Nashville’s Holiday Tradition!
Duration : 0:0:31
Franklin American Mortgage Music City Bowl
Why did the democrats cause the financial meltdown?
Under President Jimmy Carter, the Community Reinvestment Act (CRA) was passed. It required federal financial institutions to encourage banks to give home loans to persons with little credit and low income. Economist Russell Roberts said that the CRA played a major role in creating the sub-prime mortgage crisis in the U.S.
Under Bill Clinton, the CRA was expanded and Clinton set targets for low-income home ownership at the Department of Housing and Urban Development and at Fannie Mae and Freddie Mac. Banks were forced by the federal government to provide bad loans to unqualified people.
Rep. Barney Frank (D-MA) is Chairman of the Financial Services Committee in the House of Representatives. In 2003, he said of Fannie Mae and Freddie Mac: “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” In the late 1980s and early 90s, Frank was engaged in a sexual relationship with Herb Moses, who was Fannie Mae’s assistant director of product initiatives! Bill O’Reilly exposed Frank’s involvement in the mortgage crisis: YouTube – O ‘Reilly – Barney Frank Had Affair with Fannie Mae Exec. Frank looked the other way, while our economy was being destroyed by federal policies created in Clinton and Carter Administrations. (Freddie Mac and Fannie Mae help fund the homosexual agenda.
In 2008, Freddie gave $20,000 to a Parents and Friends of Lesbians and Gays (PFLAG) event; Fannie Mae gave nearly $19,000 to the same event. Freddie has donated $125,000 and Fannie donated $80,000 to homosexual groups since 2005.)
Senator Christopher Dodd (D-CT) is head of the powerful banking committee in the Senate. He and Barney Frank consistently resisted attempts by the Bush Administration to closely regulate Fannie Mae and Freddie Mac. Dodd also got preferential treatment from Countrywide on two mortgages. Countrywide was one of the biggest subprime providers.
Barney Frank and Christopher Dodd received thousands of dollars in contributions from Fannie Mae and Freddie Mac over the years. Dodd has received $133,900 since 1989; Frank received $40,100. (While in the Senate, Barack Obama received $105,849).
As long ago as 2003, President Bush was trying to get the House and Senate to carefully monitor the actions of Fannie Mae and Freddie Mac. His efforts were rejected by Democrats.
Obama associates headed Fannie Mae and Freddie Mac during the years that the crisis was getting out of control. Obama friend Franklin Raines ran Fannie Mae and collected $50 million from it. Obama friend Jamie Gorelick worked for Fannie Mae and earned $26 million; Jim Johnson, formerly Obama’s vice president search committee chairman, hauled in millions from his work with Fannie Mae as CEO.
ACORN, the socialist group that routinely engages in voter fraud, was involved in pushing for risky loans to people with bad credit histories or little money for down payments. ACORN intimidated banks in Chicago and elsewhere to give risky loans! Obama actually trained ACORN workers when he was a community organizer in Chicago! ACORN used provisions of the Community Reinvestment Act to delay or halt efforts of banks to merge or expand until they had lowered their credit standards!
Well, they didn’t. Someone seems to forget that just like in the Great Depression, this current mess was created by a decade of Republican legislation. And now they are crying like cry babies that it’s Obama fault. Oh my! aren’t they delusional.
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Duration : 0:1:11
Best places to live on Long Island, New York?
With good school ditricts, where we can keep our mortgage under $3000…any ideas? What are your thoughts on Valley Stream, Franklin Square and Oceanside?
Finding a home on Long Island with a mortgage under $3K used to be difficult…but now it’s a buyers market. There are so many houses on the market now that costs a lot less than it did last summer.
Here are a few school districts that are great (I’m not familiar with the South Shore..so my list only consists of North):
Herricks, Great Neck, Port Washington, Manhasset, Garden City, Wheatley, Jericho, Syosset.
