View Poll Results: Who would you rather have as president?

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  • Hillary Clinton

    19 32.20%
  • Elizabeth Warren

    40 67.80%
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Thread: Elizabeth Warren vs. Hillary Clinton[W:336]

  1. #311
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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by dad2three2001 View Post
    It's Still Not CRA

    Janet Yellin, President and CEO of the Federal Reserve Bank of San Francisco recently made this point, saying "Most of the loans made by depository institutions examined under the CRA have not been higher-priced loans, and studies have shown that the CRA has increased the volume of responsible lending to low- and moderate-income households."


    It's Still Not CRA | New America Blogs


    Given CEOs' proclivity for government bashing, any lenders being driven to write bad loans by the CRA would have been on CNBC screaming at the top of their lungs.

    But that dog that didn't bark.


    Nobody forced the big five investment banks to do what they did; they were not subject to CRA or other regulations common to depository banks. In fact, they mainly bought and sold loans rather than originate them. They did it because they thought they would make money.

    The historical "originate and hold" mortgage model was replaced with the "originate and distribute" model. Incentives were such that you could get paid just to originate and sell the mortgages down the pipeline, passing the risk along. The big investment banks simply connected the investors to the originators, helped by the AAA ratings.


    CRA? CLINTON? LOL
    The CEO of the Federal Reserve Bank of San Francisco isn't going to bash the government. She works for the government.The Federal Reserve Bank of San Francisco is a regional bank, part of the Federal Reserve. She didn't make loans.

    Janet Yellen (not Yellin) is also now Chairman of the Federal Reserve.

    There are just no words.....

  2. #312
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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by tres borrachos View Post
    The CRA had an impact on the housing market no question. So did the lowering of the lending standards at the GSEs, which happened during the Clinton era. So did the policies Henry Cisneros put in while he was HUD Secretary for Clinton. Bush made mistakes. Barney Frank made mistakes. The Democrats made mistakes, the Republicans made mistakes, the big banks made mistakes, the irresponsible homeowners made mistakes. The only ones who didn't make mistakes were the community banks. They have to pay for everyone else's mistakes.
    WHJAT A BUNCH OF RIGHT WING CRAP

    Private sector loans, not Fannie or Freddie, triggered crisis


    The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets

    Private sector loans, not Fannie or Freddie, triggered crisis | Economics | McClatchy DC



    Most subprime lenders weren't subject to federal lending law

    Community Reinvestment Act, blamed for home market crash, didn't apply to the banks that did the most lending.

    BANKSTER:
    Bob Davis, executive vice president of the American Bankers Association, which lobbies Congress to streamline community reinvestment rules, said "it just isn't credible" to blame the law CRA for the crisis.

    "Institutions that are subject to CRA - that is, banks and savings asociations - were largely not involved in subprime lending," Davis said. "The bulk of the loans came through a channel that was not subject to CRA."

    Most subprime lenders weren't subject to federal lending law - The Orange County Register

    Banks used cheap capital to create a bubble. Their lending strategies fueled and fed off the housing bubble, and they did so using mortgage products whose performance was premised on continued growth of that bubble.


    After 2004, the financial industry coalesced around high -risk mortgage lending as their primary cash crop.

    According to a study by the consulting firm Mercer Oliver Wyman, nonconventional lending accounted for approximately half of originations in 2005, but over 85% of profits

    Once lenders figured this out they would often try to sell subprime loans even to persons who qualified for a cheaper prime loan. The repackaging of nonconventional mortgages into bonds also became the largest fee generation business for many investment banks


    Regulators and policymakers enabled this process at virtually every turn. Part of the reason they failed to understand the housing bubble was willful ignorance: they bought into the argument that the market would equilibrate itself. In particular, financial actors and regulatory officials both believed that secondary and tertiary markets could effectively control risk through pricing.


    http://www.tobinproject.org/sites/to...Disaster_0.pdf


    DEMS? BARNEY FRANK? CLINTON? LOL, WHAT POWER DID THEY HAVE 2001-2007 AGAIN?

  3. #313
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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by polgara View Post
    : I think in too many cases it was a dream that they could live in a house they never would have qualified for under normal banking rules. When you didn't have to prove you even had a job, for pete's sake, word got around and everyone wanted to brag about buying a big house with zero money down. Many of them had no idea what owning any house even entailed. Remember seeing pictures of those that just lived there, and nothing else? They were trashed! I think a lot of them still had some vague idea that someone else was responsible for repairs, like their landlords were before. They were the ones that moved out when it became apparent they couldn't afford a house, while the responsible ones suffered in the ensuing bust. We see the lack of personal responsibility in more and more areas today, and it is affecting all of us.
    But remember, Pol...it wasn't their fault. It was the bankers' faults!

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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by tres borrachos View Post
    The CEO of the Federal Reserve Bank of San Francisco isn't going to bash the government. She works for the government.The Federal Reserve Bank of San Francisco is a regional bank, part of the Federal Reserve.

    Janet Yellen (not Yellin) is also now Chairman of the Federal Reserve.

    There are just no words.....
    Yes, 6% of ALL loans 2004-2008 were done by CRA covered banks, NOT that CRA was the goal on anywhere near the 6%, but it's CRA that is the problem *shaking head*

    Loans that were under government regulation did better than private loans, especially if they were regulated by the "Community Reinvestment Act."


    Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4 times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.


    NOW ABOUT THOSE BANKSTERS APPEARING ON TV AND BLAMING CRA? Yes, I know, AEI and right wingers created garbage to TRY to pin on CRA, lol

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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by dad2three2001 View Post
    It's Still Not CRA

    Janet Yellin, President and CEO of the Federal Reserve Bank of San Francisco recently made this point, saying "Most of the loans made by depository institutions examined under the CRA have not been higher-priced loans, and studies have shown that the CRA has increased the volume of responsible lending to low- and moderate-income households."


    It's Still Not CRA | New America Blogs


    Given CEOs' proclivity for government bashing, any lenders being driven to write bad loans by the CRA would have been on CNBC screaming at the top of their lungs.

    But that dog that didn't bark.


    Nobody forced the big five investment banks to do what they did; they were not subject to CRA or other regulations common to depository banks. In fact, they mainly bought and sold loans rather than originate them. They did it because they thought they would make money.

    The historical "originate and hold" mortgage model was replaced with the "originate and distribute" model. Incentives were such that you could get paid just to originate and sell the mortgages down the pipeline, passing the risk along. The big investment banks simply connected the investors to the originators, helped by the AAA ratings.


    CRA? CLINTON? LOL
    I've already posted support for my opinion that Clinton rewrote the CRA in a way never intended. But regardless, you completely missed the point I was making. I won't waste time making it again because I re-read what wrote and I am pretty sure it is self explanatory.
    "I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it." --Benjamin Franklin 1776

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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by tres borrachos View Post
    But remember, Pol...it wasn't their fault. It was the bankers' faults!
    Who is responsible for underwriting standards again?

  7. #317
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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by dad2three2001 View Post

    Private sector loans, not Fannie or Freddie, triggered crisis

    while this is correct, banks who made these loans were assured by the federal government that if the loans, "went bad"....the federal government would make good on them.

    so banks made and created, many types of loans to people, who could not afford them,....because of government assurance........government intervention.


    Democrats were WARNED of Financial crisis and did NOTHING - YouTube

    Barney Frank in 2005: What Housing Bubble? - YouTube

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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by AlbqOwl View Post
    I've already posted support for my opinion that Clinton rewrote the CRA in a way never intended. But regardless, you completely missed the point I was making. I won't waste time making it again because I re-read what wrote and I am pretty sure it is self explanatory.
    CRA WAS SAFE AND EFFECTIVE UNDER Clinton. Weird right? We elect GOPers who 'don't believe in' Gov't regulations or regulators and we get Reagan's S&L crisis AFTER he ignored regulator Gray's warnings that started in 1984 then Bush 20 years later, starts ignoring FBI warnings. Just a coincidence...

  9. #319
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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by dad2three2001 View Post
    Yes, 6% of ALL loans 2004-2008 were done by CRA covered banks, NOT that CRA was the goal on anywhere near the 6%, but it's CRA that is the problem *shaking head*

    Loans that were under government regulation did better than private loans, especially if they were regulated by the "Community Reinvestment Act."


    Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4 times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.


    NOW ABOUT THOSE BANKSTERS APPEARING ON TV AND BLAMING CRA? Yes, I know, AEI and right wingers created garbage to TRY to pin on CRA, lol
    That's nice. Did you read my post that you quoted? You don't even know what the Federal Reserve Bank does. It's not a lender. It doesn't make mortgages. You don't even know who Janet Yellen is today.

    Can you get on the topic of this thread, which is Elizabeth Warren & Hillary Clinton, and not the CRA or the mortgage meltdown?

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    Re: Elizabeth Warren vs. Hillary Clinton

    Quote Originally Posted by ernst barkmann View Post
    while this is correct, banks who made these loans were assured by the federal government that if the loans, "went bad"....the federal government would make good on them.

    so banks made and created, many types of loans to people, who could not afford them,....because of government assurance........government intervention.


    Democrats were WARNED of Financial crisis and did NOTHING - YouTube

    Barney Frank in 2005: What Housing Bubble? - YouTube

    2003-2004 F/F ACCOUNTING SCANDAL. And?

    PLEASE tell me the super powers Barney had in the GOP majority House 1995-2007? PRETTY PLEASE?



    Lower lending standards started in late 2004 which caused the Bush Mortgage Bubble.

    Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4 times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.


    The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008

    Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

    2004 Republican Convention:

    Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
    ...

    Thanks to our policies, home ownership in America is at an all- time high.

    (APPLAUSE)

    Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."

    June 17, 2004

    (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

    Home builders fight Bush's low-income housing - Jun. 17, 2004


    JUNE 17TH 2004

    Fannie, Freddie to Suffer Under New Rule, Frank Says

    Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.


    So if your narrative is "GSEs are to blame" then you have to blame bush


    http://democrats.financialservices.h...-Bloomberg.pdf


    Examining the big lie: How the facts of the economic crisis stack up

    The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

    A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative.



    Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

    Private lenders not subject to congressional regulations collapsed lending standards.

    Examining the big lie: How the facts of the economic crisis stack up | The Big Picture


    GOV'T CREATED A WORLD WIDE CREDIT BUBBLE HUH? LOL

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