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Nor_Cal_Angler
11-28-2011, 01:23 PM
Mr Barney Frank....

http://www.foxnews.com/politics/2011/11/28/barney-frank-to-announce-retirement/

Ohhh was redistricting those 325,000 new voters gonna cause a problem for you in your re-election..:rolleyes::rolleyes:

or maybe

It is the Dem's Loss of Power and the fact that he KNOW's they are not gonna get it back anytime soon....

Either way, GOOD NEWS !!!!!!!!!

Jake

BonMallari
11-28-2011, 01:36 PM
Barney is probably one of the most corrupt politicians of our time along with Charlie Rangel...good riddance

road kill
11-28-2011, 02:26 PM
Barney is probably one of the most corrupt politicians of our time along with Charlie Rangel...good riddance

In my opinion, he is the single most culpable guy for the burst of the housing bubble.

Absolutely awful person both personally and politically.

May he now solicit in peace!!!:rolleyes:


RK

Franco
11-28-2011, 03:48 PM
In my opinion, he is the single most culpable guy for the burst of the housing bubble.

Absolutely awful person both personally and politically.

May he now solicit in peace!!!:rolleyes:


RK

Actually, you should be blaming Sen. Phil Gramm (R). Not only did he author the CFMA of 2000 at the urging of Fed Chariman Alan Greespan, Sen Gramm insisted in the legislation that the SEC could not interfer with Credit Default Swaps. It was the CDS that brought down AIG and a whole host of financial institutions.

B Frank was just incompetant in over-seeing his little arena and was clueless as to the trouble Fannie and Freddie was in created by the Credit Default Swaps.

road kill
11-28-2011, 04:06 PM
Actually, you should be blaming Sen. Phil Gramm (R). Not only did he author the CFMA of 2000 at the urging of Fed Chariman Alan Greespan, Sen Gramm insisted in the legislation that the SEC could not interfer with Credit Default Swaps. It was the CDS that brought down AIG and a whole host of financial institutions.

B Frank was just incompetant in over-seeing his little arena and was clueless as to the trouble Fannie and Freddie was in created by the Credit Default Swaps.

OK, my bad, I am a total dumbass.
Thank GOD Franco is here to set my opinion straight!!


GEEZ.......

RK

BonMallari
11-28-2011, 04:16 PM
and now Barney Frank likens Gingrich to Barry Goldwater...

http://www.washingtonpost.com/politics/barney-frank-likens-gingrich-to-goldwater/2011/11/28/gIQA162f5N_video.html

Franco
11-28-2011, 04:24 PM
OK, my bad, I am a total dumbass.
Thank GOD Franco is here to set my opinion straight!!


GEEZ.......

RK

Opinions are one thing and facts are another.

Barney didn't write the law that allowed Wall St to steal from tax payers! Reality is Barney Frank is a small fish in comparison to the sharks that are responsible for what happened.

road kill
11-28-2011, 04:26 PM
Opinions are one thing and facts are another.

Barney didn't write the law that allowed Wall St to steal from tax payers! Reality is Barney Frank is a small fish in comparison to the sharks that are responsible for what happened.

I said it was
MY OPINION!!!!!

Your act is aging, faster than I am.........and clearly "sharks"=facts.:rolleyes:


RK

Franco
11-28-2011, 04:42 PM
I said it was
MY OPINION!!!!!

Your act is aging, faster than I am.........and clearly "sharks"=facts.:rolleyes:


RK


You mis-information is old!

Instead of attempting to blame the Democrats for everything like you do, maybe a more realistic examination as to why we are in the situation we are in would be better.

But then hey, your man is Herman Cain......doesn't get funnier!

Why don't you tell us how Barney created the housing bubble?

Both Repubs and Dems are at fault for the financial mess. The Repubs authored most of the legislation that allowed for Wall St to package toxic housing assets. Can't fix the problems if we don't know where to look. To think just one person or political party is at fault sounds like something Limbaugh or Hannity would say! B Frank is small potatoes in the housing mess. Yes, he was incompetant as I said earlier in this thread but he didn't write the laws that allowed what happened.

road kill
11-28-2011, 05:41 PM
You mis-information is old!

Instead of attempting to blame the Democrats for everything like you do, maybe a more realistic examination as to why we are in the situation we are in would be better.

But then hey, your man is Herman Cain......doesn't get funnier!

Why don't you tell us how Barney created the housing bubble?

You know what Franco, your act is worn out.
You and your crotchety old pot-head savior are truly laughable!!

