seriouslyfolks (anonymous) says...

When we bought our first and only home 11 years ago the bank told us we could afford a house that cost twice as much as the one we were buying, we said no we are buying this one. Now a lot of people who looked down their noses at us and our little house have "For Sale" signs in front of their castles and we have none in front of our cottage. There's got to be some good advice somewhere in that story. Take from it what you will.

April 23, 2009 at 8:45 p.m. ( permalink | suggest removal )

admireed (anonymous) says...

Seriously, one has to be pretty ignorant to buy more house than they can afford. You must have had wise parents.

April 23, 2009 at 9:05 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

My Father is very wise.

April 23, 2009 at 9:36 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

seriouslyfolks, I have the exact same story, right down to the line where the bank told me they would loan me twice the amount I was looking for. (To which. as you did, I said "no thanks").
Although I am sure there are many deserving people out there who need this assistance for a variety of reasons such as job loss, medical bill, etc........ I am comforted by the knowledge that I will now get to pay to bail out those who, unlike me, simply did NOT say "no thanks" to the banker, as Observation pointed out.

So, in the long run, now I'm having second thoughts - which of us REALLY made the smarter decision, regarding the bank's offer? I'm not so sure I was so wise anymore.....

April 23, 2009 at 10:01 p.m. ( permalink | suggest removal )

pizza (anonymous) says...

Well, that's what you have in the White House now, one that rewards failure and penalizes success and hard work.

April 23, 2009 at 10:38 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

The more I think about it, the more upset I am with the banker. I feel like he withheld vital information from me that could have affected my decision. I was operating under the mistaken assumption that I was more or less responsible for myself, and my own consequences. Had he divulged the knowledge that I didn't need to worry, I could be as irresponsible as I wanted and down the road seriouslyfolks, admireed, YYU4, Observation & others who were acting more responsibly would have helped pick up the tab, I would have not only quite possibly changed my decision, but I would have been living it up much more than I have the last decade. Oh, when I think of the years I've wasted since working, saving, scrimping, budgeting........ (sigh)........

April 23, 2009 at 10:40 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

"Who was in the White House then?"
It was either a Republican or a Democrat. We keep voting for them. When will we learn?

April 24, 2009 at 9:23 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

You mean Robin Hood isn't here today?;)

April 24, 2009 at 10:26 a.m. ( permalink | suggest removal )

nks (anonymous) says...

Not all people are caught up in the "buying over their head" problem.

I know some friends of ours that bought a house several years ago at "market price" that was within their means. Two years later their house is worth 20-30% less on the market and they need to sell so they can relocate. It is impossible to sell without losing their a$$.

It doesnt help that Emporia real estate is outrageous anyway.

April 24, 2009 at 5:24 p.m. ( permalink | suggest removal )

goodoleboy (anonymous) says...

Conservative tears are delicious.

April 24, 2009 at 7:39 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

Perhaps the lesson that we can learn from this is to not only don't buy over your head but buy below it. Sure people will look down their noses at you for not having a "nice" "new" "fancy" etc. house or car/truck/suv but when times get tough ,as they often do, you will be in a better position to handle it.

Our house was built around 1950, two bedrooms and one bath.
We have two cars, a 1993(v6 front wheel drive sedan) and the "new" one is a 1995(I4 front wheel drive sedan). I survive, even with the Jones' mocking me.

April 24, 2009 at 8:59 p.m. ( permalink | suggest removal )

nks (anonymous) says...

This is a look at me town. It is all about image. It has been that way since I was a kid.

It is a piss ant town that is the intersection of several busy highways. Regular citizens and our elected officials are too busy trying to keep up with the Jones's instead of worrying about what is best for the people of Emporia.

April 24, 2009 at 9:36 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

nks
You got that right. This is a piss ant town, that's why I belong here. I know who I am and that's why I don't try to keep up with the Jones'. "The high and lofty see me as weak, cuz I won't live and die for the power they seek."

April 24, 2009 at 10:10 p.m. ( permalink | suggest removal )

josiesbar (anonymous) says...

nks,

If by "our elected officials are too busy trying to keep up with the Jones's" you mean trying to make Emporia be just like Lawrence, then you are exactly right!

Matt

April 24, 2009 at 10:28 p.m. ( permalink | suggest removal )

johnmayer76 (anonymous) says...

