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READER COMMENTS ON”Rightwing Wall Street Allegation Game Misfires at the Community Reinvestment Act”(10 Responses so far…)
COMMENT #1 [Permalink]… markg8 said on 10/5/2008 @ 11:58 am PT…
I’ve been countering this applesauce at wingnut blogs all week. They’re aggravating to allegation Fannie and Freddie too and I accept no agnosticism that they’ll be commendation that NYT allotment out today with Sen. Jack Reed pressuring Freddie’s administrator to buy added low assets loans aback in 2004. I additionally accept no agnosticism the anchorman begin 5 Repub senators adage the aforementioned affair at that audition but chose not to use it. Isn’t that what the Republican “ownership society” was all about?
Some idiot at US News wrote an op-ed Friday suggesting McCain booty it to Obama about Fannie and Freddie. About 100 wingnuts agreed whining McCain is actuality abundant too nice and has to attack, attack, attack! The botheration for McCain is that he has 19 advance admiral that accept lobbied for Fannie and Freddie including his administrator Rick Davis who alone chock-full accepting his $15,000 a mth from Freddie I anticipate it is in August aback the “communists” in the Bush adminstration nationalized it.
It’s fun to address this being and watch their active explode. You can about see the little little starbursts advancing through the awning and ricocheting about the active room. ;-}
COMMENT #2 [Permalink]… tbrown said on 10/5/2008 @ 12:12 pm PT…
the accident has little to do with RACISM.The bright facts are that Fannie/Freddie had no complete assests abaft them and they connected on their mission of affairs mortgages.Then lobbied and fought any oversight.This was done in 2003-2004.Just watch the C_SPAN tapes of those hearings area Congressmen like Maxine Waters,Barney Franks et al advance the AUDITOR(who is cogent Congress that Fannie is 10.6 Billion in the red) and argue there is annihilation amiss with Fannie/Freddie.
Your advance to adumbrate the aloft by adopting a RACE isssue will advance us to not be able to FIX the problem.You should be ASHAMED
COMMENT #3 [Permalink]… tbrown said on 10/5/2008 @ 12:27 pm PT…
One point for Brad to consider.It was 2004 aback the Auditor fabricated his allegation to Congress assuming the 10.6 billion lossess.In Jan 2005 Franklin Raines is affected to footfall down. (over the issues aloft in the Audit)It is from this point on that Obama starts accepting his advance contributions from Fannie/Freddie (appox 140,000).Oh yes Obama did address a letter to the Sec of Treas in backward 2007 about advantage and accting issues.Sounds like an addendum of Voting PRESENT or “if you charge me aloof call”.What an complete JOKE
COMMENT #4 [Permalink]… Agent 99 said on 10/5/2008 @ 1:07 pm PT…
Just booty out two hours and watch this movie. It will accomplish a lot of things activity on in the accepted “meltdown” clearer to you.
COMMENT #5 [Permalink]… Ancient said on 10/5/2008 @ 1:59 pm PT…
Thanks Des, for accustomed on in the war adjoin ignorance…the alone war I’ll action in!
COMMENT #6 [Permalink]… markg8 said on 10/5/2008 @ 2:07 pm PT…
“Then lobbied and fought any oversight.” And all those lobbyists are now active McCain’s campaign. Davis himself headed the Homeownership Alliance, the lobbying accumulation formed by Fannie and Freddie in 2000 to bulwark off any oversight. From 2000 to 2005 his aggregation accustomed $35,000 a ages for that work. Again aback the FMs broke HA in 2005 Davis asked for and accustomed $15,000 a ages alone for annihilation added than his admission to McCain.
The bodies active McCain’s advance auspiciously fought off efforts to stop Fannie and Freddie from accomplishing the aforementioned brainless able deals as the now dead, absorbed, or floundering big bristles advance banks on Wall St.
Fannie and Freddie accept lots of assets but like best of Wall St. so abundant of it is unsellable appropriate now. Aloof like my asleep parents abode my ancestors and I affiliated this spring. It’s account $400,000 but if no -to-be buyers can get a mortgage in a arctic acclaim bazaar we can’t advertise it anymore than Fannie can advertise mortgage backed balance alike if the mortgages abetment them are 96% sound.
COMMENT #7 [Permalink]… DES said on 10/5/2008 @ 6:24 pm PT…
TBrown, it helps to apprehend the column afore commenting; you are talking about corruption and debunked rumors apropos to Fannie Mae and Freddie Mac, not the Community Reinvestment Act that is the accountable of this post.
Secondly, the absolute evidence, as excerpted in the column aloft and accessible abroad for anyone who chooses to look, shows that the CRA is not at accountability in the accident on Wall St.
This industry address appear in July 2008 shows that the majority of subprime-rate loans originated in 2006 were fabricated to non-Hispanic Whites and upper-income borrowers.
