Dow falls below 10,000

[Peikko 1,575]

Nah, he's from CA, it'll just increase the calls to recind CA's affiliation to the Federation

[Heracles 417]

Ah yes...the parroting of the Right Wing pundits and their line of bullsh!t.

It's the Dems fault...not because of deregulation. Hell, we just need more laissez-faire economics to get us out of this mess.

I'll post it a third time.

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES

Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people

http://query.nytimes.com/gst/fullpage.html...;pagewanted=all

Edited October 6, 2008 by Aficionado

[w¡n9Nµ7 §£@¥€r 123]

[Heracles 417]

They are not to blame for this mess.

It starts from the bottom up..

The following document explains it all..

http://docs.google.com/TeamPresent?docid=d...p;skipauth=true

Edited October 6, 2008 by Aficionado

[HAL 9000 96]

Again... regulation of the mortgage industry would have prevented the mass effect of subprime rates being handed out like popcorn at a move theater.

[Peikko 1,575]

Manufacturers don't get to sell crappy dangerous cars to stupid people, why should it be ok to sell rubbish mortgages to stupid people?

[Heracles 417]

Manufacturers don't get to sell crappy dangerous cars to stupid people, why should it be ok to sell rubbish mortgages to stupid people?

Which cars are they?

[Peikko 1,575]

Auto manufacturers are regulated, quite strictly as are many other manufacturers. Why should mortgage lenders operate without safety measures? There will always be stupid people and it's a silly argument to say that they shouldn't be protected from themselves, particularly if the consequences are bad not only for them, but also for those who have been prudent with their finances.

[mawilson 2,133]

Auto manufacturers are regulated, quite strictly as are many other manufacturers. Why should mortgage lenders operate without safety measures? There will always be stupid people and it's a silly argument to say that they shouldn't be protected from themselves, particularly if the consequences are bad not only for them, but also for those who have been prudent with their finances.

It's not a silly argument to say that they shouldn't be protected from themselves. They are stupid, who cares.

It is however a silly argument to say that WE shouldn't be protected from them. Our economy shouldn't be allowed to collapse just because there are stupid people in the world.

[Peikko 1,575]

Perhaps they should deregulate these industries too so that only those who are car experts can buy the 'safe' cars for examle? Wouldn't that be great?

Edited October 6, 2008 by Madame Cleo

[Peikko 1,575]

Auto manufacturers are regulated, quite strictly as are many other manufacturers. Why should mortgage lenders operate without safety measures? There will always be stupid people and it's a silly argument to say that they shouldn't be protected from themselves, particularly if the consequences are bad not only for them, but also for those who have been prudent with their finances.

It's not a silly argument to say that they shouldn't be protected from themselves. They are stupid, who cares.

It is however a silly argument to say that WE shouldn't be protected from them. Our economy shouldn't be allowed to collapse just because there are stupid people in the world.

I care because I end up paying for the stupidity, either directly or indirectly. I'd rather have the regulations so that I don't end up paying more than absolutely necessary for the stupid people.

[Heracles 417]

Auto manufacturers are regulated, quite strictly as are many other manufacturers. Why should mortgage lenders operate without safety measures? There will always be stupid people and it's a silly argument to say that they shouldn't be protected from themselves, particularly if the consequences are bad not only for them, but also for those who have been prudent with their finances.

My bad I did not see the word don't in your previous post.

The article I posted earlier indicates there was a move under the Clinton Administration to push mortgages to low income homes and minorities. This obviously goes against the concept of regulation.

You need a pay slip to get a credit card in AUS. Whereas anyone could get a home loan here without any income verification. I don't blame the Clinton Admin because I understand they had good intentions which clearly did not work out. Instead, they should have provided micro loans to low income households and minorities and helped them start new business and so forth. Buying a house should have been last on the list.

Edited October 6, 2008 by Aficionado

[kaydee457 13]

Manufacturers don't get to sell crappy dangerous cars to stupid people, why should it be ok to sell rubbish mortgages to stupid people?

Hey, the democrats did and the "stupid" people took them up on it.....Uh, exactly who is it that you're calling stupid?

One example of some extremely nightmarish social engineering by the democrats brought us here....get used to it!

[Peikko 1,575]

Ah, of course, let's try to pin the blame on the Democrat donkey, after all that's a great problem solving technique isn't it?

Oh, but I forgot, we have to 'bash' people based on our percieved perceptions of their 'ideology' not on what they actually say.

[kaydee457 13]

Ah, of course, let's try to pin the blame on the Democrat donkey, after all that's a great problem solving technique isn't it?

Oh, but I forgot, we have to 'bash' people based on our percieved perceptions of their 'ideology' not on what they actually say.

Hey, it's just the hard truth.......It is what it is!

Would you like me to put lipstick on a pig? Sorry.........................................