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Passions in Poetry

Oversight for Freddie & Fannie Mae killed in 2003

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Member Empyrean
since 06-05-99
Posts 26302
Ft. Lauderdale, Fl USA

25 posted 10-08-2008 12:02 AM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

In 2004, Republicans warned that Fannie May and Freddy Mac had problems that had to be resolved to avoid major future problems while the Democrats refused to acknowledge them, accusing the Democrats of "witch-hunting".
Member Ascendant
since 08-20-99
Posts 5896
Jejudo, South Korea

26 posted 10-08-2008 01:04 AM       View Profile for Brad   Email Brad   Edit/Delete Message      Find Poems  View IP for Brad


Yeah, I confused this thread and the ACORN thread. Here's what you said:

The Chicago contingent still believes that is the ‘right of every US citizen to own a home’ regardless of their financial situation.  We can easily observe the faulty logic in this premise from the recent huge loan firm’s belly-ups largely due to the calling in of the chits when these loans tanked.

Sorry about that. Still, as far as I can tell, you seem to be implying that loans to the poor led to the current crisis. My post was a corrective of that. As you point out here, a bad loan is a bad loan.

As far as this:

Brad, you also pointed out, perhaps unwittingly, another reason why the Dems didn't want these bills to pass to increase the power of the auditing group of F&Fmac.  It empowered them with votes from the poor.  It is what it is.

I don't know where I said that, but I'll take your word for it. I don't see the problem. The problem for Dems is not that they are "empowered . . . with votes from the poor" but that that their demographic target (the poor, minorities, the excluded) are the ones who vote least.

In your earlier post, you made the minor mistake of thinking I meant that the 'poor caused this crisis.'  There are 4 equivalent factors the way I see it, that contributed to this crisis:
1) bad loans...period (rich and poor ones)
2) nationalization of banks
3) greed
4) lack of oversight group with teeth

I'm curious about (2)? Could you expand on that a bit more?

Other than that, I take it that you agree with Mcardle and Gross?

Senior Member
since 07-10-2008
Posts 729

27 posted 10-08-2008 10:48 AM       View Profile for threadbear   Email threadbear   Edit/Delete Message      Find Poems  View IP for threadbear

Hey Brad, thank you for your well-thought out comments.  Kudos on that....
First of all, if you were confused, don't apologize.  Nobody has a firm grip on 1) what actually happened and 2) how to fix it.  Don't let anyone tell you that they have the tell-all fix-all solution.  For the most part, any solutions will come at such a complex level that only bankers/lenders/etc. will be able to comprehend the implications.  This, by no means, indicates citizens shouldn't make an attempt to comprehend the details.  To put it bluntly, it's OUR job to do that, and to call out the injustices wherever we see them.

   In a similar post, somewhere in here, I've briefly touched on the effect that the nationalization of banks has had on the average consumer.  Essentially, banks 30 years ago were local things: managers knew the demographics of neighborhoods, the local risks, and they helped support the local economy whenever they could by providing loans to small businesses and home-buyers.  Leveraged buyouts of banks started to occur at breakneck speed once the Savings and Loan scandal broke.  While we were busy wiping the sweat from the near-miss, banks stopped becoming small local banking institutions, loans were sold in bundles to foreign-states and later to foreign-countries.  Inside of these bundles were many questionable loans, but because they involved a tangible asset (a home, or business), they were eagerly bought and sold at their bargain-basement prices.  Many people complained loudly that heretofore agreed payment arrangements for their homes were invalidated by the new owner of their mortgage, and foreclosures started going up up up.  No longer could the lender walk into a lobby, shake hands with a manager, and make special arrangements.  Instead, the new larger franchised banks went after the bottom line, and didn't see the face behind the dollar signs.  

   In my city of about 1,000,000, there are huge skyscrapers carrying a bank's name.  Only thing is, I don't even know what they are called now, since they used to be called the names of the local banks.  I've seen this same building and bank sold and renamed four or five times: so many times I can't even tell you the names of the top banks in my area anymore.  Luckily, I belong to a Credit Union.  I don't pay 90% of the fees that other lending/banking institutions pay.  I've spent hours talking with my banking friends to gain an insider's edge on what has been happening.  In a nutshell, they are scared to the bone.  Sallie Mae, with student loans, will probably one of the next big victims, and that is a pity that education will be given an early wake service.

Oh heck, I almost forgot:  thank you Balladeer for your great links and logic substantiation.  Most excellent, amigo!

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