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Thread: Home price drops exceed Great Depression: Zillow

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Albert Di Salvo View Post
    The exemption of Freddie and Fannie is evidence of Leftist political corruption.
    really, political corruption

    the federal government seized control of fannie and freddie during the meltdown - a federal receivership
    that means that the incompetents who were managing it as a quasi private concern (where the profits were privatized and the losses socialized) were no longer in charge. the federal government was operating it. unfortunately, nixon privatized it while still guaranteeing its activities with U.S. taxpayer dollars ... a classic welfare for the rich example
    so not only are fannie and freddie now subject to federal scrutiny but they are subject to direct federal management and federal regulations
    that does not appear to be any exemption from change
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Home price drops exceed Great Depression: Zillow

    Thanks to video it's always interesting to look back to see who actually said what.

    VIDEO PROOF DEMOCRAT PARTY WARNED; RESPONSIBLE FOR FANNIE MAE FREDDIE MAC ECONOMIC CRISIS Digital Press

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    really, political corruption

    the federal government seized control of fannie and freddie during the meltdown - a federal receivership
    that means that the incompetents who were managing it as a quasi private concern (where the profits were privatized and the losses socialized) were no longer in charge. the federal government was operating it. unfortunately, nixon privatized it while still guaranteeing its activities with U.S. taxpayer dollars ... a classic welfare for the rich example
    so not only are fannie and freddie now subject to federal scrutiny but they are subject to direct federal management and federal regulations
    that does not appear to be any exemption from change
    The Executive Branch and the Congressional Democrats do not want any scrutiny of Franklin Raines and the regime he oversaw. That is why Freddie and Fannie weren't made part of the FinRegAct.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by cpwill View Post
    the question was rarely one of punishment as it was one of being constrained. want permission to put out an ATM machine or set up a branch office? well let's see what your local community organization says about your attitude towards hispanic home-buyers, etc. banks of all stripes definitely faced political pressure to lend to those whom they knew could not pay them back. but hey, as long as we can securitize the things and/or sell them off to Fannie and Freddie, who cares, eh?
    Yes that is what the CRA could influence

    However, as the CRA also is in effect in Texas, but Texas did not have a housing boom, something else must have been the reason otherwise Texas would have had it as well. Texas had a far higher level of regulation of the mortgage industry (what type of loan, cashing out equity etc) then other states. If the CRA was the cause, Texas would have had a housing bubble just like Florida or Arizona

    The bolded sentance is accurate up to a point, not all loans were sent to the GSE, many were packaged and sold to investors as AAA investments
    Happy Hanukkah Cheerfull Kwanzaa
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    Re: Home price drops exceed Great Depression: Zillow


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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by The Prof View Post
    fannie and fred EXEMPT from obama's regulatory reform, his #2 domestic "accomplishment"

    Sweeping reform, but not for Freddie, Fannie - Business - Eye on the Economy - msnbc.com

    who's spinning?
    Right now people with good credit can do the most amazing think through FHA financing. Amazing. And scarey.

    Example: Foreclosed home for sale for $160K. Enter a person with good credit who wants to buy it and renovate it. Offer of $150 accepted along WITH a $50,000 immediate advance from the lender to handle remodeling...under supervision of the lender's general contractor. The loans are very difficult to get because banks don't like the idea at all. (Bank says, "If the house is worth $150K, why am I going to give YOU $200K??) So much for lender reform when it's the FHA.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by MaggieD View Post
    Right now people with good credit can do the most amazing think through FHA financing. Amazing. And scarey.

    Example: Foreclosed home for sale for $160K. Enter a person with good credit who wants to buy it and renovate it. Offer of $150 accepted along WITH a $50,000 immediate advance from the lender to handle remodeling...under supervision of the lender's general contractor. The loans are very difficult to get because banks don't like the idea at all. (Bank says, "If the house is worth $150K, why am I going to give YOU $200K??) So much for lender reform when it's the FHA.
    It's called a 'suckers rally'... Unless you got the cash on hand to fully cover the loss it's probably too big of a risk.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by samsmart View Post
    Lowering or raising taxes is going to have absolutely nothing to do with the prices of homes or mortgages or the stabilization of the housing market.