It is estimated that Obama's plan could benefit 8 to 9 million homeowners from the new modification procedures. So how do you know you qualify for the Mortgage Modification? Check the website http://obamamortgage2009.blogspot.com/
to see if you qualify. I was also in trouble and I am glad I did check it before I talk to my mortgage company and it helped - John Mayer, California

April 24, 2009 at 11:04 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

I though John Mayer supported Ron Paul.

http://www.youtube.com/watch?v=kZVBMo...

April 25, 2009 at 8:54 a.m. ( permalink | suggest removal )

oh4theluvof (anonymous) says...

The only thing separating the Californians from the French is deodorant.

April 25, 2009 at 9:05 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

thought.............. I meant thought not though.

April 25, 2009 at 9:28 a.m. ( permalink | suggest removal )

goodoleboy (anonymous) says...

Great post! Great ideas Observation! You have inspired me! Last I checked there was 0 gun legislation on the agenda, only talk brought up concerning the border issues. I keep watching Fox News to find proof that Obama is gonna take my guns but darn it, they must be in on it because I have not heard anything!

April 25, 2009 at 1:30 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

Nothing Obama has done, is doing, or will ever do is in anyway bad and if you even think that it was,is or will be you are wrong and a racist. Look at wire tapping. When Bush did it it was bad now it is good. It's quite miraculous. Stop complaining and just sit back and marvel.

April 25, 2009 at 6:21 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Someone needs to remind me, I keep forgetting to ask if my fellow man is conservative or liberal before I decide whether or not to have compassion or say his tears are delicious.

April 25, 2009 at 8:40 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

You need to pay a little closer attention then.

"CNN Rick Sanchez 'SLAMS' FOX News's Gun Fear Mongering"

http://beltwayblips.dailyradar.com/vi...

I guess Fox News IS "in on it" afterall.....

April 25, 2009 at 8:58 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Nah, just setting the record straight :)

April 25, 2009 at 9:20 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

So if we kill somebody now, can we say "Fox news made me do it!"?

April 25, 2009 at 9:31 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

I agree with many of the opinions expressed here but am confused about one thing. It seems to me that most of the anger is aimed at the homeowner which is all right to a point...but it takes two to tango. For every bad loan received there was a bad loan written. Where is the ritgheous indignation about that....especially considering that the bail-out money will be going to the bankers and mortgage companies. Isn't that also rewarding them for their misconduct. I too am angry about this, I just think it should be spread around equally.

While on that point...I voted for Obama and am a dyed in the wool democrat....that doesn't mean that I am convinced that all of these bailouts is the right thing to do. Time will tell weather it was a catastrophic concept, or a necessary evil that worked.

either way none of this started with Obama and it won't end with him.

I just love it when everybody else is lining up like a chorus line of approval so I can come along and disagree. Thanks for the opportunity.

One more thing...I see Sean Hannity has not yet taken Olberman up on his offer of a thousand dollars a second to undergo waterboarding. Even though he claimed on the air that he would...to prove that waterboarding was not torture....to raise money for veteran's families. It appears Olberman has called the big mouth's bluff.

April 26, 2009 at 6:26 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

When looking at the ones giving the bad loans you must ask your self why would a bank knowingly give a loan for a $100,000 house to someone that's been out of jail only 6 months and has been the janitor at Wendy's for only 3 weeks? Sounds like business suicide to me. Why would they feel secure in making these loans? Did they have some outside influence encouraging them to make these bad business decisions?

I'm not excusing the stupid greedy decisions the bankers made but if they knew that their business would fail if they made bad loans they wouldn't have made them.

April 26, 2009 at 8:12 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

Observation
That is a good.............. well observation. I think it goes even farther back than that.

April 26, 2009 at 8:53 a.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

seriouslyfolks.....The outside influence driving the banks to make these loans was greed....they like everyone else bet the farm on the assumption that real estate values would just continue to go up and up and up. So it's no matter if the person you are loaning the money to is willing to repay the loan....once the loan is on the books it's increasing value will outweigh the cost of any foreclosure. When you add to that the previous administrations favorite bail-out recepient...AIG....underwritung all of these loans without regard to their ability to actually cover them...you have disaster....spelled GREED!

