Obama pushes banks to make home loans to people with weaker credit

[canceled.2021.1]

Brokers are who you hire to sell securities.

the banks were allowed for 8+ years to sell securites after being banned by law in doing so for decades because of prior misdeeds.


WHY did the Bush SEC hold back the broker rules which were the LAW of this country?


So the banks could do whatever they wanted.


that was the Bush plan to get us out of the recession we were in when he took office.


witwhout this subprime mess the economy would have stunk and he would not have been able to cheat his way into a second term.

Then they didnt fix it until the whole mess was already crumbling

Lets review puddin. I have never defended the bankstas. However you willfully miss the point if you think the federal gobblement is blameless outside of the SEC. But willful ignorance is your forte now isn't it?

 

[Justin Time]

 

[USFREEDOM911]

OK...now you are creeping into fucking moron area. The crash in 08 had nothing to do with main street and everything to do with Wall street and the banking industry. Do SOME regular people share the blame? Yes. The house flippers, and a few that knew they were getting in too deep. But the majority of them were victims of predatory lenders. They weren't "forced" to give out loans that people couldn't afford, the realtors weren't "forced" to show people houses they knew people couldn't afford. Those entities chose to do those things, because they could make money hand over fist by doing so.

I know the boys on the radio tell you different, but the truth is that

Are you suggesting that people were forced to look at homes they couldn't afford and were then forced to buy them.

 

[Justin Time]

Are you suggesting that people were forced to look at homes they couldn't afford and were then forced to buy them.

That is one of the excuses being offered

The left makes it sound like they purchased their home from Luca Brasi

 

[USFREEDOM911]

That is one of the excuses being offered

The left makes it sound like they purchased their home from Luca Brasi

 

[Justin Time]

With that kind a sales presentation I bet he would have a 100% close rate

 

[Althea]

I posted the NY Time story from 1999

I posted the Dems opposing any reform of Fannie and Freddie regarding sub prime loans

Taxpayers have lost hundreds of billions in covering the losses of Fannie and Freddie

Now Obama wants to once again, have the government issue sub prime mortgage (and car) loans to people who do not pay their bills

But since it is a liberal Democrat - liberals are cool with that. Libs now think owning a home is a right

Just like heal care ins and look what Obamcare is doing for the Federal budget and economy

The same thing CRA did for the Federal budget and the economy

F/F don't grant loans. Now if you can connect the CRA to the private lending sector, then do so. Otherwise, you have failed in your attempt to make this about anyone 'forcing' lenders to make bad loans.

 

[Cancel 2016.2]

the broker rules are in place now.

unlike for 8 long years when the Bush SEC held them back so the banks could order their employees to do their bidding instead of what was legal

Dear Desh... for the 1 millionth time, quit spouting off about the 'broker rules' if you don't know what they are.

 

[Cancel 2016.2]

Ok Big Boy


tell me why the BusH SEC held back the broker rules in Gramm leach bliely for 8 + years?

How about you first demonstrate that you actually understand what the rules are?

 

[Cancel 2016.2]

its like they dont know that the banks cheated on the securities market the fucking minute they were allowed to sell them again.

Bush aided their cheating by holding back a very important safe guard to the market.

BROKER RULES

You are quite the idiot. You don't have a clue what the rules are, yet you continue spouting off as if they had something to do with the crash.

 

[Cancel 2016.2]

You see before glass steagal bansk could act as brokers.

then the banks fucked us.

so we came up with glass steagal so they wouldnt fuck us anymore.

then the republicans pushed and pushed on glass steagal until with Gramm Leach bliley act and glass steagal was finnally completely dead.

banks could now act as brokers again.


BUT Bush did not impliment the entire GLBact bill.


It was the parts that placed rules on who could be a broker and how they would be trained.


by holding bakc the broker rules all those years the banks could hire any smuck like you and train them however they wanted to train them.


The brokers could not turn to the bank and say "Im not going to sell securitiess with hidden sub prime I willl lose my license" because they hd no license to lose.

Thanks for again demonstrating that you have no fucking clue what the rules are about.

 

[Cancel 2016.2]

You see before glass steagal bansk could act as brokers.

then the banks fucked us.

so we came up with glass steagal so they wouldnt fuck us anymore.

then the republicans pushed and pushed on glass steagal until with Gramm Leach bliley act and glass steagal was finnally completely dead.

banks could now act as brokers again.


BUT Bush did not impliment the entire GLBact bill.


It was the parts that placed rules on who could be a broker and how they would be trained.


by holding bakc the broker rules all those years the banks could hire any smuck like you and train them however they wanted to train them.


The brokers could not turn to the bank and say "Im not going to sell securitiess with hidden sub prime I willl lose my license" because they hd no license to lose.

The above is Desh's nonsense...

The below is reality...

