posted
"Who else, other than a drunk, would would vote for 4 more years of this abuse!?!?!?!"
Oh, Pat Robertson and Denis Prager and Carl Rove and Rush Limbaugh and Dick Chaney and Sean Hannity and .......
Well, I could go on, but you get the idea.
The same guys that have been making the decisions since late January 2000 will vote for more and, if they can get McCain in, we get 4 more years of the exact same crap.
But ain't it funny watching over the last few weeks and seeing them paint lipstick on their pigs?
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posted
The beginning of the end.......note the date
NY Times.
Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.'' Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'' Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped. Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings. Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites. Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent. In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent. Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings. In July, 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. The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.
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posted
it's true this stuff started under Clinton, but Bush took this program "to da moon"...
the large number of failures are from '04 '05 and '06, after Bush pushed his proposals thru...
he even had a proposal called the American Dream Downpayment initiative, Summary
The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.
quote:they are saying California is out of cash...
they may not be able to make payroll?
...and that shows exactly what happens when you operate a socialist state. This is exactly what is going to happen to the entire United States - maybe now, but CERTAINLY in the near future. I have been continuously criticized for my stance against handouts, but now you see what socialism and all the wacko handouts (and victim mentality) has done to California. When the economy collapses, all this socialist nonsense will need to be stopped, so that the country can get back to reality. We simply can not afford all these handouts and that reality is getting closer.
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That would make sense we are one of the biggest economies in the world.
Now all we have to do is start printing our own money like the Feds.
The problem is we have to figure what to put on the front and the back of the bills, how about iwishihad on the front and the gold rush on the back.
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quote:they are saying California is out of cash...
they may not be able to make payroll?
...and that shows exactly what happens when you operate a socialist state. This is exactly what is going to happen to the entire United States - maybe now, but CERTAINLY in the near future. I have been continuously criticized for my stance against handouts, but now you see what socialism and all the wacko handouts (and victim mentality) has done to California. When the economy collapses, all this socialist nonsense will need to be stopped, so that the country can get back to reality. We simply can not afford all these handouts and that reality is getting closer.
PM, once again you show a distinct naivete. CA has the 7th largest economy in the world. This isn't about handouts.... this is about the bankers being dishonest because nobody was regulating them...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
Credit Crisis Causes California Cash Crunch
By Robert Cruickshank
One of the bigger news stories circulating this morning is Arnold's letter to Treasury Secretary Paulson warning that California might run out of cash if the credit markets don't unfreeze. The gist of the problem, according to the LA Times:
“It's customary for California to borrow billions of dollars at the start of the fiscal year to fill its coffers until the usual flood of sales tax receipts comes in after Christmas and income tax receipts arrive in the spring.
“"California is so large that our short cash-flow needs exceed the entire budget of some states," Schwarzenegger wrote.
“The cash needs to be in the state's bank account by Oct. 28 to be available to fund a scheduled $3-billion payment to more than 1,000 school districts.
posted
It does not appear they convinced the stock market that this will stop the bleeding. Didn't it have a 300+swing today.
I guess the good news is that they got rid of the cold, the bad news is they still have to deal with the cancer and it's in quite a few areas.
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posted
NOTE I brought up the solar issue. The additional funding mostly went to tax incentives for green energy. Look for some good solar and hope its low.
posted
Probably because you are not in the demographic they did this program for
quote:Originally posted by glassman: it's true this stuff started under Clinton, but Bush took this program "to da moon"...
the large number of failures are from '04 '05 and '06, after Bush pushed his proposals thru...
he even had a proposal called the American Dream Downpayment initiative, Summary
The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.
quote:Originally posted by CashCowMoo: Probably because you are not in the demographic they did this program for
no, you're right, and you know what? i actually beleived in the program.
i am for people getting a good start in life, first time home buyers are facing a real challenge to come up with 20%...
that was the norm until a few years ago...
when i got out of the navy in the early 80's? a starter home in the Wash DC area could be bought for under 50K$ and college tuition for state residents was under 1000$ per semester.
college loans became much easier to get, and the price of a college semester is more then 10 times as much,
home loans became easier to get with no money down and in the DC area, a starter home is now 175K$...
when it's too easy to borrow? too many people make poor decisions...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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posted
The worst part is that many of the ones that have been making decisions play this like a monopoly game. To them all you do is roll the dice and see what you come up with and if you lose you just start the game over and everyone gets equal money to start again.
The average citizen on the other hand has lost his or her life savings and a lot of their life as they knew it, for the decisions that were made by others.
We do not get equal money to start the game over again.
These guys that make the decisions are not effected in most cases and can get right back to the monopoly game with our money, that sucks.
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posted
What they really need is just a 6 month taste of the joint to see what happens to criminals.
Then give them there freedom and they will always know in the back of there mind what happens to crooks.
As far as the 700 billion dollars I have changed my mind give it away like a tax payer stimulus package. That will get things going thats what Palin does in Alaska
-------------------- Wise men learn more from fools than fools from the wise.
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posted
As much as those guys sicken me, I can't say anyone, for any crime, them included, needs even 6 minutes in what we let pass for a prison.
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