http://www.freerepublic.com/focus/news/2488552/posts?page=32#32
…the real amount of money spent on interest last year alone nearly equals the total amount of money our government takes in!
No wonder Barney Franks has decided to retire.He is a key player in this fraud and deception.
Your headline insertion does not line up with what Mr. Greenspan said.
Subprime mortgage does not necessarily equal affirmative action mortgage.
More subprime mortgages went to white borrowers than to black and hispanic borrowers.
Certainly a higher percentage of mortgages (2-3x) made to minorities were subprime, but most of that can be explained by their lower incomes and poorer credit scores.
So considerably more subprime mortgages, by number, went to whites. I would suspect “white” subprimes were on average considerably higher in value, so the value involved with white subprime mortgages is probably at least 2x that for minorities.
Look, there is no question at all that the mortgage mess was made worse by enthusiastic government support of loans to minorities who didn’t qualify financially. But these loans didn’t CAUSE the meltdown.
So, now Greenspan has this great ephiphany? Sorry Alan—its too late to save your tarnished reputation.
Panel got the wrong people. Try getting Moody analysts who had no loan data from the client banks when they tried rating their mortgage back securities and somehow with the lack of data rated the products AAA. Try asking borrowers of prime mortgages why they put a huge salary on their applications when their tax filing showed otherwise. Try asking the bank underwriting departments why they did not validate the info on loan applications and why they created high RICO ratings for loan applicants to cover the bad credit scores. All these discrepencies can be tracked and documented and the people involved can be hauled in front of Congress for an explanation. All this does not involve new regulations but rather exsisting regulations. Before Congress uses these hearings to create new rules and regs, they should be using these hearings to determine if existing rules and regs were violated and why no one in the government is pursuing these cases.
Time to replay “Burning Down the House”
http://www.youtube.com/watch?v=NU6fuFrdCJY
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
Youtube ^ | 9-24-08 | Proud To Be Canadian
http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1
The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis — starting in 2002 (and actually even earlier — in the Clinton and Carter White Houses.
Democrats resisted and kept to their party line, extending loans to people who couldn’t afford them — just like you would expect of socialists.
http://www.freerepublic.com/focus/f-news/2451424/posts
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The CRA Scam and its Defenders (ACORN’s role in the subprime crisis)
http://www.freerepublic.com/focus/news/2084666/posts
The myth that the CRA would not be harmful to bank-industry profits was hidden for years by the Fed-created housing bubble, which allowed for easy refinancing of all the bad debt. “[The] CRA increased lending and homeownership in poor communities without undermining banks’ profitability,” Robert Gordon proudly proclaims.”
How ACORN Helped The Housing Crisis Harm Taxpayers
The Virginian ^ | 9/27/2008 | Moneyrunner
http://www.freerepublic.com/focus/f-bloggers/2091698/posts
WHAT CAUSED THE ECONOMIC CRISIS
Now we know what a community organizer does
http://www.jeffhead.com/obama/communityorgan.htm
Obama sued Citibank Under CRA to Force it to Make Bad Loans
http://www.freerepublic.com/focus/news/2101106/posts
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Freeper Liz has done great research on financial corruption. Here she ties in Rahm Emmanuel and the BHO administration:
Rahm Emanuel’s Profitable Raping of Freddie_Mac
Freddie Mac records exempt from FOIA (Obama Admin Denies Request)
Rahm Emanuel’s Profitable Raping of Freddie_Mac
http://www.freerepublic.com/focus/news/2296845/posts?page=46#46
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Truth Comes Out at Financial Crisis Hearings; State-Run Media Ignores: Greenspan says the subprime crisis started it all.
http://www.rushlimbaugh.com
RUSH: “Now, it’s fascinating because Angelides, when the microphones are off, after Greenspan finished, there was a little audio from the former chairman. Angelides said that Greenspan had given a lights-out performance. And that’s in the Politico: “Greenspan Defends Legacy, Jabs Hill.” So Angelides, Democrat, he told the truth.
It’s just fascinating. Well, it’s not fascinating. It’s interesting to point out that when they’re leaving the game, when Washington and the culture there can no longer do anything for them, they tell the truth. In the middle of the scandal don’t dare tell the truth if you want to remain a player in the game.”
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Greenspan says Congress pushed Fed on housing boom
http://www.freerepublic.com/focus/f-news/2488415/posts
Greenspan Could Have Prevented Housing Collapse Claims NY Times Op-Ed
http://www.freerepublic.com/focus/f-news/2486757/posts
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PBS Frontline: The Warning — How Greenspan, Summers & Rubin Conspired To Silence Derivatives Whistleblower Brooksley Born:
Born says. “That puzzled me. What was it that was in this market that had to be hidden?”
http://www.pbs.org/wgbh/pages/frontline/warning/view/
…the real amount of money spent on interest last year alone nearly equals the total amount of money our government takes in!
Unfortunately, there was a deliberate effort to inject looser and looser credit to keep the bubble from popping. Was this a result of naïveté, or an effort to scam huge sums of money from the market?
bttt