Fannie Mae, Freddie Mac, Democrats, Obama, and the Crisis
Bill Clinton Says Crisis Is The Democrats Fault
The liberal socialist democrats decided during the Clinton era to advance home ownership. To the democrats it mattered not, if you actually had the means to pay the mortgage. What mattered to the democrats was that home sales were up, resulting in an economy boost, which made them feel better and looked good for Bill Clinton.
The democrats knew as long as home prices kept rising they wouldn’t get caught meddling with the loan industry. Barney Frank said it was a persons right to own a house. I don’t quite understand home ownership being a right, but Barney Frank and the democrats do. I always thought that buying a home, was a dream, a goal to work hard for. You went to work, you saved money for a down payment and then you bought a home. Many of these people that Barney Frank and the democrats thought had a right to own a home, were living on food stamps and Section 8 rent subsidies.
As we all know the liberal socialist democrats i.e. Barack Hussein Obama’s biggest constituency is the non worker. The democrats tell them it isn’t your fault you dropped out of school, it isn’t your fault you’ve never worked or with the fact that you have no education or skills so you are forced to work for minimum wage. The fault lies squarely on the shoulders of the mean spirited people who work for a living and are productive. But have no fear, we the liberal socialist democrats i.e. Barack Hussein Obama will take from the workers and give to you so you don’t have to get skills or work.
As reported by the L.A. Times, starting in 1992 a majority of the Democratic Congress “mandated” that Fannie Mae/ Freddie Mac increase their purchase of mortgages for low income borrowers. Since this requirement Fannie Mae, especially, has been aggressive and creative in stimulating minority gains.
The Clinton Administration put massive pressure on banks to grant mortgages to the poor and minorities. Andrew Cuomo, Clinton’s secretary of Housing and Urban Development, investigated Fannie Mae for racial discrimination and proposed 50% of Fannie Mae/ Freddie Mac portfolio be earmarked for low to moderate income borrowers by 2001.
Lending institutions were told to quit looking at “outdated criteria” such as the applicant’s credit history, the ability to make a down payment, or the ability to prove sufficient income to pay back the loan. Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment checks as valid income when securing a mortgage, also included was Section 8 rent subsidies. The Clinton Administration, threatened banks with lawsuits to force them to make these subprime loans.
In President Bush’s first year in the White House, Chief Economist N. Gregory Mankiw, warned that the “implicit government subsidy” of Fannie Mae/ Freddie Mac, along with loans being made to unqualified borrowers was creating a huge risk for the entire financial system. Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing loans.” This social engineering continued until gas prices started soaring, then at that point the phony house the liberal socialist democrats had built began collapsing.
Beginning in 2001 the Bush administration tried to get regulations for Fannie Mae/ Freddie Mac. They told congress there were dangers within Fannie Mae/ Freddie Mac loans. Several pieces of legislation were introduced including one in 2005 by Sen. John McCain, the democrats blocked all of these efforts. We now know that, the liberal socialist democrats had good reason to block this legislation, it would have destroyed the retirement home income being generated for democratic insiders from Fannie Mac/ Freddie Mac. They were paid millions of dollars as they were destroying Fannie Mae/ Freddie Mac.
This is what caused the financial crisis. The democrats, who caused this, now want you to bail them out to the tune of $700 million dollars. All the while, the liberal socialist democrats and Barack Hussein Obama want to blame Sen. McCain and President Bush for this crisis, Congressional records clearly show the democrats are to blame. The democrats try to change this with the smokescreen they put up with all the lies but when the smoke clears it will still be the democrats left with the legacy of being responsible for a financial crisis comparable to the Great Depression.
The liberal socialist Barack Hussein Obama’s fingerprints are all over the Fannie Mae/ Freddie Mac crisis. Obama voted against legislation to regulate Fannie Mae /Freddie Mac while he received over $126,000 from them in campaign contributions. Obama has lied over and over about who is the cause of the crisis, even Bill Clinton has admitted the democrats caused it and the Congressional Record show the republicans tried to stop it. Yet, Obama still tells his lies.
Even worse, at least 3 people from the Clinton era went to work for Fannie Mae. They are now economic consultants for Barack Hussein Obama. Pay attention, folks, did you hear me?? Some of the major players in the creation of this crisis are now Obama’s advisors! Franklin Raines received over $60 million dollars, Jamie Gorelick over $26 million dollars and James Johnson of the Countrywide scandal also made millions at Fannie Mae. These are the people that Barack Hussein Obama is dependent on for his economic advice, these are the people who if he is elected will be moving into Washington and who will become responsible for the economics of the entire country.