[FONT=Verdana,Arial,Helvetica][h=1]

Agencies Adopt Final Rules to Implement the Bank 'Broker' Provisions of the Gramm-Leach-Bliley Act[/h] Washington, D.C., Sept. 24, 2007 - The Securities and Exchange Commission (SEC) and Board of Governors of the Federal Reserve System (Board) on Monday announced the adoption of final joint rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934. These exceptions were adopted as part of the Gramm-Leach-Bliley Act of 1999 (GLB Act). The SEC and the Board approved the final rules at separate open meetings held on September 19, 2007, and September 24, 2007, respectively.


The Board and SEC issued proposed rules for comment in December 2006. The final rules are similar to the proposed rules in overall scope and approach. In response to comments, the agencies also have modified the rules in several important respects to make the rules more workable and less burdensome. These changes are discussed in detail in the attached notice, which will be published in the Federal Register shortly.


The rules define the scope of securities activities that banks may conduct without registering with the SEC as a securities broker and implement the most important "broker" exceptions for banks adopted by the GLB Act. Specifically, the rules implement the statutory exceptions that allow a bank, subject to certain conditions, to continue to conduct securities transactions for its customers as part of the bank's trust and fiduciary, custodial and deposit "sweep" functions, and to refer customers to a securities broker-dealer pursuant to a networking arrangement with the broker-dealer.


The rules are designed to accommodate the business practices of banks and to protect investors. In developing these rules, the agencies consulted extensively with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision. Banks do not have to start complying with the rules until the first day of their fiscal year commencing after September 30, 2008.

[/FONT]

 

[Cancel 2016.2]

see you fucking iidot, you are not having a converstation.


Your merely having spasms where you spout republican empty talking points without a shred of fact to back them and IGNORING cold hard facts given you.


This is why you FULLY deserve to be called the brain atrophied dipwad I am calling you right now.


The history of this country means everything you fucking taintwallow.


The history is full of facties you dont like because they prove your idiot talking points are nothing but idiot tlaking points so you scream facts dont matter at the top of your lungs and think that is a magic spell to keep facts as far from your tiny brain as possible.


your not debating anything your merely denying facts you dont like and repeting a montra

Irony

 

[Cancel 2016.2]

If the broker rules were in place from the very begining as the GLBact law REGUIRED the banks could not have rolled the subprime into the securities

Yet more bullshit from Desh. Show us which 'broker rule' you are referring to. Show us that you understand what you are talking about... or are you just spouting off bullshit talking points?

 

[Cancel 2016.2]

Are you really not aware that these banks then rolled the subprime into the mortgage securites they could now sell ?

Gee dude I keep explaining this stuff toi you and it never seems to permeate your brain case

Are you aware that subprime had been sold for decades before Glass Steagall was even repealed by Clinton?

 

[Disillusioned]

OK...now you are creeping into fucking moron area. The crash in 08 had nothing to do with main street and everything to do with Wall street and the banking industry. Do SOME regular people share the blame? Yes. The house flippers, and a few that knew they were getting in too deep. But the majority of them were victims of predatory lenders. They weren't "forced" to give out loans that people couldn't afford, the realtors weren't "forced" to show people houses they knew people couldn't afford. Those entities chose to do those things, because they could make money hand over fist by doing so.

I know the boys on the radio tell you different, but the truth is that

Here's the funny thing, people like to blame "predatory loans" it's the rankest form of condescension to imply that people aren't responsible for their own actions. You live in capitalist america, you hear commercials all the time. I don't go buy lottery tickets because I hear about the wonderful possibilities, I don't go buy beer because it gets me laid, I don't buy a new car every time I hear about the wonderful sales. It's up to each person to be fiscally responsible. Children aren't, we expect adults to be able to count. Can't afford a new car? Don't buy one, but don't blame the company who wants to sell you a car.

When you force the blame onto somebody else it says something, "I am not responsible enough to handle my problems, and I won't ever be, it's not my fault."

 

[canceled.2021.1]

F/F don't grant loans. Now if you can connect the CRA to the private lending sector, then do so. Otherwise, you have failed in your attempt to make this about anyone 'forcing' lenders to make bad loans.

The connection to CRA has been highlighted on many occasions. You are either too biased or too ignorant to see it.

Fannie and Feeddie do not make loans. That is correct. They do however purchase the loans at very favorable interest rates allowing the banks to clear the decks and free up capital to make more loans

 

[canceled.2021.1]

Here's the funny thing, people like to blame "predatory loans" it's the rankest form of condescension to imply that people aren't responsible for their own actions. You live in capitalist america, you hear commercials all the time. I don't go buy lottery tickets because I hear about the wonderful possibilities, I don't go buy beer because it gets me laid, I don't buy a new car every time I hear about the wonderful sales. It's up to each person to be fiscally responsible. Children aren't, we expect adults to be able to count. Can't afford a new car? Don't buy one, but don't blame the company who wants to sell you a car.

When you force the blame onto somebody else it says something, "I am not responsible enough to handle my problems, and I won't ever be, it's not my fault."

One of the best posts on JPP in a long time