Bill had a hand in more than just Monica

[Broadbill-Pro]

Right out of the pages of the NY Times!!!

And look at the date..!!!




--------------------------------------------------------------------------------

September 30, 1999

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES


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 sub prime 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 sub prime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the sub prime 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 an 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.

[Harry Klauber]

I'm willing to bet most everyone reading Vinnie's article will never even remember that happening. It has been pointed out along the way that the foundation for this mess was laid during the Clinton years but I think it being less prevalent, and resulting in fewer foreclosures, people tended to forget it. The important point is that the premise of lending to sub-qualified buyers so that we could be the country where everyone owned a home was established. The seed was planted and we watched it grow - like a weed that eventually choked off everything.

[mneptune]

[PUMPKIN]

and point to "root causes" of this financial calamity we are facing. The real problem (someone should write a Harvard Business Case on the mortgage fraud model at ground zero in South Florida), was not the good intentions of trying to increase home ownership, although as we know not every homo sapien walking upright on this planet has a "right to own a home", but must work for it like everyone else, BUT was the LACK OF OVERSIGHT that occurred during THE LAST EIGHT YEARS. I can assure you if Bill was in the big house during this timeframe this shxt NEVER would have played out the way it had....nor would it have happened if Mr. Obama, our next President of the United States of America, was on watch.

The silver lining here is I heard from a credible FBI friend that there are dozens of agents down here arresting dozens of mortgage brokers (including the kids that were zipping down Brickell avenue in there Testarosas...) on a daily basis.

Oh year, I forgot, "now is not the time to fix the blame, but now is the time to fix the problem".....ship what's her name back to gaurd the coast of alaska, and good OLD john out to pasture...I have a lot of respect for the man and he has seen more in his life than probably a dozen of us from this forum ever will, but he clearly doesn't have it in him. Its too bad the Republicans couldn't come up with a younger, more vibrant candidate of their own, then we might have a race over the next month...which is clearly not going to happen.

Sorry, I promised some of the forum members I would only preach fishing on this forum, but couldn't resist on this one.

Tight Lines,

Frank

ps Fish Report: we killed the large yellowtail (apparently they have been spawning late this year" up to true 5#ers over the weekend, along with a mess of BIG permit, and some mangroves, on the wrecks at night down off Key Largo. Catch em up boys.

[quack quack]

Sorry Frank I said it before if the Govt stepped in during the housing boom the dems would have screamed.They would have said its not fair and so on and so on.Just to show you that Mccain has been working to stop this mees since 2005!!In his own words.the link as well.GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)



Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Status: DeadI join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

[B767]

As in the words of DL, the great, eloquent and illustrious fishing guru/prophet .........COÑO!!!!!!!!! ............

[Catch-All]

[QUOTE=PUMPKIN;93209]and point to "root causes" of this financial calamity we are facing. The real problem (someone should write a Harvard Business Case on the mortgage fraud model at ground zero in South Florida), was not the good intentions of trying to increase home ownership, although as we know not every homo sapien walking upright on this planet has a "right to own a home", but must work for it like everyone else, BUT was the LACK OF OVERSIGHT that occurred during THE LAST EIGHT YEARS. I can assure you if Bill was in the big house during this timeframe this shxt NEVER would have played out the way it had....nor would it have happened if Mr. Obama, our next President of the United States of America, was on watch.
QUOTE]

Vinnie - good thread and good research. Thank you!

Pumpkin - I have to disagree with you on that one. It has been massively reported, even in the mainstream liberal media, that President Bush and other Republicans tried to rein in Fannie Mae and Freddie Mac numerous times in the past 8 years but each time were out-maneuvered and out-voted by the Democrat politicians in the Senate and Congress.

It has been voluminously documented and PROVEN that this entire mortgage mess can be laid Only at the door of the Democrat politicians in power during Carter's and Clinton's Reigns Of Terror as well as the Democrat politicians who guarded Fannie Mae & Freddie Mac during the last 8 years, chief among them that venal, corrupt sonofabitch Congressman Barnie Frank (D-Mass).

All these ARM mortgages to bad-credit borrowers need to be permanently outlawed. I come from a family that lived & breathed real estate and one of the things drummed into my head at the dining room table was to never buy a house that was worth more than four times your paycheck and your monthly mortgage payment should be no more than one weeks pay. If Congress had put these simple minimum safeguards in place from the start then we wouldn't be in this mess now. Thank the Democrats for effing us over yet again.