America is this who you want running this GREAT COUNTRY?
Speak Now America! we want to hear from you.
The liberal socialist democrats decided during the Clinton era to advance home ownership. To the democrats it mattered not, if you actually had the means to pay the mortgage. What mattered to the democrats was that home sales were up, resulting in an economy boost, which made them feel better and looked good for Bill Clinton.
The democrats knew as long as home prices kept rising they wouldn’t get caught meddling with the loan industry. Barney Frank said it was a persons right to own a house. I don’t quite understand home ownership being a right, but Barney Frank and the democrats do. I always thought that buying a home, was a dream, a goal to work hard for. You went to work, you saved money for a down payment and then you bought a home. Many of these people that Barney Frank and the democrats thought had a right to own a home, were living on food stamps and Section 8 rent subsidies.
As we all know the liberal socialist democrats i.e. Barack Hussein Obama’s biggest constituency is the non worker. The democrats tell them it isn’t your fault you dropped out of school, it isn’t your fault you’ve never worked or with the fact that you have no education or skills so you are forced to work for minimum wage. The fault lies squarely on the shoulders of the mean spirited people who work for a living and are productive. But have no fear, we the liberal socialist democrats i.e. Barack Hussein Obama will take from the workers and give to you so you don’t have to get skills or work.
As reported by the L.A. Times, starting in 1992 a majority of the Democratic Congress “mandated” that Fannie Mae/ Freddie Mac increase their purchase of mortgages for low income borrowers. Since this requirement Fannie Mae, especially, has been aggressive and creative in stimulating minority gains.
The Clinton Administration put massive pressure on banks to grant mortgages to the poor and minorities. Andrew Cuomo, Clinton’s secretary of Housing and Urban Development, investigated Fannie Mae for racial discrimination and proposed 50% of Fannie Mae/ Freddie Mac portfolio be earmarked for low to moderate income borrowers by 2001.
Lending institutions were told to quit looking at “outdated criteria” such as the applicant’s credit history, the ability to make a down payment, or the ability to prove sufficient income to pay back the loan. Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment checks as valid income when securing a mortgage, also included was Section 8 rent subsidies. The Clinton Administration, threatened banks with lawsuits to force them to make these subprime loans.
In President Bush’s first year in the White House, Chief Economist N. Gregory Mankiw, warned that the “implicit government subsidy” of Fannie Mae/ Freddie Mac, along with loans being made to unqualified borrowers was creating a huge risk for the entire financial system. Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing loans.” This social engineering continued until gas prices started soaring, then at that point the phony house the liberal socialist democrats had built began collapsing.
Beginning in 2001 the Bush administration tried to get regulations for Fannie Mae/ Freddie Mac. They told congress there were dangers within Fannie Mae/ Freddie Mac loans. Several pieces of legislation were introduced including one in 2005 by Sen. John McCain, the democrats blocked all of these efforts. We now know that, the liberal socialist democrats had good reason to block this legislation, it would have destroyed the retirement home income being generated for democratic insiders from Fannie Mac/ Freddie Mac. They were paid millions of dollars as they were destroying Fannie Mae/ Freddie Mac.
This is what caused the financial crisis. The democrats, who caused this, now want you to bail them out to the tune of $700 million dollars. All the while, the liberal socialist democrats and Barack Hussein Obama want to blame Sen. McCain and President Bush for this crisis, Congressional records clearly show the democrats are to blame. The democrats try to change this with the smokescreen they put up with all the lies but when the smoke clears it will still be the democrats left with the legacy of being responsible for a financial crisis comparable to the Great Depression.
The liberal socialist Barack Hussein Obama’s fingerprints are all over the Fannie Mae/ Freddie Mac crisis. Obama voted against legislation to regulate Fannie Mae /Freddie Mac while he received over $126,000 from them in campaign contributions. Obama has lied over and over about who is the cause of the crisis, even Bill Clinton has admitted the democrats caused it and the Congressional Record show the republicans tried to stop it. Yet, Obama still tells his lies.