Oh...I forgot....as observation has so brilliantly observed....none of this occurred during the past eight year. Allof this occurred under Carter and Clinton....RIGHT!!!!!

also my observent friend...two wrong spellings don't make a right. And I would rather be a dog than a loud mouth bluff coward that won't back up his boast.

April 26, 2009 at 9:03 a.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

You are right seriouslyfolks...this does go back a lot further that the Carter administration....all the way back to the Reagan presidency and the republican push towards deregulation.... and the entire concept that business will allways act in its best interest..which then ipso facto will be in all of our best interest. That;s where the problem began.

April 26, 2009 at 9:14 a.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

You can argue with me all you want....explain my liberal distortion of history. Or is that just another catch phrase thrown out when you don't have a better answer. Like people who have no concept of what a Facist is claiming that President Obama is one.

April 26, 2009 at 10:16 a.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

See I told you, that you could argue with me...hell you can even win. You are absolutely correct about Carter and Reagan. I am rfwe (red faced with embarrasment). . I do however stand by my contention that much of the housing crises problem began with deregulation which started in earnest under President Reagan.

As for your comment about "two to tango", maybe I'm being very slow. You"ll have to explain that one to me.

If however it has something to do with my sign (biscuitboy) I want to point something out. Biscuitboy has nothing to do with me as a person. It is not a nickname, nor a dietary preference, nor a reference to my apperance or even my gender. It was chosen as a tribute to one of the best and most important things in my life. Since choosing it I have come to realize that my post often p--- people off. They frequently counter with snide remarks about the sign and biscuitboy does not deserve that even if I do. So I intend to change my sign in the next day or two, I'm sure it won't take long for you to figure it out.

One last thing. No, I do not use spell check because I beleive the value of the conversation is more important than the accuracy of the spelling. Plus I'm lazy and don't want to be bothered with it. But I am smart enough to realize your reason for mentioning it was a weak conservative attempt to claim the stupid liberal was't smart enough to spell well so he must rely on spell check. Sorry..try again.

April 26, 2009 at 3:54 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

observation....you may think you can intimadate me into silence with personal insults and by questioning my intellegence...a typical response of right-wingers. But let me assure you...despite my very visable gaffe about the chronological order of the Presidents....I am not stupid and I can take the heat...for you to assume otherwise will be your error.

April 26, 2009 at 4:19 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

If deregulation caused this, why would the Democrats stop the Republicans from regulating Freddie Mac and Fannie Mae? Hmmm interesting.

http://www.youtube.com/watch?v=_MGT_c...

April 26, 2009 at 5:45 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

If all this was caused by the Carter and Clinton administration creating conditions where bankers were required to make loans to people they knew could not repay....why were these terrible practices continued first thru the eight years of the Reaganancy.....four years of Bush the elder...and eight more years of Bush the lesser (six of which he had rubber stamp approval of Congress)? Hmmmmm, even more interesting

April 26, 2009 at 5:58 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

bisquitboy
I'm not arguing with you that the Republican presidential administrations in the last thirty years don't have ownership of part of the blame for our current financial problems. I don't have blind loyalty to a particular party, I'm not that guy. I do tend to sound like a Republican because I'm a conservative (I wish they would walk the walk and not just talk the talk). In the last election I voted for the Reform party candidate on our ballot, it was actually the Constitution party but for some reason they called it the Reform party in Kansas. So please don't get upset and think I'm just bashing Democrats and defending Republicans. I'm just trying to bring to light the whole story and make people realize that both parties share the blame and it's high time we start to pay attention to some of the other parties. If you are more liberal leaning might I suggest you check out the Libertarian party. They are socially liberal but fiscally conservative.

Please don't change your user name, we like you just as you are. It may not seem so at times but you know how that goes.

April 26, 2009 at 6:30 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

observation....do you consider everyone who disagrees with you homosexual or are you perhaps worried about your own sexuality. And before you get too carried away complimenting yourself on your being the brightest thing God ever put guts in.....let me point out to you just how wrong you are about that.
I don't manage a fast food restaurant....and never have.
I do not have a rake at all...much less a pink one. (if I find one however I will let you know.)
Nobody told me yesterday it would rain today....
and I am not homosexual....MY two ex-wifes....three ex-live in girlfriends might well confirm that I'm an A-hole....but not gay.
That is not to say that I'm homophobic {that's one of those spell check words huh). I am secure enough in my own sexuallity that I can feel comfortable around people different than my self. But that's probably very hard for you to understand.
A man once told me it is hard to have a battle of wits with an unarmed man...isn't that just the truth.