Happy Tuesday,
Catch

[quack quack]

We have seen Barack Obama's campaign ads citing John McCain's connections to lobbyists. But we haven't heard about some of those Obama advisers, or where some of his money has come from.

His top economic advisers include Robert Ruben, former and current Wall Street top executive, and Jim Johnson, who was found to have foisted some of the Fannie Mae frauds on us and collected $21 million in compensation in one year during that fraud. Then there were the revelations of his sweetheart deals with Countrywide Mortgage as he was named to lead Obama's vice-presidential search committee. He immediately resigned.


Fannie Mae is the mortgage backer that was essentially a government-owned corporation and now is in receivership. It's reported that Fannie Mae made significant contributions to politicians, the top five being Democrats. And whose name is third on the list? Barack Obama -- behind only Chris Dodd and John Kerry. Obama received $105,000 in two years

[quack quack]

Obama supported leaving FNMA ALONE!!!!

It appears this was a big priority for the following democrats on the committee:
Dodd - (D) Conn

Schumer - (D) NY

Menendez - (D) NJ

Reed (D) RI


Senator Obama, already on Fannie Mae's high list of donors, and Senator Jack Reed of RI reportedly held up any serious reform of Fannie Mae in order to cut out a ?low income trust fund? that Fannie had to pay money into to offer loans to bad credit risks.

The NILCH (National Institute for low income housing) had a press release that featured Senator's Reed and Obama talking about what a wonderful program that was in May of this year.

[quack quack]

Read the facts people!!!!!!

John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005! « Beltway Snark



Beltway Snark
Home About Beltway Snark Another Prime-Time Palin InterviewThe Big-Ticket PUMAs Start DefectingSeptember 16, 2008...6:51 pm
John McCain Supported A Proposal For An Agency To Oversee Fannie And Freddie……In 2005!
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In Sept. 2003 President Bush proposed a new agency to oversee regulatory reforms of Fannie Mae and Freddie Mac. Here is an excerpt form the above linked article from Sept. 11, 2003.

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Then in 2005 John McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005.

The Bill was never passed. John McCain addressed the floor on May 26th, 2006. Here is an excerpt:

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

This bill was shot down by the Democrats and some Republicans in Congress.

John McCain fought two years ago to shield the American people from the crisis some of us are facing.

What was Barack’s vote??

Update: 09/17/08 5:48am EST (yeah, I dont’ sleep much)

We asked the question: “What was Barack’s vote?” We had the answer on Monday, but didn’t link it here until now. I like dramatic pauses.

As reported here, since 1989, Barack Obama is second only to Sen. Chris Dodd in most amount of Lobbyist money accepted from Fannie Mae and Freddie Mac.

Are you hearing this? He has been in the Senate less than four years and only Dodd has taken more money than he has. Since 1989. No wonder he wanted to keep Fannie and Freddie under Senate oversight.

And no wonder there isn’t an “Enron type” investigation going on. Nobody wants to investigate themselves.

Hopeandchange certainly sounds like sameoldcrap.

Barack Obama: he loves hates the lobbyists!

[B767]

The truth is there, yet, it is easier to look the other way in order to justify the cause. (i.e. "CHANGE").... It is called in some Circles, "DENIAL"..... Oh well........

[B767]

Originally Posted by quack quack

Read the facts people!!!!!!


Are you hearing this? He has been in the Senate less than four years and only Dodd has taken more money than he has. Since 1989. No wonder he wanted to keep Fannie and Freddie under Senate oversight.

And no wonder there isn’t an “Enron type” investigation going on. Nobody wants to investigate themselves.

Soooo, Soooo true!!!!

[quack quack]

Mccain got 10% of what Obama got.

[quack quack]

Absolute blind greed but it came from Dem supports and those same greedy guys are Obamas chief economic advisor's.The GOP tried to introduce reforms on them but were filibustered by the Dem's!!!

[PUMPKIN]

enjoy the debate boys...

[Catch-All]

American Thinker: The Trillion-Dollar Question: Are the Bookkeepers At It Again?

