Wednesday, October 1, 2008

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam

Nothing is really shocking anymore. Blatant corruption and bald-faced lies have become the status quo.

8 comments:

Anonymous said...

This is all news to me. Is there an uncut clip? I would like to witch this in its entirety.

Anonymous said...

And your point is??? The only one who had the power to regulate Fannie Mae and Freddie Mac was OFHEO. And who appointed the director of the OFHEO? Bush. Who was in control of BOTH the Senate and the House? Republicans, that's who. So why wasn't something done about this?

Anonymous said...

Both parties are as crooked as a dogs back leg and i fear that is insulting to the dogs

recruiterrick said...

Consider this:

In 2004, Republicans were in control of.... all THREE legislative and executive branches.

So.... blacks and gays overpowered the wimpy Republicans, and set the agenda for the day.

No WMD: No Problem for Republicans. Billions, upon Billions, every month for deflection from truth.

Osama bin Laden: Iraq was where he went, proof? We invaded Iraq to stop Osama Bin Laden.

Even though the US Military is so good we kept Saddam under control with a few planes and one aircraft carrier for over 8 years (under Clinton).

Even though 15 of 19 hijackers of 9/11 were Suadi Arabians, we continue to buy their oil. While all the time they use our money to build Wahabiist schools in every muslim country around the world.

Wahaabiists belive every infidel should be killed, IMMEDIATELY.

Is that why Bush holds hands with the Saudi leaders?

Or is he just stupid!?!

recruiterrick said...

It was never about Fannie and Freddie originating bad mortgages. What got them in trouble had strictly to do with spending too much money on entertaining and attempting profits ala Enron-esque acounting.

The loans that got them in trouble in 2008 were originated by Countrywide, along with a few other lenders.

It is my understanding that Fannie and Freddie hold somewhere north of $1.5 Trillion of Countrywide's Fast and Easy program loans, which are defaulting at rates above 30%. All originated between 2005 and 2007.

How can that be the fault of one, or two, black congresspeople in 2004?

Anonymous said...

I suppose that it was the responsibility of only the Republicans that were in power to do the right thing? So, that exonerates Frank, Waters, Clay and Meeks and the Democrats from doing the right thing? Is it only incumbant on politicians to do the right thing when only their political party holds the majority? I suppose that answer is yes.

This however does not let Shays, Royce, Baker and Manzullo off the hook either. It also begs the question from them. If this was so bad, so crucial, why did they not push hard for reforms and bring it to the whole Congress?

By the way, at the time OFHEO did not have the ability to execute any regulation, because there was no regulation per se on the books at the time, Fannie had successfully lobbied at the time to keep itself immune from that level of oversight back in 1992 and repeated times through the 1990's and through 2006. Ofheo only got the regulatory level authority after the Democrats got in in 2007 , by that time it was too late for regulation to do any good. Fannie and Freddie were cooked. Actually if you listen to NACA - hardly a conservative bastion, this was a problem as far back as 1997.

A POX on both parties. The only ethical guy in there was Falcon.

Knute Rife said...

Where are all of Fannie's and Freddie's former lobbyists? Running McCain's campaign.

Anonymous said...

iF YOU WANT TO POINT FINGERS AS TO THE REAL SOURCE OF THE HOME MORTGAGE MELTDOWN, IT APPEARS THAT BILL CLINTON SET UP THE LOOSE LENDING PRACTICES WHEN HE WAS IN OFFICE WHEREBY 43 PERCENT OF THE OWNERS NEVER HAD A DIME INVESTED IN THEIR HOMES AND SOME EVEN TOOK OUT MORE THAN 100% MORTGAGES.

IT SEEMS HARD TO CONCEIVE THAT ONLY 3% OF THE MORTGAGES ISSUED FAILING BROUGHT THIS ECONOMY DOWN.

THERE HAS TO BE MORE TO IT AND I BELIEVE WE WILL FIND THAT THE
UNREGULATED CREDIT PAPER/HEDGEFUND GAMBLING IS WHERE ALL OUR LOST MONEY WENT. THE QUESTION IS: DID THESE SAME HEDGEFUND BETTERS PRODUCE THE HOUSING FIASCO BY MAKING LOANS TO HOMEOWNERS THEY KNEW WOULD NOT BE ABLE TO PAY BACK THE LOANS JUST SO THEY COULD COLLECT THEIR MILLIONS FROM BETTING THE SAME THING WOULD HAPPEN AND THUS MAKING IT HAPPEN SO THEY WOULD WIN BIG TIME? THE VERY COMPLICATED PAPER DEALS IN THE FINANCE MARKETS SHOULD BE OUTLAWED BY CONGRESS AND SIGNED INTO LAW BY THE PRESIDENT.

THIRDLY, WOULDN'T GOING BACK TO BANKS JUST BEING BANKS AND NOT BEING TIED TO INVESTMENT BANKING REALLY BE MORE PROTECTIVE OF OUR CASH FLOW THAN THE CURRENT SYSTEM? BANKS CLEARLY ARE A BIG ROOT-CAUSE PART OF THE PROBLEM.

AS HOMEOWNERS, WE HAVE ALWAYS KNOWN THAT A BUYER NEEDS TO HAVE SOMETHING INVESTED IN THE HOME OR IT IS TOO EASY TO WALK AWAY. MANY DID JUST THAT. THIS POLICY NEEDS TO CHANGE PERMANENTLY TO ENSURE THAT HISTORY DOES NOT REPEAT ITSELF.