April 26, 2009 at 6:48 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

seriouslyfolks....thank you for the suggestion....maybe I should look into a third party. There sure is no shortage of things to be unhappy with on both sides of the current political aisle. My problem with the third party support is the virtually nil chance of actually getting elected. But as long as people continue thinking that way it becomes a self-fullfiling prophecy doesn't it.

April 26, 2009 at 6:59 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

Yeah, I used to get upset with people for voting for "third" parties but now after seeing the enormous amounts of faults both the "big" parties have, I encourage everyone to find a "third" party they like and vote for them. It's my own little nonviolent revolution. LOL

April 26, 2009 at 7:09 p.m. ( permalink | suggest removal )

goodoleboy (anonymous) says...

Still waiting on that bill or even serious talk of a bill to take my guns, not worried in the slightest, the real reason ammo prices are high..

1. the war
2. people being silly

I had zero problems buying ammo for turkey season, or deer season, or for target practice with my AR15. Been getting more and more into reloading my own anyways so either way, not worried. Until I see a bill on the floor, its all talk. And I for one believe no politician is gonna go after guns, its political suicide.

And yes the Dems are at fault for Freddie and Fannie, but so are the Republicans, at the time this happened we had a Republican president with favorable approval ratings and a republican majority in congress, apathy does not absolve them.

April 26, 2009 at 10:10 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

biscuitboy, since you say you are a newcomer to these boards please excuse me for not posting all the links because this has all been discussed at length in the past on here, I think you can probably find some old posts if you spend the time. But do some research into Clinton's repeal of the Glass-Steagall act, such as:

http://mortgageblues.us/news/398

http://thekrays.wordpress.com/2008/09...

and per your question about why would banks make bad loans: Here's a great one from yahoo answers, among others:

http://answers.yahoo.com/question/ind...

http://www.amren.com/mtnews/archives/...

Or Clinton's own people explaining how people who would not qualify otherwise will now get loans, explaining how banks were forced to give loans they would not otherwise, and how ACORN forced and bullied them into it, took them to court and forced them. This is a long video but worth watching thru to the end, as Obama in on it himself also:

http://www.youtube.com/watch?v=ivmL-l...

Now, we all know (well, some of us, anyway) - who a certain attorney of ACORN was back in the 90's helping force & bully banks into bad loans.

And how Bush tried to regulate it but was stopped by the Dems and Barney Frank (Barney gets easily re-elected, everyone hates Bush - go figure).

http://www.ireport.com/docs/DOC-88093

http://newsgroups.derkeiler.com/Archi...

Actually, Bush called for MORE regulation more than I realized:

http://gatewaypundit.blogspot.com/200...

Now, throughout much of this, Republicans are just as guilty as Dems, they controlled Congress when some of this was being passed. And I'll agree with Obama that this was something that had good intentions in the beginning but was carried too far. (And he was one of those helping to carry it too far, but nobody seems to care about that). Just trying to straighten out the misconception that once again, contrary to popular belief, it "Ain't All George Bush's Fault"........

And personally I have not had any problems buying ammo myself. Other than some that I wanted they were out of at the time.

April 26, 2009 at 11:19 p.m. ( permalink | suggest removal )

oh4theluvof (anonymous) says...

"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
Preamble to the Constitution of the United States of America

It seems that our current government is so occupied with Providing the monetary welfare of the country rather than promoting the general welfare that it has inadequate resources to both insure domestic tranquility (an enormous job thanks to the overpopulation of business crooks) AND provide for the common defense (even if misguided at times).

Wouldn't it be nice if we elected some people who have actually read and believe this summary of government purpose? I don't think we're getting it done with Republicans or Democrats. Maybe it's time to look outside the box at true credentials.

April 26, 2009 at 11:56 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

There is enough blame here to go around...but my statement was in response to a "rant" by my good friend obsevation that all of this was caused by Carter and Clinton. He refuses to acknowledge what you (open_eyes) concede. Why then was this not changed by Bush Two?...and don't try to tell me it was blocked by Barney and the boys...not during the first six years of the "living the lie"
administration
As previously noted the mortgages in meltdown now were not all written before Bush the lesser came into office.
observation.....you just keep on deludeing you self...it's very becoming on you . A part of me would like to tell you who I really am just to show you how wrong you are....but for now it's more fun watching you make a fool of yourself.

