Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
Democrats lying, Shocking Video Unearthed, Democrats in their own words.
Andrew Lahde: Goodbye!: http://bigpicture.typepad.com/comments/2008/10/andrew-lahde-go.html
Hilarious Irony!!
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Sickening Democrat Arrogance
Duration : 0:8:37
Please include a source or link for reference. Thanks
Dollz, there is no way I can use your answer. Thank you for nothing.
I don’t have a reference.
During the Clinton admin. Banks were strong armed to grant loans to people they wouldn’t otherwise have given loans to. This was done in order to "give people a shot at the American Dream."
It actually started back in Carter’s time. Slowed in Reagans term, and took off Clinton’s.
Carter created Fannie and Freddie Mac to buy the risky loans from banks…mostly as quid pro quo to mitigate their (banks) risk.
In Clinton’s admin, it took off to epic proportions. Loans were granted to Entrepreneurs and speculators. People made money hand over fist…buying multiple houses. Real estate was rising quickly. The thought was that folks would hold the loan for a while…dump the property at an increased value…pay the loan and pocket the difference.
When housing values collapsed, people just walked on the loans. Here we are.
Panel members discuss the future of subprime mortgages using Edward Gramlich’s book “Subprime Mortgages: America’s Latest Boom and Bust” as the point of conversation. Panelists debate the pitfalls of subprime lending, as well as possible solutions to problems such as increased foreclosure rates and the use of variable rates on loans instead of fixed annual percentage rates. Panelists include Edward Gramlich, Robert Reischauer, Craig Torres, Kurt Pfotenhauer, Michael Calhoun and Sandra Brauntein.
Duration : 0:10:19
Who is more to blame between the house flippers and the people of low income who couldn’t handle the interest rate?
The blame goes all around and also includes mortgage lenders and investment banks. Everyone was riding on the merry-go-round.
The Financial Services Subcommittee on Financial Institutions and Consumer Credit Committee is currently holding a hearing, “The Role of the Secondary Market in Subprime Mortgage Lending.” Subcommittee Chairwoman Carolyn B. Maloney gives opening remarks.
Duration : 0:6:52
Future of banking after the credit crunch and sub-prime crisis – impact on global economy. Meltdown of financial markets. Fire sale of banking assets after mark to market tests. Capital adequacy, bank solvency and capital injection with partial nationalisation. Global chaos in banking and economic outlook for emerging economies / developed economies. Impact on banking profits from global economic chaos, recession and collapse in bank share prices. Retail banking, corporate banking, wholesale banking and investment banking will become profitable again. Economy Video by keynote conference speaker Dr Patrick Dixon . The banking crisis will lead to further consolidation, cuts in retail outlets and staff redundancies. This will remove competition from the market and allow greater profit margins over things like commercial loans and mortgages or current account bank charges. Coupled with cost-savings, this will result in healthy profits in future. Banking share prices are in turn likely to show recovery, which could also mean that the end cost of expensive government rescue packages may be less than feared, if they involved providing banks with equity in return for shares. Taxpayers may actually make a gain from their public ownwership of slices of banks. While huge remuneration for CEOs and Chairman of banks will come under scrutiny, and while regulation will be stricter, we can expect rewards for the most skilled bankers to once again be very generous. Interest rate cuts will also help banks indirectly by stimulating the businesses they lend to and helping to take the edge off a long recession.
Duration : 0:7:36
May 7 – The DeWitts of Indiana tell how they lost their home after getting a subprime mortgage they could not afford.As Lelon DeWitt underwent heart surgery, a mortgage broker pressured his wife into signing a mortgage loan they could not afford. After selling their house and filing for bankruptcy, the DeWitts say homebuyers should beware of who they do business with.Manoush Zomorodi has their story.
Duration : 0:2:32
Is it the lenders? Or did the Bush administration policies create an atmosphere favorable for risky lending and predatory loan practices? Or is it something else? Links, of course, are appreciated.
It is the borrowers. They bought houses that they couldn’t afford, and when they went up in value, they took that money out so that they NEVER had any equity in the place. When the value of their house decreased and they couldn’t take any free money out, they decided to walk away.
"Buying" a house for $0 down is called RENTING. So if someone put $0 down, took $50K OUT of the house then the price went up, and now they lose their house because the payments went up too high, how are they worse off?
U.S. Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee, talks about the causes of the subprime mortgage crisis.
Hosted by Boston University School of Law on February 11, 2008.
Duration : 0:58:4
“American Casino” – Doc Investigates Roots of the Subprime Mortgage Meltdown and Tells the Stories of Its Victims
The subprime mortgage meltdown was at the heart of whats been called the Great Recession of 2008. It caused more than a million Americans to lose their homes and brought Wall Street to its knees. A new documentary opening today in New York takes on the subprime crisis, tracking its roots on Wall Street and Washington and profiling some of its victims, mainly African American families who lost their homes. We play highlights and speak with filmmakers Leslie and Andrew Cockburn. [includes rush transcript]
Duration : 0:10:2