Comments on: Dodd Says He Was On Top Of The Financial Crisis, Helped Reveal It, And Adds “I have a lot of questions about where was the administration over the last eight years.” http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/ in all matter of opinion, our adversaries are insane. Sat, 07 Nov 2009 19:05:09 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: steve erdmann http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-734574 steve erdmann Wed, 10 Dec 2008 23:50:47 +0000 http://rightvoices.com/?p=9915#comment-734574 will any of these guys go to jail? or be sued for recompense.  i thought no one was above the law in America.   will any of these guys go to jail? or be sued for recompense.  i thought no one was above the law in America.  

]]> By: Plumb Bob Blog » With Apologies, the Blame Game http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729280 Plumb Bob Blog » With Apologies, the Blame Game Wed, 17 Sep 2008 21:52:02 +0000 http://rightvoices.com/?p=9915#comment-729280 [...] the role Congressional Democrats played in quashing reasonable attempts to prevent this crisis, at Right Voices discussing Sen. Chris Dodd’s (D, CT) connection to the scandal, and a quick note at Open [...] [...] the role Congressional Democrats played in quashing reasonable attempts to prevent this crisis, at Right Voices discussing Sen. Chris Dodd’s (D, CT) connection to the scandal, and a quick note at Open [...]

]]> By: NY-David http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729260 NY-David Wed, 17 Sep 2008 13:43:48 +0000 http://rightvoices.com/?p=9915#comment-729260 I disagree with the statement that it is political correctness. Loan-making took on a more agressive tone and banks found creative ways ('no-doc' and 'low-doc') of getting around regulatory requirements to make loans to support the housing boom. NY-David I disagree with the statement that it is political correctness. Loan-making took on a more agressive tone and banks found creative ways (’no-doc’ and ‘low-doc’) of getting around regulatory requirements to make loans to support the housing boom.
NY-David

]]> By: FrmrArtyOffcr http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729246 FrmrArtyOffcr Wed, 17 Sep 2008 05:13:09 +0000 http://rightvoices.com/?p=9915#comment-729246 Before the political correctness movement of the 90s, Fannie May and Freddie Mac required that all mortgages that they purchased (with or without a down payment) meet certain strict guidelines including a mortgage payment that didn't exceed 28% of the gross household income and a total debt load not to exceed 35% of the gross household income, and they required proof of income. Any loan NOT meeting those guidelines would have to go FHA, or VA or not be purchased by Fannie May or Freddie Mac. This meant that a lot of lenders simply didn't give non-conforming loans (they didn't have the money to self fund) or if they gave non conforming loans, they were at a higher interest rate and required either 20% down payment/equity or mortgage insurance. While this meant that a lot fewer people could get a home loan, it kept the market honest and the default rate down (not that a default rate of under 5% is particularly high considering the number of them that are illegal aliens or over leveraged investors.) Yes, I did work writing mortgages for a couple of months. At least until I got tired of loans being kicked out of underwriting because one thing or another made the loan unfundable and therefore I wouldn't get paid on it. Believe it or not, they actually used to deny loans because people weren't going to be able to make the payments or had bad credit. The stock market crash of October 87 didn't help either. BTW the little dump the market took this week is regrettable, but really rather minimal in comparison to the loss of 1/3 of its value that happened in October 87. Before the political correctness movement of the 90s, Fannie May and Freddie Mac required that all mortgages that they purchased (with or without a down payment) meet certain strict guidelines including a mortgage payment that didn’t exceed 28% of the gross household income and a total debt load not to exceed 35% of the gross household income, and they required proof of income. Any loan NOT meeting those guidelines would have to go FHA, or VA or not be purchased by Fannie May or Freddie Mac. This meant that a lot of lenders simply didn’t give non-conforming loans (they didn’t have the money to self fund) or if they gave non conforming loans, they were at a higher interest rate and required either 20% down payment/equity or mortgage insurance. While this meant that a lot fewer people could get a home loan, it kept the market honest and the default rate down (not that a default rate of under 5% is particularly high considering the number of them that are illegal aliens or over leveraged investors.)

