Republicans Are Crazy

[WNYresident]

The biggest problem I have is with the folks who tried to the right thing and either purchased what they could afford or did not purchase until they could afford being closed out of the market or being negatively impacted by increased debt and taxation because of the risk other asshats took.

To force people through taxes to cover other people's mistakes.

[leftWNYbecauseofBS]

OK, a banker and a homeless drunken black guy walk into a bar.

The banker says "he you want a loan?" The homeless drunken black guy says sure.

Who's the bigger fool?

How about a poor black single mother is told at an event that she can get a loan for a house that she can not afford. All she has to do is lie on her paperwork.

She is told this by a grassroots organization who has political clout.

Said woman takes the bus to the real estate office where she is met by a HS graduate who has been licensed by the state to oversee multi million dollar transactions after a 6-week course.

They get in said agents leased BMW and drive to the burbs to look at homes. After a couple, they pick the right one. It is only $300k says the realtor. But they remind the woman that in 5 years, it will be worth $400k and it is a great investment.

Said agent then takes the poor black single mother to the mortgage broker who says fill this out with this info...wink...wink...and you will be all set. We have this program that gets you in with no money down and all you have to do is pay the interest. In a couple of years, once your house is worth more, we can refinance or you can sell for a profit.

60 days later, said poor black woman is 'movin on up' to the burbs.

Around the same time, said agent and loan officer cash a commission check to pay for their leased BMWs and Mexican vacations. She also gets a mailer or two from said grassroots group on who to vote for in the upcoming election.

After this...the loan is then sold by the banks...pushing the sh*t farther upstream.


5 years later, said poor black woman has to start paying more than interest on her loan. She can not do this...so she pays NOTHING at all.

In the past, she would have been kicked to the curb but there is a catch. Said agent and loan officer really wanted the best BWM and said grassroots organization was really good at helping people out...so now there are too many people in the same situation.

What do we do you ask?

We elect change and hope! Everything is going to be taken care of. The government is going to go into debt to clean things up. A debt that is going to be paid by responsible people for generations.

Poor black woman keeps her house.
Dumb ass realtor and loan officer keep the BWM.
Grassroots organization gets taken care of by elected officials

oh and....


those nasty bankers are responsible for everything.



Who's the bigger fool?

[therising]

How about a poor black single mother is told at an event that she can get a loan for a house that she can not afford. All she has to do is lie on her paperwork.

She is told this by a grassroots organization who has political clout.

Said woman takes the bus to the real estate office where she is met by a HS graduate who has been licensed by the state to oversee multi million dollar transactions after a 6-week course.

They get in said agents leased BMW and drive to the burbs to look at homes. After a couple, they pick the right one. It is only $300k says the realtor. But they remind the woman that in 5 years, it will be worth $400k and it is a great investment.

Said agent then takes the poor black single mother to the mortgage broker who says fill this out with this info...wink...wink...and you will be all set. We have this program that gets you in with no money down and all you have to do is pay the interest. In a couple of years, once your house is worth more, we can refinance or you can sell for a profit.

60 days later, said poor black woman is 'movin on up' to the burbs.

Around the same time, said agent and loan officer cash a commission check to pay for their leased BMWs and Mexican vacations. She also gets a mailer or two from said grassroots group on who to vote for in the upcoming election.

After this...the loan is then sold by the banks...pushing the sh*t farther upstream.


5 years later, said poor black woman has to start paying more than interest on her loan. She can not do this...so she pays NOTHING at all.

In the past, she would have been kicked to the curb but there is a catch. Said agent and loan officer really wanted the best BWM and said grassroots organization was really good at helping people out...so now there are too many people in the same situation.

What do we do you ask?

We elect change and hope! Everything is going to be taken care of. The government is going to go into debt to clean things up. A debt that is going to be paid by responsible people for generations.

Poor black woman keeps her house.
Dumb ass realtor and loan officer keep the BWM.
Grassroots organization gets taken care of by elected officials

oh and....


those nasty bankers are responsible for everything.



Who's the bigger fool?

That's a good story. Seriously.

Because, it shows how it's pretty far-fetched to say that Andrew Cuomo is responsible for the housing crisis.

Thanks for helping to prove my point. You rock.

[WNYresident]

If Andrew was involved in making it easier for non-qualified people to get loans that is a negative.

[Dougles]

That's a good story. Seriously.

Because, it shows how it's pretty far-fetched to say that Andrew Cuomo is responsible for the housing crisis.

Thanks for helping to prove my point. You rock.

Ummm i think your missing the point that Andrew/HUD was the bank in his story.

[Dougles]

If Andrew was involved in making it easier for non-qualified people to get loans that is a negative.

And he did just that! He increased the % of loans Freddie and Franny HAD to accept that were "questionable" from 40% to 50% of their total funds. It led to over $200,000,000,000 tax payer dollars just vanishing in thin air!

[leftWNYbecauseofBS]

That's a good story. Seriously.

Because, it shows how it's pretty far-fetched to say that Andrew Cuomo is responsible for the housing crisis.

Thanks for helping to prove my point. You rock.

Without the actions of Cuomo, none of the following items would have happened. That is not far fetched.

You want to start your analysis at the banks, which is the last link in the chain.

You want to pass the buyers off as "dumb **** who didn't know what [they were] getting into" which is pretty ignorant. They knew exactly what they were doing. You suggest the buyers did not "mean to **** [the market] over. Which is also pretty ignorant.

You suggest that the bankers are the people who started the transaction. That is false. The transactions were started by the very groups who pushed Cuomo to open the flood gates. That being the grassroots organizations who grew tired of their membership being poor, the NAR who wanted membership and commissions to grow and the loan brokers who wanted the same.

Cuomo was Secretary of Housing and Urban Development under President Bill Clinton between 1997 and 2001. Take a look at the uptick of donations from the NAR. Look at when they started.





It was Cuomo who raised the requirement that 50% of mortgages serve low- and moderate-income families. It was Cuomo that had a problem with the fact that Fannie and Freddie weren't granting mortgages to minorities at the same rate as the private market. I mean...how could granting massive loans to minorities, who by and large had worse credit and income, be a bad thing.

When Fannie goes from $1.2 Billion in sub-prime in 2000 to $15 Billing just two years later....what the hell could go wrong there? Of couse, the bad bankers on Wall Street are in charge of Fannie and Freddie...so they are responsible.

Even worse, with all of this expansion into the sub-prime, Cuomo decided AGAINST creating additional oversight for high risk mortgages. After all, why should poor people have to justify their ability to repay MASSIVE loans any more than people of wealth and good credit. That is downright Un-American. Gee, I wonder if that additional oversight would have helped prevent some of those bastard bankers from getting us into this mess.

Even better, when it was recommended to Cuomo at HUD that Fannie and Freddie not purchase loans "with high costs and/or predatory features.", he decided that was not a good idea. Gee, I wonder if Fannie and Freddie were prevented from purchasing such high risk/predatory loans...I wonder if so many would have been made?

The list goes on....


Without those bonehead moves made....most of the mess would have never happened. But they were made. They were made because in the short term....it provided GREAT STATS and grew the economy and made voters happy. In the long term...they blew up and made a huge mess.


What does that scenario sound like? Well how about budgets or contracts or the countless other items that elected officials in NY have done over the years to put the state in a hole.

The short term ensured reelection. The long term...well...that created the Great State of New York - 2010.

[Bioguy231]

Ummm i think your missing the point that Andrew/HUD was the bank in his story.

Some days it really helps to have a sledgehammer.......