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No more tinkering with mortgages

August 19, 2013

Government tinkering with the mortgage market helped bring on the deep recession from which Americans are just now emerging....

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DefeatSBB5

Aug-21-13 7:48 PM

"Government tinkering with the mortgage market helped bring on the deep recession"

What complete and utter bull.

A little homework is in order.

At least read the Wiki articles on the Great Bush Recession.

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DefeatSBB5

Aug-21-13 3:12 PM

"One only has to look at the doubling of food stamp recepients [sic]"

The idea PERPETRATED BY THE RIGHT-WINGNUTS -- THAT POOR PEOPLE VOLUNTARILY AVOID WORKINg BECAUSE THEY WANT TO SIT AT HOME AND COLLECT FOOD STAMPS -- IS JUST BLATENT RIGHT-WINGNUT MEDIA-PRODUCED BULL.

No other way to say it. These ignorant people actually believe that the poor want to support themselves with food stamps and other in-kind subsidies.

Rush when on a rant yesterday talking about urban poor who were knocking down upwards of $50,000 a year in payments and in-kind benefits.

And he (AND HIS ACOLYTES) actually believe that crap.

So all those people that the Bush Recession left unemployed would rather collect food stamps and unemployment checks than go to work?

Seriously?

That's seriously what you believe?

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marine12

Aug-20-13 2:22 PM

The government putting pressure on the banks? It's always the other way around, the banks pressured Clinton to deregulate it and then pressured the government to bail them out. Bankers aren't fools just greedy, the government didn't force them to bundle bad mortgages and sell them to countries like Greece and the Netherlands ruining their economies along with ours. Our politicians are the bankers puppets. Remember the "golden rule". The man with the gold rules.

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AFRET1

Aug-19-13 11:51 PM

"socialist

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AFRET1

Aug-19-13 11:50 PM

Oh yeah, this is just what we need - more regulation from this solialist "president"! I have tried to be civil when referring to the office, but this sorry excuse for a president has done more in 4 1/2 years to turn the U.S. into a government-dependent society than all previous presidents combined, including Carter. One only has to look at the doubling of food stamp recepients (a program this administration sent enrollers out to sing the praises of and ease in benefiting from the freebees). People here who defend the actions of Obama are either delusional or are receivers of His numerous taxpayer funded programs.

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FamilyGuy

Aug-19-13 8:30 PM

Senator And defeat are absolutely 180 degrees out of sync.

Anyone who thinks that Dodd, Frank or the Justice Brothers did not put pressure on banks to give bad loans to unqualified borrowers or face sanctions is living in dream land.

The results speak for themselves.

You two can fool some of the people some of the time..........

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liemonger

Aug-19-13 6:52 PM

"the dismantling of safe-guards that dated back to the original Great Depression "

Wrong, simp.

Dates by to Carter and Clinton.

No doubt her brain explodes over that one.

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Senator1218

Aug-19-13 4:00 PM

Thank you DefeatSB5! This IS revisionism plain and simple. It is a re-writing of history. It certainly was NOT "government tinkering" that brought about the housing bubble and subsequent crash. IT WAS GOVERNMENT DEREGULATION. It is absolutely silly to believe that the gov't FORCED banks to give unqualified loans. The banks' frenzied, foolhardy drive for upfront fees brought down the world's financial markets and triggered the largest federal bailout in history.Wall Street firms thought they had a surefire way to profit from the booming real estate market without much risk to their companies. They engaged in a kind of financial alchemy, creating a trillion-dollar chain of securities on the back of subprime mortgages and other loans, which were sold to investors in private offerings that no government regulator scrutinized.

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DefeatSBB5

Aug-19-13 11:37 AM

No bank was ever forced to lend money to anyone wanting to buy a house who couldn't afford it. To assert otherwise is simply not true.

But it is the revisionist fiction that Faux and the rest of the right-wingnut mediasphere continue to repeat ad nauseum -- their orthodox dogma.

The sad truth is that the de-regulation of banks -- the dismantling of safe-guards that dated back to the original Great Depression -- and subsequent invention of collateralized debt obligations and other exotic financial instruments that, essentially, bet against borrowers -- led directly to the collapse of some of the biggest players in the financial world.

But revisionists, like this "newspaper", continue to perpetrate a fictional narrative in service to their political agenda.

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MaxShep

Aug-19-13 10:22 AM

Groups like Acorn and the NAACP forced banks to loosen time proven lending policies to include more minorities by threatening to label them racist and interfering with business such as mergers. The whole crash was a result of the very same policies Odingo wants to re-implement. 20% down, no B.S.. Not capable of doing so, you have no business securing a tax payer insured loan.

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FamilyGuy

Aug-19-13 8:12 AM

There is no doubt that the housing bubble was brought about by government interference in the housing market by forcing lending institutions to make loans to unqualified borrowers.

Trying to create a "right" to home ownership rather than continuing to have home ownership be an EARNED privilege.

The government created the mess by facilitating unqualified borrowers into homes they couldn't afford, and when the inevitable happened that folks couldn't make the payments and walked away from their debts, the bottom fell out of an industry now flooded with inventory they had no buyers for.

And now obama wants to do the same thing again?

The best thing the government could do is step back and let the lending industry operate to traditionally accepted criteria and not interfere with any infusion of tax payer money. In any form.

The housing bubble was too painful an event to allow government interference to recreate a second time so soon afterward.

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WarrenProud

Aug-19-13 5:50 AM

The banks were allowed to do what they wanted in the financial markets under Bush. President Obama has done a good job turning that around and his mortgage revision plan is a good one for consumers and home owners. Of course, the party of NO will oppose it all the way even though they have been calling for an end to Fannie Mae and Freddie Mac themselves. Just another Faux News editorial from the Trib.

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