Even worse, at least 3 people from the Clinton era went to work for Fannie Mae. They are now economic consultants for Barack Hussein Obama. Pay attention, folks, did you hear me?? Some of the major players in the creation of this crisis are now Obama’s advisors! Franklin Raines received over $60 million dollars, Jamie Gorelick over $26 million dollars and James Johnson of the Countrywide scandal also made millions at Fannie Mae. These are the people that Barack Hussein Obama is dependent on for his economic advice, these are the people who if he is elected will be moving into Washington and who will become responsible for the economics of the entire country.
America is this who you want running this GREAT COUNTRY?
Speak Now America! we want to hear from you.
You are one very scary person, as are the people who agreed with you.
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What are you talking about? Who is scary? Why are they scary? Is it because they don't agree with your views? If you want to make sense then do so.
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If all this were true, why wouldn't John Sidney McCain III (born August 29, 1936) use this argument to attack the democrats. As a republican, wouldn't you want to use that as the best possible argument? The reason why the republican party is not doing it is because it is not completely true. This individual is an extremist. We have to look at the problems in the economy as a systemic issue of government and deregulation where both parties had responsibility.
I believe it is a good thing to express your opinion, but giving a narrow view with extremely partisan influence to the readers is plain irresponsible.
Thanks,
Andrew
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Andrew, I think the problem was caused by many things but I believe the Dems contributed greatly to it. As far as things not getting out, ask the liberal press about that. There is a wall around Obama, it is amazing to me. We don't hear any real details about the people he is associated with such as ACORN, a truly corrupt and criminal organization. We hear more about it here on the net than we do on the networks. I can name on less than one hand the amount of stations that are fair and balanced.
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I believe you are one of those Bush lovers who think all is ok. You alos cvan be blamed for our country's demise.
Just shut up and vote for PALIN...DRILL BABY DRILL!!
Maybe you can drill one of her daughters...
You do not know your facts regarding Healtcare Fraud nor would you ever begin to comprehend.
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Hmmm First off Sasha if my FACTS are wrong about the health care fraud then lets hear your facts to prove mine wrong ok?
2nd See people like you are not usually very intelligent, you have no idea what it means to debate an opinion etc, instead because you have nothing to contribute so you say ridiculous stuff like you did about Palins daughter. If you have anything intelligent to say, you need not agree with me just make it sound like you are at least 8th grade level and I will reengage you. Fair enough?
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Sasha:
You are an ignorant, coward, America hater! Your comments can only lead us to the following conclusion:
Your parents are brother & sister
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At the time of financial crises we need to come together united and try to solve the problems which are responsible for such a hazard. We need to overcome it. It is meant to bring calm to the population and markets and display government strength and stability.
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Bush"Not enough minorities own their own homes," the president said during a stop at a carpenters' training center in Phoenix, which followed a talk about home ownership at the New Mexico State Fairgrounds in Albuquerque. "And it seems to me it makes sense to encourage all to own homes." When the rich get trickle down incentives there is no money for any sustainable housing whether the dems are responsible or not.
The reason that we are in this mess is not only the fault of the dems partnership of the dems and freddy and fannie.The reason is that the Republicans with 7 houses get tax breaks that only benefit the wealthy. The republican party is to blame because they favor rich and the conservative mantras. the word "conservative" comes from: the supposed importance of conserving established institutions and permanent aristocracy by the wealthy. The Democratic party makes it's mistakes but there is alot of military contractors funneling monies out of our country by neo cons
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Who owns the stock in freddy and fannie?the rich who are helped by reaganomics
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geecie,
You show how uninformed you are and bad mouth others. The people who made millions from Fannie Mae and Freddie Mac are socialist Democrats just like you. Also the entire country benefitted from President Reagan. After the last socialist, the peanut farmer Carter the economy was in worse shape than when your messiah Obama took office. We heard no doom and gloom from Reagan. Obama has signed legislation for more government spending than has been spent since we became a country. Under Reagan jobs and wages went up. Wall Street went up..Under Obama Wall Street is crashing and unemployment is rising. This is the worse performance by a President in his 1st month ever.
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Geecie,
Listen to the socialist Democrats. Don't educate yourself on the truth. Even Bill Clinton admitted the Fannie Mae / Freddie Mac collpase was from Democrat meddling. Also if you look you would see people like President Bush tried to stop it before it got this bad. People like Obama, Barney Frank, and Chris Dodd circumvented anyone trying to stop them and said nothing was wrong with Fannie Mae. That was 6 months before the collapse. So geecie, the socialist democrats caused this and now they are making it worse. Be proud you are one of them and hold out your hand for the gifts from your messiah Obama they are soon coming your way
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