April 27, 2009 at 4:42 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

"and don't try to tell me it was blocked by Barney and the boys"

Read the links closer. Much closer. And don't rely only on the links supplied. Do some research on your own.

I fail to see the point of all the Clinton era mortgages were foreclosed on 7 years ago.....doesn't make sense..... we're talking about laws and regulations put into place during that era. As for foreclosing, nobody said that everyone that got a mortgage missed their first payment and every payment since. I know lots of people that got interest only loans, balloon payment loans, etc....they figured on "flipping" their houses before they had to pay the piper. Lots of people struggled but payed their mortgages......until we went into a recession...... until their variable rate went up.... until their balloon payments kicked in...... etc...... I doubt there are many people who missed every-single-mortgage-payment from the first month on.... LOL...

As to why Bush 2 didn't change all of it.... people are right, I'm sure there is some truth to saying he was more preoccupied with other things.

But - as has been stated many times on these boards - what politician in his right mind wanted to be the one to stop this train? Telling people who are getting mortgages right and left on houses they couldn't afford that they no longer could do that? What politician on either side of the aisle wanted to step forward and claim responsibility for that, even if they recognized it was needed?

But read the last link again closer. It details year-by-year calls for reform. As it states, "President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted."

I don't think anyone was listening, and I'm not referring to only Congress.

April 27, 2009 at 8:03 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

"And yes the Dems are at fault for Freddie and Fannie, but so are the Republicans, at the time this happened we had a Republican president with favorable approval ratings and a republican majority in congress, apathy does not absolve them."

By this logic (which I agree with) why was Sec. of State Clinton absolved of her part (voting for) in "Bush's" unjust, illegal, immoral, naughty, smelling of elderberries, etc. war? I've read and heard before that because Bush was "popular" at the time that the Democrats in congress had to vote for it for cool points or some such reason. If apathy isn't an excuse to stop hobos from getting loans for mansions it certainly isn't an excuse for not stopping an unjust war against a good guy like Saddam Hussein.

April 27, 2009 at 8:27 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

YY4U - watch the video posted above where Clinton's own people state that now people that previously did not qualify for loans would now. And they admit there will be a higher chance of foreclosure because of that. There are plenty of links out there showing where banks HAD to show enough loans to underqualified or there would be penalties from overseers.
Can you please post some info showing where Barney is innocent? And maybe something showing where Bush admin willingly or told regulators to look the other way? Appreciate it. Thx.

Nobody says Bush is blameless. But to say that Barney is? You can only watch the video where he states there is absolutely nothing wrong with Fannie & Freddie so many times before it sinks in......

Let's play a game of what-if. What if.....when Bush had asked for more oversight/regulation of Fannie/Freddie..... Barney had said "Yes" - and this had been nipped in the 5 years ago.... I guess since he is blameless for not doing that, then it would have all been his fault if he had went along with Bush? I'm confused......

April 27, 2009 at 9:10 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Since it is apparent nobody read the links, here's part of one:

Spetember 11, 2003 The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume more supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios. The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.......... The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session. After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall. ...........Franklin D. Raines, Fannie Mae's chief executive, endorsed the shift of regulatory oversight to the Treasury Department, as well as other elements of the plan. ''We welcome the administration's approach outlined today........and issued a statement calling the administration plan a ''responsible proposal.'' ..........Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' ...........Source: New York Times

April 27, 2009 at 9:19 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

YY4U, your last statement is pretty much the source of lots if not most of the worlds ills, not just the mortgage crisis. It is a common failing shared equally by Dems, Repubs, conservatives & liberals alike.

In 1994, Obama sued Citibank under CRA to force it to make bad loans:

http://iusbvision.wordpress.com/2008/...

And since nobody follows links anyway, the pertinent parts from http://www.freerepublic.com/focus/f-n...

The CRA said banks had an “obligation” to lend to “victims of discrimination in borrowing”, meaning low-income people who couldn’t pay off their mortgages. ‘CRA ratings’ are taken into account whenever banks apply to open new branches or merge, and there are fines for non-compliance. The Clinton Administration put out tougher CRA regulations in 1995, forcing banks to issue more and more risky loans.

