Trump Trivia

[Andrew]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

 

[NorthShore]

Don't you already have them knocking on your door? They are called the "DUI/public drunkenness" squad.

 

[beast of the east]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

 

[austour]

Just don't respect the way he plays the poor old country boy and everybody else is evil and brash when he's been part of everything many condem. For example Hillary goes out and plays the womens rights and lbgt card every time she can but takes millions of dollars to her and bill's "charity" from countries who kill homosexuals and treat women as inferior, just doesn't sit well with me and it's on both sides. Guys are quick to call out a guy for getting behind a certain candidate, well it's nice to sit home in garden city or park slope etc and hit the golf course or sit at half court at the tournament on a Saturday and talk about how these "hicks" and so on could vote for this guy and this guy.

us garden city guys don't sit at half court. we sit in 114

And us park slope guys have moved to Los Angeles.

 

[beast of the east]

Just don't respect the way he plays the poor old country boy and everybody else is evil and brash when he's been part of everything many condem. For example Hillary goes out and plays the womens rights and lbgt card every time she can but takes millions of dollars to her and bill's "charity" from countries who kill homosexuals and treat women as inferior, just doesn't sit well with me and it's on both sides. Guys are quick to call out a guy for getting behind a certain candidate, well it's nice to sit home in garden city or park slope etc and hit the golf course or sit at half court at the tournament on a Saturday and talk about how these "hicks" and so on could vote for this guy and this guy.

us garden city guys don't sit at half court. we sit in 114

And us park slope guys have moved to Los Angeles.

Marty Funkhauser?

 

[austour]

Just don't respect the way he plays the poor old country boy and everybody else is evil and brash when he's been part of everything many condem. For example Hillary goes out and plays the womens rights and lbgt card every time she can but takes millions of dollars to her and bill's "charity" from countries who kill homosexuals and treat women as inferior, just doesn't sit well with me and it's on both sides. Guys are quick to call out a guy for getting behind a certain candidate, well it's nice to sit home in garden city or park slope etc and hit the golf course or sit at half court at the tournament on a Saturday and talk about how these "hicks" and so on could vote for this guy and this guy.

us garden city guys don't sit at half court. we sit in 114

And us park slope guys have moved to Los Angeles.

Marty Funkhauser?

Had to google that one. His real life brother (the non famous one) ran the ad agency I was using for the last few years at my old job.

 

[Andrew]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

 

[fuchsia]

A guy walks in to a neighborhood joint and runs his mouth upsetting as many people as he can until a fight breaks out. Once the fight ends the guys that were in the joint start looking around for the character who started it all by running his mouth, but he is nowhere to be found. Later, they spot him getting out of a limo and walking in to another neighborhood joint.

It is hard for anyone who has ever lived by the code of "I've got your back" to fully understand the level of selfishness in some one who is a true serial betrayer, in business, in family life, in public dialog, in personal relationships. If the only question ever asked is "Is it good for me?", you have someone worthy of being king of France 400 years ago, not President of the United States of America.

 

[beast of the east]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

No, in politics, greed is pretty much unilateral.

I'm most disgusted with the total amount of crap that all candidates toss around during election cycles. Mostly it's served up to people with the least. There are obvious contradictions in their platforms. Unemployment is soaring in some communities, and still at this time of year, candidates make promises built on air where they have no history of success in helping those they claim to represent.

What was done 10 years ago was criminal. I would fully support legislation that ensured an individuals ability to secure a loan based on their own financials and not race or ethnic background. But politicians, seeking to increase political capital, said home ownership is an American right, without a strong correlation to be able to afford it. So they opened a door where poorer people who couldn't afford homes were preyed upon. These folks couldn't afford even lower interest loans that have been around for at least a decade, so lowlife mortgage companies created instruments that started at 0% interest, with hefty fees built in that would return to market rates within a couple of years. Those borrowers couldn't afford those, so they had to refinance, again for hefty fees and for more principal. It created an upward spiral with nowhere for these people to turn except to refinance again and again for more and more until the housing market crashed.

The same politicians go into the poorest neighborhoods at election time, and tell people that education is a priority and that they will fight for better schools, better housing, jobs creation. Elections end, and these people are given nothing. Meanwhile at the same time, millions of people pour across our borders, taking unskilled and skilled labor jobs that could otherwise go to the poorest Americans. Tell me that some poor American wouldn't take a $20/hour carpenter's apprentice or electrician's helper, or any type of job that contractors often hire out to illegals?