You are using no facts, just insults and emotion.
Typical progressive.

I like Cain and qualified that by stating early on that he was unelectable.

I can like whomever I want.
And I can dislike womever I want.

I dislike Paul and all those looneys that worship him.
That is the result of your professed obsession with him here.

I do not have to justify it to you.


stan b

Franco
11-28-2011, 05:49 PM
You know what Franco, your act is worn out.
You and your crotchety old pot-head savior are truly laughable!!

You are using no facts, just insults and emotion.
Typical progressive.

I like Cain and qualified that by stating early on that he was unelectable.

I can like whomever I want.
And I can dislike womever I want.

I dislike Paul and all those looneys that worship him.

I do not have to justify it to you.


stan b

What's worn out is all the mis-information. You post zero facts, I give background info that backs my claims!

Go ahead and tell us how Barney Frank created the housing bubble.

P S

If you don't like what I have to say, why not counter it with some facts!

road kill
11-28-2011, 05:55 PM
What's worn out is all the mis-information. You post zero facts, I give background info that backs my claims!

Go ahead and tell us how Barney Frank created the housing bubble.

No......I don't think I will tell you what I have read and my thoughts and reasons for not liking Frank.


I think I'll just laugh at YOU like everybody else about your worshiping Paul and claiming to be the voice of conservatism.

You funny!!:-P

RK

Franco
11-28-2011, 06:00 PM
No......I don't think I will tell you what I have read and my thoughts and reasons for not liking Frank.


I think I'll just laugh at YOU like everybody else about your worshiping Paul and claiming to be the voice of conservatism.

You funny!!:-P

RK

When you don't have the facts to back up your statement, resort to insults and changing the subject!

Nothing will get fixed until people are willing to look at the truth! And, the truth is the Repubs are just as much responsible for the financial mess as the Democrats!

Nor_Cal_Angler
11-28-2011, 06:10 PM
Actually, you should be blaming Sen. Phil Gramm (R). Not only did he author the CFMA of 2000 at the urging of Fed Chariman Alan Greespan, Sen Gramm insisted in the legislation that the SEC could not interfer with Credit Default Swaps. It was the CDS that brought down AIG and a whole host of financial institutions.

B Frank was just incompetant in over-seeing his little arena and was clueless as to the trouble Fannie and Freddie was in created by the Credit Default Swaps.

Here's one for ya....using your own words...

If your suggesting Mr. Gramm is the author...Fine, he is.

And your suggesting once the frame work was in place (voted in) Mr. Frank was responsible for OVER-SEEING it....

THEN HE WAS AT FAULT....analogy...Ford build's my car...I fell asleep at the wheel....under your way of thinking...FORD IS TO BLAME....:confused::confused:

You ever heard the phrase: Your manager needs a manager!!!!!!!

Please do tell, your thought process on giving him a pass...becasue your agruement with RK sure seems like you want to give Mr. Frank a pass.

Jake

BonMallari
11-28-2011, 06:49 PM
Frank is the 17th House Democrat to retire or seek another office, as compared to only 6 Republicans....either way that is 23 potentially fresh thinking minds that could get into Congress....its not the solution but its a GOOD start

Franco
11-28-2011, 07:12 PM
Here's one for ya....using your own words...

If your suggesting Mr. Gramm is the author...Fine, he is.

And your suggesting once the frame work was in place (voted in) Mr. Frank was responsible for OVER-SEEING it....

THEN HE WAS AT FAULT....analogy...Ford build's my car...I fell asleep at the wheel....under your way of thinking...FORD IS TO BLAME....:confused::confused:

You ever heard the phrase: Your manager needs a manager!!!!!!!

Please do tell, your thought process on giving him a pass...becasue your agruement with RK sure seems like you want to give Mr. Frank a pass.

Jake

Using your analogy;

Gramm built a faulty car. In his legislation, he censors the SEC from oversight. Why? Oversight is their job.

An incompetant Barney Frank and Chris Dodd are at the wheel of housing. Neither has insight into the massive Credit Default Swaps by Wall ST. Problem is is that the situation created by Gramm is bigger than Frank and Dodd.

The Fed Reserve keeps interest rates artificially low creating more of a demand by those that couldn't afford the housing they bought. The Free Market being a victim of both political parties.

Plenty of blame to go around but hardly Frank's fault.

How are we ever going to get anything fixed when the electorate is basically uneducated and their actions are all emotional? Until we look into the reality and quit blaming the other party, we are doomed for more of the same!

