Keyword: subprimeloans

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  • Hillary Clinton's Subprime Memory: Now She Says She warned About Risky Loans

    07/17/2015 4:55:05 AM PDT · by SeekAndFind · 15 replies
    IBD ^ | 07/17/2015
    If only Wall Street bankers had listened to St. Hillary during the subprime mortgage frenzy. She now claims she warned about the risky loans. Yep, a Clinton actually went there. Her campaign may regret it. While bashing Wall Street for risky acts and "criminal behavior," Clinton in her first economic stump speech portrayed herself as the voice of financial sanity in a casino of wild greed. "As we all know, in the years before the crash, financial firms piled risk upon risk," she intoned, "and regulators in Washington either wouldn't or couldn't keep up. "I was alarmed by this gathering...
  • A Subprime Loan Primer

    10/01/2008 11:25:35 AM PDT · by ForGod'sSake · 24 replies · 1,126+ views
    email ^ | 10/01/2008 | FGS
  • IRS released confidential info on conservative groups to ProPublica

    05/14/2013 3:22:15 AM PDT · by markomalley · 32 replies
    Washington Post ^ | 5/14/2013 | Josh Hicks
    ProPublica on Monday reported that the same IRS division that targeted conservative groups for special scrutiny during the 2012 election cycle provided the investigative-reporting organization with confidential applications for tax-exempt status. That revelation contradicts previous statements from the agency and may represent a violation of federal guidelines. Lois G. Lerner, who heads the IRS sector that reviews tax-exemption applications, told a congressional oversight committee in April 2012 that IRS code prohibited the agency from providing information about groups that had not yet been approved. Reps. Darrell Issa (R-Calif.), chairman of the House Oversight and Government Reform Committee, and Jim Jordan...
  • Advice from "beyond the echo chamber"

    02/06/2009 3:56:41 PM PST · by Cindy · 14 replies · 337+ views - blog ^ | Friday, February 6th, 2009 at 12:55 pm | n/a
    Note: The following text is a quote: Friday, February 6th, 2009 at 12:55 pm Advice from "beyond the echo chamber" We just learned the economy lost another 600,000 jobs last month. It's a staggering number, and it underscores just how deep this crisis is – and, as the President pointed out this morning, it’s accelerating. That's why he created the Economic Recovery Advisory Board -- to solicit ideas from "beyond the echo chamber of Washington, DC." "I’m not interested in groupthink, which is why the Board reflects a broad cross-section of experience, expertise, and ideology," he said. "We’ve recruited...
  • Obama administration pushes banks to make home loans to people with weaker credit

    04/03/2013 6:32:05 AM PDT · by SeekAndFind · 80 replies
    Washington Post ^ | 04/03/2013 | By Zachary A. Goldfarb,
    <p>The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.</p>
  • The Biggest Financial Scandal In History?

    07/05/2012 2:00:45 PM PDT · by blam · 6 replies
    TEC ^ | 7-5-2012 | Michael Snyder
    The Biggest Financial Scandal In History?Michael SnyderJuly 5, 2012 We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those...
  • Financial Reform: Unfinished Business (Paul Volcker)

    11/15/2011 8:12:25 PM PST · by neverdem · 8 replies
    NY Review of Books ^ | November 24, 2011 | Paul Volcker
    It should be clear that among the causes of the recent financial crisis was an unjustified faith in rational expectations, market efficiencies, and the techniques of modern finance. That faith was stoked in part by the huge financial rewards that enabled the extremes of borrowing, the economic imbalances, and the pretenses and assurances of the credit-rating agencies to persist so long. A relaxed approach by regulators and legislators reflected the new financial zeitgeist. All the seeming mathematical precision that was brought to investment, all the complicated new products, including the explosion of derivatives, that were intended to diffuse and minimize...
  • Barney Frank: The Community Reinvestment Act Was a ‘Republican Failure’

