Barney Franks partner in crime.. - Mercedes-Benz Forum

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post #1 of 36 (permalink) Old 10-07-2008, 10:35 AM Thread Starter
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Barney Franks partner in crime..

Lawmaker Accused of Fannie Mae Conflict of Interest

WASHINGTON — Unqualified home buyers were not the only ones who benefitted from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.


FOXNews.com - Lawmaker Accused of Fannie Mae Conflict of Interest - Politics | Republican Party | Democratic Party | Political Spectrum
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post #2 of 36 (permalink) Old 10-07-2008, 11:47 AM
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^This whole racist attempt to blame this crisis on their favorite whipping boys, black people and now gays, makes me want to vomit. A very small percentage of low income loans make up the financial pie of this particular crisis, yet right-wing nuts like this guy want you to think it's the whole fucking kitchen - it is a Republican Fantasy. The real villians will turn out to be the bonding agencies, who rated mortgage backed securities as AAA investments for God knows what reason. The loans themselves are in default are for the most part second-mortgage loans, not taken out by the queers and niggers you hate, but by people mostly looking to cash in on insane housing valuations, who took rising price equity out in the form of second mortgage loans that they would not have otherwised qualified for from traditional sources, making their loans a bet that prices would rise forever, when instead, they fell, as they always do when interest rates go up. The dollar goes down, US interest rates have to go up, in order to attract foreign capital to our banks.

Most of these loans orginated in the overheated housing markets of the East and West Coasts, not in the low-income Mid West and Southeast. It doesn't take a genius to see that a few dozen California houses adds up to real money, and that is why this has caused a massive house of cards to collapse. Give yourself a break and quit using GOPUSA as the sole source of your knowledge, you one-sided twit.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

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post #3 of 36 (permalink) Old 10-07-2008, 11:52 AM Thread Starter
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^This whole racist attempt to blame this crisis on their favorite whipping boys, black people and now gays, makes me want to vomit. A very small percentage of low income loans make up the financial pie of this particular crisis, yet right-wing nuts like this guy want you to think it's the whole fucking kitchen - it is a Republican Fantasy. The real villians will turn out to be the bonding agencies, who rated mortgage backed securities as AAA investments for God knows what reason. The loans themselves are in default are for the most part second-mortgage loans, not taken out by the queers and niggers you hate, but by people mostly looking to cash in on insane housing valuations, who took rising price equity out in the form of second mortgage loans that they would not have otherwised qualified for from traditional sources. Most of these loans orginated in the overheated housing markets of the East and West Coasts, not in the low-income Mid West and Southeast. It doesn't take a genius to see that a few dozen California houses adds up to real money, and that is why this has caused a massive house of cards to collapse. Give yourself a break and quit using GOPUSA as the sole source of your knowledge, you one-sided twit.
Beautiful!

7. When all else fails call a person a bigot, racist, or facist.
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post #4 of 36 (permalink) Old 10-07-2008, 01:11 PM
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Beautiful!

7. When all else fails call a person a bigot, racist, or facist.
Is that your best shot? If so go back to school and think again.

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post #5 of 36 (permalink) Old 10-07-2008, 01:33 PM Thread Starter
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I dont discuss politics with non US Citizens

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post #6 of 36 (permalink) Old 10-07-2008, 01:44 PM
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I dont discuss politics with non US Citizens
You mean you live in your own world and dont see the real world, come on and get a life man.

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post #7 of 36 (permalink) Old 10-07-2008, 01:44 PM
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I dont discuss politics with non US Citizens
You're one pompous ass
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post #8 of 36 (permalink) Old 10-07-2008, 01:48 PM
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You're one pompous ass
That is an understatement, his is one complete idiot

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post #9 of 36 (permalink) Old 10-07-2008, 01:50 PM
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predatory lending put the poor in the position they are in.
the large majority of the defaulting loans are by speculators. look it up.
yes. both are part of the problem.
there is also a perception problem.
some are defaulting on their loans because they're paying more than the house is worth
.. then walking away.
if it's their primary residence, why not stay?
the house is going to increase in value some day.
it's not like you're going to benefit from it on paper.
my home lost 30% of it's value over the past 3 months. so??
I never had the money.
never saw the increase as a financial asset.
am I going to default on my loan because of it?
no.
please..
both sides of this argument need to calm down and look up three sources for EVERY stat.
this way we're all informed and no one gets duped into believing one source.
thanks,
just my .02
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post #10 of 36 (permalink) Old 10-07-2008, 01:56 PM
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^^
That sums it up but greed is well and alive and people are going to be blind. Things will spiral, that's just human nature. One need to look at this as an opportunity for bargains on the back of misfortune, hell Citi and Wells Fargo are trying it with Wachovia just like Wamu was already taken in a "private" garage sale. We the people must seize this opportunity to buy up (directly via stocks) and not be driven by fear.
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