Cause behind Mortgage Crisis

That video is such propaganda it's not even funny.

Is there a Community Reinvestment Act?? Yes, of course there is.
So why didn't the housing bubble start in 1977 when it was approved?? Why did it take a quarter of a century??? :rolleyes:
Because the banking deregulation didn't start until George Bush took over office
and tried to re-stimulate the economy from the 2001 recession we were in and rates dropped and started it all.

The subprime market was DEFINITELY a key factor in it all, but BOTH parties are to blame for this.
Not just 1.

Commodity Futures Modernization Act signed by GWB.

Over half of these subprime loans came from mortgages companies not covered by CRA.
http://www.huffingtonpost.com/jim-moore/a-nation-of-village-idiot_b_127340.html
http://www.prospect.org/cs/articles?article=did_liberals_cause_the_subprime_crisis
 
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It was the deregulation of many institutions through the last several decades.

Against the democrats wishes, republicans first deregulated the banking industry. IT was a move to fleece the banks and they did. Niel Bush helped cause the collapse of Lincoln Savings and Loan. That shenanigans cause a Multi billion dollar bail out with our tax money.

Next, the GOP deregulated the electricity under the guise of cheaper electricity. Electric rates promptly sky rocketed and we're all still paying to this very day.

Next, the GOP deregulated the mortgage industry. As we all now know, deregulating the mortgage industry was nothing more than a license to steal.
 
Aceshigh said:
That video is such propaganda it's not even funny.

Is there a Community Reinvestment Act?? Yes, of course there is.
So why didn't the housing bubble start in 1977 when it was approved?? Why did it take a quarter of a century??? :rolleyes:
Because the banking deregulation didn't start until George Bush took over office
and tried to re-stimulate the economy from the 2001 recession we were in and rates dropped and started it all.

The subprime market was DEFINITELY a key factor in it all, but BOTH parties are to blame for this.
Not just 1.

Commodity Futures Modernization Act signed by GWB.

Over half of these subprime loans came from mortgages companies not covered by CRA.
James Moore: A Nation of Village Idiots
Did Liberals Cause the Sub-Prime Crisis? | The American Prospect
Click to expand...

You say it's propoganda then try to push the Commodity Futures Modernization Act of 2000 off as something that Bush enacted. Better go back and do your homework. Even the wikipedia link you posted says it was enacted by Clinton in December 2000, a month before GW took office. Here's a link to a trusted website to confirm it is correct.

Tax Provisions Enacted in Year-End Appropriations Legislation, December 2000

Here's a link to the PDF version of the bill itself, all 262 pages of it.
http://www.cftc.gov/stellent/groups...atutoryauthority/documents/file/ogchr5660.pdf

So when we read this information that this commodity futures modernization act of 2000 was proposed by the house on Dec14 2000, then the companion bill was proposed by the senate on Dec15 2000 then signed into law by Pres Clinton on Dec21 2000, it really makes it hard to believe your first link which is claiming that Bush signed it into law with the help of Phil Gramm in 2000?? What gives here, Bush wasn't sworn in until Jan of 2001.

Try again.

Or better yet, go back and watch the video again, you must not have paid attention and or did any research on it with an open mind.
 
I liked the one comment...

"Maybe it is time that many start living within their means"
 
CTA_Busa_LE said:
You say it's propoganda then try to push the Commodity Futures Modernization Act of 2000 off as something that Bush enacted. Better go back and do your homework. Even the wikipedia link you posted says it was enacted by Clinton in December 2000, a month before GW took office. Here's a link to a trusted website to confirm it is correct.

Tax Provisions Enacted in Year-End Appropriations Legislation, December 2000

Here's a link to the PDF version of the bill itself, all 262 pages of it.
http://www.cftc.gov/stellent/groups...atutoryauthority/documents/file/ogchr5660.pdf

So when we read this information that this commodity futures modernization act of 2000 was proposed by the house on Dec14 2000, then the companion bill was proposed by the senate on Dec15 2000 then signed into law by Pres Clinton on Dec21 2000, it really makes it hard to believe your first link which is claiming that Bush signed it into law with the help of Phil Gramm in 2000?? What gives here, Bush wasn't sworn in until Jan of 2001.

Try again.

Or better yet, go back and watch the video again, you must not have paid attention and or did any research on it with an open mind.
Click to expand...

+1 Clinton was one of the key factors in making it the law that banks and lending agencies HAD to lend to people they KNEW COULDN'T PAY IT BACK. Common sense would tell anyone that if you lend to someone that can't pay the money back then you're going to end up in trouble. Now, do this with millions of people and you end up in a depression worse than this country has ever seen.
 
so does all this force the cost of housing back down where it should have been in the first place in areas where it skyrocketed due to the influx of "unqualified" buyers?
 
Aceshigh said:
It was the deregulation of many institutions through the last several decades.

Against the democrats wishes, republicans first deregulated the banking industry. IT was a move to fleece the banks and they did. Niel Bush helped cause the collapse of Lincoln Savings and Loan. That shenanigans cause a Multi billion dollar bail out with our tax money.

Next, the GOP deregulated the electricity under the guise of cheaper electricity. Electric rates promptly sky rocketed and we're all still paying to this very day.

Next, the GOP deregulated the mortgage industry. As we all now know, deregulating the mortgage industry was nothing more than a license to steal.
Click to expand...

nice that you bring up electric rates, especially here in IL. If I remember correctly the big spike in electric rates here in IL occured because of Obama's mentor, Emil Jones, who refused to impose any further limits. You know the increase where my neighbors had their Ameren IP electric bills more than double because they were all electric households. Where was your man at when this happened? He sure didn't do us any favors by keeping the rates down here in IL. If I remember correctly it was the republicans, you know the minority group, here in IL that tried to keep electric rates regulated.
 
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A few years ago I had 5 rent houses. When they passed all the, (lets get everyone in a house) crap all my tenants moved out & bought. "My payment is way less than what you are charging me in rent." I ended up selling off all the houses because I couldn't get decent tenants. Now they are all getting foreclosed on.

DON'T LIVE BEYOND YOUR MEANS PEOPLE

I have posted that same link on other boards too
 
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CTA_Busa_LE said:
nice that you bring up electric rates, especially here in IL. If I remember correctly the big spike in electric rates here in IL occured because of Obama's mentor, Emil Jones, who refused to impose any further limits. You know the increase where my neighbors had their Ameren IP electric bills more than double because they were all electric households. Where was your man at when this happened? He sure didn't do us any favors by keeping the rates down here in IL. If I remember correctly it was the republicans, you know the minority group, here in IL that tried to keep electric rates regulated.
Click to expand...


De-regulation is a license to steal. Look at California. This was the first state pass this law and FERC pushed all govening of this to the states. Now FERC does have laws on the books to over see the state regulatory bodies. Now the state has all kinds of issues regarding rolling black outs, brown outs, and astronomical rates. Other states have since de-regulated and Oklahoma was thinking about, and has laws on the books to do so. We havent yet because this action was stopped. Retail wheeling of power works on a transmission level, but not distribution. Europe has a good model and has been doing this for years, but right now, its how can I make the most money I can without any significant investment in my system.
 
If housing is in such a shamble....why the he77 did my property appreciate 9.41%.

Got my tax bill yesterday.:moon: ....bastids
 
It all started with Jimmy Carter. Anyone remember what housing adn economics were when he was president. Very bad you could not sell homes at that time with out big a big lose. Now lets see let us start with Obama where Carter left off. Oh boy...
 
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