On Mon, 4 Jan 2016 09:34:10 -0800 (PST), wrote:

On Monday, January 4, 2016 at 9:14:16 AM UTC-5, Mr. Luddite wrote:
On 1/4/2016 7:02 AM, wrote:
On Sun, 3 Jan 2016 23:26:32 -0600, Boating All Out
wrote:

In article ,
says...

On 1/3/2016 9:14 PM, Boating All Out wrote:
In article ,
says...


Which brings us back to a often forgotten fact. The "great recession"
that began on Sept 15th, 2008 was not the result of GWB economic
policies or even his spending on the wars in Iraq and Afghanistan. The
gunpowder that ignited the recession and near collapse of the economy
was the real estate bubble burst that left banks holding worthless
loans. This was a direct result of Clinton era economic policies with
help from people like Barney Frank. He's smart. He exited stage left
when the heat started getting too hot.

You're insulting the facts.

https://www.youtube.com/watch?v=CwPG-7FTkyM

I can't even count the times I heard GWB crowing about
"home ownership".


On who's watch did the sub-prime loan fiasco start?


On GWB's watch. With a Republican Congress.
You already forgot?

http://www.federalreservehistory.org.../DetailView/55
"In the early and mid-2000s, high-risk mortgages became
available from lenders who funded mortgages by repackaging
them into pools that were sold to investors. New financial
products were used to apportion these risks, with private-
label mortgage-backed securities (PMBS) providing most of
the funding of subprime mortgages."

http://knowledge.wharton.upenn.edu/a...w-we-got-into-
the-subprime-lending-mess/
"The looser credit standards of the past decade brought a
mortgage boom, with Americans holding 2.5 times as much
mortgage debt in 2005 as in 1997, a period when gross
domestic product grew by just 50%, Wachter and Green say.
Subprime mortgages made up 22% of new loans in 2005,
compared to 8% in 2003, and in 2004 more than 30% of all
mortgages carried adjustable rates, up from about 10% in
2001."

It's true GBW didn't recognize the impending problem it caused
and didn't stop it but it originated with Clinton, lead in good
part by Barney Frank. Frank later denied ownership of the concept
when the **** hit the fan of course.

Yeah, sure. And the Founding Fathers started it all.
So it's all their fault.
I don't why you blame Bill Clinton and Barney Frank, but
hey, be my guest. It won't do anything good for you, except
maybe give you a false "axis of evil" to focus on.
BTW, Freddie/Fannie didn't cause the crisis - it was the
private mortgage market, and Wall Street.
Makes me wonder where you've been the last 10 years.

Who deregulated the industry and allowed all of that to happen?



What is funny about it was that Clinton (Bill) was not totally on board
with the deregulation and pressure on banks to relax lending practices.
He caved under pressure from fellow Democrats including Barney.

When we bought our current house we both remarked how easy it was compared to when we bought the house we were leaving around 1995... very little paperwork, and drive-by appraisal. The bank was practically begging for our business. This was early 2000.

Then we refinanced for a better interest rate just a few years ago after the crash. At least double the paperwork, and the appraiser was at the house for 2.5 hours. Measured and photographed every room. His report was delivered in a binder.

When I bought my house 1971 the finance company wanted 30% down.
I could have gone GI but the interest rate was significantly higher
with no money down. That is a double whammy, You financed more, at a
higher rate. The (new) form Z made it obvious that almost doubled the
price of the house by the time the mortgage was paid off, but that is
in the back of the package and people usually stop reading before they
get there.. It was the first page I wanted to see because I had the 2
packages sitting side by side,
The other thing you never want to do is let the builder supply the
appliances. Even if they sell you exactly what you want, you pay more
than you can get buying yourself and you are financing a fridge on a
20-30 year note that may only last 10 years.