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Your topic AmyBSells Team – Cincinnati Real Estate Blog ” Blog Archive … was interesting when I found it on Friday searching for fannie may foreclosures…

Great stuff here!…

Well Google loves you! I typed in countrywide estate agency hoping to find my site and I found ” Blog Archive ” Das Banken-ABC on the first page in the UK, Well done….

After reading this post, I am not sure I understand what you are trying to relate. Please expand on your thoughts a little more. Thanks…

2 Thumbs up. good post…

First of all, commenters who say that there is lots of blame to go around are truly in command of the obvious. Culpability lies with everyone from borrowers who lied on their “no doc” loans, to mortgage brokers in strip malls who facilitated the fraud, to mortgage companies that originated this toxic waste and sold them almost immediately, to Fannie and Freddie, Goldman Sachs, etc. who bundled and securitized them, to the sellers of credit default swaps, to inept rating agencies. However, Democrats in the Clinton administration and in Congress are at the top of the list. Richard Fuld, along with hundreds of thousands of former financial industry employees, have been fired or laid off yet Barney, Maxine and their fellow idiots are still on Capitol Hill wreaking havoc with our economy (e.g. the non-stimulative porkulus bill).

For commenters lamely attempting to defend Democrats, here are some facts.

1. The Republicans actually did have a specific proposal in mind. They wanted to replace OFHEO with a new regulatory body that actually had power to regulate Fannie and Freddie. The regulatory plan included capital requirements (that were lowered to 2.5% by the Clinton administration) that would have reined in Franklin Raines's incompetent strategy to have Fannie and Freddie acquire and hold hundreds of billions of dollars worth of mortgages in addition to securitizing $ trillions more. One of the liberal defenders got it right by pointing out that the Republicans controlled congress in 2003. However, the GOP Senate contingent had idiots like Lincoln Chaffee, Arlen Spector, Susan Collins, Olympia Snowe, and Gordon Smith. They were/are left of center and the GOP never had a conservative majority. Furthermore, Democrats played the race card and said that Republicans were merely criticizing Franklin Raines because he was black and that they didn't want black people to get mortgages. It was lame that the GOP caved, but the Democrats affirmatively blocked the enhanced regulation and they are culpable.

http://query.nytimes.com/gst/fullpage.html?res=…

2. Barney Frank really did make the following idiotic comment back in 2003: ''These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

http://query.nytimes.com/gst/fullpage.html?res=…

3. The Washington Post reported that: “In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion — 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent. Generally, Freddie purchased more than Fannie and relied more heavily on the securities to meet goals.”

http://www.washingtonpost.com/wp-dyn/content/ar…

4. Plenty of people knew that the Federal Government and its evil twin GSE's were setting us up for a fall. In its now infamous September 1999 story, the New York Times referenced that expansion in sub-prime lending: “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 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.” Peter Wallison explains that “In 1994, Fannie Mae replaced its initial $10 billion [sub-prime] program with a $1 trillion affordable housing initiative, and both Fannie and Freddie announced new $2 trillion initiatives in 2001..” [http://www.aei.org/publications/pubID.28704,filter.all/pub_detail.asp]. Peter Wallison is quoted in the 1999, NY Times article sounding the alarm. Fannie and Freddie eventually held one third of outstanding sub-prime and alt-A loans. There were no two other entities with that much involvement in the toxic waste market.

http://query.nytimes.com/gst/fullpage.html?res=…

5. When he wasn't misappropriating tax payer money for boondoggles like the Erie Canal Museum to help his impending gubernatorial run, Andrew Cuomo forced Fannie and Freddie to increase their minority and sub-prime lending (they overlap to a significant degree) and purposely reduced HUD oversight over the loan portfolio. His political aspirations mixed with his lack or experience and incompetence to generate many of the problems that imploded today.
http://www.villagevoice.com/2008-08-05/news/how…

There is lots of blame to go around, but no one is more responsible than the Democrats who massively inflated the real estate bubble by pumping trillions of dollars of liquidity into the subprime mortgage markets. Now we have a Democrat controlled federal government that is trying to prop up the still over valued real estate market and is trying to address a recession caused by too much borrowing by borrowing five times as much. Democrats will never take responsibility for what they have done. They don't have the psychological capacity to do so.

Nobody went into those votes without understanding that they were supporting or opposing corrupt accounting. The Dems and Reps that voted the reforms down just thought it didn't matter as opposed to the continuing cash spigot from Fannie and Freddie. That was corrupt. Those people need to be replaced.

Honestly, I don't think anybody's corruption has played a significant role in this. Yeah, the Democrats were protecting Fannie Mae and Freddie Mac in recent years. It's no secret. But, for one thing, the cat was largely out of the bag by then. By that time, most of the subprime debt wasn't flowing back to Fannie and Freddie, it was being bought up by private-label agencies on Wall Street.

And I didn't see anybody trying to bear down on them.

For another, the reform that Bush sought on Fannie Mae had nothing to do, from what I can tell, with their securitizing subprime affordability loans. Fannie Mae had a massive accounting scandal — and OFHEO felt stymied by them. That's what that was all about, as I recall.

The problem we're dealing with now, at its core, was the massive influx of risky loans made on bubble-inflated real estate. The most obvious cause of this was the rock-bottom interest rates along with the weak dollar. However, those don't explain the breakdown in risk management among lenders and the secondary market.

IMO, the primary turning point for that came back in the mid-to-late 90s when HUD pushed lenders and bundlers (starting with Fannie Mae) to expand their acceptance of subprime loans — and Fannie Mae (reluctantly, as I understand it) acquiesced.

That's naivete and stupidity — but it's not corruption.

“Capitol Hill bore down on Mr. Mudd as well. The same year he took the top position, regulators sharply increased Fannie’s affordable-housing goals. Democratic lawmakers demanded that the company buy more loans that had been made to low-income and minority homebuyers.

“When homes are doubling in price in every six years and incomes are increasing by a mere one percent per year, Fannie’s mission is of paramount importance,” Senator Jack Reed, a Rhode Island Democrat, lectured Mr. Mudd at a Congressional hearing in 2006. “In fact, Fannie and Freddie can do more, a lot more.””

Mozilo had no authority over the Fannie nor did the hedge fund manager. Only Congress did and the Democrats wanted more sub prime mortgages. In fact, Fannie and Freddie were ordered to increase the sub prime portfolio to 50% and they complied.

The NYT story also said that “Fannie had already lost 56 percent of its loan-reselling business to Wall Street and other competitors'. I doubt it, The securitization of mortgages was exploding. I suspect the story meant to say that Fannie and Freddies share had gone down to 56% or so. That was from the greater than 80 of the market they had preveiously.

No, it is clear that Bush wanted more regulation over Fannie and Freddie from 2001 on. He might have gotten it if iit were not for Water and Frank in the House and Dodd's threatened filabuster in the Senate.

The only garbage here is your misleading post.

Rick