Republicans Gutting Dodd-Frank as Wall Street goes Sub prime again....

www.cbc.ca...

Now this IS scarey!
Here we haven't recovered from the 2008 crash and they are setting us up for the very next one.....
Car loans at 35% ? Sweet Jeezuz what kind of administration do we have in Washington?
Usery is usery no matter who is involved....The Banks or the Mafia..................
Insanity in Government is rampant, or they all march to a corporate tune.....
You decide

a reply to: stirling

This article, while obviously biased in both tone and stated points, only discusses part of the blame. The banks and Wall Street are not the only problems--the government forcing banks to make loans to people who could afford them in the first place, coupled with stupid Americans who take out loans on things that they can't afford are also a big part of the problem.

IMO, the "Great Meltdown," as it's called in your link, would not have happened if government hadn't interfered in the first place. We are stuck in a groundhog-day type cycle where the same thing gets repeated--the gov't intervenes in something, then effs it up, then thinks it can fix it.

Hey gov't, just stay out of the damn "free" market and we'll be okay. No bailouts! No mandates on private businesses as to what they can do with their own money! No playing favorites!

Wonder if MERs is in on this and shredding the notes? maybe it's time for a new car and this time they can prove they own that note before they take it back!!
What the heck the worse that will happen is that when things fall apart on them they end up with such a glut of cars they won't want any more and then free car till they decide to take it!!

has anyone lost their house and try to get the bank to take possession of it??

I thought it had already been gutted a few years back.

Anything that happens to it now is a nail in the coffin.

a reply to: stirling

This is both, crazy and somewhat predictable.

What's scary is that it's going to take electing someone like Elizabeth Warren to stop this madness and for some reason, she isn't being recognized for her potential. But hey, Obama didn't have much recognition early on either.

I doubt that Hillary would do much to stop the GOP from doing this.

Wasn't it a republican controlled congress, during the final yrs. of the Clinton presidency, that orchestrated the fundamental repeal of the "Glass-Stegal Act?" Which was the actual beginning of the 2008 meltdown.

And didn't Bill Clinton sign it into law?

Scary indeed!

Why would anybody take a bill from Barney frank seriously in the first place?
He was one of the big shots yelling that Fannie and Freddie are financially sound.

And to think all this is happening under a Democrat Administration !!!

a reply to: stirling

Why is it so hard for the banks to understand their place?

Heres a little note I want to offer up to the banking groups and cartels involved with this crap:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Dear banking figures, CEO's, trade floor level operators, and the owners of HVT (High Volume Trading) apparatus,

Your job, you may have been told when you started, is to make money. That is what some airheaded psychopath told you, when you arrived for your first day, before they wandered off to find some tail or whatever. You wanted to be that guy, because he was taking a long lunch to get laid, and maybe drive somewhere nice for lunch in a car you would have to mortgage your organs to afford. In short, you wanted to be that person so much, that you believed his waffle.

Let me re-educate you (not that it ought to be necessary, since many of you have degrees. This is perhaps evidence that education is no replacement for common sense).

Your job, is to look after peoples money. It is not to make money. Your job is to make peoples money more secure, by trading sensibly, investing wisely, and keeping your clients money out of the toxic asset market. In a wider sense, your job is also to make the markets you operate in stable, by successfully doing this. That in turn makes it easier for people to free up their cash to invest, and means that you as traders and investment bankers, will, despite being sensible and not BLOODY INSANE, have more money in your porfolio to manage, which makes you look good to your boss, to your client, and to potential investors who have not yet taken the plunge.

When you fail to do your jobs correctly, people you have a responsibility toward will lose their livelihoods, their jobs, their cars, their homes. Your country will lose power in the world, and indeed the effects of your utter incompetence and lack of understanding of your place in the world, will have ripples that extend far beyond the shores of whatever land you may live in. It is not your job to make billions of dollars, for ANYONE, not you, not your boss, not your client, not anyone. That is the job of good companies which actually MAKE things that people buy, not for some stuffed up suit with delusions of self importance to acheive. Leave making the money to your clients, to companies which actually make things.

And while we are on the subject, you sniveling worms who make "financial products". None of you should be employed, your positions are entirely created to make money from nothing. You are a disgrace to every hard working person in your country, you awful, awful people. You make everyone who knows what you do, outside the circles in which you work, SICK! It is not that we envy you, it is that we cannot understand how anyone would have the bear faced cheek to make money by scamming people, which is what you help to do. I hope that the next contact you have with currency, is by someone knocking you out, and shoving a ten thousand pound/dollar roll of bills down your throat.

Open letter ends.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I am constantly dismayed by the fact that the banking industry cannot grasp the simple premise of stabilising markets, rather than allowing them to collapse. Let us be frank, unless the banks want to be regulated to the point of immobility, they MUST make every effort to re-imagine themselves as organisations, and act for the good of entire markets, as well as the people who invest in them, with their own profits as a lightyears distant third place consideration.