I'm disgusted by the entire political process, and most of the politicians and political hacks who are part of the system. This is why people are voting for Trump - something I will do reluctantly.

 

[redknight]

I grew up in Washington Heights in the Late 50's where just yesterday two people where stabbed to death on Amsterdam @171 st.. I lived on 170th. st. Every day was a battle to survive and it appears nothing has changed. When I was five I saw two Porto Ricans in Zoot Suites having a knife fight with switchblades, while waiting downstairs for my parents to go to 11 am mass on a Sunday morning. That gave me my introduction to fear. What followed were gang wars at least .every one or two weeks. My childhood and neighborhood made me who I am today. I was pretty good in Basketball and Baseball. I went to High School in Harlem and my friend Jerry Houston and I won a few basket ball tournaments in our day. I sure TIS in Simsbury is familiar with my neighborhood. My point is that people that make categorical statements about Trump supporters should be careful because these people have every right to their opinion as well as you democrats do. I hate Obama, pure and simply because he hates White people. If you disagree with me that's cool. Peace and God bless.

 

[mjmaherjr]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

A greedy mortgage broker doesn't force anyone to sign a loan. The person comes in to buy a house they can't afford they shouldn't try passing the blame as not knowing what they were doing

Not saying their isn't fault on the lenders but the fault resolves in people buying something they had no business buying or even going to the bank for

 

[mjmaherjr]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

No, in politics, greed is pretty much unilateral.

I'm most disgusted with the total amount of crap that all candidates toss around during election cycles. Mostly it's served up to people with the least. There are obvious contradictions in their platforms. Unemployment is soaring in some communities, and still at this time of year, candidates make promises built on air where they have no history of success in helping those they claim to represent.

What was done 10 years ago was criminal. I would fully support legislation that ensured an individuals ability to secure a loan based on their own financials and not race or ethnic background. But politicians, seeking to increase political capital, said home ownership is an American right, without a strong correlation to be able to afford it. So they opened a door where poorer people who couldn't afford homes were preyed upon. These folks couldn't afford even lower interest loans that have been around for at least a decade, so lowlife mortgage companies created instruments that started at 0% interest, with hefty fees built in that would return to market rates within a couple of years. Those borrowers couldn't afford those, so they had to refinance, again for hefty fees and for more principal. It created an upward spiral with nowhere for these people to turn except to refinance again and again for more and more until the housing market crashed.

The same politicians go into the poorest neighborhoods at election time, and tell people that education is a priority and that they will fight for better schools, better housing, jobs creation. Elections end, and these people are given nothing. Meanwhile at the same time, millions of people pour across our borders, taking unskilled and skilled labor jobs that could otherwise go to the poorest Americans. Tell me that some poor American wouldn't take a $20/hour carpenter's apprentice or electrician's helper, or any type of job that contractors often hire out to illegals?

I'm disgusted by the entire political process, and most of the politicians and political hacks who are part of the system. This is why people are voting for Trump - something I will do reluctantly.

I literally just told someone a story today about when I was a kid. When I turned 17 ( 1987 ) my dad gave me a 72 Chevy Impala. He said driving isn't a a right it's something thats earned and every penny that needs to go into the car for gas or repairs or insurance comes out of my pocket and if I can't afford it then too bad.

The same thing applies to housing. It's not a right. It's a privilege that has to be earned. I'm sick of hearing people pass blame on things they signed off on

 

[austour]

You probably like payday lenders too.

 

[tom in salem]

http://www.cnn.com/2016/03/17/politics/donald-trump-hill-republicans-conservatives/index.html

Erickson said his group is "committed to ensuring a real conservative candidate is elected."

"We believe that neither Hillary Clinton nor Donald Trump, a Hillary Clinton donor, is that person," he wrote.

The group left the door open to potentially supporting a third party race if Republicans are unable to stop Trump.

"We intend to keep our options open as to other avenues to oppose Donald Trump," the statement said. "Our multiple decades of work in the conservative movement for free markets, limited government, national defense, religious liberty, life, and marriage are about ideas, not necessarily parties."

 

[austour]

Not voting for them. I like to party party! Yay parties!

 

[monte]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

No, in politics, greed is pretty much unilateral.

I'm most disgusted with the total amount of crap that all candidates toss around during election cycles. Mostly it's served up to people with the least. There are obvious contradictions in their platforms. Unemployment is soaring in some communities, and still at this time of year, candidates make promises built on air where they have no history of success in helping those they claim to represent.