Like the previous post mentioned its the taxes that make mortgage payments hard. My propery tax is a little over 12K per year…so on top of my mortgage I pay $1000 month in taxes. Most neighborhoods with great schools will have higher taxes. On the plus side, if you work in the city…you won’t get city taxes taken out of your paycheck.
So if you puchase a house for about $480,000 then your mortgage will run about $2300 per month…this doesnt include taxes ( $700/month based on $8500 per year). That would make your monthly payments About $3000.
Don;t forget that you’ll need house insurance, downpayment, closing costs and if its a fixer upper…$$$.
Out of the 3 areas you mentioned I would not consider Valley Stream..its does not have the greatest schools.
Nick Jarrett
Nick Jarrett’s last night at The Franklin.What do you think of this quote from the New York Times from 1999?
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.
”Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements,” said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ”Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.”
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260
I think this shows that most people in the financial world knew what was going to happen long before it happened. Those who were in charge though didn’t care. They just rode the wave and pocketed the cash while it happened. Everyone knew that it would end sometime, but hopefully it would end after the big wheels cashed their chips and paid off their beach houses in Maui. Of course, this isn’t the entire picture of the economy, but this is kind of what happened across the board. It’s the American way to live beyond Your means. Just look at pop culture… "pimp my ride" and "cribs" and the music videos… Everyone has to have luxury, whether they can afford it or not. And as long as people are buying banks will be lending until it culminates into something like this. Those at the top knew. Those in finance knew. If this kind of information had been put on MTV or torrented with the newest games or movies, it might have made a difference. The people who are reading the New York Times already knew, so I figure this made little difference. Nothing will stop extravagant spending. Not even financial crisis. We have to quit inhibiting this type of activity by giving unworthy people money that have no intentions of repaying it.
The 529 College Savings Plan — A Guide for Parents and Policymakers
In this video SEC-registered investment manager Bill Parish examines 529 College Savings Plans, sharing his views on how to best choose and set up the right plan for these important savings. Also, a look at Oregon’s 529 vendor Oppenheimer’s failure to protect its plan’s most conservative funds from massive losses, while similar funds around the country remained stable.
Duration : 0:8:36
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Duration : 0:6:31
How did Dodd beat his ethics violation?
When he fails the simplest test….
"….violated Senate rules against knowingly accepting gifts. The rule has an exception for loans that are provided on terms generally available to the public." NOTE –"GENERALLY AVAILABLE TO THE PUBLIC"
So who were some of "Angelo’s Friends" for "special treatment":
Senator Kent Conrad – Chairman of the Budget Committee and a member of the Finance Committee
Senator Christopher Dodd – Member of the Committee on Banking, Housing and Urban Affairs
Senator John Edwards – Member of the Judiciary Committee
Alphonso Jackson – Secretary of Housing and Urban Development
James Johnson – Fannie Mae CEO
Clinton Jones III – counsel to House Financial Services
Franklin D. Raines – Fannie Mae CEO
Barbara Albrecht – Director Legislative Affairs for the Mortgage Bankers Association
Martha Belcher – counsel for Fannie Mae
Charles Campion – lobbyist for Fannie Mae
Patty Johnson – CEO Rebuild Together
Robert Sanborn – VP Fannie Mae
Robert O’Toole – VP Mortgage Brokers Association
John Potter – Postmaster General
and many more …
That doesn’t sound quite like "generally available to the public"
Sounds more like a specialized, designed list of public officials.
Friends of Angelo:
Countrywide’s Systematic
and Successful Effort to Buy
Influence and Block Reform
Staff Report
U.S. House of Representatives
111th Congress
Committee on Oversight and Government Reform
Darrell Issa, Ranking Member
March 19, 2009
http://74.125.95.132/search?q=cache:XCv9VlTRUqMJ:republicans.oversight.house.gov/media/pdfs/20090319FriendsofAngelo.pdf+countrywide+vip+loan+program&cd=10&hl=en&ct=clnk&gl=us&client=firefox-a
He hasn’t yet his violations are still under investigation along with some of the other people and corporations you listed.~~
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Duration : 0:2:49