    10/12/2011 10:59:56 PM PDT · by neverdem · 58 replies
    NATIONAL REVIEW ONLINE ^ | October 12, 2011 | Jim Geraghty
    In today’s Wall Street Journal: Asked who was to blame for the 2008 financial crisis and whether any bankers should have been prosecuted, Mrs. Bachmann and former House Speaker Newt Gingrich put the onus on the federal government, with Mr. Gingrich suggesting that former Senate Banking Chairman Chris Dodd and Rep. Barney Frank, former chairman of the House Financial Services Committee, should both be jailed.“It was the federal government that pushed the subprime loans . . . that pushed the community reinvestment act,” said Mrs. Bachmann, citing what she considered the causes of the housing meltdown.Mr. Frank released an emailed...
  • The Unexamined Crisis

    10/12/2011 5:02:18 PM PDT · by neverdem · 6 replies
    Project Syndicate ^ | 2011-09-22 | Luigi Zingales
    CHICAGO – Three years have now passed since the collapse of Lehman Brothers, which triggered the start of the most acute phase of the 2007-2008 financial crisis. Is the financial world a safer place today? Within days after the 9/11 terrorist attacks in 2001, the US had erected new and enormous security measures at airports throughout the country. Within a month, the US military was on the ground in Afghanistan. Within three years the US had an official report on the causes of the events of 9/11; the well-resourced expert commission that produced it identified the weaknesses of America’s national-security...
  • Untangling the Foreclosure Mystery— Part 4

    06/03/2011 4:44:39 AM PDT · by Elle Bee · 71 replies · 1+ views
    Key West The Newspaper ^ | May 27th, 2011 | Matt Gardi
    Untangling the Foreclosure Mystery— Part 4 EXAMINING THE CASE OF ONE LOCAL “DEADBEAT” Commentary by Matt Gardi The last few weeks, in this newspaper, I have made an attempt to expose what is truly going on in the foreclosure process, and how it ties back to a myriad of other systematic issues affecting our daily lives. Last week, we touched on the fact that the court system is incentivized directly by the Banks that have caused this crisis. But I would be remiss if I did not mention the Foreclosure and Economic Recovery Plan, aka the “Rocket Docket.” In...
  • Fannie and Freddie Amnesia (Great Rebuttal Piece For When Dems blame GOP for Sub Prime Mess)

    04/20/2010 10:17:16 AM PDT · by MissesBush · 2 replies · 418+ views
    Wall Street Journal ^ | 04/20/2010 | Peter Wallis
    Taxpayers are on the hook for about $400 billion, partly because Sen. Obama helped to block reform. Now that nearly all the TARP funds used to bail out Wall Street banks have been repaid, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac stand out as the source of the greatest taxpayer losses. The Congressional Budget Office has estimated that, in the wake of the housing bubble and the unprecedented deflation in housing values that resulted, the government's cost to bail out Fannie and Freddie will eventually reach $381 billion. That estimate may be too optimistic. Last Christmas Eve,...
  • Greenlining & ACORN : Two peas in a pod?

    04/12/2010 7:42:50 PM PDT · by 2ndDivisionVet · 4 replies · 429+ views
    The Washington Examiner ^ | April 12, 2010 | Tori Richards, Special to The Examiner
    Both use controversial tactics to force powerful institutions to toe their line, but does that mean the Greenlining Institute and the Association of Community Organizations for Reform Now are two sides of the same coin? Depends on who you ask. Greenlining says on its Web site that “since 1993, the Greenlining Institute has blossomed into a major policy player throughout California and the nation ... garnering over $2.4 trillion dollars in investments into traditionally underserved areas.” Even so, Greenlining has purposely flown beneath the radar of public opinion since its inception. That began to change, however, when the subprime meltdown...
  • Time For Sunshine, Fannie And Freddie

    03/11/2010 5:13:01 PM PST · by raptor22 · 3 replies · 255+ views
    Washington Examiner ^ | March 11, 2010 | Editorial staff
    Next Tuesday is James Madison's birthday and National Freedom of Information Act Day, the high point of Sunshine Week celebrations of the public's right to know. Madison enshrined that right with the First Amendment's guarantee of an independent press. President Obama could use the occasion to strike a major blow for transparency with one simple directive: He could tell the Federal Housing Finance Agency to drop its nonsensical claim that it doesn't have to make public Fannie Mae and Freddie Mac documents, especially those concerning federal campaign contributions made on behalf of the two agencies in the years leading to...
  • VIDEO: Acorn Helping Illegal Aliens Get Home Loans