What was done 10 years ago was criminal. I would fully support legislation that ensured an individuals ability to secure a loan based on their own financials and not race or ethnic background. But politicians, seeking to increase political capital, said home ownership is an American right, without a strong correlation to be able to afford it. So they opened a door where poorer people who couldn't afford homes were preyed upon. These folks couldn't afford even lower interest loans that have been around for at least a decade, so lowlife mortgage companies created instruments that started at 0% interest, with hefty fees built in that would return to market rates within a couple of years. Those borrowers couldn't afford those, so they had to refinance, again for hefty fees and for more principal. It created an upward spiral with nowhere for these people to turn except to refinance again and again for more and more until the housing market crashed.

The same politicians go into the poorest neighborhoods at election time, and tell people that education is a priority and that they will fight for better schools, better housing, jobs creation. Elections end, and these people are given nothing. Meanwhile at the same time, millions of people pour across our borders, taking unskilled and skilled labor jobs that could otherwise go to the poorest Americans. Tell me that some poor American wouldn't take a $20/hour carpenter's apprentice or electrician's helper, or any type of job that contractors often hire out to illegals?

I'm disgusted by the entire political process, and most of the politicians and political hacks who are part of the system. This is why people are voting for Trump - something I will do reluctantly.

Beast I will tell you this from first hand experience: there is a real shortage of American kids looking to go in to the various trades(IE plumbers, electricians, framing, sheetrock, etc.). Not so with immigrants, especially from the Hispanic and eastern European countries. Not only are they some of the hardest working people I've ever met, but they take an immense amount of pride in their work. I strongly believe that some sort of amnesty-for the purposes of acquiring a work visa,not citizenship-should be given to those who are here illegally but have a clean record and have shown a history of working here. Not sure if this is still the case post 9/11, but the US government had no problem taking taxes from illegal immigrants who were willing to pay taxes. I do believe that something needs to be done to secure the boarders, I don't feel that people who are here illegally but have contributed to our country should be deported.

 

[Andrew]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

A greedy mortgage broker doesn't force anyone to sign a loan. The person comes in to buy a house they can't afford they shouldn't try passing the blame as not knowing what they were doing

Not saying their isn't fault on the lenders but the fault resolves in people buying something they had no business buying or even going to the bank for

I want to refrain from saying anything negative because reading your posts the last few years makes me really laugh and I can tell you are a good guy but there is something called professional ethics. As someone who has practiced as a Certified Public Accountant what you said above is incredulous to me.

 

[beast of the east]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

No, in politics, greed is pretty much unilateral.

I'm most disgusted with the total amount of crap that all candidates toss around during election cycles. Mostly it's served up to people with the least. There are obvious contradictions in their platforms. Unemployment is soaring in some communities, and still at this time of year, candidates make promises built on air where they have no history of success in helping those they claim to represent.

What was done 10 years ago was criminal. I would fully support legislation that ensured an individuals ability to secure a loan based on their own financials and not race or ethnic background. But politicians, seeking to increase political capital, said home ownership is an American right, without a strong correlation to be able to afford it. So they opened a door where poorer people who couldn't afford homes were preyed upon. These folks couldn't afford even lower interest loans that have been around for at least a decade, so lowlife mortgage companies created instruments that started at 0% interest, with hefty fees built in that would return to market rates within a couple of years. Those borrowers couldn't afford those, so they had to refinance, again for hefty fees and for more principal. It created an upward spiral with nowhere for these people to turn except to refinance again and again for more and more until the housing market crashed.

The same politicians go into the poorest neighborhoods at election time, and tell people that education is a priority and that they will fight for better schools, better housing, jobs creation. Elections end, and these people are given nothing. Meanwhile at the same time, millions of people pour across our borders, taking unskilled and skilled labor jobs that could otherwise go to the poorest Americans. Tell me that some poor American wouldn't take a $20/hour carpenter's apprentice or electrician's helper, or any type of job that contractors often hire out to illegals?

I'm disgusted by the entire political process, and most of the politicians and political hacks who are part of the system. This is why people are voting for Trump - something I will do reluctantly.

