your place of work rises, people will begin to reconsider their individual life style choices and make the adjustments as they view necessary. Also, the cost of maintaing ones residence may also influence life style decisions.
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