Your incredible knowledge on this would fill a thimble. There were MULTIPLE issues>
HyogaRott Send a noteboard - 28/12/2012 09:50:17 PM
Federal regulations that "encouraged" risky lending.
Under colaterlization of F&F vs their outstanding loans.
MBS products/sub-prime mortgages (generally refinancing of conforming loans that should never have been made to avoid/delay a bankruptcy. This is where the baloon, ARM, and interest only mortgages came into play)
It all started from CRA which began IN THE 70s and was massively expanded in the 90s with federally funded 0-down programs.
Flipping wasn't a cause but another victim. When the forclosure wave hit the flippers were left holding houses that had decreased in appraisl price due to forclosure of comparable properties. Many of them ran on short term notes, when they couldn't flip they stated a second wave. Then the spec home builders went under because the buyers vanished, and existing homes had dropped in value well below their spec prices.
The entire chain of events began in the 70s and was thrown into high gear in the 90s.
Under colaterlization of F&F vs their outstanding loans.
MBS products/sub-prime mortgages (generally refinancing of conforming loans that should never have been made to avoid/delay a bankruptcy. This is where the baloon, ARM, and interest only mortgages came into play)
It all started from CRA which began IN THE 70s and was massively expanded in the 90s with federally funded 0-down programs.
Flipping wasn't a cause but another victim. When the forclosure wave hit the flippers were left holding houses that had decreased in appraisl price due to forclosure of comparable properties. Many of them ran on short term notes, when they couldn't flip they stated a second wave. Then the spec home builders went under because the buyers vanished, and existing homes had dropped in value well below their spec prices.
The entire chain of events began in the 70s and was thrown into high gear in the 90s.
Community Reinvestment Act formally linked to the Sub-Prime/Mortgage Crisis - 
- 22/12/2012 09:01:56 PM
354 Views
- 22/12/2012 09:01:56 PM
354 Views
Did you see the part of the graph where higher debt leveled off in '98 and stayed there 2 years?
- 23/12/2012 04:13:01 AM
253 Views
Oh yeah, one of Bill Clinton's last acts as President
- 23/12/2012 02:47:23 PM
156 Views
... was signing a bill authored by three Republicans and passed with only ONE Dem Senators vote.
- 23/12/2012 11:37:10 PM
269 Views
Nice try - the repeal was all Clinton and Rubin.....buck stops with the leader.
- 24/12/2012 03:44:53 AM
138 Views
So the three Republicans who WROTE the bill are blameless; the guy who signed it is at fault.
- 24/12/2012 05:33:21 AM
256 Views
"Before you laugh too hard".....
- 24/12/2012 11:32:45 PM
234 Views
Also, did you just paraphrase Bill Clintons argument for Robamacare?! 
- 25/12/2012 03:36:37 AM
220 Views
- 25/12/2012 03:36:37 AM
220 Views
I've been trying to explain this to people for years.
- 26/12/2012 02:54:04 PM
140 Views
You and most of the GOP, but the facts do not support that narrative.
- 26/12/2012 05:54:28 PM
231 Views
Glass-Stegal was not repealed in a vacuum. There were many other regulatory changes
- 26/12/2012 07:40:45 PM
138 Views
I know the narrative; the facts still do not support it.
- 26/12/2012 08:43:25 PM
215 Views
Only when you ignore half of them.
- 27/12/2012 03:33:53 PM
124 Views
The entire "logic" ignores the most salient fact in the whole discussion.
- 28/12/2012 02:34:12 PM
226 Views
Your focus on that bill is the error.
- 28/12/2012 04:47:03 PM
243 Views
Any stats showing a disproportionate number of Fannie/Freddie defaults were by minorities?
- 28/12/2012 05:50:01 PM
246 Views
It has got NOTHING to do with skin color, the only color that should matter in banking is green.
- 28/12/2012 09:36:34 PM
152 Views
It should not, no, but the GOP dog whistles demonstrate it does.
- 28/12/2012 10:49:34 PM
131 Views
Get over YOUR perception that I give a damn about anyone's genetic background. I don't.
- 29/12/2012 04:18:22 PM
259 Views
Your incredible knowledge on this would fill a thimble. There were MULTIPLE issues>
- 28/12/2012 09:50:17 PM
274 Views
I love that part, too: "What Carter did in the '70s caused the subprime mortgage crisis in 2005."
- 28/12/2012 10:32:17 PM
130 Views
The policy began in the 70s, was MASIVELY expanded in the 90s, and blew up in the 00s.
- 29/12/2012 04:43:26 PM
234 Views
CRA was a disaster for the nation.....go ahead, you can admit it.
- 26/12/2012 08:32:33 PM
152 Views
The facts are in the graph in the article, and do not support that narrative.
- 26/12/2012 08:44:23 PM
216 Views
The facts support it perfectly. You vs. reality is the problem here. *NM*
- 26/12/2012 09:51:45 PM
54 Views
It is a pure causation line, get over it.
- 27/12/2012 03:35:19 PM
137 Views
Our Second Amendment discussions disqualify you as an authority on causality.
- 28/12/2012 02:58:04 PM
234 Views
I couldn't care less about party they both screwed up repeatedly.
- 28/12/2012 04:50:25 PM
112 Views
Then why do you insist on blaming Barney Frank exclusively?
- 28/12/2012 05:54:48 PM
234 Views
Because he is the person most responsible for forcing banks to lower lending standards. *NM*
- 28/12/2012 06:49:28 PM
129 Views
No he is not. It began in the 90s, well before he became chairman of the house commitee. *NM*
- 28/12/2012 09:57:02 PM
85 Views
Right, a guy who was only part of the House majority for two years did it all.
- 28/12/2012 11:03:08 PM
231 Views
I blame Barny for the under colateralization of F&F that he allowed and blocking the audit.
- 28/12/2012 09:54:27 PM
118 Views
Even were the charge valid (it is not,) if you believe it the crisis' main cause naught can help you
- 28/12/2012 11:00:14 PM
131 Views
The debate on comparative financial policies of the parties belongs elsewhere. lets keep on point.
- 29/12/2012 04:15:13 PM
132 Views