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W:1083,1531:2983:3137]******Bush Mortgage Bubble FAQs

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Re: Bush Mortgage Bubble FAQs[W:1083,1531]

California is a great place for you, now where do I sent the pity check?

Sounds like the pity party is just you, my friend. And we both know you're not rich, so just stop, OK?
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Still ragging on the Bush era huh Vern? If you democrats were as smart as you think you are, you could have reigned in the financial crooks that your party pandered to, right along with the republicans. Everyone saw it coming and they all sat on their hands. I am only sorry that you actually believe all the crap you spew out on here.

RN, it really wasn’t “financial crooks” as much as it was “financial greed”. And “pandering” is not a good word either. It was more “who not only allowed it but encouraged it” so I would use the words “enabled” and “encouraged”. Now if you just read the first few pages of this thread (at least until you get to Bush’s preemption policy) you’ll see the Bush Mortgage Bubble was about people buying homes they couldn’t afford. They couldn’t do that in large enough numbers until Bush preempted all state laws against predatory lending.

And sorry, democrats didn’t “sit on their hands”. Besides the fact that republicans controlled congress, Barney Frank created a bill to roll back Bush’s preemption policy. It went nowhere in the republican congress. That’s in addition to him being critical of Bush’s housing policies.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

RN, it really wasn’t “financial crooks” as much as it was “financial greed”. And “pandering” is not a good word either. It was more “who not only allowed it but encouraged it” so I would use the words “enabled” and “encouraged”. Now if you just read the first few pages of this thread (at least until you get to Bush’s preemption policy) you’ll see the Bush Mortgage Bubble was about people buying homes they couldn’t afford. They couldn’t do that in large enough numbers until Bush preempted all state laws against predatory lending.

And sorry, democrats didn’t “sit on their hands”. Besides the fact that republicans controlled congress, Barney Frank created a bill to roll back Bush’s preemption policy. It went nowhere in the republican congress. That’s in addition to him being critical of Bush’s housing policies.

Anyone who has done their homework can figure out that this was a massive quazi Ponzi Scheme. It was an inside Job and - contrary to the Fed heads wandering around after the fact pretending not to know .. everyone connected with these mortgages knew.

Starting with the mortgage brokers - NINJA Loans "No Income, No Job, No Assets, No credit. Writing loans with adjustable rates (for the first 3 years the rate was relatively low but then would increase 2 or 3 x in the forth year ) Someone who was just getting by making payments of say 1300/month would get crushed into default when all of a sudden the payment doubled or tripled.

The mortgage brokers knew that a high number of these loans would default. The banks also knew but they did not care because they would sell the mortgage into a mortgage back security before the ink was dry.

It was like throwing a pile of rocks into a crowd of people and then claiming.... I did not know which person would be hit. They knew that sometime down the road the bomb would go off.

The investment bankers knew. During the JP Morgan hearings there were emails with investment brokers laughing at what pieces of sht products they had just put customers money into. Obviously their bosses knew as well.

There were many economists and such telling the WH and Fed Heads exactly what was going to happen.

This was an Inside Job.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Apparently he doesn't realize that the laws that allowed the housing bubble to happen was enacted under Clinton...which he later regretted. He also apparently does not know that Bush tried to stop the practice but was blocked twice by democrats.

You know Kal, you never did explain how anything Clinton did led to dramatically lower lending standards starting late 2004 or prevented Bush's regulators from doing their jobs. And you didn't explain what "practice" that Bush tried to stop that dems blocked twice.

If you make a claim then the onus is upon you to verify that claim. Otherwise you will never be taken seriously. That's Debate 101.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Bush was responcilbe for not pushing government oversight legislation through a Dem controlled congress.
Oh WCH, had you done 30 seconds of research, you’d have found out that republicans controlled congress before and during the Bush Mortgage Bubble. And if you had even bothered to read your link you would see it was debunking the claim that Gramm-Leach-Biley caused the Bush Mortgage Bubble. I agree, GLB had nothing to do with the Bush Mortgage Bubble. And Wch, if you can find the courage to read through just the first couple of pages of this thread, you’ll quickly realize that “bush failed to do something” is actually a lie. Now the GSEs didn’t cause the Bush Mortgage Bubble but in your world they did so here are some of the GSE policies Bush “accomplished.”

Bush killed GSE reform in 2003
Bush forced Freddie and Fannie to buy more low income home loans 2004
Bush got Freddie and Fannie to buy 400 billion in subprime loans in the secondary market 2004
Bush reversed the Clinton rule that restricted Freddie and Fannie’s purchases of abusive subprime loans 2004
Bush killed GSE reform again 2005.

