Foreclosures Rise to Record High, Dollar Drops to Low
As the administration’s impotent fiscal policies drive an increasing number of investors overseas, Americans have been losing their jobs and their homes at a record rate. U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc. A total of 937,840 homes received a default or auction notice or were repossessed by banks, | Read More »
Tags: Barack Obama
, Ben Bernanke
, central bank
, Fannie Mae
, Federal Housing Administration
, Federal Reserve
, Freddie Mac
, Jimmy Carter
, Larry Summers
, peter schiff
, printing money
, Robert Rubin
, tent cities
, Tim Geithner
, weak economy
You Know What We Needed? More, Cheaper Subprime Loans! And Maybe Cheaper Hookers, Too.
o, Ezra Klein wants Eliot Spitzer back in public life, and argues that New Yorkers should take him back just like his wife did, and presumably for the same reasons. This is part of Spitzer’s rehab tour (more here and here). But Klein has picked the wrong man, and for the wrong reasons.
Clinton’s Subprime Mortgages in 1990
See Peter Passell. “Race, Mortgages and Statistics; The Unending Debate Over a Study of Lending Bias.” New York Times 10 May 1996 Government compelled mortgages were based on a flawed 1990 FRB study. In 1990, noticing that Blacks and Hispanics did not get as many mortgages as others, the Federal Reserve Bank of Boston commissioned a study to find out why. Four years after the | Read More »
How the CRA contributed mightily to the credit crunch
While the often-cited big picture conclusion is correct (the CRA was very harmful), I don’t think we’re getting the series of events quite right. Certainly, the Community Reinvestment Act sanctioned and encouraged subprime lending. But I don’t believe banks were necessarily drawn kicking and screaming to participate. To the contrary, subprime lending was profitable in the early 2000s, and defended strongly by such “champions of | Read More »
The New York Times spanks Chris Dodd for stonewalling.
I give them ten out of ten for yelling at him over this… Senator Dodd’s Notion of Courtesy After reports emerged in June about him having received favorable treatment on two home mortgages from the Countrywide Financial Corporation, Senator Christopher Dodd, a Democrat from Connecticut, promised that he would release documents to support his contention that he never benefited financially from the terms of the | Read More »
Obama & Subprime
Obama has been claiming that he sounded the alarm bell early on the economic crisis due to the fact that he sent a letter to Bernake and Paulson addressing the subprime mortgage situation. This claim is ridiculous and stretches the bounds of what would be considered “truthful” for the following reasons: 1) The letter was sent in March 2007 well AFTER the vast majority of | Read More »
Liberals Claim “Private sector loans, not Fannie or Freddie, triggered crisis”
The article below claims that Fannie and Freddie were not responsible because 1) “84% of subprime mortgages were issued by private lending institutions.”2) “Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.” To point 1) Here is what this misses. The private sector issued these loans and then Fannie and Freddie | Read More »
Did Obama Write a Letter Warning of Fannie/Freddie?
Below is Obama’s Letter. Do you see any mention of Fannie/Freddie? March 22, 2007 Dear Chairman Bernanke and Secretary Paulson, There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership | Read More »
Is somebody playing games with the McCain/Palin ACORN ad? [UPDATE: Nope.]
[UPDATE: Via AoSHQ's headlines, nope, it's FoxNews. NBC did something similar to Obama two weeks ago, too; them's the breaks. What, disable the link? Hah! I ain't the McCain campaign, bubbeleh.] “Spies, Brigands and Pirates” (what, no ninja?) of Protein Wisdom Pub suspects that the Fox News copyright complaint about the ACORN ad (which you can still see here by the way) is a fake | Read More »
Another McCain Multitasking Ad: Obama, ACORN, and the Subprime mess.
A piece here, a piece there, and all of a sudden you can see the Taj Mahal.
Wall Street Journal: Shine a Light In Chris Dodd’s (D-CT) eyes!
We’ll get to that chain in a second, but read the article first: Dodd and Countrywide The Senator should take the witness stand Former Lehman Brothers CEO Dick Fuld was under oath Monday when he was grilled on Capitol Hill about his role in the current financial meltdown. But if Members really want to understand the credit mania, they should also call Chris Dodd. The | Read More »
THE TRUTH ABOUT THE ECONOMIC CRISIS THE DEMOCRATS DO NOT WANT YOU TO HEAR
FACT 1: Obama sued banks for not giving away enough subprime loans. “Obama represented Calvin Roberson in a 1994 lawsuit against Citibank, charging the bank systematically denied mortgages to African-American applicants and others from minority neighborhoods.”source FACT 2: Senator Mccain did everything in his power in 2005 to both warn and legislate against the current subprime loan financial crisis.source: Bill title is – S. 190 | Read More »
Barack “Sub-Prime” Obama
Barack “Sub-Prime” Obama is number two on getting cash from the crooked Fannie Mae and Freddie Mac organizations. He accomplished that feat in only 3 years of being a US Senator. Also, he had one of the ex-CEO’s of those crooked organizations be in-charge of his VP selection committee before resigning for ‘reasons’. The other ex-CEO of one of those crooked organizations gave the Obama | Read More »