    09/21/2009 10:10:42 AM PDT · by Nachum · 74 replies · 5,262+ views
    You Tube ^ | 9/21/09 | FOX
    Acorn has been helping illegal aliens receive home loans for years. Finally the media is catching on that the government is complicit in helping the loans to go through. Fox report- video at link
  • The CRA and Key Players

    09/27/2008 10:08:08 AM PDT · by hiredhand · 54 replies · 3,831+ views
    Various ^ | 27 Sep 2008 | Self
    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,...

    06/18/2009 8:07:19 AM PDT · by Renkluaf · 2 replies · 171+ views
    US Treasury Department ^ | June, 2009 | O's Revisionist Historians
    From page 70 (PDF page)...4. Access. The Agency should enforce fair lending laws and the Community Reinvestment Act and otherwise seek to ensure that underserved consumers and communities have access to prudent financial services, lending, and investment. A critical part of the CFPA’s mission should be to promote access to financial services, especially for households and communities that traditionally have had limited access. This focus will also help ensure that the CFPA fully internalizes the value of preserving access to financial services and weighs that value against other values when it considers new consumer protection regulations. Rigorous application of the...
  • The Housing Boom and Bust - Thomas Sowell on how government policies made the housing crisis...

    05/21/2009 12:57:56 AM PDT · by neverdem · 13 replies · 1,285+ views
    Reason ^ | May 20, 2009 | Brian Doherty
    Thomas Sowell on how government policies made the housing crisis possible Thomas Sowell, prolific public intellectual and the Rose and Milton Friedman Senior Fellow at the Hoover Institution, is one of America's greatest economic thinkers and educators. He's taught the fundamentals through such books as Economic Facts and Fallacies and Basic Economics and chronicled economic history through such scholarly works as Marxism: Philosophy and Economics and On Classical Economics. In his classic work Knowledge and Decisions, he espoused a sophisticated, largely Hayekian approach, revealing how the efficient spread of relevant knowledge is shaped by our social institutions, and often warped...
  • The Democrat Party Is A Criminal Enterprise

    02/08/2009 8:59:20 PM PST · by ElKafir · 13 replies · 825+ views
    Transsylvania Phoenix ^ | Transsylvania Phoenix
    Next time when your liberal friend / relative* starts whining about how Bush economic policies caused the financial meltdown and how Obama will save America with his GigaPork stimulomarxist package, hit him back hard with this video. Read on
  • U.S. Unemployment Government Statistics Hiding the Dismal Truth

    02/08/2009 8:30:26 PM PST · by An Old Man · 87 replies · 2,132+ views
    The Market Oracle ^ | Feb 01, 2009 | Money Morning
    Government Unemployment Numbers — Not What They Seem The official government estimates of the current unemployment problem are staggering in their own right. 791,000 manufacturing jobs were lost in 2008, hitting the auto sector hardest. 260,110 people lost jobs in the financial sector, part of the overall service sector that accounts for some 80% of all employment. The construction sector shed 899,000 since peaking in September 2006. The retail sector shed 522,000 jobs for all of 2008. All told, 2.6 million people lost their jobs in 2008. And, to underscore the accelerating nature of the problem, more than half of...
  • Swiss banks to announce massive losses: report

    02/08/2009 1:57:44 PM PST · by NormsRevenge · 14 replies · 669+ views
    AFP on Yahoo ^ | 2/8/09 | AFP
    ZURICH (AFP) – Two of Switzerland's largest banks, UBS and Credit Suisse, are set to announce combined losses for 2008 of 29 billion Swiss francs later this week, the Sonntag newspaper reported Sunday. According to the report, UBS will announce an annual loss of 21 billion Swiss francs (14 billion euros, 18 billion dollars) on Tuesday, the largest in Swiss history and reflecting the fact the company was one of the banks hardest hit by the US subprime loan crisis. Last November, UBS posted a net profit of 296 million Swiss francs for the third quarter following a year of...
  • Franking Privileges or Barney Blows It