Yea WCH, Bush with a republican congress (say republican congress as many times as necessary until it sinks in) twice stopped GSE reform. The other GSE policies did not require anything from the republican congress. Oh WCH, before you slink away for good, read what bush said when stopped GSE reform in 2005

STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yea, that’s Bush saying he’s against it because it “would lessen the housing GSEs' commitment to low-income homebuyers”. See how that one sentence shreds everything you believe?
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Oh WCH, had you done 30 seconds of research, you’d have found out that republicans controlled congress before and during the Bush Mortgage Bubble. And if you had even bothered to read your link you would see it was debunking the claim that Gramm-Leach-Biley caused the Bush Mortgage Bubble. I agree, GLB had nothing to do with the Bush Mortgage Bubble. And Wch, if you can find the courage to read through just the first couple of pages of this thread, you’ll quickly realize that “bush failed to do something” is actually a lie. Now the GSEs didn’t cause the Bush Mortgage Bubble but in your world they did so here are some of the GSE policies Bush “accomplished.”

Bush killed GSE reform in 2003
Bush forced Freddie and Fannie to buy more low income home loans 2004
Bush got Freddie and Fannie to buy 400 billion in subprime loans in the secondary market 2004
Bush reversed the Clinton rule that restricted Freddie and Fannie’s purchases of abusive subprime loans 2004
Bush killed GSE reform again 2005.

Yea WCH, Bush with a republican congress (say republican congress as many times as necessary until it sinks in) twice stopped GSE reform. The other GSE policies did not require anything from the republican congress. Oh WCH, before you slink away for good, read what bush said when stopped GSE reform in 2005

STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yea, that’s Bush saying he’s against it because it “would lessen the housing GSEs' commitment to low-income homebuyers”. See how that one sentence shreds everything you believe?

I listed Bush as one of the issues...you ignored all the others.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

I listed Bush as one of the issues...you ignored all the others.

and you also listed the "Dem controlled congress" as one of the issues. That existed only in your imagination so that shows you don't know what you're posting. But I guess a conservative "listing bush as one of the issues" is a vast improvement over the days when conservatives used to claim "Bush was responcilbe for not pushing government oversight legislation through a Dem controlled congress." So I didnt ignore you list, I just started off with the first falsehood in your list. Just address the fact that you posted something that exists only in your imagination and we can move to shredding the rest of your list.

But WCH, instead of mindlessly posting an editorial that tells you what you want to believe, explain what caused No Doc loans to from 4.3% of all mortgages in 2004 to 50% in 2006? When you can explain that, you can explain the Bush Mortgage Bubble.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Also, President Bush didn't create the housing/bank crisis, nor the auto industry crisis.

the Bush Mortgage Bubble started almost 4 years into his admin because of his policies and regulation. Just read the first few pages of the thread if you're interested in actual facts.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

since I have been of voting age ALL Republican presidents have been COMPLETE ****ING DISASTERS for America, W. likely the worst of them all.

George W. Bush, the ONLY POTUS in history to have a MBA yet he drove our nation into the grave economically.

How the **** does a guy with a MBA destroy the world's largest economy?

W. Bush = what a complete POS ...............
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Normally, I'm right with ya Vern. But I think you're giving to much credit to the President. They don't actually affect the economy to that degree. Outside of appointing people to oversee the people who actually do, and managing those people. And their role in checks in balance, the President (any President) has very little to do with how it all goes down.

For instance, a distinguished economist comes forth with an idea. The President, most any one, isn't going to be at the academic level of the economist on that subject. So they make a decision based on the economists supporters and their credentials. And enact that plan. While I heartily think W Bush was a terrible President, I don't consider him a terrible person. And I honestly think if he could have known 2008 would happen, he would have called on congress to step in. And the only way he possibly could have known is if someone told him it would happen. And the only people who really knew it was going to happen, started shorting the housing market, and became vested in it happening.

I blame no one because it was such a group effort that I'd be sitting here all day if I wanted to start blaming people, we tried something, it didn't work. Let's move on, and not repeat the mistake. Let's be pissed off at W Bush for all the stuff he directly messed up.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Normally, I'm right with ya Vern. But I think you're giving to much credit to the President. They don't actually affect the economy to that degree. Outside of appointing people to oversee the people who actually do, and managing those people. And their role in checks in balance, the President (any President) has very little to do with how it all goes down.

For instance, a distinguished economist comes forth with an idea. The President, most any one, isn't going to be at the academic level of the economist on that subject. So they make a decision based on the economists supporters and their credentials. And enact that plan. While I heartily think W Bush was a terrible President, I don't consider him a terrible person. And I honestly think if he could have known 2008 would happen, he would have called on congress to step in. And the only way he possibly could have known is if someone told him it would happen. And the only people who really knew it was going to happen, started shorting the housing market, and became vested in it happening.

