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Post 2007 Obama says Sub Prime Mortgages: a GOOD IDEA!!
Youtube ^ | 2008 | News clips

Posted on 10/13/2011 4:41:59 PM PDT by Titus-Maximus

Explosive Audio Unearthed: After the Sub Prime Crisis already started in 2007 Obama says Sub Prime Mortgages that gave houses to people WHO COULDN'T AFFORD THEM was a GOOD IDEA!!


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: financialcrisis; subprime
Excellent video of the debacle started by the idea that not lending to a person with bad credit can make you a racist.

Obama started the lawsuits in 1994 with Selma S Buycks-Roberson v. Citibank Federal Savings. The whole ACORN zoo was involved and accused Citi of not making mortgage loans to African-Americans because they were black. It was an ugly lie, and Citi was not lending to people because of their bad credit histories, not because they were black. This government action, magnified by Clinton and his faithful companion "Reno" browbeat the banks into funding the subprime market. The video shows, Franklin Raines, chief falsifier of Fannie Mae accounts, bragging about the 1 trillion (TRILLION) they set aside for subprime loans.

Send it to you daughter in Zucotti Park.

1 posted on 10/13/2011 4:42:02 PM PDT by Titus-Maximus
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To: Titus-Maximus

Theres no There, there. He said it started off as a good idea. Started off being the operative words.


2 posted on 10/13/2011 4:47:41 PM PDT by Selmore (Except for ending Slavery, Facism, Communism, and Nazism, War never has accomplished anything)
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To: Titus-Maximus
You know, when I first heard the term sub-prime loans, I thought somebody was getting the best loan rates possible.

Then I realized they were not talking about loan rates but the 'sub-prime' borrowers themselves.

3 posted on 10/13/2011 5:33:07 PM PDT by TexasCajun (Fast & Furious , Solyndra & Light Squared would be enough to impeach any White President !!)
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To: Titus-Maximus
 
 
" Uhhhh, that's not ours either! "
---Weiner, Obama, Perry, Pelosi, Frank, Pritzker and Associates, LLLP.
 
 

Follow the....

http://www.campaignmoney.com/finance.asp?type=in&cycle=08&criteria=pritzker&fname=penny

 

Billionaire business mogul Penny Pritzker is a member of one of America’s richest families and was the Finance Chair for the presidential campaign of Barack Obama.  It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obama’s presidential campaign.  She was the chair of Chicago-based Superior Bank’s board for five years. 

Pritzker was into subprime lending before it became all the rage starting in around 2000.  Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992.

Back then they called it "predatory lending."

Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings.  This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages.

On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superior’s auditor, in a fraud suit filed in federal court here.  But that action came two months after a group of Superior depositors accused the bank’s owners and directors, including two members of the Pritzker family, of racketeering....

[snip]

...Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty.  She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicago’s bid to win the 2016 Summer Games. 
 
http://www.theobamafile.com/_associates/PennyPritzker.htm
 
 
 
Nudge nudge nudge...
 

4 posted on 10/13/2011 5:52:51 PM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: Selmore

Except that too is wrong. It was never a good idea to get people in houses they couldn’t afford.


5 posted on 10/13/2011 6:04:51 PM PDT by newzjunkey
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To: newzjunkey
I believe the wrong lesson is being learned here.

A true unregulated market will shake itself out.

The problem is: They lied about the value of the derivatives and they lied when grading the risk of those investments.

All they needed to do was set aside a certain amount of that risk for future (inevitable) cancellations. I'd say the value of a no money down house is probably 30%. But they booked 100% and sold it as such.

Example: My sales team had a special no money down sale on widgets. Within one year, only 30% of the sales were still on the books. You say the lesson is zero tolerance for no money down widgets, I say the lesson is budget for the inevitable and only book 30% of the sales.

6 posted on 10/15/2011 2:58:49 PM PDT by Selmore (Except for ending Slavery, Facism, Communism, and Nazism, War never has accomplished anything)
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