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Thursday, July 09, 2009
Congressional Report: Government Was Culprit in Housing, Economic Crisis
Posted by: Meredith Jessup at 4:40 PM
According to a report released from the House Committee on Oversight and Government Reform on Tuesday, Fannie Mae and Freddie Mac were the leading culprits in the housing crisis because they encouraged people to borrow money, despite the fact they might not be able to pay it back.  Duh. 

It took 9 months and a 26-page government report to realize this?

Conservatives have long been warning that federal programs like the Community Reinvestment Act would build an inflated housing market resting on shaky foundations. 

In fact, the report explains how Fannie and Feddie--government programs exempt from the oversights governing other publicly-traded firms--"privatized their profits but socialized their risks."

CNSNews reports.






View in ascending order View in descending order
vladimir estragon writes: Saturday, July, 11, 2009 2:59 PM
Diane
"Vlad likes to throw the old child pornography thing around when he can't come up with anything sensible to say which is most of the time."

Nope. Only when you're around. You and Arch are the only child molesters I know at Town Hall.
SJA writes: Friday, July, 10, 2009 2:45 PM
Homer
Vlad likes to throw the old child pornography thing around when he can't come up with anything sensible to say which is most of the time. I just wonder why he spends all day and night on a conservitive blog and then can't understand when all do not agree with whatever he says,
Homer writes: Friday, July, 10, 2009 2:34 PM
estrogen the unlucky bozo pleads:
"Do me a big favor, would you? Please stop commenting on anything I say here. I'm not young any more and I only have so many rods and cones in the old eyeballs, and the idea that I'm wasting them on your pixels on the screen is really distressing."

Good, then you also agree that you are a waste of our time. BTW, you are beginning to sound like the Late Frank, the person who used to demand that we have his permission before responding to his posts.
vladimir estragon writes: Friday, July, 10, 2009 9:18 AM
NOTW
"What part of the millions of subprime foreclosed homes sitting on the market are cut and paste?"

The banks invented ways to turn a $300K mortgage into $30 million, and ways to say with a straight face that it was "no risk." When these started selling like hotcakes, the banks started demanding more mortgages.

So the real question is, What part of those foreclosed homes were mortgages made under pressure from the government, and what part were made by lenders under pressure from the banks?
vladimir estragon writes: Friday, July, 10, 2009 9:15 AM
Gomer
Do me a big favor, would you? Please stop commenting on anything I say here. I'm not young any more and I only have so many rods and cones in the old eyeballs, and the idea that I'm wasting them on your pixels on the screen is really distressing.
NOTW writes: Thursday, July, 09, 2009 9:14 PM
Xian
What part of the millions of subprime foreclosed homes sitting on the market are cut and paste?

B-B-Barney just sent a letter to Fannie to loosen up on Condo loans in June....The same man(?) that said a few years back that Fannie and Freddie were just fine and we should roll the dice. Wow, talk about learning from your past?

Are you just here to push buttons? or just so dense you cannot see reality? If you actually pay any income tax, you should care. This big F-up is coming out of your pocket. But I am guessing you are one of the "representation without taxation" expecting the rest of us to carry your burden.
Xian writes: Thursday, July, 09, 2009 8:00 PM
Another copy and paste
from another right wing think tank. All you had to do was see that "Darrell Issa" was author to realize this is yet another lame attempt by conservatives to discredit government. No wonder they can't govern, since they seem to hate it so much.
Homer writes: Thursday, July, 09, 2009 7:40 PM
estrogen the unlucky bozo ponders:
"How is it that a member of the minority party is producing a "congressional report" with his name on the cover?"

Remember we live in the United States. Do you have a major problem with someone's free expression of thought and public debate?

"I'm also curious why an awful lot of the Google hits use the words "surprisingly sophisticated" to refer to the report."

First, based on your postings, you are not curious so don't pretend to be something that you are not.

Second, Google is not the center of the universe although it appears that it is your center of the universe, however elliptical it might be.

Finally, in our time very little, if any, of what is promulgated by the Democrats is sophisticated so it is a case of the person making the Google entry being impressed by the factual, logical and thoughtful research of a Republican Representative from, gasp, California. That anomaly was not wasted on the Google employee or whomever was responsible for the entry.

Again, arch is correct: you are a waste of our time.

