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Controversial Social Issues Discussions concerning controversial social issues. Topics include politics, religion, culture, social and economic issues, etc. Respect required at all times.


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  #1  
Old 09-09-2008, 09:47 AM
Franc Tireur Franc Tireur is offline
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Fannie Mae and Freddie Mac

What do you think about that?

http://money.cnn.com/2008/09/09/news...ion=2008090911
 
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  #2  
Old 09-09-2008, 10:20 AM
m42 m42 is offline
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Socialism 101, shaken, with a twist of America. Heavy on the Socialism.
 
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Old 09-09-2008, 10:24 AM
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I think the one and only good thing to come of it is that the government is attempting to institute banking standards that revert to the past standard which was, you have 20% to put down, you will get the loan. You do not, you don't get the loan.

Hell, every property I have ever bought required I pay 20% down, and I always have. That way you actually have some initial equity in the property and are putting yourself 20% at risk, and not leaving the bank at 100% risk while you borrow against it, which is what caused the problems in both banking and housing that we see today.
 
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Old 09-09-2008, 10:37 AM
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Originally Posted by Mia View Post
I think the one and only good thing to come of it is that the government is attempting to institute banking standards that revert to the past standard which was, you have 20% to put down, you will get the loan. You do not, you don't get the loan.

Hell, every property I have ever bought required I pay 20% down, and I always have. That way you actually have some initial equity in the property and are putting yourself 20% at risk, and not leaving the bank at 100% risk while you borrow against it, which is what caused the problems in both banking and housing that we see today.
It was unethical lending behavior. It's going to happen regardless of whether or not the government implements additional standards and regulations.

Increasing government intervention via additional regulations and bailouts seriously harms the honest working people who opted to live within their means. Those are the people who are currently paying the penalties.

The system will fix itself if we raise interest rates. Those who bought what they could not afford will pay their own penalties and hopefully learn their lessons.

The banks who chose to bend the rules will lose credibility and hopefully dwindle away.
 
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Old 09-09-2008, 10:41 AM
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It was unethical lending behavior. It's going to happen regardless of whether or not the government implements additional standards and regulations.

Increasing government intervention via additional regulations and bailouts seriously harms the honest working people who opted to live within their means. Those are the people who are currently paying the penalties.

The system will fix itself if we raise interest rates. Those who bought what they could not afford will pay their own penalties and hopefully learn their lessons.

The banks who chose to bend the rules will lose credibility and hopefully dwindle away.
While I am the last one to ask for more government interference. When it comes to banking rules, the fed really does need to dictate some type of consistent lending standards. I don't think it is unreasonable to require banks to require the people they lend money to to follow these standards as in the end, it affects all of us.

I do agree that a rise in interest rates is long over due. They were lowered to encourage lending to get people to start spending at a time when the economy was lagging. At the moment, they are having the opposite affect. However this the fed's fault, not our "government" per say, ie., Bush or Congress. Neither one of them has a direct influence or the power to dictate what the fed does.
 
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Old 09-09-2008, 11:13 AM
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Originally Posted by Mia View Post
While I am the last one to ask for more government interference. When it comes to banking rules, the fed really does need to dictate some type of consistent lending standards. I don't think it is unreasonable to require banks to require the people they lend money to to follow these standards as in the end, it affects all of us.

I do agree that a rise in interest rates is long over due. They were lowered to encourage lending to get people to start spending at a time when the economy was lagging. At the moment, they are having the opposite affect. However this the fed's fault, not our "government" per say, ie., Bush or Congress. Neither one of them has a direct influence or the power to dictate what the fed does.
We're seeing the opposite effect because the average consumer isn't seeing the benefits.

Banks are attempting to quickly recoup their losses to stay afloat. This means every time the Fed lowers the lending rate, the the banks are widening their profit margins. Consumer lending rates, specifically the long term consumer lending rates aren't falling. They are increasing as banks attempt to recover.

The only people who are really benefiting are banks and people with adjustable rate loans.

What do the rest of us get? High inflation and the costs of bailing out the banks, the high risk consumers who've borrowed against what they didn't have, and their collateral damage.

Did the Fed actually believe the banks would share?
 
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Old 09-09-2008, 11:18 AM
Franc Tireur Franc Tireur is offline
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I agree with you Mia, that government should regulate the banks and make some standard rules for borrowers. It was about the time to do that...

20% down payment is a basic, and requirement we have from our bank when we bought our house.

Now 0% down payment can help some people but not with variable rate, because it was a mistake from lenders to accept loans with variable rates based on the minimum rate/incomes to pass the loans. So when the time came to pay a mortgage with higher variable rates, people are struggling and going to forclosure because they don't have the ressources to pay high rates.

From the begining it was a mess with this type of loans and the way banks authorized mortgages.

The mortgages companies and banks are responsible for that, then the failure of the house market because they were too greedy.

