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01:56 PM on 10/24/2011
Nice job s(dummy)crat.
You hit virtually every tea bagger talking point:
socialism
Barney Frank
Not businesses fault
Poor shouldn't own homes
Wall Street is not to blame
Clinton, Frank and Dodd
Etc., Etc., Etc.....

You did however, miss the number one tea bagger talking point:

Obama uses a teleprompter
01:55 PM on 10/24/2011
how long till the next bailout? Then what's next the government student loan program?
01:51 PM on 10/24/2011
Sallie Mae and the student loan GSE's will be just as bad if not worse than the mortgage GSE's like fannie and freddie mac. This is because everyone is pretending it isn't there, the only way to get rid of student loan debt you can't pay is to die, and our future workforce is indebted for at least 10 years after they graduate so the best and the brightest are just taking whatever job they can to pay off the student loan, they are NOT excelling to the best places to use there talent! We are in a lot of trouble and if the so called "grown ups" don't do something to save the indentured servitude of our young "educated" people, then we will be the ones paying first when it is time for our young to pay back 40+ years of all the failed policies of the elders of today! What does everyone think this occupy wall street is, it's just the beginning of the youth taking back their future, the spin on it can only last so long! Payback won't be pretty either, unless common sense comes back into reality!
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ekstatik
Granfalloon-free!
10:57 PM on 10/24/2011
Dislike your moniker, like your analysis. "Indentured servitude" is good.
01:48 PM on 10/24/2011
Great idea. Without Fannie and Freddy, the entire mortgage would collapse. Then Repubs would really have something to celebrate.
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Darlie Brewster
01:15 PM on 10/24/2011
Volcker is a L I A R . Fannie and Freddie had nothing to do with the toxic loans. They BOUGHT MORTGAGES, THEY DIDN'T ORIGINATE THEM ! 87% of h toxic loans came from private banks. It was the republicans who deregulated the banks and derivatives. The banks created a new system where they sold off loans to investment firms that bundled them into securities, got the rating agencies to fake the AAA rating, then those same banks would bet against their own mortgages on the stock market using derivatives. What Volcker doesn't say is if the government had "forced" the banks they could have sued the government , but they didn't , why ? In order to double their profits, they needed the loans to default (remember, once they sold off the loans to investment firms they were risk free) . The defaults made them more money than the original mortgages.

Ask them why they bet against their own loans on the stock market. They would be shredded in court.
Justice Goodyear
Equal disdain for both political parties
01:21 PM on 10/24/2011
Fannie and Freddie both knew about the issue but democratic leaders overseeing Fannie and Freddie hid the truth.

Banks had pressure placed on them by Bill Clinton to provide low-income loans.  it is well documented.
ReaItors Are Liars
NAR is corrupt
01:23 PM on 10/24/2011
Regardless of whether they bought them or originated them or both, Fannie and Freddie need to be disbanded.
01:43 PM on 10/24/2011
Why? Their presence in the market helps keep mortgage rates low. Without them the "market" will be free to tamper with mortgage rates like it currently tampers with gasoline prices.
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Darlie Brewster
02:28 PM on 10/24/2011
That is nonsense, how exactly did you arrive there considering they only got into trouble when republicans deregulated the banks, dismantled Glass Steagall and deregulated derivatives. These companies functioned perfectly until the banks through their puppets altered the rules. They are still doing it too. So you penalize common people and let the crooks go, brilliant thinking tea bagger.
hawhite2000
...for whom the bells tolls; it tolls for thee
01:09 PM on 10/24/2011
Just leave Fannie and Freddie alone
01:33 PM on 10/24/2011
So they can dig more money from the tax payers pockets.
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Seymoreclearly
Get your info from more than one source!
03:28 PM on 10/24/2011
Oh please. Without Fannie & Freddie, most Americans wouldn't be able to purchase homes.
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Ghost of For Fathers
The entire legal system has become criminal
01:04 PM on 10/24/2011
The dark ages are almost here.
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Ghost of For Fathers
The entire legal system has become criminal
01:05 PM on 10/24/2011
Brought to you by the fed.
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cynic1
T'each his own,said the man,as he kissed the cow
12:59 PM on 10/24/2011
Government Should Stop Financing Mortgages

Wow You Think??!!?? Oh, I see it's Capt. Obvious.
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Darlie Brewster
01:16 PM on 10/24/2011
You dont have a clue.
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elsquibbs
Socially liberal, fiscally prudent atheist.
03:33 PM on 10/24/2011
Since you obviously know better than Paul Volcker and can explain it us serfs, have at it.
This comment has been removed due to violations of our [Guidelines]
12:56 PM on 10/24/2011
Banks depend on cheap and unlimited funding from the state.
Private profit that bank receives is really earned at the expense of the rest of society - because banks placed themselves between the state and the rest of the economy.
Banks are the middlemen.
So they enjoy being backed by the state and using the money gotten from the state to make profits from the rest of the people.
Home loans make banks like feudal lords where they can rent out homes to peasants (homeowners) in exchange for 30 years of tribute. State provides the money to the banks to make it possible. During those 30 years bank owns the home and owns the rights to tribute.
Once homeowner serves out 30 years - he then owns the home, and is free to sell it to the new peasant to serve out his/her time, while the original homeowner signs up to another 30 year term in order to live in a bigger home.
But this system is possible only because state provides the funds for banks to use - so they could lend them to the future homeowner.
Justice Goodyear
Equal disdain for both political parties
01:25 PM on 10/24/2011
I think you mean the fed not the state.

Can you think of a better way to do this?  Just give everyone a house?  I have paid off two mortgages.  I have never gone through a bank to get a mortgage.
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Seymoreclearly
Get your info from more than one source!
03:38 PM on 10/24/2011
You're right, who says a bank has to hold the paper? They don't, it could be a private party willing to hold the note, if the buyer can't come up with the entire purchase price.