Beast I will tell you this from first hand experience: there is a real shortage of American kids looking to go in to the various trades(IE plumbers, electricians, framing, sheetrock, etc.). Not so with immigrants, especially from the Hispanic and eastern European countries. Not only are they some of the hardest working people I've ever met, but they take an immense amount of pride in their work. I strongly believe that some sort of amnesty-for the purposes of acquiring a work visa,not citizenship-should be given to those who are here illegally but have a clean record and have shown a history of working here. Not sure if this is still the case post 9/11, but the US government had no problem taking taxes from illegal immigrants who were willing to pay taxes. I do believe that something needs to be done to secure the boarders, I don't feel that people who are here illegally but have contributed to our country should be deported.

I've engaged in several capital renovation projects, and I agree with you that the latino tradesmen that worked for contractors and subcontractors, whether skilled or unskilled, were to a person hard working, talented, diligent and well mannered. I don't begrudge them for a second, and if I were in their shoes in a poor country in Central America or Mexico, I'd to anything to help my family. What is disingenuous is that they have become political fodder - Trump on one side saying to deport them all, and the left pretending to be Lady Liberty in the hopes of expanding the Democratic party tent of voters. I do believe they should be paid a fair wage, and also should be contributing by paying income tax, which many do not. I agreed with Rubio's stance that we cannot grant a path to citizenship until our borders are secured.

 

[mjmaherjr]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

A greedy mortgage broker doesn't force anyone to sign a loan. The person comes in to buy a house they can't afford they shouldn't try passing the blame as not knowing what they were doing

Not saying their isn't fault on the lenders but the fault resolves in people buying something they had no business buying or even going to the bank for

I want to refrain from saying anything negative because reading your posts the last few years makes me really laugh and I can tell you are a good guy but there is something called professional ethics. As someone who has practiced as a Certified Public Accountant what you said above is incredulous to me.

Say whatever you want. I really don't care and not much will bother me but what I wrote is true. I manage money and there are plenty of bad eggs in my business but the numbers are so far overblown it's mind boggling

And like I said there is fault on both sides but to think people shouldn't be personally accountable for their own individual actions as buying properties they couldn't afford or taking out mortgages they couldn't afford or using their houses as a personally piggy bank and using helcoc's to live like kings before it caught up with them would be naive.

Again I'm not saying there wasn't fault on the other side. But not nearly as much as what some try to portray ( I'm not accusing you personally of this

Since you are a cpa let me give you an examples of something related to your profession

Someone I know very well was using a cpa and was getting many back way more than this person should. I'm not even an accountant and I told this person years ago that something was up and the cpa had to be doing something wrong. I even went one year to the meeting and I told the cpa that they didnt know what they were doing with some of the write-offs. The person I know quite well still didnt listen to me because they didnt want to change things because they were getting so much money back. This person didnt even have any intent to cheat the govt but basically took the opinion of out of sight out of mind.

Well guess what. This person now got audited for several years and owes major money back. So who is at fault ? They both are. There has to be personal accountability on both sides

With lending no one forces people to borrow.

 

[mjmaherjr]

I did well financially under the Clinton and Obama administrations. Got killed when the economy collapsed under GB. I despise Hillary but will have to vote for her unless she goes to jail.

Please read the following. You can find other sources, but the near financial collapse in 2007 wasn't caused by GB, but warned by McCain in 2005 who tried to introduce legislation to reform lending practices instituted by the Dodd Frank Dem controlled Congress to lend mortgages to unqualified buyers.

http://www.redstate.com/diary/ken_taylor/2008/09/17/john-mccain-warned-of-mortgage-collapse-in-20/

John McCain saw this collapse coming as far back as 2005 and not only warned of the coming collapse but co-sponsored legislation to try and prevent it and go after the corruption that was causing much of the problem. Following is McCain’s speech on the Senate floor during debate of Federal Housing Regulatory Act Of 2005 urging the Senate to pass the Act which fell to defeat after being blocked by Senate Democrats.:


"Mr. President, (referring to the Presiding Officer of the Senate) this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets.

The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac. The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005.

These are entities that have demonstrated over and over again that they are deeply in need of reform. For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac—known as Government-sponsored entities or GSEs—and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns.

In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.”

Senate Democrats blocked the passage of the Bill and while it passed in the House it failed in the Senate because of the Democrats.

The problem was the result of Wall Street greed. I think you should talk to Vincent Daniels.