HPL
11-28-2011, 07:55 PM
and now Barney Frank likens Gingrich to Barry Goldwater...

http://www.washingtonpost.com/politics/barney-frank-likens-gingrich-to-goldwater/2011/11/28/gIQA162f5N_video.html
I was just a kid, but from what I remember, I kinda of liked Goldwater. Newt is much more scholarly than I remember Goldwater being.

HPL

M&K's Retrievers
11-28-2011, 08:03 PM
Using your analogy;

Gramm built a faulty car. In his legislation, he censors the SEC from oversight. Why? Oversight is their job.

An incompetant Barney Frank and Chris Dodd are at the wheel of housing. Neither has insight into the massive Credit Default Swaps by Wall ST. Problem is is that the situation created by Gramm is bigger than Frank and Dodd.

The Fed Reserve keeps interest rates artificially low creating more of a demand by those that couldn't afford the housing they bought. The Free Market being a victim of both political parties.

Plenty of blame to go around but hardly Frank's fault.

How are we ever going to get anything fixed when the electorate is basically uneducated and their actions are all emotional? Until we look into the reality and quit blaming the other party, we are doomed for more of the same!

Franco, I can roll all of your Coon Ass Yardley BS about Barney Frank in to two words - Good Riddance!!

Franco
11-28-2011, 09:05 PM
Franco, I can roll all of your Coon Ass Yardley BS about Barney Frank in to two words - Good Riddance!!

You can go back to your cave now.

M&K's Retrievers
11-28-2011, 10:30 PM
You can go back to your cave now.

Wonder what that means? Use up all of your BS on RK?

JDogger
11-28-2011, 10:53 PM
You know what Franco, your act is worn out.
You and your crotchety old pot-head savior are truly laughable!!

You are using no facts, just insults and emotion.
Typical progressive.

I like Cain and qualified that by stating early on that he was unelectable.

I can like whomever I want.
And I can dislike womever I want. Well, that is certainly true Stan.

I dislike Paul and all those looneys that worship him.
That is the result of your professed obsession with him here.

I do not have to justify it to you. But if you're going to take such a rigid stance, you might as well just try.




Typically WI regressive, How's that recall thingy goin, ?

JD

sandyg
11-28-2011, 11:28 PM
Well, it was nice while it lasted...

This thread is reminiscent of DNF and me going at it. Didn't solve a damn thing but it sure was fun!!!

JDogger
11-29-2011, 12:05 AM
Well, it was nice while it lasted...

This thread is reminiscent of DNF and me going at it. Didn't solve a damn thing but it sure was fun!!!

I for one miss Dave's input. It provided some balance that now seems lost. JD

Nor_Cal_Angler
11-29-2011, 12:53 AM
I for one miss Dave's input. It provided some balance that now seems lost. JD

Shirley, your kidding????;-)

Even I can admit there never was "balance"

Luke, I am your Father!!!!! Regards,

Jake

road kill
11-29-2011, 05:33 AM
Typically WI regressive, How's that recall thingy goin, ?

JD
Well, the budget is balanced, taxes have gone down and no state employee layoffs.
You can look it up.

Oh, and the leftys are beside themselves!
The unions are having a meltdown!!!:D

RK

BTW-We also have a new Deer Czar, "Dr. Deer" James Kroll
http://www.wiseye.org/Programming/VideoArchive/EventDetail.aspx?evhdid=5438

road kill
11-29-2011, 06:13 AM
I for one miss Dave's input. It provided some balance that now seems lost. JD

HAHAHAHAHA!!!!!!!!!!!!

It probably made sense to you!!!:shock:


RK

road kill
11-29-2011, 07:24 AM
Frank is the 17th House Democrat to retire or seek another office, as compared to only 6 Republicans....either way that is 23 potentially fresh thinking minds that could get into Congress....its not the solution but its a GOOD start

The 7 Republican Congress members leaving are all running for higher office.

The Democrats are all "rats leaving a sinking ship."


RK

zeus3925
11-29-2011, 08:20 AM
Upshot of it all--Nobody went to jail!

road kill
11-29-2011, 08:34 AM
Barney Frank is leaving because he will lose all his commitee assignments and all his power in the next election.
In fact, he himself has admitted he will likely get his behind kicked in the next election.

Get ta steppin'....


