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Mortgage Crisis Blame: Bush Tried, Dodd and Barney Frank Blocked. “Bushs Brain” Speaks

admin — Tue, 27 Jul 2010 04:38:28 +0000

“Fanny and Freddie in particular accelerated their imprudent behavior after they, we attempted to regulate them.” That comment by Karl Rove is the key to the crisis that caused all of our economic troubles that we face today. Without Fanny Mae and Freddie Mac buying up all of those risky mortgages, they would never have been made. The Banks would not have risked their own financial futures covering risky loans like the ones they were enticed to make.

The question is why did Fanny and Freddie accelerate their loan buying? Could it be that they wanted to line their pockets with money at the risk of the tax payer? Fanny and Freddie were, are, government backed entities that did not, do not, take on any risk. Therefore there is no real accountability; they do as they please at the taxpayers expense.

So you see this entire mess was caused by the government, not our capitalist economy. And now the government is back at it with this so called stimulus package. Have they not done enough harm to our Economy? Do they want to destroy our economy to the extent that every man, woman, and child has to come begging to our government for a handout; is that their goal?
jbranstetter04

Guess again who’s to blame for U.S. mortgage meltdown
Analysts point not to greed, but to social activist politics

While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage
and financial crisis, some analysts are saying it wasn’t too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound though politically correct lending practices.
“Home mortgages
have been a political piñata for many decades,” writes Stan J. Liebowitz, economics professor at the University of Texas at Dallas, in a chapter of his forthcoming book, Housing America: Building out of a Crisis.
Liebowitz puts forward an explanation that he admits is “not consistent with the nasty-subprime-lender hypothesis currently considered to be the cause of the mortgage meltdown.”
In a nutshell, Liebowitz contends that the federal government over the last 20 years pushed the mortgage industry so hard to get minority homeownership up, that it undermined the country’s financial foundation to achieve its goal.
“In an attempt to increase homeownership, particularly by minorities and the less affluent, an attack on underwriting standards was undertaken by virtually every branch of the government since the early 1990s,” Liebowitz writes. “The decline in mortgage underwriting standards was universally praised as ‘innovation’ in mortgage lending by regulators, academic specialists, (government-sponsored enterprises) and housing activists.”
He continues, “Although a seemingly noble goal, the tool chosen to achieve this goal was one that endangered the entire mortgage enterprise.”
“As homeownership rates increased there was self-congratulation all around,” Liebowitz writes. “The community of regulators, academic specialists, and housing activists all reveled in the increase in homeownership.”
An article in the Los Angeles Times from the late ’90s praised the sudden surge in homeownership among minorities, calling it “one of the hidden success stories of the Clinton era.”
John Lott, a senior research scientist at the University of Maryland, however, claimed in a Fox News article yesterday that the success came at a great price.
According to Lott, the Federal Reserve Bank of Boston produced a manual in the early ’90s that warned mortgage lenders to no longer deny urban and lower-income minority applicants on such “outdated” criteria as credit history, down payment or employment income.
Furthermore, claims Lott, Fannie Mae and Freddie Mac encouraged and praised lenders like Countrywide and Bear Stearns for adopting the slackened policies toward minority applicants.
“Given these lending practices mandated by the Fed and encouraged by Fannie Mae and Freddie Mac,” writes Lott, “the resulting financial problems for financial institutions such as Countrywide and Bear Stearns are not too surprising.”

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=75717

Duration : 0:2:36

Technorati Tags: and, barney, blame, Blocked, Brain, Bush, Bushs, cause, Chris, crisis, depression, Dodd, economic, Facts, frank, meltdown, mortgage, recession, responsibility, Speaks, Tried

Mr Mortgage Exposes Wells Fargo’s Toxic Waste 4/7/08

admin — Wed, 07 Jul 2010 01:30:34 +0000

Visit my new blog…

http://mrmortgage.ml-implode.com

Wells Fargo Subprime toxic waste exposed. Do they have to raise capital? Mr Mortgage shows a 2006 Wells rate sheet. This is hard evidence of Wells doing nasty subprime loans for borrowers with scores as low as 500 and 120-day mortgage late payments, which is essentially foreclosure status. They did not sell this directly to consumers, rather used correspondents like New Century, Accredited, Countrywide etc to rebrand the programs and sell them as their own. This is a very common practice but this just proves Wells is dirtier than most. First, because not everyone did subprime. Second, because they lied of course.

Duration : 0:7:48

Technorati Tags: Alt, banks, bear, bubble, bust, crisis, Estate, foreclosure, home, Housing, Lehman, mortgage, mr, real, recession, Stearns, subprime

Foreclosures, Subprime Mortgages & America’s New Tent Cities

admin — Sat, 19 Jun 2010 13:58:07 +0000

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Duration : 0:6:37

Technorati Tags: Cities, collapse, crisis, debt, default, financial, foreclosures, Homeless, Homes, house, Losing, meltdown, mortgage, subprime, Tent

Subprime mortgage crisis correlation with Bush administration?

admin — Wed, 16 Jun 2010 14:04:10 +0000

After this speech in 2002 the amount of subprime mortgages went up radically. Report on RTL Z financial news channel. They state the current crisis isn’t an accident in the free market, but is the result of planned actions of Washington.

