Yeah, there were alot of comments in one of the threads, people talking about watching the 2008 recession destroying their families. Heartbreaking, ugly tears...
Banks backing weak loans caused the crash. Hedge funders came in and siphoned even more wealth through the manipulation of the vulnerable Options Market.
Don't forget that Obama and Barney Frank created that bad debt bubble with their mismanagement of Freddie Mac and Fannie Mae.
It was Obama that then bailed out all the crooked banks while they foreclosed on your home, using taxpayer money. He doubled our national debt in a few short months.
Exactly. People put 100% of the blame on the banks, but this was a government created crisis that government could later “solve”. Like the student debt “crisis”. I don’t think it was a coincidence the market exploded one month before Obama’s first election. Clinton set the wheels in motion with the Community Reinvestment Act of 1995. His HUD Secretary was Andrew Cuomo. They encouraged banks to throw their standards out the window and threatened them with regulations if they didn’t.
But President Bill Clinton, in 1995, added teeth to the CRA. Economists Stephen Moore and Lawrence Kudlow explained: “Under Clinton’s Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in ‘credit-deprived’ areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn’t comply with these rules, regulators reined in their ability to expand lending and deposits.
BUSH SIGNS AMERICAN DREAM DOWNPAYMENT ACT
$200 million program will help tens of thousands of low-income families to become homeowners
WASHINGTON - There is a reason why many American families can't buy their first home - they can't afford the downpayment and other upfront closing costs required to qualify for a mortgage. For as many as 40,000 low-income fam
https://archives.hud.gov/news/2003/pr03-140.cfm
^^^^ that is the law that created the sub prime crisis
The movie 'The Big Short' helped explain it all-basically CDOs were dogshit wrapped in catshit... I watch this every few months to keep the anger fresh..
Bail outs for Wall Street
People who were not qualified were given mortgages that could not be repaid. Balloon burst for everybody.
In our area, things have been tough for about a decade. Sucks that generational businesses shut down, especially when we know that fat cats with their billions made even more billions from screwing us.
They called them NINJA loans, No Income, No Jobs, no proof of income needed, to deny was . racism, liar loans to secure the money. 2007 to 2008 time frame. My wife and I locked in a nice house on the steep side of the incline, and went underwater for about 12 years... The market crashed about a year after we closed. We are just now seeing Daylight...
Yes! Kids our sons' ages right out of college were being approved for $300,000 homes which, for our area, were pricy. My father-in-law said when this was happening that if just 1 little thing went wrong the whole bubble would burst, which it did. He died a few months before this occurred.
It’s a little more complicated than blaming it all on the banks. Wheels were set in motion for the crisis by Clinton and his HUD Secretary Andrew Cuomo, with the Community Reinvestment Act of 1995. If I’m not mistaken this also made credit default swaps legal again. See my post below https://greatawakening.win/p/11SKGdHrMe/x/c/4DvnyLxz8Uc
Absolutely it was bigger. I just simplified it in my post. The stupid thing was after the crash, my husband and I went to purchase a 2nd home. We could have paid cash but went the financing route. It took 3 months! If only they had been that careful with as Covefefe_Commando posted, they had done this with the NINJA loans.
Don't forget who owns Freddie Mac and Frankie mae...it is the government and they determined the rules for the loans and then made the recession worse by bailing oit the banks after what they had done.
The government directly caused this though you don't hear that version...because the government has "many press agents".
The same way our government caused and facilitated the length of the great depression through its m2 money supply managenent. Watch the 10 minute milton Friedman clip on you tube called "the great depression myth"
The fed reserve in collusion with congress did this to us in both instances. Change my mind.
It also had some racial ties too, Wells Fargo for example, targeted low income blacks into bad loans. And had emails in the higher up, labeling them "mud people"
Search: Wells Fargo mud..
It was all around horrible, then the occupy movement turned it into a systemic race thing, and not a corrupt system thing.
Yeah, there were alot of comments in one of the threads, people talking about watching the 2008 recession destroying their families. Heartbreaking, ugly tears...
Banks backing weak loans caused the crash. Hedge funders came in and siphoned even more wealth through the manipulation of the vulnerable Options Market.
Don't forget that Obama and Barney Frank created that bad debt bubble with their mismanagement of Freddie Mac and Fannie Mae.
It was Obama that then bailed out all the crooked banks while they foreclosed on your home, using taxpayer money. He doubled our national debt in a few short months.
Exactly. People put 100% of the blame on the banks, but this was a government created crisis that government could later “solve”. Like the student debt “crisis”. I don’t think it was a coincidence the market exploded one month before Obama’s first election. Clinton set the wheels in motion with the Community Reinvestment Act of 1995. His HUD Secretary was Andrew Cuomo. They encouraged banks to throw their standards out the window and threatened them with regulations if they didn’t.
https://www.capitalismmagazine.com/2020/01/community-reinvestment-act-reparations-gone-bad/
Bush created the bad debt bubble
^^^^ that is the law that created the sub prime crisis
The movie 'The Big Short' helped explain it all-basically CDOs were dogshit wrapped in catshit... I watch this every few months to keep the anger fresh..
Bail outs for Wall Street People who were not qualified were given mortgages that could not be repaid. Balloon burst for everybody. In our area, things have been tough for about a decade. Sucks that generational businesses shut down, especially when we know that fat cats with their billions made even more billions from screwing us.
They called them NINJA loans, No Income, No Jobs, no proof of income needed, to deny was . racism, liar loans to secure the money. 2007 to 2008 time frame. My wife and I locked in a nice house on the steep side of the incline, and went underwater for about 12 years... The market crashed about a year after we closed. We are just now seeing Daylight...
Yes! Kids our sons' ages right out of college were being approved for $300,000 homes which, for our area, were pricy. My father-in-law said when this was happening that if just 1 little thing went wrong the whole bubble would burst, which it did. He died a few months before this occurred.
Xactly... NINJA "No Income, No Job or Assests"
And then the fucking mortgage companies would TELL not ask the appraisers what the house was worth.
It’s a little more complicated than blaming it all on the banks. Wheels were set in motion for the crisis by Clinton and his HUD Secretary Andrew Cuomo, with the Community Reinvestment Act of 1995. If I’m not mistaken this also made credit default swaps legal again. See my post below https://greatawakening.win/p/11SKGdHrMe/x/c/4DvnyLxz8Uc
Absolutely it was bigger. I just simplified it in my post. The stupid thing was after the crash, my husband and I went to purchase a 2nd home. We could have paid cash but went the financing route. It took 3 months! If only they had been that careful with as Covefefe_Commando posted, they had done this with the NINJA loans.
Don't forget who owns Freddie Mac and Frankie mae...it is the government and they determined the rules for the loans and then made the recession worse by bailing oit the banks after what they had done.
The government directly caused this though you don't hear that version...because the government has "many press agents".
The same way our government caused and facilitated the length of the great depression through its m2 money supply managenent. Watch the 10 minute milton Friedman clip on you tube called "the great depression myth"
The fed reserve in collusion with congress did this to us in both instances. Change my mind.
Go watch “the big short”
It also had some racial ties too, Wells Fargo for example, targeted low income blacks into bad loans. And had emails in the higher up, labeling them "mud people"
Search: Wells Fargo mud..
It was all around horrible, then the occupy movement turned it into a systemic race thing, and not a corrupt system thing.