    01/13/2009 3:56:44 PM PST · by Dick Bachert · 19 replies · 927+ views
    Vanity ^ | 1-13-2009 | Dick Bachert
    Every time I catch sight of that flaming queen, Barney Frank (whom some have dubbed “The Banking Queen), lecturing some business or banking type from his perch in a House hearing room, I want to HURL! Let me see if I have this straight. And to borrow a line from a Jim Carey film “SOMEBODY stop me” if I get any part of it wrong: Barney and some of his cohorts (Dodd, Schumer, et al) FORCED banks to make mortgage loans to people who had no prospect of making the payments under threat of losing their bank charters; For a...
  • Ex-subprime bank executive finances Obama

    10/29/2008 2:40:34 AM PDT · by Aussie Dasher · 4 replies · 812+ views
    Washington Times ^ | 29 October 2008 | Jerry Seper
    John W. Courtney's world collapsed at dinnertime on a Friday in July 2001. That's when he learned from a television newscast that much of the $200,000 that he had saved from his construction job over a 30-year period was lost when his Chicago-area bank was shut down after pursuing a failed strategy of subprime loans. Seven years later, the Vietnam War veteran has yet to recoup $85,000 of his uninsured losses from Superior Bank's failure. And he watches in disbelief as one of the bank's former top officials, billionaire hotel heiress Penny Pritzker, leads the record-breaking fundraising machine of Democratic...
  • Most Wanted: BARNEY "Not Me!" FRANK

    10/13/2008 7:53:50 PM PDT · by jay1949 · 9 replies · 573+ views
    American Sentinel ^ | October 13, 2008 | jay1949
    Most Wanted: BARNEY FRANK - - also known as “Not Me!,” “Uh-uh-no,” and “The Denier,” is wanted for serious offenses against the American People. Frank and his gang are responsible for financial misdeeds which have cost the American taxpayer $985,000,000,000.00 THIS YEAR ALONE! Pending charges include:
  • How AIG's Collapse Began a Global Run on the Banks

    10/04/2008 9:26:05 PM PDT · by Major Matt Mason · 17 replies · 2,074+ views
    DailyWealth ^ | 10/4/08 | Porter Stansberry
    Something very strange is happening in the financial markets. And I can show you what it is and what it means... If September didn't give you enough to worry about, consider what will happen to real estate prices as unemployment grows steadily over the next several months. As bad as things are now, they'll get much worse. They'll get worse for the obvious reason: because more people will default on their mortgages. But they'll also remain depressed for far longer than anyone expects, for a reason most people will never understand. What follows is one of the real secrets to...
  • Subprime Obama

    03/29/2008 2:16:01 PM PDT · by neverdem · 21 replies · 823+ views
    The Nation ^ | February 11, 2008 | MAX FRASER
    Last year, forty-three states reported increased home foreclosure rates. Nevada led the way for eleven consecutive months; in Clark County, which includes Las Vegas, nearly one in twenty homes is in foreclosure. Whole blocks have been foreclosed in Chicago. Nationwide, rates are nearing Depression-era highs--ravaging working- and middle-class neighborhoods that fell prey to the soft sell and outright chicanery of predatory lenders in the heyday of the housing boom. These lenders have targeted the most vulnerable--black and Latino borrowers have been twice as likely to receive subprime loans as whites; female homeowners, 30 percent more likely than male; black women,...
  • The Real Scandal-How Feds Invited the Mortgage Mess

    02/05/2008 5:42:47 AM PST · by OESY · 41 replies · 482+ views
    New York Post ^ | February 5, 2008 | STAN LIEBOWITZ
    ...From the current hand-wringing, you'd think that the banks came up with the idea of looser underwriting standards on their own, with regulators just asleep on the job. In fact, it was the regulators who relaxed these standards- at the behest of community groups and "progressive" political forces. In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining"- claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants.... In fact, minority mortgage applications...
  • A Sarbox for Housing - How to restrict lending to the poor for years to come

