stevenash

I would be much more interested in comparing foreclosure rates about 12 months before the bubble burst instead of after.

If one guy buys house with 20% down and proven income and another busy a house with nothing down and undocumented income, which one of us is more likely to default? If both default, which house is closer to a falling market value and hence, less likely to cause stress on the lender? I will pose this question to you: Why did fannie and Freddie have to go into government conservatorship? I think you have got this all backwards. It appears as though you believe that some rich guy on wall street somehow forced all of the soon to default buyers to make purchases that they, in reality, could not handle. My contention is this: The guy who is qualified to buy a $100,000 home needs a $20,000 down payment by normal lending standards. They guy who wants a $200,000 home needs $40,000 down by normal standards. The guy who has no money down is NOT currently qualified to purchase a home. Suddenly, the rules change. The guy who is not qualified to buy a home buys one anyway. The guy who is qualified to buy a $100,000 home, instead buys a $200,000 home. The guy who was qualified for the $200,000 home, instead buys a $400,000 home. This all comes about because of more liberal lending rules. In these cases, there is a very good chance that all three default because they bought a champagne home based upon a beer pocketbook.. None of this happened because of the alleged greed of some Wall Street CEO. Nobody held a gun to their head and made them buy. If you think that is what happened, then you are telling me that the guy who weighs 400 pounds is in that position because some greedy restaurant owner and grocery store owner made him buy to much food to eat. I dont think the government should have a say in how much food you eat.

By raising the "goals" of Fannie and Freddie toward less stringent lending standards. You already stated that bad lending practices led to this debacle and it is more than obvious to most that the Fed was complicit in making that happen.

Uh, then give me an example of the Republicans making last minute sexual misconduct allegations against a Supreme Court nominee.

Wait, I thought Putin "owned" Trump and could dictate his every move?

Another example of believing that government can make better choices for individuals than the individuals themselves. Cradle to grave supervision never works and never will.

come on, UT Alum, you don't need a link from liberal academia to answer my last question.

Precisely- How did those zero down loans with no credit checks come about?

How was the artificial demand created? Incidentally, 13% unemployment and plummeting home values were a RESULT rather than a CAUSE. Neither was present when the loans were made.

Instead of coming up with a third article/author to bolster my viewpoint, PLEASE answer the question I have asked you multiple times to which you have NEVER responded. It is very very SIMPLE( and it appears you do not want to ruin your narrative with a response) None of this would have come about if so many mortgages had gone into default. Who/what caused the borrowers not to pay their mortgages as agreed?

Translation= One guy says to drink arsenic Another guy says to drink water instead. Is the solution to have half of each? And I still have never heard you explain how "greed" made people default on the very mortgage loans for which they applied for and agreed to.

What fundamentals are missing? What actions indicated a lack of discipline?

New Yorkers? are they still there? Al Gore said New York City would be under water by 2014. OOPS!!!!

Toxic masculinity!!!!! It is SOOOOOOO wrong!!!!!!

Admit it. Soulja- you went to that beatdown so you could see if the dunk-o-meter was going to break. I have an important statistical question to ask you and we should probably start keeping this important stat for all games. What was the relationship of the number of dunks to SMRJs?

Hagar, you must have forgotten. The evil white male Christian(especially those who have documented financial accomplishments) is responsible for all social /economic misfortune. NONE of the misfortune was brought on to those folks by themselves.

Well, UTAlum, do you applaud the efforts of Ms. Waters?

Are you referring to what happened at the Catholic school in Kentucky, by any chance?

The problem began when loans defaulted in large numbers. Whose fault is that?

So very much compassion! Such high intellect! So highly refined and sophisticated! So grounded and in touch !So much caring, especially for the little guy!! So much belief that the government can solve all issues ( as done in Greece and Venezuela) Viva Cortez and O'Rourke!!!!!!!!!

Pelosi and Biden both Catholic. This ought to be fun.

If your hopes come true, what will the standings look like at end of first half?

Peter Wallison ( author of Hidden in Plain sight) holds the Arthur F. Burns Chair in Financial Policy and is co-director of the American Enterprise Institute's program on Financial Policy Studies. From June 81 to Jan 85, he was General Counsel of the United States Treasury Dept. where he had a significant role in developing the Reagan administration's proposals for deregulating financial services. In 86-87, he was White House counsel to the President. He testifies frequently before congressional committees and is a frequent contributor to the op-ed pages of the Wall St. Journal and other publications. He was a member of the congressionally authorized Financial Crisis Inquiry Commission from 2009-2011 and dissented from the Commission's 2011 report. I am going to quote him from the preface of his book, "Hidden In Plain Sight", which was published in the last couple of years. " The data and argument in this book support the position that the financial crisis was caused by government's housing policies--particularly the affordable housing goals IMPOSED on the two government-sponsored enterprises( Fannie Mae and Freddie Mac) The goals REQUIRED those entities to meet a quota ESTABLISHED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT for each year. ( in the book, a chart shows the increase in the goals between 96 and 2008) The increases in the goals FORCED the GSEs(fannie and Freddie) which were the DOMINANT players in the housing finance market to reduce their mortgage underwriting standards. This reduced underwriting standards THROUGHOUT the mortgage market. By 2008, more than half of all mortgages in the U.S.-31 ,million loans- were subprime or otherwise risky: of these 76% were on the books of government agencies, primarily Fannie and Freddie. These numbers showed, beyond question, that the government CREATED THE DEMAND for these loans. When mortgages began to default in unprecedented numbers in 2007, financial firms were seriously weakened, bring on the financial crisis."

Hmmm Help me with my memory. What last minute sexual misconduct allegations were made toward Mr. Garland?