You are a bright guy and a good guy, but don't buy into the Dem Party mantras. Wall Street greed - or more correctly, the Wall Street goal - is money. But the collapse was caused by the fact that these subprime mortgages, with unqualified purchasers, were like other mortgages, bundled and sold on the open market. The subprime mortgage market, with introductory rates that ballooned to market rates the borrowed couldn't afford, was predicated on housing prices continuing to rise. When they did, homeowners could refinance (at steep closing costs that were bundled into the newer higher mortgage), but at an affordable sub prime rate. Once housing prices dropped this was not affordable. With these bundled mortgages at high risk of foreclosure, a global collapse of economic systems could have occurred. Without a financial bailout, depression likely was the result. All financial institutions paid back their loans, and the healthy ones refused government assistance.

But the problem began when lending requirements were relaxed, which led to predatory lending. And it wasn't so much Wall Street, but greedy mortgage brokers working secondary markets.

I agree with much of what you said particularly the greedy brokers. But greed is not a partisan issue.

No, in politics, greed is pretty much unilateral.

I'm most disgusted with the total amount of crap that all candidates toss around during election cycles. Mostly it's served up to people with the least. There are obvious contradictions in their platforms. Unemployment is soaring in some communities, and still at this time of year, candidates make promises built on air where they have no history of success in helping those they claim to represent.

What was done 10 years ago was criminal. I would fully support legislation that ensured an individuals ability to secure a loan based on their own financials and not race or ethnic background. But politicians, seeking to increase political capital, said home ownership is an American right, without a strong correlation to be able to afford it. So they opened a door where poorer people who couldn't afford homes were preyed upon. These folks couldn't afford even lower interest loans that have been around for at least a decade, so lowlife mortgage companies created instruments that started at 0% interest, with hefty fees built in that would return to market rates within a couple of years. Those borrowers couldn't afford those, so they had to refinance, again for hefty fees and for more principal. It created an upward spiral with nowhere for these people to turn except to refinance again and again for more and more until the housing market crashed.

The same politicians go into the poorest neighborhoods at election time, and tell people that education is a priority and that they will fight for better schools, better housing, jobs creation. Elections end, and these people are given nothing. Meanwhile at the same time, millions of people pour across our borders, taking unskilled and skilled labor jobs that could otherwise go to the poorest Americans. Tell me that some poor American wouldn't take a $20/hour carpenter's apprentice or electrician's helper, or any type of job that contractors often hire out to illegals?

I'm disgusted by the entire political process, and most of the politicians and political hacks who are part of the system. This is why people are voting for Trump - something I will do reluctantly.

Beast I will tell you this from first hand experience: there is a real shortage of American kids looking to go in to the various trades(IE plumbers, electricians, framing, sheetrock, etc.). Not so with immigrants, especially from the Hispanic and eastern European countries. Not only are they some of the hardest working people I've ever met, but they take an immense amount of pride in their work. I strongly believe that some sort of amnesty-for the purposes of acquiring a work visa,not citizenship-should be given to those who are here illegally but have a clean record and have shown a history of working here. Not sure if this is still the case post 9/11, but the US government had no problem taking taxes from illegal immigrants who were willing to pay taxes. I do believe that something needs to be done to secure the boarders, I don't feel that people who are here illegally but have contributed to our country should be deported.

I've engaged in several capital renovation projects, and I agree with you that the latino tradesmen that worked for contractors and subcontractors, whether skilled or unskilled, were to a person hard working, talented, diligent and well mannered. I don't begrudge them for a second, and if I were in their shoes in a poor country in Central America or Mexico, I'd to anything to help my family. What is disingenuous is that they have become political fodder - Trump on one side saying to deport them all, and the left pretending to be Lady Liberty in the hopes of expanding the Democratic party tent of voters. I do believe they should be paid a fair wage, and also should be contributing by paying income tax, which many do not. I agreed with Rubio's stance that we cannot grant a path to citizenship until our borders are secured.

I'm probably closer to this topic than anyone here since Nathalie is from Peru originally and a lot of her family lives here legally and have been citizens for a long long time ( she won't be voting Trump. lol )

I dont agree with any politician on deporting everyone who is here illegally and I don't think we will ever see mass deportation happen in our lifetime. I am all for building a wall along the border and you could build 2 walls and I would support it

I think anyone here already who has never committed a crime should be able to have a path to citizenship created in conjunction with a big ass wall being built to prevent future people from coming here illegally

And to anyone who thinks a a wall won't work it will certainly help dramatically because how much terrorism slowed down in israel when they built the wall in jerusalem compared to the point where they were getting daily bombings

It's not the final answer but it definitely will help someone