In 1999, the New York Times reported that, “the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.”

Rep. Barney Frank (D-Mass.), Chairman of the House Financial Services Committee.....labeled by the Wall Street Journal as “Fannie Mae’s Patron Saint”, he said in 2000 that that concerns about the two companies were “overblown”.

In 2002, he claimed that they were “not problems” but rather “great assets”, and in 2003 (when Freddie Mac faced a Multibillion dollar scandal), he said “I do not think we are facing any kind of crisis”. To top it all off, he said last year that an independent regulator for the bloated behemoths would be an “inane” idea.

In the Senate, Banking Committee Chairman Chris Dodd (D-Conn.), was leading the charge. Just last year, he wanted to lift caps on how many mortgages Fannie and Freddie could purchase. He also wanted President Bush to “immediately reconsider his ill-advised” suggestion of an independent regulator.
---------------------------
Now I understand at least one reason everyone hates Bush so much. His suggestions were "ill-advised", according to the top recipient of Fannie/Freddie campaign money.

April 27, 2009 at 9:38 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Oops, you got a post in between. I was referring to your statement about GREED. The cause of most of the world's ills. Shared by everyone, unfortunately. Except maybe Mother Theresa.

April 27, 2009 at 9:40 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

Vince sold me a Slap-Chop at a price that was just below retail and it's the best thing since cut cheese!

April 27, 2009 at 9:53 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

I couldn't live without my George Foreman grill :)

April 27, 2009 at 9:55 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

So...... every hunter-safety course would be illegal for anyone under 18??????

Good lord, I took mine when I was about 12.....

April 27, 2009 at 10:28 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

Will they check for colon cancer while they are doing the physical evaluation?

Will they check for conservative political leanings when doing the mental evaluations and is this a deal breaker if they find such a "defect"?

April 27, 2009 at 10:37 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Gosh, now that's a hoot! How funny (not really) would it be if the "defect" would be re-defined 180 degrees possibly every 4 years - LOL (again, not really funny)

April 27, 2009 at 10:46 a.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Or claim that it is so urgent that we don't have time to let people read it before they have to vote on it (because I have a 4-day holiday coming up). Take our word for it, there's nothing in there that will allow AIG execs to get bonuses..... lol

April 27, 2009 at 11:02 a.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

You're all starting to get it. "THIRD" PARTY! The two we've got are.................... not to my liking, I'll put it that way.

April 27, 2009 at 11:38 a.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

So Barney Frank said Fannie Mae and Freddie Mac were not facing any kind of financial crises....and George W. Bush said the economy was basically sound as it was melting down....a sentiment also expressed by John McCain after it had melted. So what does any of this blame game solve, or prove other than that all of our leaders must be nit-wits. But we just keep on electing them.

April 27, 2009 at noon ( permalink | suggest removal )

biscuitboy (anonymous) says...

Observation

I.m so glad you showed up.

LIsten real carefully because I'm only going to say this once and I really hope you will be able to undetrstand it. Try real hard.

biscuitboy is a male dog---(that's D-O-G) named biscuit that I sometimes call biscuitboy....the same as I call his female counterpart named Jackie---jackiegirl....I hope that's not above your level of comprehension.

Now you can make something dirty out of that if you want....but you are the one coming across looking like a filthy minded wierdo. So carry on.

I however have no intention of continuing to stoop to your level...it makes me feel dirty.

April 27, 2009 at 12:09 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Here's some of the latter part of the timeline in the links above detailing how Bush "said the economy was sound" in 2008:

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

April 27, 2009 at 2:26 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

You do have an argument that the war to Iraq was rushed, even though Congress had time to sift thru the same intelligence, and the UN had time to pass 17 resolutions that Saddam broke. We even had plenty of time (I suspect, but I have no proof) that the convoys of trucks heading into Syria were given ample time to move anything out of the country Saddam didn't want found.
And I agree the 700 billion was rushed thru. That definitely should have been scrutinized closer. (But don't forget Bush only gave them 350 and said he would not release the other half UNLESS Obama asked him to. And Obama asked him to).

I think we've all proved beyond the shadow of a doubt that most or all of our leaders are nit-wits a long time ago :)

April 27, 2009 at 2:31 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

I didn't catch it, Observation, but I think both videos are hilarious. I'm just glad I live in a country where we can laugh at our elected nit-wits without the secret police dragging away half your family in the dead of the night.