RK

JDogger
11-29-2011, 08:55 AM
Shirley, your kidding????;-)

Even I can admit there never was "balance"

Luke, I am your Father!!!!! Regards,

Jake


I would never kid about anything as serious as Potus Place :rolleyes:....

....and don't call me Shirley!

luvmylabs23139
11-29-2011, 10:24 AM
More than 2000 pages of the Dodd /Franc bill to address the mortgage crisis yet not one word about Fannie and Freddie.
Contrary to Barney's opinion the gov't needs to get the heck out of the mortgage business.
At least he is gone. Too bad he is not in jail for the male protitute business being run out of his home by his lover.

duk4me
11-30-2011, 09:16 AM
Actually, you should be blaming Sen. Phil Gramm (R). Not only did he author the CFMA of 2000 at the urging of Fed Chariman Alan Greespan, Sen Gramm insisted in the legislation that the SEC could not interfer with Credit Default Swaps. It was the CDS that brought down AIG and a whole host of financial institutions.

B Frank was just incompetant in over-seeing his little arena and was clueless as to the trouble Fannie and Freddie was in created by the Credit Default Swaps.

Good Lord Franco does everything have to about that damn SEC conference of yours?

caryalsobrook
11-30-2011, 03:25 PM
Actually, you should be blaming Sen. Phil Gramm (R). Not only did he author the CFMA of 2000 at the urging of Fed Chariman Alan Greespan, Sen Gramm insisted in the legislation that the SEC could not interfer with Credit Default Swaps. It was the CDS that brought down AIG and a whole host of financial institutions.

B Frank was just incompetant in over-seeing his little arena and was clueless as to the trouble Fannie and Freddie was in created by the Credit Default Swaps.
Franco, Fanny and Freddy came into existance because Savings and Loans went bankrupt when interest rates went to over 20% during the Carter administration. they loaned money long term and finances it with short term money. When they went broke, there was nobody that would write 30 year mortgages when they could only borrow the money short term through CD's and demand deposits. So the gov. formed Fanny and Freddy to do exactly that. Like most to the things the gov. gets into, loan policy became the issue. Making houses affordable long term(stable interest reate for 30 years), and more accessable by requiring little or no down payment, no credit history, or even a job for a significant period of time and ultimately not even proof of income( I know this because I once received a call to verify income of an employee who was in the process of buying a house and all they need was a statement from me, nothing more) led to the housing collapse.

My sister lamented the lack of regulation of credit default swaps also and schreached for REGULATION. I asked her one simple question but got no answer so I will ask you.

Question: Do you think you or probably anyone else on this forum would have ever heard about CDS had there not been a housing collapse.

Let me give you another one. Do you think regulation of CDS should be constructed so that a housing collapse should be anticipated as opposed to dealing with the root problemswhich was the housing colapse resulting for poor policy and requirements for home loans?

Franco
11-30-2011, 06:19 PM
Franco, Fanny and Freddy came into existance because Savings and Loans went bankrupt when interest rates went to over 20% during the Carter administration. they loaned money long term and finances it with short term money. When they went broke, there was nobody that would write 30 year mortgages when they could only borrow the money short term through CD's and demand deposits. So the gov. formed Fanny and Freddy to do exactly that. Like most to the things the gov. gets into, loan policy became the issue. Making houses affordable long term(stable interest reate for 30 years), and more accessable by requiring little or no down payment, no credit history, or even a job for a significant period of time and ultimately not even proof of income( I know this because I once received a call to verify income of an employee who was in the process of buying a house and all they need was a statement from me, nothing more) led to the housing collapse.

My sister lamented the lack of regulation of credit default swaps also and schreached for REGULATION. I asked her one simple question but got no answer so I will ask you.

Question: Do you think you or probably anyone else on this forum would have ever heard about CDS had there not been a housing collapse.

Let me give you another one. Do you think regulation of CDS should be constructed so that a housing collapse should be anticipated as opposed to dealing with the root problemswhich was the housing colapse resulting for poor policy and requirements for home loans?

Like my candidate said, "The government should have never been in the mortgage business". And, like Romney has said, "The best way to deal with the housing crisis is to let the Free Market reign".

What is happening now is a classic example of the government's solution being worse than the problem. I'll add that the government should not be doing what the private sector does a much better job with.

I remember the S&L bust well. I had some extra coin at the time and it was my first leap into investing in land. Around here, farm land was appraised and financed at nearly 2k per acre. After the bust, I was able to buy several tracts for $240 per acre! Much of that farm land that I had replanted in a mix of pine and hardwoods and sold over the last 20 years.

