Re: Emperor Obama
posted at 7/5/2010 1:44 PM EDT
In Response to Re: Emperor Obama
Barney Frank started The sub-prime in 1998, with Freddy Mac/Mae. There are utube videos to see for yourself. I think Obama should be a professor or movie actor, not president. I do not think he is evil but just thinks socialism is the way to go, as do most people who never suffered though hard work, responsibility.
Posted by chiefhowie
Chief, you really should brush up on some facts:
Barney Frank advocating for Fannie/Freddie doesn't mean he 'started' the sub-prime crisis. Geez, he's one of 435 in the House. If he could do it by himself he must be the greatest legislator this country has ever seen. And if cheerleading for Fannie/Freddie makes a person guilty then Bush-lite and his team are all criminals.
"Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie
went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent
, according to data from Inside Mortgage Finance, a specialty publication.
During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans
that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages
, supplanting Fannie and Freddie, according to a number of specialty publications that track this data."
"Fannie and Freddie, however, didn't pressure lenders to sell them more loans; In fact, their regulator, the Office of Federal Housing Enterprise Oversight, imposed new restrictions in 2006 that led to Fannie and Freddie losing even more market share in the booming subprime market."
Read more: http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html#ixzz0smvo6GZh