I blame no one because it was such a group effort that I'd be sitting here all day if I wanted to start blaming people, we tried something, it didn't work. Let's move on, and not repeat the mistake. Let's be pissed off at W Bush for all the stuff he directly messed up.

Thank you for the intelligent reply. I really have to take issue with the concept that "the president isn't responsible because he listens to economists and they tell him what to do". That's how responsibility works. And here's the key, if he knew what would happen in 2008, he wouldn't have needed congress to step in. He simply would have had to not implement his policies. If you read the thread, you'll see that the Bush Mortgage Bubble was a series of policy changes implemented by Bush and carried forth by his regulators. You just don't have a bubble caused by predatory lending and get to over look Bush's policies that encouraged and protected predatory lending. It simply wasn't a group effort that allowed it to happen.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Interesting...

The Presidents Working Group’s March policy statement acknowledged that 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.

But this was possible only because Glass-Steagall was repealed years prior. It can't be just a coincidence that implementing Glass-Steagall followed the Great Depression and the Great Recession followed repealing Glass-Steagall. At the time, banks and politicians argued that Glass-Steagall was already dead. If so, why bother repealing it? Of course it mattered. It opened the door. This is why McCain and Warren went back to it to try to correct the problem. Dodd-Frank is Glass-Steagall lite.

well, I posted a link that said "nothing really changed" after the repeal of GS. I've also posted a link that said the problem was "dramatically lower lending standards". There was nothing in GS about mortgages. If you had made it to the second page of this thread you'd see Bush preempting all state laws against predatory lending. And he did that for the explicitly stated purpose of increasing subprime lending. There's plenty of info in this thread if you're interested. If you have any info about GS and its effects on the Bush Mortgage Bubble , please post it. So far you haven't posted anything. Just so you know, this is what a bubble looks like. Nevada was one of the four "sand states" that were the epicenter of the Bush Mortgage Bubble.
 

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Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Interesting...

and I don't agree Dodd Frank is "GS lite". Dodd Frank will prevent another Bush Mortgage Bubble because it is now codified into law that banks have verify the borrower can afford the loan. Yea, before Bush's policies and regulation, banks just knew not to loan money to people without checking their income. literally 50% of all loans were No Doc loans in 2006

Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

http://www.dallasfed.org/research/eclett/2007/el0711.html

Here's what prevents that

Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which generally require creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling"

https://www.consumerfinance.gov/pol...andards-under-truth-lending-act-regulation-z/
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

and I don't agree Dodd Frank is "GS lite". Dodd Frank will prevent another Bush Mortgage Bubble because it is now codified into law that banks have verify the borrower can afford the loan. Yea, before Bush's policies and regulation, banks just knew not to loan money to people without checking their income. literally 50% of all loans were No Doc loans in 2006

Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

HTTP Error 404 - File or Directory Not Found - Dallasfed.org

Here's what prevents that

Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which generally require creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling"

https://www.consumerfinance.gov/pol...andards-under-truth-lending-act-regulation-z/

Well, you clearly have a greater grasp on it than I. This is more my wife's area. My limited knowledge on the matter comes from just one book.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

I listed Bush as one of the issues...you ignored all the others.

He dislikes Bush and that can queer one's percetion. While it is quite right that the markets were looking for assets that allowed large margins and found them in the sub prime mortgages that were not closely monitored. But the main problem was too much liquidity from the programs to prevent the dot.com bubble's bursting from turning into a depression sloshing about in the markets looking for a home. This was helped by a temporary defect in the regulation of Landesbanks in Germany resulting from a fair trade skirmish between the EU and German politics over illegal guarantees of the bank debt. Together with the garanties made by monoline insurers and aig this created the sweet spot for a perfect financial storm. It was not a case of Bush done it other than in a conspiracy theory some folks tell for their own reasons.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

He dislikes Bush and that can queer one's percetion. While it is quite right that the markets were looking for assets that allowed large margins and found them in the sub prime mortgages that were not closely monitored. But the main problem was too much liquidity from the programs to prevent the dot.com bubble's bursting from turning into a depression sloshing about in the markets looking for a home. This was helped by a temporary defect in the regulation of Landesbanks in Germany resulting from a fair trade skirmish between the EU and German politics over illegal guarantees of the bank debt. Together with the garanties made by monoline insurers and aig this created the sweet spot for a perfect financial storm. It was not a case of Bush done it other than in a conspiracy theory some folks tell for their own reasons.