JDN717 send me a message saying: before you start blaming the us mortgage crisis on bush read this article from 1999 http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1#

Seems this has been going on for longer..

Duration : 0:1:34

Technorati Tags: Bush, by, caused, crisis, finance, financial, mortgage, RTL, speech, subprime, Washington

Mr Mortgage on Loan Mods, TARP & Home Sales 11-12-08

admin — Tue, 08 Jun 2010 20:15:19 +0000

Mr Mortgage on Loan Mods, TARP & Home Sales

Duration : 0:10:19

Technorati Tags: Alt-A, crisis, Defaults, FDIC, foreclosure, foreclosures, Housing, mortgage, subprime

Loan Modification – Part 4: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Thu, 03 Jun 2010 07:56:21 +0000

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At http://ModificationHotline.com You Can Claim Your FREE Copy of My Latest Report:
“THE FORECLOSURE SHARKS: A Look At The Rampant Theft Of Americans’ Homes Through Foreclosure ‘Rescue’ Scams”, and While There Also Sign Up For a FREE Consultation With Our Approved Foreclosure Prevention Specialists.

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:9:42

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Loan Modification – Part 1: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Mon, 31 May 2010 07:59:22 +0000

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:40

Mortgage Foreclosure Rescue Scams – Documentary Video

admin — Fri, 28 May 2010 20:32:13 +0000

Mortgage Foreclosure Rescue Scams – Documentary Video

We Stop Foreclosure Rescue Scams (2008) by Kyra Olds

This is a documentary about mortgage foreclosure rescue scams that are occurring across the country in light of the growing foreclosures. The movie describes common scam tactics and how distressed homeowners fall for these scams. The movie concludes with what lawyers can do to challenge these scams in court and the Washington State Legislature’s response to try to to stop these scams by passing House Bill 2791 and Senate Bill 6381. It is intended to educate advocates so they can better assist homeowners facing foreclosure.

Director: Kyra Olds
Producer: Northwest Justice Project
Sponsor: Eric Dunn
Keywords: foreclosure rescue scam; washington; mortgage; foreclosure; 2791; northwest justice project; njp
Contact Information: Northwest Justice Project 401 2nd Ave S Seattle, WA 98104 www.nwjustice.org

Creative Commons license: Attribution-Noncommercial-Share Alike 3.0 United States

Credits:
We Stop Foreclosure Rescue Scams
by Northwest Justice Project;

Featuring:
Eva, Client of NJP; Eric Dunn, Attorney at NJP; Melissa Huelsman, Private; Attorney in Seattle; Judy Poston, Housing Counselor at Solid Ground; Julia Kellison, Attorney at NJPl; Fred Corbit, Attorney at NJP

Produced by: Kyra Olds, Intern at NJP

Foreclosures are increasing nationwide, and so are scams that promise to rescue homeowners from foreclosure. What these scams do is take your money, ruin your credit record, and wipe out any equity you have in your home. Foreclosure con artists take advantage of people who have fallen behind on their mortgages and face foreclosure. Con artists know that people in these situations are vulnerable and likely to be desperate. Potential victims are easy to find: mortgage lenders publish notices before foreclosing on homes. After reading such notices, con artists approach their targets in person, by mail, over the telephone, or by e-mail. They advertise their services on Web sites or publications. They often refer to themselves with titles that sound official, such as foreclosure consultant or mortgage consultant, and market themselves as a foreclosure service or foreclosure rescue agency. Your mortgage lender or any legitimate financial counselor can help you find real options to avoid foreclosure. If someone offers to negotiate with your lender and offers to arrange to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience. To protect yourself, follow the recommendations contained in this Consumer Advisory.

Duration : 1:34:41

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Banks Purposely Gave Bad Loans To Minorities w/ John Mattes of InvestigativeGuy.com

admin — Tue, 04 May 2010 06:37:00 +0000

http://www.investigativeguy.com/

Duration : 0:10:48

Technorati Tags: Adviser, African, Americans, ARM, bailouts, banking, Black, bonuses, Bush, Cenk, citigroup, CLINTON, congress, crisis, Democrats, depression, Deregulation, economy, Fed, Federal, financial, foreclosure, Free, glass-steagall, Goldman, Greenspan, Housing, income, interest, interview, John, Lainto, Liar, loans, market, Mattes, Minorities, Obama, People, Poor, rates, Reform, Regulations, Repeal, Republicans, Reserve, Risk, robert, Rubin, Sachs, Secretary, Stock, TARP, Taxpayers, Treasury, Turks, TYT, Uygur, WaMu, Young

Loan Modification – Part 2: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process

admin — Sun, 18 Apr 2010 18:35:30 +0000

Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.

Duration : 0:10:59