Barny Frank should pay for it - Page 3 - Just BS

RoyalOrleans · 10-04-2008, 12:58 AM

Quote:

Originally Posted by wez

Yeah.. no sh*t.. good pont. F*ck em all.

Please explain.

Old Salt · 10-04-2008, 01:00 AM

And don't forget that Barney had a boyfriend who was an executive at Fannie Mae.

wez · 10-04-2008, 01:01 AM

Quote:

Originally Posted by RoyalOrleans

Please explain.

They love their freedom.. hate mine.. and yours.

**ImWithStupid** · 10-04-2008, 01:11 AM

Quote:

Originally Posted by snafu

Wasn't the regulation the problem? The government was mandating these companies to give high risk loans.

This was a practice that was promoted and hailed in the media as a great accomplishment under Clinton in 1992 while the Dems controlled Congress...

Minorities' Home Ownership Booms Under Clinton but Still Lags Whites' - Los Angeles Times

I've been showing this trend for weeks. Then there are this info that the Dems and media wouldn't want you to know where members of the Bush administration have called for checks of these systems no less than 17 times since 2001...

See next post...

**ImWithStupid** · 10-04-2008, 01:12 AM

coninued from last post...

Quote:

Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

White House News

Setting the Record Straight
In Focus: Economy

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

http://www.whitehouse.gov/news/relea...080919-15.html

**ImWithStupid** · 10-04-2008, 01:14 AM

Quote:

Originally Posted by Old Salt

And don't forget that Barney had a boyfriend who was an executive at Fannie Mae.

Do you mean Obama's economic advisor, Raigns who walked away with $90 million?

Old Salt · 10-04-2008, 01:19 AM

No. That's not him.

wez · 10-04-2008, 01:21 AM

This crap started in the 1980's... And this is the result.

**ImWithStupid** · 10-04-2008, 01:22 AM

Quote:

Originally Posted by wez

This crap started in the 1980's... And this is the result.

No. The housing issue, and giving loans to those who don't deserve them, started in 1992. The lefties like Maxine Waters used to brag about the success of forcing banks to take on risky loans with low income people, until the bubble burst and then the fingers pointed to the Right.

wez · 10-04-2008, 01:26 AM

Quote:

Originally Posted by ImWithStupid

No. The housing issue, and giving loans to those who don't deserve them, started in 1992. The lefties like Maxine Waters used to brag about the success of forcing banks to take on risky loans with low income people, until the bubble burst and then the fingers pointed to the Right.

Sounds about right.. and the bank de-regulation of the 80's paved the way..

10-04-2008, 01:00 AM	#22
Old Salt Big Time BS'er Join Date: Sep 2007 Location: Columbus, NE Age: 62 Posts: 1,442 Images: 13 Rep Power: 8	Re: Barny Frank should pay for it And don't forget that Barney had a boyfriend who was an executive at Fannie Mae. __________________ Been wrong before, could be wrong now, will probably be wrong again. Don't take yourself so dang seriously.

10-04-2008, 01:19 AM	#27
Old Salt Big Time BS'er Join Date: Sep 2007 Location: Columbus, NE Age: 62 Posts: 1,442 Images: 13 Rep Power: 8	Re: Barny Frank should pay for it No. That's not him. __________________ Been wrong before, could be wrong now, will probably be wrong again. Don't take yourself so dang seriously.

10-04-2008, 01:21 AM	#28
wez Big Time BS'er Join Date: Sep 2007 Location: Wherever I'm not banned from Posts: 4,984 Rep Power: 8	Re: Barny Frank should pay for it This crap started in the 1980's... And this is the result. __________________ *I'm sick in mind and spirit, the mirror tells me lies ~ Ozzy*

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
May 8 Frank And Ernest	Tim Bruening	Off Topic BS	0	05-07-2008 05:47 AM
Frank: Trailing Democrat Should Drop Out	NewsBot	News Room	0	04-15-2008 12:48 PM
Frank Zappa's Widow Sues German Fan Club	NewsBot	News Room	0	04-09-2008 03:30 PM
May 8 Frank And Ernest	Tim Bruening	Off Topic BS	0	02-29-2008 01:47 PM

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Originally Posted by wez Yeah.. no sh*t.. good pont. F*ck em all. Please explain.

Originally Posted by wez Yeah.. no sht.. good pont. Fck em all. Please explain.