Riders on the Storm writes: Thursday, July, 09, 2009 7:27 PM
Really, Vlad?
The Oversight Committee has a Black Democratic chair and 22 Democratic members over and against 15 Republican members. Are you saying that Democrats don't contribute to or even read their own committee reports? Oh, wait...they don't read the bills they sign into law either. Carry on.
The Plumber writes: Thursday, July, 09, 2009 6:54 PM
Nothin' to see here
Nobody cares but conservatives and libertarians, and many of us have known about the corruption for years.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

http://www.youtube.com/watch?v=ivmL-lXNy64


McCain COULD have used it, but too many of his good buddies worked for FM/FM. God I hate Leftists. Worthless, theiving, corrupt, POS.
vladimir estragon writes: Thursday, July, 09, 2009 6:41 PM
Questions
How is it that a member of the minority party is producing a "congressional report" with his name on the cover?

I'm also curious why an awful lot of the Google hits use the words "surprisingly sophisticated" to refer to the report.
Spudder writes: Thursday, July, 09, 2009 6:32 PM
Between housing & Fuel
Congress wants to see the collapse of the US economy is the only answer that I can come up with, for them pushing the housing market and limiting furk production. Now nibble lips Frank wants to bloww some more money on housing probably run thrun his favorite business ACORN.
Tea Party writes: Thursday, July, 09, 2009 6:25 PM
Don't hold your breath Andrea
The drivebys are running cover for these maggots in Congress. Let's not forget that Barney's boyfriend was very involved in the scam and Barney ran interference for him..we never did find out the truth there did we? Nor did said boyfriend have to pay for the crimes. NONE of the degenerate, debauched DemonRATS ever have
to do a perp walk..Jefferson is still in Congress, Rangel is still running the Tax committee, etc etc..Enuf to make you sick
Riders on the Storm writes: Thursday, July, 09, 2009 6:16 PM
Well, how many posters
think this will be the lead story tonight in the MSM?
Homer writes: Thursday, July, 09, 2009 6:09 PM
"Americas's chickens have come home
to roost.

2001 Bush Administration warns of FM and FM financial problems which could have serious financial repercussions.

2003 Bush Administration warns that the financial condition is now at a point where it could become a systemic risk.

2003 Bush Administration pushes congress to establish federal agency to supervise and oversee FM and FM GSEs.

Treasury Secretary John Snow calls for new oversight of GSEs

Barney Frank responds that FM and FM "are not in a crisis" that more should be done to get low income people into homes. Frank says that too many people have a “sky is falling mentality” and that the GSEs are fundamentally sound.

The legislation was blocked by the Democrats.

2006 Allan Greenspan testifies that our financial system is at risk and something must be done or we face insolvency.

Chuck Schumer says that FM and FM did a wonderful job.

John McCain co-sponsored legislation on Senate floor for greater regulation of GSEs and all Democrats voted against it in committee.

Democrats were opposed to regulation and oversight of GSEs and nothing was done.

Obama said nothing.

Barney Frank said: “ I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .”

Democrats loathe oversight....
K.G. writes: Thursday, July, 09, 2009 6:05 PM
We Had to Pay for a Report...
...to figure this out?

By the way these NINJA loans are still being made in SoCal. The BHO administration is sooooooooooooooo much better than Bush's.
Marty writes: Thursday, July, 09, 2009 5:30 PM
If government officals had watched HGTV
they would have seen this coming. House Hunters on HGTV featured young couples buying houses costing more than $500,000 with 100 percent financing.

No money down on a house you can't afford in the first place allows the buyer to walk away from the property without taking a loss on their investment. The closing costs were also waived.

But then the botton fell out leaving taxpayers on the hook for government guaranteed mortgages of Freddie Mac and Fannie Mae.

Rich  writes: Thursday, July, 09, 2009 5:23 PM
barneys frank
he said there was no reason to think fannie or freddie was in trouble and no need for any financial tests. now imagine him saying that with massive amounts of saliva shooting from his rotten mouth. can someone make him a portable spit guard that he can attach to his face????
411acrossamerica.com
NOTW writes: Thursday, July, 09, 2009 5:15 PM
Somehow
It will be Bushes fault according to Joe.

On my local Radio, a commercial plays about refinancing homes. It begins with the infamous Obama speech where he says, "Nobody was watching out for people against the predatory lenders..."

Wasn't that Congress' job? For which Obama was a part of along the usual suspects Rich mentions?!?

YUP!

stupid, stupid government.
Big Sky Cowboy writes: Thursday, July, 09, 2009 5:07 PM
Uh Oh
Then barney frank lied to us, I can't, that is impossible this fine outstanding individual, honest as the day is long could never have done anything as underhanded as line his pockets and lie to us i'm shocked.
Rich  writes: Thursday, July, 09, 2009 5:06 PM
attn sen leahy
how about a truth commission on this? maxine waters, barney frank, chris dodd, chuck schumer should be a good start.
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