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JGBellHimself
Said you:
"Did they play a bigger role in the sub-prime binge than the private sector? That's a harder case to make. A study by the Federal Reserve found that in 2006, five out of six of sub-prime mortgages were issued by private lenders."
Observed we: That is VERY sloppy reporting.
To not ask the most relevant question:
"WHO made the bad ARMS and subprime RE loans, and WHEN did they make them?"
is inexcusable - economically, ethically, legally and as a "reporter" of the news.
While Dan's chart was "interesting", it was also very badly misleading - accidentally or intentionally.
What you and U.S. need to know is that when the non-agency "securitized" RE loans began in ought-not-3 they were almost ALL "conventional" loans. It was not until they really ought-not-4, 5, 6 and unlucky 7 that they switched to almost ALL very bad subprime and ARMs.
True, it was inexcusably stupid for the GSE's to begin to buy bad ARMs and subprimes in we-ought-not-too-6, but by then the "securitizers" had create US$ 2.5 Trillion very bad ARMS and subprime RE loans in the sand states of Cal, Nev, Fla and AZ. Over 85% of those very bad RE loans are now in or through foreclosure, strategic default, bankruptcy.
That means there have been over US$ two (2) TRILLION in written off RE mortgages - created by the non-agency Wall Street Banksters in less than 4 years.
So, show U.S. - if you can - that the agencies ever issued that amount of bad ARMS and subprime RE loan; OR have cause U.S. to loss a similar US$ two (2) Trillion in RE losses.
Said you: "That's a harder case to make."
Said we: Tis an impossible case to make; and you did not even (try? to) come close.
Asked we: Either put up the evidence, or STFUp.
"Did they play a bigger role in the sub-prime binge than the private sector? That's a harder case to make. A study by the Federal Reserve found that in 2006, five out of six of sub-prime mortgages were issued by private lenders."
Observed we: That is VERY sloppy reporting.
To not ask the most relevant question:
"WHO made the bad ARMS and subprime RE loans, and WHEN did they make them?"
is inexcusable - economically, ethically, legally and as a "reporter" of the news.
While Dan's chart was "interesting", it was also very badly misleading - accidentally or intentionally.
What you and U.S. need to know is that when the non-agency "securitized" RE loans began in ought-not-3 they were almost ALL "conventional" loans. It was not until they really ought-not-4, 5, 6 and unlucky 7 that they switched to almost ALL very bad subprime and ARMs.
True, it was inexcusably stupid for the GSE's to begin to buy bad ARMs and subprimes in we-ought-not-too-6, but by then the "securitizers" had create US$ 2.5 Trillion very bad ARMS and subprime RE loans in the sand states of Cal, Nev, Fla and AZ. Over 85% of those very bad RE loans are now in or through foreclosure, strategic default, bankruptcy.
That means there have been over US$ two (2) TRILLION in written off RE mortgages - created by the non-agency Wall Street Banksters in less than 4 years.
So, show U.S. - if you can - that the agencies ever issued that amount of bad ARMS and subprime RE loan; OR have cause U.S. to loss a similar US$ two (2) Trillion in RE losses.
Said you: "That's a harder case to make."
Said we: Tis an impossible case to make; and you did not even (try? to) come close.
Asked we: Either put up the evidence, or STFUp.
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JGBellHimself
And do NOT give U.S. any of that FMae&FMac post hoc ergo propter hoc BS, either.
Today, one half of all property in Phoenix is appraised/worth on average over 62% less than at the peak in ought-it-not-ever-end. And, in the last year it has dropped another 10% and probably will drop another 10% in the next year.
That result WAS caused by the Wall Street Banksters' bad RE loans issued by Countrywide, WAMU, and others, in AZ.
What that also means is that every other buyer - & all conventional RE loans - have also been driven underwater by more than 50% - in a desert. And, that everyone else that did NOT buy, or borrow, has seen their property values also destroyed.
Only a GD fool would even try to argue that THIS mess in AZ was caused by FMae&FMac.
(And/or in Cal, Nev & Fla.)