Fervently hope it stays that way, too.

I see yet another Barney Frank video has come to light. This time in 2005 claiming there would be no housing collapse.

http://gatewaypundit.blogspot.com/200...

"But you're not going to see the collapse that you see when people talk about a bubble and so those of us on our committee in particular will continue to push for home ownership."

But we can't blame Barney. OH NO. I'm sure he mistakenly was reading from Bush's teleprompter or something.

But in reality he's smart, I'll give him that. Displaying that kind of stupidity and incompetence is what it takes to get easily re-elected in this country. These days, anyway.

April 27, 2009 at 8:16 p.m. ( permalink | suggest removal )

goodoleboy (anonymous) says...

Reguarding the:

Blair Holt's Firearm Licensing and Record of Sale Act of 2009

The Blair Holt's Firearm Licensing and Record of Sale Act would establish a nationwide system for prohibiting unlicensed gun-ownership. If approved, the law would require gun owners to apply for five-year licenses to own firearms, and would give the U.S. Attorney General broad authority over the program. There are no co-sponsors to the bill, and there is very little chance it will be adopted. "

Yep really a concern there, you know how many bills there are out there just like this one that never see the light of day? Thousands, so like I said, until it picks up steam and SPONSERS please just stop, your reaching, I could list some of the other nonsense out there with more support than this but doing so would be a waste of time, just like worrying about this.

and Observation, unlike you I don't pick sides, or resort to personal attacks(which I am reporting you for since you can't read and abide by the TOS of this website) I fully apreciate Open Eyes comments and viewpoints, because he backs them up with facts(which you rarely have any of) and is not overly bias( which you are blinded by)

So insert your next name calling rhetoric here, please, entertain me.

April 28, 2009 at 4:01 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

As a lifelong hunter and gun owner, yes, I am concerned anytime I see a bill such as that above. However, I did also note in reading it that there were no co-sponsors, and, as it stated, it has very little chance of being adopted. Goodoleboy is right that there are literally thousands of bills out there put forth that never see the light of day. And I think any bill of this sort with such severe restrictions as this one would face a HUGE backlash if it ever got even closer. On the other hand.... the last Supreme Court decision was only 5-4...... we have seen lots of cases recently where the people vote one way, the court decides another. So even though I'm not overly concerned at this time, I do keep a wary eye on things. Besides - look at how many people got their panties all in a bunch thinking Palin would or even could single-handedly overturn abortion if she was elected..... so given that, I have plenty of sympathy for those who may be carrying the gun ban fear a little further than it possibly warrants (at this time - major disclaimer here :)

As for the rest...... we've all, pretty much every single person here, gotten emotional and somewhat rude at times - me included no doubt. And sometimes I can't blame people much, but.... I've learned from being on here long enough that even though I may passionately disagree with someone 9 times out of 10 sometimes they bring to light that 10th point that I was unaware of and am very glad they did. We're all here to discuss, learn from each other, argue, poke fun, and get info and points of view out there we feel is pertinent. Again, I'm glad I've been called out when I get out of hand, and being there/done that, I'm much more forgiving of people when they let their emotions get the best of them. I still enjoy a spirited debate but I think I have (and hope that some will agree with me) managed to learn to be more civil about it over time. Hope we all can continue to progress in that direction as well. :)

April 28, 2009 at 5:24 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

goodoleboy

Thank you.....my biggest disappontment here in recent days has not been the trash coming from the keyboard of observation....I fully well expected that.

My disappointment instead came from the total silience on the part of others whom I had come to respect. Then I started thinking back and realized some of them too had jumped to the same erronious and stupid conclusion about something which they had not a clue what they were talking about.

It made me wonder if they were equally mislead and clueless about many of their other beliefs.

April 28, 2009 at 5:28 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

LOL - now there's a statement (biscuitboy's last 2 paragraphs) that both sides are going to jump on and claim as their own! :)

April 28, 2009 at 6:58 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

bisquitboy
"Then I started thinking back and realized some of them too had jumped to the same erronious and stupid conclusion about something which they had not a clue what they were talking about.It made me wonder if they were equally mislead and clueless about many of their other beliefs."

To whom and about what are you refering? Just curious.

