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Thread: Fannie and Freddie tab is $146B and rising

  1. #11
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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by NolaMan View Post
    I am not here to say "this was Clinton's fault" or "this was Bush's fault", the fact is it was a long process that both parties pushed, and we all now know the outcome.
    Actually it was a short process. Greenspan lowered interest rates and Bush tried to make everyone a home owner. The chart proves it.
    I work in the housing industry and we trippled our workforce after 9/11 to keep up with the artificial demand created by those two boneheads.
    It should have never happened.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by USA-1 View Post
    Actually it was a short process. Greenspan lowered interest rates and Bush tried to make everyone a home owner. The chart proves it.
    I work in the housing industry and we trippled our workforce after 9/11 to keep up with the artificial demand created by those two boneheads.
    It should have never happened.
    Which was just basically an extension and taking further of government programs already in place before he got to office...

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    Re: Fannie and Freddie tab is $146B and rising

    Zee bubblez zee politicianz zee mediaz zee prezidentz

    none of these are to blame.

    Who is to blame?
    The interest groups who lobbied and pushed for their notion that owning a home was a RIGHT - and being a right it was then suppose to be granted and secured for people without question. . .And also give that blame directly to the individuals who KNEW they couldn't afford (or had no intention of) paying on a 30 year mortgage but went for it, anyway.

    We can't harp all over an issue without first pointing fingers at the people who FIRST got it going and those who bit the hook after it was tossed into the cool pool.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by NolaMan View Post
    Which was just basically an extension and taking further of government programs already in place before he got to office...
    No, it was a whole new ball game. Low interest and relaxed lending policies. A lot of people made a lot of money off the housing boom. Bush and Greenspan created it. They are responsible for it's consequences.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by Aunt Spiker View Post
    Zee bubblez zee politicianz zee mediaz zee prezidentz

    none of these are to blame.

    Who is to blame?
    The interest groups who lobbied and pushed for their notion that owning a home was a RIGHT - and being a right it was then suppose to be granted and secured for people without question. . .And also give that blame directly to the individuals who KNEW they couldn't afford (or had no intention of) paying on a 30 year mortgage but went for it, anyway.

    We can't harp all over an issue without first pointing fingers at the people who FIRST got it going and those who bit the hook after it was tossed into the cool pool.
    Wrong. YouTube - Home Ownership and President Bush
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by USA-1 View Post
    No, it was a whole new ball game. Low interest and relaxed lending policies. A lot of people made a lot of money off the housing boom. Bush and Greenspan created it. They are responsible for it's consequences.
    Then what was the deal with the 1999 NYT story discussing how Fannie Mae was easing credit requirements for people who could not really qualify for a loan under pressure from the Clinton Administration?

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by USA-1 View Post
    Do you really think those people bought homes and didn't think they could pay for them? The lenders thought they could pay for them.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by NolaMan View Post
    Then what was the deal with the 1999 NYT story discussing how Fannie Mae was easing credit requirements for people who could not really qualify for a loan under pressure from the Clinton Administration?
    Non of the subprime loans were Fannie Mae.

    YouTube - Home Ownership and President Bush
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by USA-1 View Post
    So - what - you think Bush just woke up one morning and had that idea come to his head?
    Or did he step out of the shower all hot n steamy and this glorious fail of a pail idea just steamed it's way into his heart?

    Special interest groups and their lobbiests are the sole ticking clock of Washington - they have the power to twist arms and put on pressure - they were at the start of the whole entire idea.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

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    Re: Fannie and Freddie tab is $146B and rising

    Quote Originally Posted by Aunt Spiker View Post
    So - what - you think Bush just woke up one morning and had that idea come to his head?
    Or did he step out of the shower all hot n steamy and this glorious fail of a pail idea just steamed it's way into his heart?

    Special interest groups and their lobbiests are the sole ticking clock of Washington - they have the power to twist arms and put on pressure - they were at the start of the whole entire idea.
    His economic advisors told him manipulating the housing sector and increasing demand for homes would be a great way to stimulate the economy. Greenspan played right along. It was just that simple.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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