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Funny how this is ANOTHER great point by TP, yet we hear NOTHING coming from the Obama campaign to hammer back at this when McCain smears Obama over Fannie & Freddie. Less than 2 weeks and Obama has so much more $$, he should be DROWNING him out.

October 23rd, 2008 at 2:36 pm
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Obama is doing ok as it is. Remember, they said Fannie and Freddie were significant factors, just not the main cause of the financial situation. Best not to try to use that slight distinction to bolster his candidacy if it can be avoided.

I did turn down alot of borrowers, rather than put them into something I knew they couldn’t handle – and maybe they did go elsewhere. But I live in a small town, and I can face everybody I dealt with, with a clear conscience.

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judyinnm Says:
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PS – It was Greenspan who kept encouraging people to take out adjustable rate mortgages, even though fixed rate mortgages were very attractive, at the time. Those ARMs are now a big part of the problem, especially the sub-prime ones.

I’m older than many of those buying homes for the first time but I alway had the impression that getting an ARM was akin to buying a house and putting it on a credit card…..

much more money involved though and thus the problem.

“I’m one of those dreaded mortgage brokers who are always mentioned as a (if not THE) culprit in the mortgage melt-down.”

Mortgage brokers just did what they’re supposed to do, get their clients loans. All of us are a product of our environments. If banks lower their standards, if there is lax or non-existent regulation, if clients who were turned down for a mortgage before suddenly qualified for loans, it’s not a brokers fault for facilitating the process. Look at it this way, if you’re working as a broker and you refused clients because you felt they were poor risks even though a lender approved the loan application, you would have been fired. It wouldn’t have prevented that person from getting their loan. They would have found another broker but you would have been out of a job. When a player cheats blame the player. When the rules allow cheating, blame the people who made the rules.

So you missed Ronnie “Trees cause pollution” Reagan’s Campaign for President?

BTW

The U.S. Treasury Department has decided against publicly releasing key details of the contract it awarded Bank of New York Mellon to keep the books for the government’s purchase of toxic securities. In a publicly released copy of the contract, the Treasury blacked out how much it will pay the bank for its role in the government’s $700 billion taxpayer-funded bailout.The government’s justification for blacking out the monthly fees set in the publicly bid contract aren’t clear.”It looks like a reflexive, ‘we don’t want to tell you,’” said Steven Aftergood, director of the Project on Government Secrecy at the Federation of American Scientists. “I just don’t see the rationale.”

Still crooks are incharge.

Anyway, Fannie & Freddie still maintained higher lending standards than most mortgage lenders, even while expanding the criteria to allow more people to qualify to own a home. They are not the cause of this situation, by a longshot!

The housing/mortgage bubble was pumped up by Greenspan’s continually cutting the interest rates, and by corrupt realtors, appraisers, mortgage lenders and banks all conspiring to keep the real estate prices rising. Well, all bubbles eventually burst, and so the real estate bubble burst. Since the Fed and Bush refused to allow small recessions to occur after his first one, the tinder and fuel gathered in thicker and thicker layers and it finally caught on fire and the economy burned down.

In summary the SEC has not regulated as it was suppose to do and trading funds have become FTD’s or Failure To Deliver therefore creating a mass of empty funds.

Again, the link is:http://www.businessjive.com/

tokin librul Says:
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All of mebbe 1,000 people will hear about this.

Hunderds of thousands hang on every word Brill-O, Limbot, and the rest utter.

Now which “facts” do you think will occupy the spotlight?

I think that most Americans have already figured this out with the information that has been floating around the last few months.

Americans are blaming the republicans, as they should. How else do you explain Obama’s poll numbers.

doom and gloom tokin…..You just can’t see a chance in the world that this could turn out ok can you?