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Jun 01 : 17:00
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Mountain Park Life :: Forums :: Guest Editorials
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In Their Own Words-The Mortgage Bailout Sham

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Jim Wright
Tue Sep 30 2008, 08:50PM
Registered Member #70
Joined: Sat Sep 17 2005, 01:10AM
{LOCATION}Posts: 246
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birdwatcher
Wed Oct 01 2008, 06:30PM
Registered Member #339
Joined: Sat Jun 21 2008, 10:11AM
{LOCATION}Posts: 16
Jim Wright: Being in Real Estate you should know a little bit about the mortgage industry and what's been happening over the past few years. Don't try to hand me some home made propaganda. Nice try.

It was Republican JOHN MCCAIN and PHIL GRAMM who saw to it that Wall Street was deregulated in 1999. It was Phil Gramm's goal to further deregulate the financial industry even more before he retired from politics. In 2002, Republican Phil Grahm attached 243 pages that would further deregulate the financial system, to a bill that was about to pass the Senate.

Until just recently, John McCain was all for deregulation for financial institutions and Wall Street.... until it became clear that it was one of the major reasons we are in this economic mess.

Hear John McCain's OWN WORDS that he was for deregulation of Wall Street.
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Reece
Wed Oct 01 2008, 08:01PM
Registered Member #63
Joined: Wed Aug 10 2005, 04:25PM
{LOCATION}Posts: 50
Alright, since this is NOT Morning Ho, I'll take a chance that I won't be called rude for bringing this up and told to pipe down:

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We can all be proud that he's working so closely to help bring an end to this current financial crisis...err...oooops:

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John McBush swears he's not a liar....hmmm:

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But when someone proves him to be liar it really, really hurts his feelings:

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But those of us in the tech sector sure are glad that he's doing something to make our lives better:

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You don't have to be a blind conservative not to see it but it sure do hep!



Reece
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Jim Wright
Wed Oct 01 2008, 09:13PM
Registered Member #70
Joined: Sat Sep 17 2005, 01:10AM
{LOCATION}Posts: 246
To Reece, my good neighbor:
Citing media reporting and magazine articles to make your case comes as no surprise but seems to fall short when compared to actual footage from congress. The mess caused by social engineering in the form of demanding that lenders make loans to unqualified borrowers is the problem, not Wall Street regulation or deregulation. It was pseudo private companies called Freddie and Fannie that allowed this mess to occur. Check out who is/was running them primarily. Which party? Which party appointed them? To which party do Barney Frank and Chris Dodd belong my friend? Let's be honest please. Bush, The Hated, asked the congress, that august body liked even less than himself, to do something about the looming disaster over a dozen times. Democrats refused and allowed their fatcat buddies a/k/a financial contributors to amass personal fortunes while leaving both you and I to ultimately suffer. Bringing back up the S&L debacle is like playing an old scratchy LP-sounds okay if that's all you got.

Now I suppose we could both spend countless hours scouring You Tube and looking up biased media citations to make our points. The reality is the mortgage disaster is the direct result of liberal attempts (ACORN) at social engineering a/k/a Socialism. Bailing out the greedy Wall Street entities that bought the crappy paper is not the answer, unless one is intent on watching our freedom and independence further slip away.

We can agree to disagree on political philosophies, but the facts are what they are and we need to soberly accept them. The current mess lies squarely at the feet of those charged with congressional oversight and they are not members of the GOP.

You folks can keep punching away and posting as you see fit. I have made my case and my case is rooted in fact and truth, not biased media spin.

If you know Birdwatcher let it know that the ill-advised greed on Wall Street is not unique to one particular party, of this I am sure, and it is a symptom, not the disease. The banking problem we now face is because banks and lenders were forced to enter the sub-prime markets. ACORN played a major role. The "housing initiative" belongs to your guys too. Ever heard of Jamie Gorelik; Raines; etal? They are financial advisers to Senator Obama? Talk about hypocrisy.
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editor
Thu Oct 02 2008, 01:05PM

Joined: Tue Jul 12 2005, 10:03PM
{LOCATION}Posts: 236
A post by Seymour has been deleted because it broke the guidelines as outlined in the Forum Rules link .
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Keith
Thu Oct 02 2008, 02:35PM
Registered Member #46
Joined: Fri Jul 29 2005, 02:20PM
{LOCATION}Posts: 158
An interesting look back 10 years ago....

Fannie Mae Eases Credit To Aid Mortgage Lending

STEVEN A. HOLMES
Published: September 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans....



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Reece
Fri Oct 03 2008, 02:04PM
Registered Member #63
Joined: Wed Aug 10 2005, 04:25PM
{LOCATION}Posts: 50
Jim,

Our American situation is the main reason that we can be good neighbors and choose to disagree about any number of things.

For instance, I believe from your statements that we're probably in agreement about this bailout of private financial organizations. It was bad before but now it's gotten worse with pork and provisions that have nothing to do with the matter at hand. Frankly, what was already a bad deal for you and I has taken a turn for the worse.

One area where we'll disagree is about who holds blame for this kettle of festering fish. I hold that there's plenty of blame to go around, nearly every member of Congress, every President, lobbyists and the Sherman's Army of bureaucrats that inhabit our government. This is not a Democratic, Republican or Independent problem it is an American problem.

Apparently, we agree on Bush, The Hated(I like that and I'd like to use it if you don't mind).

Where our disagreement really goes wide right is on Ann Coulter and Charles Krauthammer's assertions which are quoted generously through your statement. I had to go back and re-read Coulter's recent diatribe on deflection of blame for this mess. Thanks for that by the way, I usually try to read her only once because to view it more than once gives me that creepy skin-crawling feeling along the back of my neck. ACORN and the Community Reinvestment Act hold very little, if any fault in this. To come back and push this agenda is at best disingenuous, at worse, intellectually dishonest. These ideas and legislation came directly from the basic Judeo-Christian tenet that "We as a society are only as good as how we treat the least among us". The simple fact is that the vast majority of those that have been able to purchase homes due to these provisions pay the mortgage each month, on time. I can't help but imagine that as a real estate professional you have personally sold homes that would not have been purchased without CRA. It's a big deal that we, as American's, have said that we want all of our people to be able to own a home. Now bad decisions have been made, bad loans sold, greed has been rampant and poor fundamentals of fiscal management have been on display but once again there's plenty of blame to be shared. Individuals, corporations, semi-private government agencies, politicians on all sides, and regulators all share in the mess that Jim Wright and Reece Stone are now going to get the bill for. My empathy and sympathy extend to your son and all of the sons and daughters of our nation, ultimately they are the ones that will bear this burden unless we can dissuade the U.S. House of Representatives from allowing this debacle to move forward.

Just a couple of other notes:

I'll admit to gleefully posting links that show the poor decisions and glaring deficits of John McCain. It's just too easy.

I dunno who Birdwatcher is, I tend to mainly ignore those that post here anonymously.

To the Editor, thank you for removing Seymour's post, trying to read it gave me a headache.



Reece
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