And, only a GD fool would suggest that the other current RE losses by everyone else - all cash buyers, conventional borrowers from small banks, CUs, SnLs, and FMae&FMac - was caused in any way by any one other than the Big Bad Wall Street Banksters.
None are so blind as those who will not or cannot see.
As with Dan, you either do, or you do not.
Disirregardless, show U.S. your "hand", bcuz we call.
Today, one half of all property in Phoenix is appraised/worth on average over 62% less than at the peak in ought-it-not-ever-end. And, in the last year it has dropped another 10% and probably will drop another 10% in the next year.
That result WAS caused by the Wall Street Banksters' bad RE loans issued by Countrywide, WAMU, and others, in AZ.
What that also means is that every other buyer - & all conventional RE loans - have also been driven underwater by more than 50% - in a desert. And, that everyone else that did NOT buy, or borrow, has seen their property values also destroyed.
Only a GD fool would even try to argue that THIS mess in AZ was caused by FMae&FMac.
(And/or in Cal, Nev & Fla.)
And, only a GD fool would suggest that the other current RE losses by everyone else - all cash buyers, conventional borrowers from small banks, CUs, SnLs, and FMae&FMac - was caused in any way by any one other than the Big Bad Wall Street Banksters.
None are so blind as those who will not or cannot see.
As with Dan, you either do, or you do not.
Disirregardless, show U.S. your "hand", bcuz we call.
-------------
JGBellHimself
While there is more than enough evidence that William Jefferson, et al - along with Barney - did push expanding RE loan access for minorities, aka The Blacks; and they need to accept full responsibility for when that worked and when it did not.
YOU, need to - at least try to - remember that W also decided that pushing for expanded RE loans for Hispanics - both legal and illegals - would solidify his support in the Hispanic communities - Cuban in Fla and Mexican in Tex, Az and Cal.
Oh, and do you not also remember that W & almost ALL Congressional Republicans sponsored and voted for "W's Legal Immigration Reform".
Do you see NO correlation between the push for Hispanic voters and home owners that occurred in the precisely same states as Countrywide, WAMU, Wichovia, New Century and others were pushing the very bad ARMs and subprimes in, of ALL places - Cal, Nev, Fla, and AZ ???
Of COURSE, it would me unfair for any of U.S. to blame W and the R's for any of the results of those two policies.
So, we will not falsely accuse W and the Rs...
if you will stop falsely accusing po' ol' Barney and Bill.
Gawd (his) only knows what good ol' Sam will, finally, decide to do or not do.
-------YOU, need to - at least try to - remember that W also decided that pushing for expanded RE loans for Hispanics - both legal and illegals - would solidify his support in the Hispanic communities - Cuban in Fla and Mexican in Tex, Az and Cal.
Oh, and do you not also remember that W & almost ALL Congressional Republicans sponsored and voted for "W's Legal Immigration Reform".
Do you see NO correlation between the push for Hispanic voters and home owners that occurred in the precisely same states as Countrywide, WAMU, Wichovia, New Century and others were pushing the very bad ARMs and subprimes in, of ALL places - Cal, Nev, Fla, and AZ ???
Of COURSE, it would me unfair for any of U.S. to blame W and the R's for any of the results of those two policies.
So, we will not falsely accuse W and the Rs...
if you will stop falsely accusing po' ol' Barney and Bill.
Gawd (his) only knows what good ol' Sam will, finally, decide to do or not do.
JGBellHimself
And here are two very interesting factoid for the rest of U.S.:
"...Hispanics with credit scores higher than 660 received subprime and option adjustable-rate mortgages THREE TIMES AS OFTEN as white borrowers in similar financial standing between 2004 and 2008..."
AND
Hispanic households grow, accounting for more than half of new homeowners
So, maybe they were not the bad credit risks that they were forced to pay for, and maybe W was economically right, while being politically wrong.
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Chart of the Day: Did Barney Frank Cause the Housing Crisis?
http://www.theatlantic.com/business/archive/2011/11/chart-of-the-day-did-barney-frank-cause-the-housing-crisis/249167/
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Hispanic households grow, accounting for more than half of new homeowners
http://www.housingwire.com/2011/11/28/hispanic-households-grow-accounting-for-more-than-half-of-new-homeowners
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