The point being that even with the S&L gone, there was still money to be borrowed the old fashioned way. That being with a 40% down(raw land) and good credit. It also gave the private sector an opportunity to invest. Something I don't think that many in either party realize.

caryalsobrook
11-30-2011, 06:30 PM
Like my candidtae said, "The government should have never been in the mortgage business". And, like Romney has said, "The best way to deal with the housing crisis is to let the Free Market reign".

This is a classic example of the government's solution being worse than the problem. I'll add that the government should not be doing what the private sector does a much better job with.

this I agree with totally. What I don't understand is why you criticize Phill Graham for not wanting to regulate DCS's. Especially since they were not the orginal problem. The housing policy of Fanny and Freddy was the problem. No housing problem then no CDS problem. Unfortunately almost all of us were oblivious to the housing problem. I saw an interview of a man who made billions in the CDS's. His logic was quuite simple. He said that if the rise in the cost of housing continues on its current rate then eventually, no one could afford a house, so it had to collapse. Wonder what odds he got, 100 to 1, maybe even greater since it had never happened before.

Franco
11-30-2011, 06:42 PM
this I agree with totally. What I don't understand is why you criticize Phill Graham for not wanting to regulate DCS's. Especially since they were not the orginal problem. The housing policy of Fanny and Freddy was the problem. No housing problem then no CDS problem. Unfortunately almost all of us were oblivious to the housing problem. I saw an interview of a man who made billions in the CDS's. His logic was quuite simple. He said that if the rise in the cost of housing continues on its current rate then eventually, no one could afford a house, so it had to collapse. Wonder what odds he got, 100 to 1, maybe even greater since it had never happened before.

I am critical of Gramm because unregulated CDS are the problem. It got out of hand with the major Wall St players packaging the crap and selling it to investors like AIG. Remember, it's not only Fannie and Freddie that have problems. Had the SEC not been censored by Gramm, this problem might have gone public long before it did! Our entire monetray/banking policies are rotten to the core.

The government is the problem. They are in areas they shouldn't be and ignoring the areas they should be addressing.

There is a current thread on RTF about politicians and insider trading. You wouldn't suppose former Wall St banker and Fed Chief Alan Greenspan wasn't getting insider info, do you? You don't think that possibly he was giving GRamm some of this info so that Greenspan could get legislation passed that he wanted. So as to take care of his Wall St connections. Connections that walked Scottfree with trillions in commissions and bonuses.

It's corrupt and it goes on like nothing is happening. The American people do NOT realize the reality of our financial mess. Until we get the Fed under control, end the politcal/Wall ST corruption and get the government focused on what they are suppose to be doing instead of buying votes, the better off we will all be!

Eric Johnson
11-30-2011, 07:23 PM
Franco, Fanny and Freddy came into existance because Savings and Loans went bankrupt when interest rates went to over 20% during the Carter administration.

I thought this statement was suspicious as I'd heard of these two before I'd heard of Carter. So...I looked them up.

Fannie Mae came into existance in 1938 and Freddie Mac in 1970.

Eric

road kill
11-30-2011, 07:26 PM
I am critical of Gramm because unregulated CDS are the problem. It got out of hand with the major Wall St players packaging the crap and selling it to investors like AIG. Remember, it's not only Fannie and Freddie that have problems. Had the SEC not been censored by Gramm, this problem might have gone public long before it did! Our entire monetray/banking policies are rotten to the core.

The government is the problem. They are in areas they shouldn't be and ignoring the areas they should be addressing.

There is a current thread on RTF about politicians and insider trading. You wouldn't suppose former Wall St banker and Fed Chief Alan Greenspan wasn't getting insider info, do you? You don't think that possibly he was giving GRamm some of this info so that Greenspan could get legislation passed that he wanted. So as to take care of his Wall St connections. Connections that walked Scottfree with trillions in commissions and bonuses.

It's corrupt and it goes on like nothing is happening. The American people do NOT realize the reality of our financial mess. Until we get the Fed under control, end the politcal/Wall ST corruption and get the government focused on what they are suppose to be doing instead of buying votes, the better off we will all be!

Looks like the gubmint is expanding too.....American Airlines anyone???:barf:


RK

caryalsobrook
11-30-2011, 07:39 PM
I am critical of Gramm because unregulated CDS are the problem. It got out of hand with the major Wall St players packaging the crap and selling it to investors like AIG. Remember, it's not only Fannie and Freddie that have problems. Had the SEC not been censored by Gramm, this problem might have gone public long before it did! Our entire monetray/banking policies are rotten to the core.