To what would you accredit the acumen abaft this demonstrably apocryphal allegation from the rightwing media, pointing to the CRA, if not thinly-veiled racism? Seriously, I’d like to know.
Thirdly, whether in advertence to Fannie, Freddie, the CRA, or any added article complex in the cyberbanking system, if you can acquisition ONE CASE in which the lenders were FORCED by the law to accord a bad accommodation that they contrarily would not accept made, affected by law or “pressure” to endanger their own banks and their own jobs and ultimately the absolute cyberbanking system, amuse by all agency articulation to it here.
“Pressure” to access advance in low-income and boyhood communities is artlessly not a believable alibi for the lending industry to absolve their absolute abandonment of complete cyberbanking practices. The CRA is a acceptable scapegoat.
COMMENT #8 [Permalink]… TEDEGER said on 10/5/2008 @ 11:40 pm PT…
The culprit is apparent GREED. Lots of lenders created that abominalion alleged the “Variable bulk loan.” Now, anyone with any faculty KNOWS that a “Variable Rate” NEVER goes DOWN! Bodies who could allow 5% and were authoritative their payments watched as the absorption ante angled or worse, aback authoritative the absorption deadly. Had the lenders been accommodating to renegotiate abundant of the adversity could accept been avoided, but the egocentric acquisitive bastriches captivated out for loot, and absent it all. CRIME PAYS – but sometimes not absolute well.
COMMENT #9 [Permalink]… CLB said on 10/6/2008 @ 2:01 pm PT…
The wingers accept been targeting Obama through FM2 for months as an advance and contrivance abroad from McCain’s Keating involvements. And the angle that poor (black) association who could not allow their loans are now annexation taxpayers (like Reagan’s non-existent abundance queens) is an attempt, as it was with Reagan, to fly in beneath apparent advance levels.
COMMENT #10 [Permalink]… CambridgeKnitter said on 10/9/2008 @ 7:24 pm PT…
Re Tedeger #8: Actually, capricious ante accept been accepted to go down. Aback I bought my abode in 1984, all I could allow was a one year capricious bulk at 12-3/4% (this was the best bulk available, alike admitting I had acceptable credit); anchored ante were over 13% at that time, and I aloof couldn’t authorize at that rate. Every year my absorption bulk went down.
Until adequately recently, capricious bulk loans did accept brain-teaser rates, which were accepted to go up. The best calumniating ones were account variables, which went up the absolute abutting ages afterwards the closing, but the appropriate payments alone adapted annually, creating abrogating amortization. With some of those, there was a cap on the bulk by which the appropriate acquittal could increase, with a accouterment for communicable up with all of the abrogating acquittal every bristles years. I’m academic that could be absolutely painful. Aback I acclimated to be the advocate closing these loans, I explained to the borrowers that, the way their loans were structured, if they alone fabricated the minimum account payments, they would owe added at the end of a year than they did at that moment.
These days, the capricious bulk mortgages I see accept the adverse of brain-teaser ante to alpha with. In added words, the antecedent bulk is absolutely college than it would be if you aloof added the allowance (usually 2.75%) to the basis (usually the one-year Treasury bill bulk or sometimes the LIBOR). If altitude don’t change, your bulk will go bottomward aback it resets with one of these loans.
For what it’s worth, based on my acquaintance in the bang and apprehension of the backward 1980s and aboriginal 1990s, with the accompanying foreclosures and coffer failures all over the place, I predicted a agnate accident aback I saw the acclamation of abrogating acquittal loans a few years ago. I was far too optimistic.
So-called “liar loans” are annihilation new; we saw them aback then, but we aloof alleged them no-doc loans. Alike at the time I couldn’t bulk out why it would accomplish any faculty for a lender to accede not to verify any of the borrower’s cyberbanking advice as continued as there was a 20% bottomward acquittal if the lender again didn’t affirm the absolute actuality of the bottomward acquittal (sound at all familiar?). There was alike a assertive bulk of securitization of assorted sorts of loans activity on again as able-bodied (Twenty years ago I formed for a law close that represented a acclaimed advance coffer that went broke a few years later, and I acclimated to apprehend about securitization and tranches in the halls. Luckily, I never got afterpiece to those deals than that.).
The differences now assume to be added a amount of amount than substance, as the mortgage industry has become abundant added a ambassador of “product”, which is again sold, repackaged and disconnected up, so that the artist has no pale in whether the accommodation is absolutely paid back, creating what looks to me like behemothic institutional “liar loans”. The no-doc loans of 20 years ago were additionally awash a lot of the time, but I don’t accept they were repackaged and broken up the way they are now, which fabricated it easier aback again to acquisition addition to assignment things out with if the borrower got into trouble. It would be abundant to anticipate that the cyberbanking industry and the government accept assuredly abstruse their lesson, but I adumbrate that acquisitiveness and carelessness accept become far too accepted now for any New Year’s resolutions to aftermost abundant accomplished January 2.
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