I think mortgage-back securities & the bundling of ANY kind of consumer loans (credit cards, mortgages, student loans) should be stopped. The whole investment game has gotten way too complicated which allows too many out there to hide just exactly what they're doing, and how they're doing it.
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biglog
This is not a shawade. We need toto concentwashun.
01:30 PM on 10/24/2011
It's a completely rigged system that privatizes the profits and socializes the losses. Whatever happens, the banks win and we the people lose.
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Seymoreclearly
Get your info from more than one source!
03:39 PM on 10/24/2011
Spot on!
12:51 PM on 10/24/2011
So now there are only two kinds of people in the world.

1. Those named Barney Frank
2. Everyone else
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Darlie Brewster
01:17 PM on 10/24/2011
Ask the banks why they bet against their own loans on the stock market.
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Seymoreclearly
Get your info from more than one source!
04:05 PM on 10/24/2011
Ya know, they rigged this whole thing from the start, or someone got a very clever idea halfway thru & said, "We see what's comin' down the pike (due to all this malfeasance in how mortgages are underwritten) & it ain't good & let's venture a guess as to why (a corrupt process). Wonder how we can profit from the messes we made?" Hedging, duh.

They got a two-fer from us taxpayers. We bailed them out & allowed them to unload the toxic assets THEY CREATED, they bankrupted private mortgage insurance, they hold the notes on how many foreclosed homes now? AND because they hedged, they got the pay-off there as well.

They play be completely different sets of rules than us regular folk.
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Seymoreclearly
Get your info from more than one source!
03:52 PM on 10/24/2011
Yes, that's what the bankers want you to think -that it's ALL Barney Frank's fault.

I'm pretty sure Frank wasn't standing over the shoulders of loan processors, telling them to lie on mortgage applications. I'm pretty sure Frank wasn't in the room when loan reps penned GFE's that differed greatly from what buyers' actually saw at closing tables, then threatened them if they didn't perform -even if it was clear they had neither the cash nor credit score to justify the loan. Pretty sure Frank wasn't in the rooms with the underwriters whose jobs it is to say "yay" or "nay" to prospective borrowers, based on info provided.

Pretty sure Frank didn't tell ratings' agencies to rate liars' loans as AAA either.

I'm pretty sure Frank didn't tell the investment bankers to bundle all this stuff & sell them 15 different ways from Sunday (as CDO's, CMO's, derivatives, etc) then bet against it all, which, by the way, is what you do when you're pretty darn sure the bottom's gonna fall-out of the market (called 'hedging"). You need to read a lot more before you lay all this at Barney Frank's feet.
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Drew Sargent
Born-again human here
12:51 PM on 10/24/2011
This one financial giant to listen to. Don't believe me? Please read his recently published biography. It's a rare human being that possesses intelligence with competency and compassion. Paul Volker is that kind of man. We should listen to him.
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niumarmion
a temporary being
01:08 PM on 10/24/2011
He saved the dollar in the 1980s.
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12:48 PM on 10/24/2011
what has really surprised me is that the BofA, Merrill Lynch derivative switch has yet to show up on H P. People need to know
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cynic1
T'each his own,said the man,as he kissed the cow
01:02 PM on 10/24/2011
74 Trillion in liability for us. BOA is so nice. And yes a story on this would be nice.
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03:05 PM on 10/24/2011
I post the links from other sites every once in awhile. If we all did that, maybe we could force HP to report the story?
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laserstain
12:45 PM on 10/24/2011
If the government managed a desert, it would run out of sand. Just wait till its done with our health care system. If you love what its done to Education, Housing and food, just wait.....
12:42 PM on 10/24/2011
The American dream should be earned it is not a entitelment. Government doesn't pay for this failed socialism we the tax payers do. Abolish "affordable housing" not at all affordable, no one paid my mortgage but my stocks took a hit to pay for others. What is next another bail-out for failed government socialism in housing or the student loans bailout? Socialism is not American.
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AvgJoeBlow
We are smarter than any of us.
12:59 PM on 10/24/2011
Err, seems to me we gave a ton of money to Wall Street and Banks for creating this mess in the first place. You may be right Rush, only wealthy people should own homes. In fact you may be right that shiftless liberal poor crashed the economy by not reading all the fine print on contracts private lenders we cramming down their throats.
Thanks for the clarification.
-AJB
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biglog
This is not a shawade. We need toto concentwashun.
01:43 PM on 10/24/2011
Having worked on the inside in a large mortgage bank, I can tell you that both are true. The banks were cramming bad loans (mine paid 3x commission on Option ARMs), and borrowers were too enamored with the prospect of a low payment (negative amortization) to bother to understand the terms and conditions. The culpability of one doesn't exonerate the other. There was a whole lot of greed and wrong-doing going on between all parties. I attended hundreds of closings during my mortgage career, and I can count on one hand the number of clients that actually took the time to read the documents they were signing.
01:45 PM on 10/24/2011
Far from rich, labor worker who has paid my 1st home off in seven not 30 yrs. Then went on to buy more homes also. Never worked for more than illegal Mexican wages in my field, yet living within means working well over the average hours per week & investing the best I can. Giving money to "wall street & banks" is malefeance by government. My name is not "rush" joeblow me, And all Americans not just the rich should live the American dream if they earn it. I don't suffer class envy as you seem too and would never demand the rich to buy my dreams for me.
12:59 PM on 10/24/2011
The hit you took on your stocks made a WS capitalist very happy ! He disn't say thanks he said " Hahaha Sucker"
01:48 PM on 10/24/2011
True, just like the polititions devaluing the dollors we work for. But if I do not like the performance of a stock I can get dump it, unlike paying for government social programs via taxes.