Illuminati...
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Illuminati...

He dislikes Bush and that can queer one's percetion. While it is quite right that the markets were looking for assets that allowed large margins and found them in the sub prime mortgages that were not closely monitored. But the main problem was too much liquidity from the programs to prevent the dot.com bubble's bursting from turning into a depression sloshing about in the markets looking for a home. This was helped by a temporary defect in the regulation of Landesbanks in Germany resulting from a fair trade skirmish between the EU and German politics over illegal guarantees of the bank debt. Together with the garanties made by monoline insurers and aig this created the sweet spot for a perfect financial storm. It was not a case of Bush done it other than in a conspiracy theory some folks tell for their own reasons.

Now that’s the Jog I know: trying to hide a disingenuous point in a large pot of flowery and pointless rhetoric. And double bonus, he alludes to the “something something peace surplus” narrative again. he really tries to impress with “Landesbank and trade skirmish” silliness. Anyhoo, lets focus on his disingenuous point: "the subprime mortgages that were not closely monitored”. Well before Bush pre-empted all state laws against predatory lending they were closely monitored by state and federal regulators. Over 30 states had passed predatory lending laws to “closely monitor” them. Let Bush's OCC explain it.

“Subprime lending has grown rapidly over the past decade. Rising concerns about abusive practices by subprime lenders have been a byproduct of this growth. By early 2004, these concerns prompted Georgia and more than 30 other states to pass laws designed to eliminate abusive or predatory lending practices by the financial services firms, including those with federal charters, operating within their boundaries. …….


Now why would Bush preempt all state laws against predatory lending? oh, this is why.

In addition, clarification of the applicability of state laws to national banks should remove disincentives to subprime lending and increase the supply of credit to subprime borrowers. “

Read that again Jog, “remove disincentives to subprime lending and increase the supply of credit to subprime borrowers.” See how I don’t have to babble on and on and in weird directions. I simply make a clear straight forward point and back it up. It’s not magic Jog. Its just easy to do when you post facts.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Well, you clearly have a greater grasp on it than I. This is more my wife's area. My limited knowledge on the matter comes from just one book.

Lol...No, he does not have a grasp on the Subprime crisis at all.

Dont confuse VERNs strange obsession with Bush as a objective and thorough analysis of the Subprime fiasco. He doesnt have a clue what he's talking about.

The Homeownership rate in 1993 was 63 percent. By 2000 it had risen to 68 percent.

A 5 percent increase thanks to Bill Clintons " fair lending task force " that forces private lenders to abandon their lending standards under the threat of DOJ legal action.

Under Bush the Homeownership rate rose another 1 percent to 69 percent.

In 1995, Clinton gave the GSEs " affordable lending " quotas to increase their purchases of subprime loans exponentially while appointing people like Franklin Raines to run the GSEs into the ground.

In 2008 Fannie and Freddie were taken into conservatorship with over 5 trillion dollars in debt, and that didnt include over a trillion dollars in unreported, worthless no-doc loans

Under Obama the Fed purchased an additional trillion dollars in GSE MBSs from banks.

VERN thinks Trillions of dollars in loans and subprime loans were written withing the years of 2004-2007 even though the Homeownership rate only rose a total of 1 percent troughout Bush's entire two terms.

He starts his crackpot analysis in 2004, because its the only way he can blame the entire crisis on one man

In 1999, Franklin Raines celebrated Fannie Mae reaching their 1 Trillion dollar " affordable lending " goal a year early..
https://www.prnewswire.com/news-rel...gaps-and-strengthen-communities-73104592.html

VERN ignores any link or any explanation that doesnt fit into his fevered delusions and Bush obsessions.
 
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Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Now that’s the Jog I know: trying to hide a disingenuous point in a large pot of flowery and pointless rhetoric. And double bonus, he alludes to the “something something peace surplus” narrative again. he really tries to impress with “Landesbank and trade skirmish” silliness. Anyhoo, lets focus on his disingenuous point: "the subprime mortgages that were not closely monitored”. Well before Bush pre-empted all state laws against predatory lending they were closely monitored by state and federal regulators. Over 30 states had passed predatory lending laws to “closely monitor” them. Let Bush's OCC explain it.

“Subprime lending has grown rapidly over the past decade. Rising concerns about abusive practices by subprime lenders have been a byproduct of this growth. By early 2004, these concerns prompted Georgia and more than 30 other states to pass laws designed to eliminate abusive or predatory lending practices by the financial services firms, including those with federal charters, operating within their boundaries. …….


Now why would Bush preempt all state laws against predatory lending? oh, this is why.

