You have been elected to Senate. You have been asked to write a bill.

[Palehorse]

Banks did not do the risky no doc loans, mortgage brokers did and they went through the noncomplying branches of the large mortgage companies like National City, Countrywide, Wells Fargo, and GMAC.

Exactly. . . So why you so ready to hand the gubment from da highest oak?

[me]

Exactly. . . So why you so ready to hand the gubment from da highest oak?

Because they were the ones that did the risky loans to the people the government wanted to be able to have houses.  It is just a different pocket is all.  Same banks, different departments.  You couldn't walk into a National City bank in town and get a non conforming loan but you could go to a mortgage broker and get a non conforming loan from National City bank.  Like I said, same banks different pockets. The just kept the nonconforming secondary market mortgages separate and didn't offer them through the normal bank is all.

[Palehorse]

Because they were the ones that did the risky loans to the people the government wanted to be able to have houses.  It is just a different pocket is all.  Same banks, different departments.  You couldn't walk into a National City bank in town and get a non conforming loan but you could go to a mortgage broker and get a non conforming loan from National City bank.  Like I said, same banks different pockets. The just kept the nonconforming secondary market mortgages separate and didn't offer them through the normal bank is all.

Now your trying to make the evidence fit your objective / perspective. A bank either was, or was not a member of the CRA; and if they were a member they were required to operate within its policies at all times.

Now, I'm not saying that some of them didn't try to play both sides of the fence, and in those cases it is indeed shame on the congressional oversight panel and its auditors for not seeing it. But again, outside of the oversight failure(s) government did not in any way endorse the non CRA endorsed programs or efforts. You are trying to blame them for the dishonest practices of thieves, who numbered at levels that would have required a virtual army of auditors to  be employed by the government in order to catch them. . .

[me]

No I am not.  I'm telling you how it was.   

Now your trying to make the evidence fit your objective / perspective. A bank either was, or was not a member of the CRA; and if they were a member they were required to operate within its policies at all times.

Now, I'm not saying that some of them didn't try to play both sides of the fence, and in those cases it is indeed shame on the congressional oversight panel and its auditors for not seeing it. But again, outside of the oversight failure(s) government did not in any way endorse the non CRA endorsed programs or efforts. You are trying to blame them for the dishonest practices of thieves, who numbered at levels that would have required a virtual army of auditors to  be employed by the government in order to catch them. . .

[LOsborne]

Because they were the ones that did the risky loans to the people the government wanted to be able to have houses.

The government did not guarantee non-conforming loans. That's why they are called "non-conforming." These are "portfolio" loans that the bank holds in-house or sells to investment companies that are not government backed. A lot of them were jumbo loans; i.e. loans for more than the limit set by the GSE's (currently in the neighborhood of $400 K,) and therefore not eligible for purchase by a Government Sponsored Enterprise. The Fannie and Freddie fiasco was triggered by creative accounting, not by making bad loans.

[me]

The government did not guarantee non-conforming loans. That's why they are called "non-conforming." These are "portfolio" loans that the bank holds in-house or sells to investment companies that are not government backed. A lot of them were jumbo loans; i.e. loans for more than the limit set by the GSE's (currently in the neighborhood of $400 K,) and therefore not eligible for purchase by a Government Sponsored Enterprise. The Fannie and Freddie fiasco was triggered by creative accounting, not by making bad loans.

No, they weren't government backed, as in guaranteed, but the money came out of the same pocket and it was encouraged by the government so everyone could afford a house.

[The Troll]

No, they weren't government backed, as in guaranteed, but the money came out of the same pocket and it was encouraged by the government so everyone could afford a house.

    Keep on defending all of the thieves and crooks that wrote all of those fraudant loans.

  Please, tell me how does a person who is reading and approving these loans, if they are coming from legal, state licenced regulated realestate company, when the whole damn application form is a lie from the start to end and it's all lies.  Hummmmmmmmmmm. 

  It must be a       thing.

  The Troll   

[Sandy Eggo]

I'm just a bill
Yes, I'm only a bill
And I'm sitting here on Capitol Hill.
Well, it's a long long journey
To Capitol city
It's a long long wait
While I'm sitting in committee,
But I know I'll be law someday
At least I hope and pray that I will,
But today I am still just a bill.

[me]

    Keep on defending all of the thieves and crooks that wrote all of those fraudant loans.

  Please, tell me how does a person who is reading and approving these loans, if they are coming from legal, state licenced regulated realestate company, when the whole damn application form is a lie from the start to end and it's all lies.  Hummmmmmmmmmm. 

  It must be a       thing.

  The Troll   

Whatever skippy just keep right on believing that the BS you're being fed. 

[The Troll]

Whatever skippy just keep right on believing that the BS you're being fed.

  What ever Limpy, what size spoon have you've been using.  It must be a large one for you to swallow all of the B.S., your Republican Party, Your Teaparty, Sara Palin and "ME" is putting out. 

                                                             

[followsthewolf]

I'm just a bill
Yes, I'm only a bill
And I'm sitting here on Capitol Hill.
Well, it's a long long journey
To Capitol city
It's a long long wait
While I'm sitting in committee,
But I know I'll be law someday
At least I hope and pray that I will,
But today I am still just a bill.

School House Rock!!!!!

[Sandy Eggo]

LoL!

I will never forget that one in particular.

I was sitting in American Government class taking a final and this song, from my childhood memory banks, saved my arse.

[Palehorse]

School House Rock!!!!!

THAT'S where I remember it from! 

[followsthewolf]

LoL!

I will never forget that one in particular.

I was sitting in American Government class taking a final and this song, from my childhood memory banks, saved my arse.

Have actually used them in classes!!!

[LOsborne]

No, they weren't government backed, as in guaranteed, but the money came out of the same pocket and it was encouraged by the government so everyone could afford a house.

What was the gain to the government? How does anybody win with a bunch of repo-ed crappy houses back on the books? This financial CF was brought about by greed. Worthless houses on the market do not fill anyone's piggy bank.

The government does not and can not mandate loans. The CRA loans are conforming and scrutinized within an inch of privacy law violations. The mortgage melt-down was caused by non-conforming loans, fantasy accounting to paint a false picture of profits, and synthetic CDOs. It was not caused by "the government so everyone could afford a house."

SANDY!! You're supposed to warn me (that's me-Lolly, not me- who believes something is true because she believes it despite all evidence to the contrary) before I start getting spittle on my keyboard!