Here's an interesting thread over on AmericanThinker.com It describes how changing an accounting rule may help our economy muddle through this debacle at minimum cost to the taxpayers. I'm no accounting expert but it sounds like it deserves consideration & debate.

Catch

[Broadbill-Pro]

Originally Posted by quack quack

As reported here, since 1989, Barack Obama is second only to Sen. Chris Dodd in most amount of Lobbyist money accepted from Fannie Mae and Freddie Mac.

Are you hearing this? He has been in the Senate less than four years and only Dodd has taken more money than he has. Since 1989. No wonder he wanted to keep Fannie and Freddie under Senate oversight.

And no wonder there isn’t an “Enron type” investigation going on. Nobody wants to investigate themselves.

I still say his past will burn him before electon day.

[quack quack]

I hope so Vinny.It is amazing how the radical dems through there support behind him.No matter how many facts you show them he is perfect in there eyes.

[Broadbill-Pro]

Originally Posted by quack quack

I hope so Vinny.It is amazing how the radical dems through there support behind him.No matter how many facts you show them he is perfect in there eyes.

Here are some more facts:


You couldn't be a new lawyer with 143 days of experience and become a partner in my law firm.

You couldn't get a job at McDonalds and become district manager after 143 days of experience.

You couldn't become chief of surgery after 143 days of experience of being a surgeon.

You couldn't get a job as a teacher and be the superintendent after 143 days of experience.

You couldn't join the military and become a colonel after a 143 days of experience.

You couldn't get a job as a reporter and become the nightly news anchor after 143 days of experience.



BUT....


'From the time Barack Obama was sworn in as a United State Senator, to the time he announced

he was forming a Presidential exploratory committee, he logged 143 days of 'experience' in the Senate.

That's how many days the Senate was actually in session and working.

After 143 days of work 'experience,' Obama believed he was ready to be Commander In Chief, Leader of
the Free World .... 143 days.

We all have to start somewhere. The senate is a good start, but after 143 days, that's all it is - a start.

AND, strangely, a large sector of the American public is okay with this and campaigning for him.

We wouldn't accept this in our own line of work, yet some are okay with this for the President of the United States of America ?


Come on folks, we are not voting for the next American Idol!

[Disco Lady]

Originally Posted by B767

As in the words of DL, the great, eloquent and illustrious fishing guru/prophet .........COÑO!!!!!!!!! ............

COÑO!!!!!!!! Like your avatar buddy.


DL,

[mneptune]

I'll say it again.... All our elected officals are crooks and whores; their policy decisons are sold to the highest bidder and not in the best interest of all americans. (Make campaign contributions from special interests and corporations a federal crime, plus term limits would be helpful).

To everyboody on this site.... please look into Senator Obama's work within the group ACORN. This is not rumor, misinformation or "guilt by association" as others on this forum have contended. Senator Obama "personally" trained, represented and financially contributed to this group who's' members are being investigated, arrested and sent to prison in more than a dozen states for crimes such as VOTER FRAUD, EMBEZZLEMENT and other crimes. Now some of the far left liberals on this site, (and you know who you are), might not give a shit about this, but we as Americans, regardless of our party affiliation, deserve to have an uncorrupted political process where "one person, one vote" actually means something. In my opinon if you condone voter fraud than you don't deserve to be an American. Voter fraud should be treated as an act of treason and you know the penalties for that don't you?

Lastly, to Pumpkin, I do not know what your problem is with Sarah Palin. Personnally, I like her; She is a person that I believe many of us connect with due to her passion of the outdoors, (fishing and hunting), as well as her record as mayor and Governor in Alaska. She is a better representative of "Main Street" Americans than anybody else in this campaign; Professor O... you have got to be kidding me, like the old saying goes, be careful what you wish for, you may just get it.

[mneptune]

Vinney,

You know that I have disagreed with you on this forum before, particularly on commericial fishing but your last post was not only right on but classic... bravo.

[B767]

Originally Posted by mneptune

I'll say it again.... All our elected officals are crooks and whores; their policy decisons are sold to the highest bidder and not in the best interest of all americans. (Make campaign contributions from special interests and corporations a federal crime, plus term limits would be helpful).