    11/06/2007 12:39:19 AM PST · by gpapa · 16 replies · 131+ views ^ | November 6, 2007 | Editorial Staff
    Throughout the 1980s and '90s, Congress prodded, even strong-armed, banks into making more mortgage loans to low-income and minority families. Washington enacted anti-discrimination and community lending laws with penalties against lenders for failing to issue riskier mortgages to homebuyers living in poor neighborhoods or with low down payments and subpar credit ratings. And so it was that the modern subprime mortgage market was born. Now, and for a variety of reasons, some two million of those loans have gone sour, and the same politicians are searching for villains. Leading the charge is House Financial Services Chairman Barney Frank, who is...
  • Ties to lender may cost Edwards: Company’s subprime loans, home foreclosures trouble supporters

    09/11/2007 8:10:24 AM PDT · by 2ndDivisionVet · 16 replies · 715+ views
    The State ^ | September 9, 2007 | AARON GOULD SHEININ
    A subprime lender with ties to Democratic presidential hopeful John Edwards has moved to foreclose on more than 130 homes in South Carolina since the S.C. native went to work for its parent company, an analysis of courthouse records shows. The lender, Green Tree Financial, also was once the subject of a $30 million class-action verdict involving thousands of South Carolinians. Edwards’ ties to the company are disquieting to some supporters of the North Carolinian. On the campaign trail, Edwards has insisted he is the champion of lower-income families. Edwards’ ties to Green Tree also could hurt him with voters...
  • Subprime Mortgage Crisis Spreading (to expensive homes/Jumbo loans)

    09/02/2007 3:27:24 PM PDT · by 2ndDivisionVet · 49 replies · 2,432+ views
    NewsMax Money ^ | August 29, 2007
    The subprime mortgage crisis is spreading to a somewhat unexpected place: homes costing more than $500,000. As lending has rapidly gotten more restrictive for borrowers taking out large loans, sales of expensive homes have fallen sharply around the country during what should be one of the busiest seasons for buyers and sellers, mortgage bankers and real estate agents say. To some degree the change is due to difficulty getting financing, as borrowers are finding fewer lenders willing or able to fund "jumbo" mortgages, loans for amounts greater than $417,000. Such loans are too big to be guaranteed by government-sponsored housing...
  • Banks told to show subprime leniency

    06/29/2007 5:48:25 PM PDT · by DeaconBenjamin2 · 50 replies · 1,064+ views
    Financial Times ^ | June 29 2007 23:58 | By FT reporters
    US regulators on Friday told banks to be more lenient with subprime mortgage borrowers in difficulties, potentially compounding uncertainties in the troubled mortgage securities market. The bank regulators issued guidance urging lenders to work with borrowers, for example by modifying loan terms. Such changes could affect the value of securities backed by subprime loans, which have already fallen sharply following a recent surge in defaults. “Banks will have to work out how to reconcile the requirements of the regulators and the interests of holders of mortgage securities,” said one official. American International Group has said implementing the guidelines will cost...
  • Home Construction Bust May Continue Until 2011

    05/29/2007 3:01:05 PM PDT · by Tolerance Sucks Rocks · 45 replies · 1,013+ views (Newsmax) ^ | May 29, 2007 | MoneyNews
    WASHINGTON -- Market experts expecting the home construction lull to end some time soon are going to have to wait longer than hoped. The chief economist for the National Association of Home Builders said new home construction in the U.S. may take until 2011 to return to last year's level. According to the NAHB, monthly construction starts would need to jump by 21 percent to reach David Seiders' benchmark for full recovery — 1.85 million. There were 1.53 million construction stats in April, the Commerce Department reported. At the height of the five-year housing boom in January 2006, construction began...
  • States consider issuing bonds to aid subprime mortgage holders

    04/02/2007 11:09:23 PM PDT · by freedomdefender · 12 replies · 682+ views
    oc register/reuters ^ | April 2, 2007 | Gilbert Le Gras
    A growing number of state housing agencies are developing or considering issuing bonds to assist subprime mortgage holders to refinance their obligations at fixed rates, officials at housing agencies said Tuesday. The Ohio Housing Finance Agency intends to issue $100 million in taxable bonds on April 2 to refinance about 1,000 loans averaging $100,000 each, held by homeowners with poor credit histories, with a fixed rate of around 6.75 percent, an official with the body said.