In addition, clarification of the applicability of state laws to national banks should remove disincentives to subprime lending and increase the supply of credit to subprime borrowers. “

Read that again Jog, “remove disincentives to subprime lending and increase the supply of credit to subprime borrowers.” See how I don’t have to babble on and on and in weird directions. I simply make a clear straight forward point and back it up. It’s not magic Jog. Its just easy to do when you post facts.

Facts VERN......

1999...
Fannie Mae eases Credit restrictions to assist in lending...
https://mobile.nytimes.com/1999/09/...-credit-to-aid-mortgage-lending.html?referer=

1999....
Franklin Raines celebrates Fannie Mae reaching 1 Trillion dollar " affordable lending goal " early...
https://www.prnewswire.com/news-rel...gaps-and-strengthen-communities-73104592.html

2003....
Bush proposes 3rd party regulator for the GSEs..
https://mobile.nytimes.com/2003/09/...ed-to-oversee-freddie-mac-and-fannie-mae.html
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Lol...No, he does not have a grasp on the Subprime crisis at all.

I stated better grasp than I.

Anything I know about the issue comes from Understanding Globalization, which argues how everything really began in 1979 when the Fed made a decision to create a small recession. Ever since, one "fix" after another to correct the last "fix" has exacerbated the problem and created unexpected consequences that need a "fix" until we are bailing out banks and car companies.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

I stated better grasp than I.

Anything I know about the issue comes from Understanding Globalization, which argues how everything really began in 1979 when the Fed made a decision to create a small recession. Ever since, one "fix" after another to correct the last "fix" has exacerbated the problem and created unexpected consequences that need a "fix" until we are bailing out banks and car companies.

If you truly want a comprehensive analysis on what caused the Subprime crisis, then I would be happy to post everything I know on this issue including links to back it up

I can post data that traces its origins back to the early 90s and data that follows the progession of a finacial crisis that reached systemic proportions by the time Fannie and Freddie were declared insolvent in 2008, holding over 5 Trillion dollars in debt.

VERNs account is not only lacking in depth and accuracy, its predicated on willful ignorance, irrational observations and partisan hatred and its all for one reason.

To literally blame one man for everything that happened, for a financial crisis that was nearly 2 decades in the making
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

If you truly want a comprehensive analysis on what caused the Subprime crisis...

Nah I don't. I'm just a passerby. I just know it's not as simple as "Bush did it."

My interests lie elsewhere.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Nah I don't. I'm just a passerby. I just know it's not as simple as "Bush did it."

My interests lie elsewhere.

Just so you know, this thread is full of people posting "nuh uh". I've seen your posts, you're sharper than that. But I have to ask, why cant it be as simple as "bush did it". You've admitted you don't know much. You even had (I hope past tense is applicable) the idea that the repeal of glass steagall had something to do with the Bush Mortgage Bubble. I you showed it didn't. And this may seem odd at first but my explanation wont require double spaced random blurts of questionable veracity. Here's the short version.

No Doc loans were 4.3% of loans in 2004. they were 50% in 2006. what could possibly have happened that banks could suddenly stop checking the borrower's ability to repay the loan. Bush preempted all state laws against predatory lending. That's what happened. There were several other important Bush policies but that's the key. after Bush's preemption, banks literally told state regulators to "take a hike". Let all 50 state banking supervisors tell you in 2004 exactly what was going to happen in 2006.

States Unite to Fight Sweeping OCC Preemption

"
Concentrating regulatory control at the OCC ensures that regulatory and consumer protection problems that emerge will be solved with a one-size fits all approach," CSBS President and CEO Neil Milner wrote in his comment letter, adding that the proposed rule would concentrate regulatory power in the hands of a single individual, the Comptroller, with virtually no direct congressional oversight until problems or scandals emerge.
"
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531]

Just so you know, this thread is full of people posting "nuh uh". I've seen your posts, you're sharper than that. But I have to ask, why cant it be as simple as "bush did it". You've admitted you don't know much. You even had (I hope past tense is applicable) the idea that the repeal of glass steagall had something to do with the Bush Mortgage Bubble. I you showed it didn't. And this may seem odd at first but my explanation wont require double spaced random blurts of questionable veracity. Here's the short version.

No Doc loans were 4.3% of loans in 2004. they were 50% in 2006. what could possibly have happened that banks could suddenly stop checking the borrower's ability to repay the loan. Bush preempted all state laws against predatory lending. That's what happened. There were several other important Bush policies but that's the key. after Bush's preemption, banks literally told state regulators to "take a hike". Let all 50 state banking supervisors tell you in 2004 exactly what was going to happen in 2006.

Only simpletons buy simple explanations VERN, and " Bush did it " is as simple as it gets
 
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