This is not a choice that they ought to be offered, but an ultimatum. Behave with good sense, or your company will be liquidated. That might just get the result that the people of the world deserve, for allowing these terrible people to continue to earn money for nothing.

a reply to: SlapMonkey

Bullcrap. The Financial Industry applied their lobbyist pressure for years to get the government to relax restrictions so that they COULD lend to anyone with a pulse in order to play craps on Wall Street. It wasn't the government that was falsifying loan applications and appraisals. It was the loan originators. The financial industry generated so much demand for mortgage-backed and similar vehicles they exhausted good borrowers so started taking anything they could to keep the gravy-train rolling. The government wasn't blameless by any means. They were legally obligated to provide oversight and chose instead to look the other way because their benefactors (the big banks) were pouring money into the pockets of them and their friends. Your argument is the one they tried to sell us in the beginning --- that it was 'rednecks buying houses they knew they couldn't afford' that caused the crash. But it didn't take long to see through that Fox News fairytale. This was out of control greed plain and simple.

a reply to: [post=18963165]Flatfish[/



the Bush Administration issued 34 warnings to Congress about the need to reform Fannie Mae and Freddie Mac before it caused substantial economic turmoil in the financial markets. He was ignored.

Dodd-Frank should be repealed as it has caused many smaller banks to be uncompetitive. Glass-Steagal being overturned was the main culprit that lead to credit default swaps and the financial fiasco.

a reply to: jtma508

The problem is, the lead up to it isn't "plain and simple" as you claim--you're oversimplifying it because you hate loan originators and banks, apparently.

I didn't dismiss their role in this debacle, I just simply said it's not the only piece of the puzzle.

originally posted by: dawnstar

has anyone lost their house and try to get the bank to take possession of it??

We moved out right away figuring the bank would take it over as soon as they could.

For 3 years we got monthly 'offers' to refinance, and we kept refusing saying just take the house. Even after legally being clear of the mortgage, we still were harassed with calls and 'offers' for 2 1/2 years.
To this day all they have done is put a lock box on it.

a reply to: SlapMonkey

Really? You might be interested to know that FM was one of my clients starting in 1997. I've worked with HUD up to the Secretary level as well. I have a pretty solid insight look at what was going on leading up. The crap that was circulating in the 'news' departed pretty radically from what people at Treasury and Senate Banking Committee were saying at the time. But what do I know...

originally posted by: stirling
www.cbc.ca...

Now this IS scarey!
Here we haven't recovered from the 2008 crash and they are setting us up for the very next one.....
Car loans at 35% ? Sweet Jeezuz what kind of administration do we have in Washington?
Usery is usery no matter who is involved....The Banks or the Mafia..................
Insanity in Government is rampant, or they all march to a corporate tune.....
You decide

The banks aren't making loans to regular people because they are 'investing' the funds in userious loan outfits. They get a guaranteed return on their money and the 'loan sharks' take all the risk. The loan sharks in turn have to jack up the rates and fees to cover the frequent defaults on these loans (high interest rates could have something to do with it).

It's legal - all perfectly legal. And there are a number of different angles where the Big Banks make money off this.

Time for Public Banks. Banks that are owned by and serve the 99%

thinkprogress.org...

www.nytimes.com...

npa-us.org...

The above refer to payday loans.

I'm having trouble finding any references to Small Business lenders that the Bank's are putting money into - yet I know a lot of the funding comes from Banks because of people that have taken out these loans. I'll look further - later.

It pisses me off, no end.

Im in Real Estate and Dodd Frank has done nothing to help the consumer! If anything it is typical govt crap that screws up the process of a Free Market System.

As a former mortgage banker I can tell you the biggest issue was the loan programs that where available to us. In sales when you have a product you offer it and that is just what we did. It was totally legal and if you want to cast blame then do so towards those that made those options available to to offer to the public.

Did a loan originator have the money to offer the following:

100% financing stated wage earner?
100% Neg Am?
95% Neg Am, stated?

Just a few of the loan programs that where out there that had nothing to do with the LO. It was wall street and all that jazz.

Yes you can make an arguement that LO's should have not offered these products to consumers but the fact is they where popular products consumers wanted and even when you explained the RISK to the consumer they still wanted them!

I know first hand idiot LO's where not properly explaining some loan programs but the fact remains the options where there because of wall street not the LO!

originally posted by: stirling
www.cbc.ca...

Now this IS scarey!
Here we haven't recovered from the 2008 crash and they are setting us up for the very next one.....
Car loans at 35% ? Sweet Jeezuz what kind of administration do we have in Washington?
Usery is usery no matter who is involved....The Banks or the Mafia..................
Insanity in Government is rampant, or they all march to a corporate tune.....
You decide

You do know it was ironically Dodd and Frank who lobied congress for thensub prime loans during Clinton. It was 100 percent a democrat initiative for housing equality.

Here is a little snip of one of the idiots responsible.
m.youtube.com...

originally posted by: jtma508
a reply to: SlapMonkey

Really? You might be interested to know that FM was one of my clients starting in 1997. I've worked with HUD up to the Secretary level as well. I have a pretty solid insight look at what was going on leading up. The crap that was circulating in the 'news' departed pretty radically from what people at Treasury and Senate Banking Committee were saying at the time. But what do I know...

Aparently you aren't telling what you know so how do we know?

originally posted by: Hoosierdaddy71
a reply to: [post=18963165]Flatfish[/



the Bush Administration issued 34 warnings to Congress about the need to reform Fannie Mae and Freddie Mac before it caused substantial economic turmoil in the financial markets. He was ignored.

Warnings? Is that what you call it?

Funny, I remember it differently and if my memory serves me right, "warnings" is probably the last word I'd use to describe his input.