Obama's message to voters: Things could be worse

Frank was an ineffective ringleader if he was one. The house passed HR 1461, written by republican rep. Oxley of Sarbannes/Oxley fame, with the express purpose of reforming fannie and freddie, in 2005. It passed with both a majority of democrat and majority of repub votes! So, Frank was a total non-factor in the house of rep. You can say whatever you want, if you don't have the votes, you are irrelevant.

Then on to the senate.

In the senate, it was bill S 190, sponsored by repub Chuck Hagel. This is the one I have shown was passed out of committee, and Frist never brought it for a vote, as he could see that he only had 25 repub votes for it and 29 repub votes against it, that was after Hollis McLoughlin (republican at fannie) paid DCI (republican lobbiest whose CEO managed the republican national convention), and they turned 9 repub senators against the bill.

This last effort to reform fannie and freddie was defeated by the repubs in the senate, pure and simple, and Barney Frank had nothing relevant to do with it.

I have links to all this, but its getting late...

I guess from fannie's point of view, its cheaper to buy the senate, there's only 100 of them, than buying the house where there's 435, and you only have to stop the bill in one chamber, so they let the house pass it and stopped it in the senate. And it just cost them $2 million to get their 9 republican votes.

 

You are completely mixing up the issues. Qualified means you have the ability to pay regarding income ratios and credit score. Poor credit (ie poor credit score) is what you originally started the discussion about Bush opening up money to unqualified purchasers. Ameridream was not available to people with bad credit scores. Ameridream was available to qualified borrowers (proper income ratios and credit score) not poor credit score borrowers. It most definitely had an income requirement.

You have jumbled up a bunch of unrelated issues to fit the argument Bush was pushing borrowers with bad credit into high risk loans. Ameridream was not a bad credit score program.

 

I'm just reciting the documentation to you that Bush said in his June 2002 speech about expanding home ownership for minorities, about giving them down payments if they don't have a down payment (if their income is below 80% of the median income for the area), and having a program to provide loans for people with "poor credit".

 

Two completely different issues. 1) down payment assistance 2) poor credit programs. They are not related to each other.

I bought and sold about 40 houses over a 5 year period in the early 2000's. I have a TON of first hand experience dealing with these programs, especially Ameridream because we sold a bunch of them under that program. Ameridream was not for people with bad credit. You had to have a 630 score (was 650 in 1999), job stability and income to sustain the payment. The 80% of median was the maximum but you had to make enough so that your house payment did not exceed 28% of gross monthly income. Further, you could not have combined debt in excess of 41% of gross monthly including your new proposed house payment. It was not a stated income or no doc loan. Those loans were fully documented with qualified borrowers. Ameridream is not an example of Bush proposing bad credit loan programs.

Im not even aware of any bad credit loan programs you could get through HUD. Did that 1 program out of 25 he proposed even get approved? There has always been a minimum credit score for HUD loans and HUD loans are fully documented and fully qualified loans. Stated income and no doc loans were conventional loans or sub prime loans. Those had nothing to do with HUD or anything Bush proposed.

 

HUD was the regulator of fannie and freddie. F&F were buying huge amounts of subprime mortgages at HUD direction. Under Bush, HUD drove the percentage of subprime loans that F&F had to buy to it's highest level, 56%. HUD Secretary is a cabinet level position and the reported directly to Bush. Internal HUD reports as early as 2001 warned that subprime loans were a substantial risk, but the HUD leadership under Bush ignored those warnings and continued to direct F&F to buy larger percentages of subprime mortgages, especially in 2004.

How HUD Mortgage Policy Fed The Crisis - washingtonpost.com

F&F purchase of subprime mortgages exploded under Bush control, and the regulator of F&F was HUD, and HUD was a cabinet level position reporting directly to Bush. This was driven by the republicans, at levels 10 times higher than Clinton's last year in 2000.

 

Truer words were never spoken. It is easier to focus all of the attention on one person, even though a quick scan through the constitution outlines who is responsible for doing what. Plus, congress is elected by portions of states that may lean to one extreme or the other, or their representative/senator was just an effective bulchitter or had the right connections. The problem that I see in my section of the world is that everyone complains about all members of congress except their own. If everyone holds that line of thought, then we stay in the mess we're in now.

I'm no Obama supporter by a damn sight. The NAACP would label me as a racist, and so would most of the Democratic Party leadership. But Congress, both parties, are equally as guilty if not more so than Obama. All of them should be voted out

 

i take it you've voted as such in my poll?

 

Absolutely:thumb:

 

The really sad part is people are just now saying these things.

 

You are a one trick pony.