The government is the problem. They are in areas they shouldn't be and ignoring the areas they should be addressing.

There is a current thread on RTF about politicians and insider trading. You wouldn't suppose former Wall St banker and Fed Chief Alan Greenspan wasn't getting insider info, do you? You don't think that possibly he was giving GRamm some of this info so that Greenspan could get legislation passed that he wanted. So as to take care of his Wall St connections. Connections that walked Scottfree with trillions in commissions and bonuses.

It's corrupt and it goes on like nothing is happening. The American people do NOT realize the reality of our financial mess. Until we get the Fed under control, end the politcal/Wall ST corruption and get the government focused on what they are suppose to be doing instead of buying votes, the better off we will all be!
Inside trading has nothing to do with regulating CDS's. CDs's are nothing but a hedge on the future that in the case of housing was distorted by gov. policy of ignoring the risk of homeowners defaulting on their loans, which has happened in recond numbers due to loans of high risk. this post contradicts your last post completely. You want the gov to solve the problems that they created by virtue of controling via regulation. It doesn't work and has never worked.

Answer the two questions . Would you have ever heard of CDS's haad there not been a housing collapse caused by the policy of the gov. making loans on housed via Fanny and Freddy. the answer can only be NO! had there not been a housing collapse then there NEVER would have been a problem with CDS"s. Do you not agree?

If you do agree then how in the world could you come up with regulations for CDS's to prevent their failure and guard them against a housing collapse.

I have said that a house loan requiring 20% down for no more than 15 years and no more than 25% of takehome pay for mortgage payment would lower the risk to a very very modest rate of default. You set those requirements for a home mortgage and I guarantee you there would be no housing bubble. 20% downpayment would mean that the value of the house would have to drop more than 20% before default because the owner would have 20% equity initially. The whole economy would have to collapse before the housing sector would.

Franco
11-30-2011, 09:11 PM
Inside trading has nothing to do with regulating CDS's. CDs's are nothing but a hedge on the future that in the case of housing was distorted by gov. policy of ignoring the risk of homeowners defaulting on their loans, which has happened in recond numbers due to loans of high risk. this post contradicts your last post completely. You want the gov to solve the problems that they created by virtue of controling via regulation. It doesn't work and has never worked.

Answer the two questions . Would you have ever heard of CDS's haad there not been a housing collapse caused by the policy of the gov. making loans on housed via Fanny and Freddy. the answer can only be NO! had there not been a housing collapse then there NEVER would have been a problem with CDS"s. Do you not agree?

If you do agree then how in the world could you come up with regulations for CDS's to prevent their failure and guard them against a housing collapse.

I have said that a house loan requiring 20% down for no more than 15 years and no more than 25% of takehome pay for mortgage payment would lower the risk to a very very modest rate of default. You set those requirements for a home mortgage and I guarantee you there would be no housing bubble. 20% downpayment would mean that the value of the house would have to drop more than 20% before default because the owner would have 20% equity initially. The whole economy would have to collapse before the housing sector would.

First back up, I don't think that the government should be in the mortgage business. But, since they are there better be regulations and oversight.

CDS is the vehicle used to defraud the American public. It allowed for wild speculation and the legal packaging of bad investments that were sold to pensions and other investment funds. Much of which had to be bailed out. Doesn't matter whether I had ever heard of CDS, the concept and promotion of such was a poor decision.

caryalsobrook
12-01-2011, 06:25 AM
I thought this statement was suspicious as I'd heard of these two before I'd heard of Carter. So...I looked them up.

Fannie Mae came into existance in 1938 and Freddie Mac in 1970.

Eric
You may be right about when they were created but their role in financing home loans was massively increased when the Savings and Loans went bankrupt during the Carter Admin.(I am not blaming Carter for The S&S bankruptsies). At the time of the housing collapse, Fanny and Freddy was making 80% of the housing loans. They set the guidlines and they set the requirementts in order to comply with Congress' policies. Today they finance 90% of all home loans. When you are the elephant in the marketplace, you pretty much set the policy, guidlines and rules for the market. Congress passed the "Finantial Reform Act" and not one word about Fanny and Freddy. Sen. Dodd expressed it perfectly when he said, "You put stricter requirements on Fanny and Freddy and will no longer be able to buy houses they can't afford" (actually a paraphrase and not a quote).