The consequences of these errors involve all the home owners, market and the economy putting down the hill the house value.

Last edited by Franc Tireur; 09-09-2008 at 11:22 AM.
 
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Old 09-09-2008, 11:20 AM
m42 m42 is offline
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http://www.v7n.com/forums/politics/9...e-freddie.html
 
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  #9  
Old 09-09-2008, 11:26 AM
Franc Tireur Franc Tireur is offline
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Sorry M42, I didn't see your thread.
 
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Old 09-09-2008, 11:31 AM
m42 m42 is offline
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Sorry M42, I didn't see your thread.
I'm not bitching about duplicate threads.

Look at the url posted in it.
 
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  #11  
Old 09-09-2008, 12:25 PM
Franc Tireur Franc Tireur is offline
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Dear M42 you are so right to provide this link.

"Ron Paul in the House Financial Services Committee, September 10, 2003"

Yes that's why governement should listen every political leaders.

This is why Senator McCain is right to constitue a governement with some Independants, Democrates and of course Republicans.

If you analyse how President Sarkozy did constitue his goverment in France, then it was an excellent idea to do so.

I mean that a smart idea to mixt a government with all the principal party leaders, because it is a wild repensentation of the Americans in this country, but not only. All good ideas coming from every political party leaders will help to put back on the right track this country.

Last edited by Franc Tireur; 09-09-2008 at 12:28 PM.
 
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  #12  
Old 09-09-2008, 10:07 PM
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M42 you are so right......

Government mandates and regulation on what an individual has to have in order to obtain a loan isn't even close to being a logical response for such a thing. And the federal government has no business going into the mortgage business.

There are certain regulations already in place, prosecute those that lie on their loan application about their assets for fraud, prosecute those that lead the buyer to commit fraud on their application for fraud as well. Make the individual that makes a bad decision be responsible for their decision, make the business(bank) that makes a bad decision be responsible for it.

So let us see here.....Honesty, Accountability, Ethics(In General), Common Sense.........

Where does the government fit in there?
 
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  #13  
Old 09-09-2008, 10:25 PM
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Originally Posted by m42 View Post
Socialism 101, shaken, with a twist of America. Heavy on the Socialism.
I disagree. Although I do think it's an extreme measure. At the same time, I'm still frustrated that it led to this. YEARS ago we all saw the writing on the wall. We knew this was going to happen... Yet nobody did anything.
 
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Old 09-09-2008, 10:44 PM
m42 m42 is offline
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I disagree. Although I do think it's an extreme measure.
Nationalization is usually a step toward socialism. I'm definitely interested in hearing your thoughts on why you disagree.

Quote:
Originally Posted by Dustin07 View Post
At the same time, I'm still frustrated that it led to this. YEARS ago we all saw the writing on the wall. We knew this was going to happen... Yet nobody did anything.
Look at the url I posted earlier. People have tried to do something about it.
 
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  #15  
Old 09-23-2008, 06:03 PM
Franc Tireur Franc Tireur is offline
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Nice salary:

http://money.cnn.com/2008/09/23/news...p.ap/index.htm
 
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Old 10-03-2008, 07:47 PM
susanqy susanqy is offline
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that government should regulate the banks and make some standard rules for borrowers
 
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  #17  
Old 10-04-2008, 05:18 PM
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in my personal opinion both of these companies deserve to suffer, we should not help them out that's the risk of a business sometimes they fail they shouldn't get special privileges b/c pf who they are
 
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Old 10-04-2008, 05:59 PM
jonathangalt jonathangalt is offline
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Originally Posted by Chad Michealstork View Post
in my personal opinion both of these companies deserve to suffer, we should not help them out that's the risk of a business sometimes they fail they shouldn't get special privileges b/c pf who they are
being that your a self proclaimed democrat, are you aware they've had obama & co in their pocket?
 
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  #19  
Old 10-04-2008, 06:39 PM
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About time someone pointed that out jtaporco...though both parties are to blame, the Republicans didn't sound the alarm and press the issue when they could have. But the democrats formed this problem back in the 70's and the last few years have been doing what they could to protect it from being found out. So now that it's come to a head, like everything else, it's completely the Republican party and President Bush's fault, if Gore or Kerry had been in office I'm sure none of it would have ever happened(Insert Sarcasm)
 
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  #20  
Old 10-04-2008, 09:00 PM
jonathangalt jonathangalt is offline
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exactly, sounds like liberal scapegoating to me. back in 2004 the republicans wanted fannie and freddy to fall under sarbanes oxley act due to the fact that soxley did not impose its regulations on GSEs. of course, obama & co rigorously opposed that since the major reforms of soxley would have cut off a major source of funding for them. obama speaks so loudly about "failed" bush economic policies yet never gets into specifics. a play on the public's ignorance.
 
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