Thread: Fannie Mae foreclosures

[quote name='justoneman' date='18 October 2009 - 09:25 AM' timestamp='1255883113' post='40452']

We need to stop the practice of the government creating bad loans. We need to stop the bleeding. This is ridiculous.

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I totally agree, this is madness, one has to remember the democrats controlled congress for the last two years of Bush's presidency. Dode and Frank was standing behind Fanny and Mac urging them to make these sub prime loans. In the old days you had to have 20% down, a real job with real income, and good credit, and based on your income there was a formula the banks used to figure how much of a loan you could repay. What happened to those standards????

[quote name='justoneman' date='18 October 2009 - 09:25 AM' timestamp='1255875953' post='40390']

Here we sit almost a year after the stock market crash precipitated by banks bad loans to high risk borrowers. What has changed in the laws that created this? Nothing. We have had in place for over a decade now, lending laws in Fannie Mae that encouraged and backed loans made to people not qualified to recieve those loans. Fannie Mae is responsible for backing 5.1 million of these sub prime loans. Statistics are out that 36% of these loans are in foreclosure. that is almost 2 million foreclosures based solely on these loans made to non qualified borrowers. Statistics show that loans not made to these high risk borrowers or prime loans, are foreclosing at a measly .089%. It is obviouse what has presipitated the stock market crash. Bad loans made by Fannie Mae.



So what has been changed to stop this practice?



Nothing!!

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The politicians that perpetuated this nightmare are currently in power in all three branches of the government. P-Bo won't even own up to reality, instead he keeps blaming everything on the previous administration.



When 2011 shows up and the job market is still shit, interest rates and inflation are through the roof and the dollar's worth squat who's going to be at fault then ?

[quote name='Bourne' date='18 October 2009 - 10:43 AM' timestamp='1255880614' post='40419']

What has changed is that we've gotten rid of Bush who had 8 years to stop this and instead just let the crash occur.

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I believe Bush did more than "just let the crash occure". He created the crash. His policies, rubber stamped by republican congress, created the no holes bard corporate greed and wage deflation with his flood of illigal workers and double digit inflation brought on with the $4,00 gas prices. Trying to push this off on Fannie May to get the monkey off their backs is just a joke. Only fools buy it.

[quote name='jacksbrat' date='18 October 2009 - 11:42 AM' timestamp='1255891352' post='40505']

I believe Bush did more than "just let the crash occure". He created the crash. His policies, rubber stamped by republican congress, created the no holes bard corporate greed and wage deflation with his flood of illigal workers and double digit inflation brought on with the $4,00 gas prices. Trying to push this off on Fannie May to get the monkey off their backs is just a joke. Only fools buy it.

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Let me see if I got this right. All republicans are racist and it's all Bush's fault. 36 and Counting is now over 40 and counting. Obama the Worst President Ever

Let me see if I got this right. All republicans are racist and it's all Bush's fault.

That's about it.