April 28, 2009 at 7:02 p.m. ( permalink | suggest removal )

biscuitboy (anonymous) says...

seriouslyfolks

With all due respect....if you have to ask what about then you haven't been paying much attention to what's been posted here lately. But it has nothing to do with political beliefs or philosophy's and every thing to do with totally unfounded personal attacks based completly on mistaken assumptions about my user name. Let's just say the respect is gone.

And no....I wasn't thinking of you as one of them. I hope I wasn't wrong about that.

April 28, 2009 at 7:24 p.m. ( permalink | suggest removal )

goodoleboy (anonymous) says...

People like Open eyes I can have a debate with, even enjoyable, because he debates with logic and fact not emotion and bias(well not a lot of bias anyways=))

People such as Obervation and BJinemp make statements, others disagree then they get mad and instead of fighting with logic, they resort to name calling and insults which is not condoned or permitted here. Everyone does get emotional at times and might slip, this is forgivable, but one look through the post history of a few of the named I mentioned and you can see its habitual and in no way constructive or indicative of what these boards should be about.

April 28, 2009 at 7:42 p.m. ( permalink | suggest removal )

seriouslyfolks (anonymous) says...

biscuitboy
I did'n't think you were talking about me. I must have missed what you are talking about. As far as you and I go, I still respect what you have to say even if I don't agree sometimes. Like I said I was just curious.

April 28, 2009 at 7:43 p.m. ( permalink | suggest removal )

create (anonymous) says...

I still enjoy spirited debate too, open_eyes. Am glad you said that. I've enjoyed reading this thread too, just so dang busy in the basil patch right now that I haven't had time to get up in arms, something I do way too much sometimes.

Speaking of arms, I'm with goodoleboy and not worried in the least about losing mine. I think too many are paranoid and are reading way too much into President Obama's comment about "clinging to religion and guns" made back during the campaign. Can the shortage of ammo be due to paranoiacs stocking up and hoarding the stuff?

I also like what many of you have said about buying a house within your budget. Too many went way overboard just to be impressive. Not a sensible move at all. My old house has been around since 1892 and she was within my means to buy. Even though she gets cranky sometimes, I love her dearly for her character. I'd kick the patootie of anyone who looked down their noses at her too.

Hang loose everyone, take your vitamins, keep your hands clean, and eat sensibly.

April 28, 2009 at 8:04 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

Thanks goodoleboy & create, yes, even I have to admit I definitely still have my own bias at times - LOL.

Again, I'm not too concerned over the current gun-law fears. BUT: I felt the same way when (as I mentioned earlier) everyone on the other side of the fence seemed to think Palin was going to come in "with both guns blazing" (or some statement like that someone made) and strike down abortion.

So be honest people, (me included), somewhat unfounded fears happen on both sides.

That being said, however........ what makes me a little more edgy about the situation than someone passing a gun-control law as above is the fact that the Supreme court only upheld the 2nd Amendment by the slimmest of margins last time, 5-4 last summer. Everyone remember?

http://articles.latimes.com/2008/jun/...

So, even though I'm not too worried about a bill being passed.... I will be holding my breath when Obama appoints an ultra-liberal to the court, and both houses with their super-majorities can ram it thru with no opposition. So.... my worry about losing guns isn't so much with a bill as by other means.......

As for other things, to reiterate, I think I have to honestly admit when I first started posting here I let my emotions get the best of me more often than (hopefully) I do now. I've learned that everyone's point of view is a least worth a listen. And we've all been both wrong and wronged more than once. But I'm going to now politely decline the offer to link hands and sing kumbaya with everyone. I'm still miffed nobody invited Bush to join in the celebration, I still say he deserves better - LOL

Except that Gary guy (can't remember his name) that posted the editorial how all Republicans like killing old people & babies. He's an idiot. And no, I won't retract that statement. :)

Wasn't this thread originally about mortgages? Well, I guess its all related. Might have to sell some guns to pay the mortgage - LOL

April 28, 2009 at 9:47 p.m. ( permalink | suggest removal )

open_eyes (anonymous) says...

BTW, create - I went ahead and tried 2 of those upside-down tomato thingys. I'll keep ya posted on how they do. (But if they do poorly I'm blaming Obama) - LOL.

April 28, 2009 at 10:33 p.m. ( permalink | suggest removal )