To everyboody on this site.... please look into Senator Obama's work within the group ACORN. This is not rumor, misinformation or "guilt by association" as others on this forum have contended. Senator Obama "personally" trained, represented and financially contributed to this group who's' members are being investigated, arrested and sent to prison in more than a dozen states for crimes such as VOTER FRAUD, EMBEZZLEMENT and other crimes. Now some of the far left liberals on this site, (and you know who you are), might not give a shit about this, but we as Americans, regardless of our party affiliation, deserve to have an uncorrupted polital process where "one person, one vote" actually means something. In my opinon if you condone voter fraud than you don't deserve to be an American. Voter fraud should be treated as an act of treason and you know the penalties for that don't you?

Lastly, to Pumpkin, I do not know what your problem is with Sarah Palin. Personnally, I like her; She is a person that I believe many of us connect with due to her passion of the outdoors, (fishing and hunting), as well as her record as mayor and Governor in Alaska. She is a better representative of "Main Street" Americans than anybody else in this campaign; Professor O... you have got to be kidding me, like the old saying goes, be careful what you wish for, you may just get it.

......

[Harry Klauber]

If people have fallen under the spell of Obama there seems to be no way that they will even view, with consideration and open mindedness, the FACTS that might open their eyes as to why he isn't the best choice to become our next president. He has an excellent chance of winning, and if he should, I hope everyone is happy with the "spell binding snake oil salesman" that they placed in office.

I might not be crazy about McCain but it's like the bailout package - maybe not perfect but better than the alternative. And, the debate will rage on.

Vinnie - you got high marks from Arthur. You have to respect a man that honors who he doesn't agree with and is willing to say "good job to you for getting out some truth and information".

[Catch-All]

Meanwhile, on Wall Street......




Too bad there are no true high-rises in Washington, DC.

Catch

[mneptune]

Professor O, why do you try to defend the defenseless. My comments about Obama's ties to ACORN are being reported on CNN, FOXX, Lou Dobbs, NBC, CBS, ABC, non-profit, non-political groups dealing with ethics in government (now there is an oxy-moron if I ever heard one), and today a scathing report from the former Secretary of State for the State of Ohio, Mr. Ken Blackwell (an African American by the way), who also laid out Obama's dealings with ACORN in training their staff, representing them as their attorney and funding their illegal activities.

Did I also mention that this group were the ones that picketed and protested banks using strong arm tactics in order to force them to give subprime loans to people that they new could not afford it. If the banks refused to give loans to this groups base they would file federal lawsuits against them. Soon the banks capitulated and gave the loans to people that could not afford them; the banks thought it was cheaper to do that then face costly litigation.
Again all documented facts in the record. Just research them yourself and then try to defend them and their practices as well as Obama's very entrenched work with this group!!

[Broadbill-Pro]

Originally Posted by Catch-All

Meanwhile, on Wall Street......




Too bad there are no true high-rises in Washington, DC.

Catch

jump jump jump jump jump


OK, I'm going to give you guys a break, Wife has me going to Greece tomorrow for 2 weeks. I hope there is fishing on Santorini?

Anybody have a soap on a rope I can borrow?

Have fun! Good Fishing!

[Harry Klauber]

Vinnie,
OK, I'm going to give you guys a break, Wife has me going to Greece tomorrow for 2 weeks. I hope there is fishing on Santorini?

The forum won't be the same without you. I have been to Greece about 50 times when I was working - lots to see and plenty of good food (if you hopefully like Greek food). Enjoy and I am sure we will know when you get back. Harry

[Harry Klauber]

Anybody have a soap on a rope I can borrow?

Vinnie,
Just don't ask about where you can find a "peghouse". It's something only someone that has been there many times knows about and the natives don't appreciate queries from tourists as they say they do not exist.

[Broadbill-Pro]

Originally Posted by Harry Klauber

Vinnie - you got high marks from Arthur. You have to respect a man that honors who he doesn't agree with and is willing to say "good job to you for getting out some truth and information".

Harry,

I have the utmost respect for Arthur. I spent my life trying to figure out fish thru science. The first SST chart I put in my hands in 1979 came thru a fax machine via NOAA/Washington and from that day on I knew it would be the difference between success and failure in my profession. Had it not been for people like the Professor, we would still be in the dark ages of ocean research. I could listen to him speak about sea surface altimetery, plankton layers and salinity levels for hours as I compare his view to the real time charts I recieved onboard for the past 20 years.

BUT, he is a confused puppy on politics