    Rather, there should be a re-writing of regulations with regards to the housing and mortgage markets. I'm not saying more or less regulations - just a re-writing of them to prevent the kind of fraud that made such a housing and mortgage bubble that was so damaging to our economy.
    Ill give you it a start, stop this whole BS about how lending for houses should be spread out equally among income and races. I swear, if one race lead by 1% someone would be throwing a temper tantrum. You can see how this worked out for the public lending of Fannie Mae and Freddy Mac. A few facts.....

    20 Shocking New Economic Records That Were Set In 2010
    #1 An all-time record of 2.87 million U.S. households received a foreclosure filing in 2010.

    #2 The number of homes that were actually repossessed reached the 1 million mark for the first time ever during 2010.
    I couldn't find the quote I wanted to on the site, but it was talking about the statistical number of government lending and debt. In 2006 or 2008 I believe, the public lending debt for houses was just under 600 Billion, and it 5.2 trillion?!

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by dontdoit
    Quote Originally Posted by samsmart View Post
    Lowering or raising taxes is going to have absolutely nothing to do with the prices of homes or mortgages or the stabilization of the housing market.

    Rather, there should be a re-writing of regulations with regards to the housing and mortgage markets. I'm not saying more or less regulations - just a re-writing of them to prevent the kind of fraud that made such a housing and mortgage bubble that was so damaging to our economy.
    Ill give you it a start, stop this whole BS about how lending for houses should be spread out equally among income and races. I swear, if one race lead by 1% someone would be throwing a temper tantrum. You can see how this worked out for the public lending of Fannie Mae and Freddy Mac. A few facts.....

    20 Shocking New Economic Records That Were Set In 2010
    #1 An all-time record of 2.87 million U.S. households received a foreclosure filing in 2010.

    #2 The number of homes that were actually repossessed reached the 1 million mark for the first time ever during 2010.
    I couldn't find the quote I wanted to on the site, but it was talking about the statistical number of government lending and debt. In 2006 or 2008 I believe, the public lending debt for houses was just under 600 Billion, and it 5.2 trillion?!
    Well, that was the scam...
    In 1991, the Glass–Steagall Act was repealed, originally, the crimes that the Glass-Stiegall act prevented were acts that the founding fathers would have considered an act of the same magnitude as treason... but the most important part is that this allows for 'derivatives investments'... where the 'value' derives from the value of something else.

    Since then big banks have formed, and they make mortgages they KNOW people can't pay back so that they get MASSIVE volume of loans, and creates an artificial bubble because most of these people should at best be renting. That's the setup... and this is the only area where there's individual fraud on top of corporate fraud.

    Here's where it gets fun... because each bank might be holding hundreds of thousands or millions of these mortgages, they create a 'pool' on which people can invest in these 'mortgage backed securities'. They convince the regulators that these are all AAA investments when the reality is that they are only as good, but they are a mix of good and bad. Overtime, the banks learn the good from the bad, and sell the good to their friends and the bad to anyone else... and split them off and since more people are invested the regulators effectively get bought off to continue rating these at AAA.

    So, when a person defaults on the mortgage, well, they are not defaulting on a 100 000 $ house... they are killing that investment holding that mortgage... and since these are leveraged at 100:1 (I'm told, correct me if wrong) that 1 house kills off a 10 million dollar share of the overall stock.

    So, your '5.2 trillion' COULD actually be the base on which exist this leveraged investments... MEANING... that 5.2 trillion is 0.5 QUADRILLION. This is all bank debts for creating this ponzi scheme...

    Here's the final nail :
    Bailout of these derivatives. Put that on tax payer heads, and it doesn't matter what the interest is, there's not that much that can be produced on earth through which you can pay that debt...

  10. #120
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by DontDoIt View Post
    Ill give you it a start, stop this whole BS about how lending for houses should be spread out equally among income and races. I swear, if one race lead by 1% someone would be throwing a temper tantrum. You can see how this worked out for the public lending of Fannie Mae and Freddy Mac. A few facts.....


    I couldn't find the quote I wanted to on the site, but it was talking about the statistical number of government lending and debt. In 2006 or 2008 I believe, the public lending debt for houses was just under 600 Billion, and it 5.2 trillion?!
    i missed the proclamation that mortgage lending is to be spread out equally among races and incomes. if you have a cite, please post it
    and if your cite is CRA, then you have misrepresented it
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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