right, Chase, B of A, Citi, and all those hedge funds and manipulation of regulations and finance had nothing to do with the problem, well, other than the 1% unable to keep track of their profits, as bad loans were knowingly written. Ask Phil Gramm, not fanny or freddie.
they better when timmy started adding more conditions to tarp and some banks wanted out he told them he would audit them an freeze all transactions [ that meant treas says that next week a account holder could not get $ out for a while guess what would happen at that bank]
There’s always been loans with both high and low risk… A major contributing factor to the crash was ratings agencies marking high risk loans as low risk. Countrywide in particular has employees who’ve documented the falsification of loan applications by loan officers.
1. The deregulation of banking which allowed investment banks and commercial banks to merge operations, via the by the Gramm–Leach–Bliley Act
2. The fact that the banks could take out insurance against failure of mortgages THAT THEY DIDN’T EVEN OWN
3. The fact that banks could make a profit by knowingly lending to high risk mortgages, then retranching the mortgages and selling them to investors as “low risk”, while simultaneously insuring them as above — essentially, making money off betting the mortgages will fail, while making money off selling the mortgages to other investors.
FDR started the whole thing, trying to kick the economy butt and make these bad loans. It took a loooong time to finally crash down on us. We will see the European crisis affect us also.
banks are basically loan sharks I might add. A friend of mine can’t get a lower mortage rate because her bank doesn’t know WHO has her mortage and won’t rewrite a new one because they can’t. It’s a gottcha. AND they are doing it all over again. Close your bank account and shop for a Credit Union to use.
Another load of right wing you-know-what. The system was gamed from the top, and they all knew what they were doing. Hot money pouring into Miami, Las Vegas, and lots of other cities were what caused the bubble. Giving loans to low income people had almost nothing to to with it.
Yes, it was government policy at the root of the problem.http://news.investors.com/Article/589858/201110311638/Housing-Crisis-Obama-Clinton-Subprime.htm
Dtroutma over 12 years ago
right, Chase, B of A, Citi, and all those hedge funds and manipulation of regulations and finance had nothing to do with the problem, well, other than the 1% unable to keep track of their profits, as bad loans were knowingly written. Ask Phil Gramm, not fanny or freddie.
stevebarritt over 12 years ago
That the best you got?
oneoldhat over 12 years ago
they better when timmy started adding more conditions to tarp and some banks wanted out he told them he would audit them an freeze all transactions [ that meant treas says that next week a account holder could not get $ out for a while guess what would happen at that bank]
Dtroutma over 12 years ago
No, zit, it was Phil Gramm and the repeal of Glass-Steagal, and rewriting regulations under Reagan/Bush/Bush, period.
michael Premium Member over 12 years ago
There’s always been loans with both high and low risk… A major contributing factor to the crash was ratings agencies marking high risk loans as low risk. Countrywide in particular has employees who’ve documented the falsification of loan applications by loan officers.
lbatik over 12 years ago
Here are real scandals for you:
1. The deregulation of banking which allowed investment banks and commercial banks to merge operations, via the by the Gramm–Leach–Bliley Act
2. The fact that the banks could take out insurance against failure of mortgages THAT THEY DIDN’T EVEN OWN
3. The fact that banks could make a profit by knowingly lending to high risk mortgages, then retranching the mortgages and selling them to investors as “low risk”, while simultaneously insuring them as above — essentially, making money off betting the mortgages will fail, while making money off selling the mortgages to other investors.
…THAT is a scandal.
davisdoll04 over 12 years ago
FDR started the whole thing, trying to kick the economy butt and make these bad loans. It took a loooong time to finally crash down on us. We will see the European crisis affect us also.
davisdoll04 over 12 years ago
banks are basically loan sharks I might add. A friend of mine can’t get a lower mortage rate because her bank doesn’t know WHO has her mortage and won’t rewrite a new one because they can’t. It’s a gottcha. AND they are doing it all over again. Close your bank account and shop for a Credit Union to use.
doverdan over 12 years ago
It was a Gingrich GOP Congress that made the banking laws then.
pirate227 over 12 years ago
Yeah, it’s all Clinton’s fault… he invented credit default swaps too…
alanrooks Premium Member over 12 years ago
Another load of right wing you-know-what. The system was gamed from the top, and they all knew what they were doing. Hot money pouring into Miami, Las Vegas, and lots of other cities were what caused the bubble. Giving loans to low income people had almost nothing to to with it.
grayhares01 over 12 years ago
Yes Canuck, that’s what federal mandate is, you blithering idiot…
trm over 12 years ago
Yes, it was government policy at the root of the problem.http://news.investors.com/Article/589858/201110311638/Housing-Crisis-Obama-Clinton-Subprime.htm
d_legendary1 over 12 years ago
“Still haven’t educated yourself about the CRA, have you trout.”
Apparently you haven’t either. I left you a nice link on the Mike Luckovich comic.