Yes, I did work writing mortgages for a couple of months. At least until I got tired of loans being kicked out of underwriting because one thing or another made the loan unfundable and therefore I wouldn’t get paid on it. Believe it or not, they actually used to deny loans because people weren’t going to be able to make the payments or had bad credit. The stock market crash of October 87 didn’t help either. BTW the little dump the market took this week is regrettable, but really rather minimal in comparison to the loss of 1/3 of its value that happened in October 87.

]]> By: The Blog @ Spolitics » Democrats Flee Responsibility Like Rats from a Ship http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729241 The Blog @ Spolitics » Democrats Flee Responsibility Like Rats from a Ship Wed, 17 Sep 2008 04:09:49 +0000 http://rightvoices.com/?p=9915#comment-729241 [...] attempts to meaningfully reform oversight of Fannie and Freddie. WaPo has the story (via Right Voices). Here’s the money graph: Dodd — who along with Democratic Sens. John Kerry, Barack [...] [...] attempts to meaningfully reform oversight of Fannie and Freddie. WaPo has the story (via Right Voices). Here’s the money graph: Dodd — who along with Democratic Sens. John Kerry, Barack [...]

]]> By: The real culprits of the Fannie Mae/Feddie Mac Failure.. - A Grym View http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729227 The real culprits of the Fannie Mae/Feddie Mac Failure.. - A Grym View Tue, 16 Sep 2008 23:48:25 +0000 http://rightvoices.com/?p=9915#comment-729227 [...] today.  John Lott also brings the facts in to the light of why our Financial Markets are a Mess. Right Voices also has a great bunch of tid [...] [...] today.  John Lott also brings the facts in to the light of why our Financial Markets are a Mess. Right Voices also has a great bunch of tid [...]

]]> By: The financial crisis we face… « The Emotional Cripple http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729206 The financial crisis we face… « The Emotional Cripple Tue, 16 Sep 2008 18:40:08 +0000 http://rightvoices.com/?p=9915#comment-729206 [...] The Anchoress: Wall Street Woes, Media Meltdown & More Hot Air: Who’s policies led to the credit crisis Right Voices: Dodd says he was on top of the financial crisis [...] [...] The Anchoress: Wall Street Woes, Media Meltdown & More Hot Air: Who’s policies led to the credit crisis Right Voices: Dodd says he was on top of the financial crisis [...]

]]> By: SpideyTerry http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729172 SpideyTerry Tue, 16 Sep 2008 07:43:34 +0000 http://rightvoices.com/?p=9915#comment-729172 "Dodd Says He Was On Top Of The Financial Crisis, Helped Reveal It, And Adds "I have a lot of questions about where was the administration over the last eight years.”" Perhaps there's a crystal-clear, perfectly rational method to Dodd's madness. That or maybe he's just an idiot. Wait, scratch that all - let's just say he's an idiot. “Dodd Says He Was On Top Of The Financial Crisis, Helped Reveal It, And Adds “I have a lot of questions about where was the administration over the last eight years.””

Perhaps there’s a crystal-clear, perfectly rational method to Dodd’s madness. That or maybe he’s just an idiot. Wait, scratch that all – let’s just say he’s an idiot.

]]> By: Robert http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729167 Robert Tue, 16 Sep 2008 06:04:39 +0000 http://rightvoices.com/?p=9915#comment-729167 Is he one of the pukebags that have helped make it worse with their publicity? I hate Dodd anyway, he is a known pos. The biggest single, overarching problem facing this economy is energy. Solve that and watch a lot of other problems go away! Is he one of the pukebags that have helped make it worse with their publicity? I hate Dodd anyway, he is a known pos.

The biggest single, overarching problem facing this economy is energy. Solve that and watch a lot of other problems go away!

]]> By: FrmrArtyOffcr http://rightvoices.com/2008/09/15/dodd-says-he-was-on-top-of-the-financial-crisis-helped-reveal-it-and-adds-%e2%80%9ci-have-a-lot-of-questions-about-where-was-the-administration-over-the-last-eight-years%e2%80%9d/comment-page-1/#comment-729166 FrmrArtyOffcr Tue, 16 Sep 2008 05:58:31 +0000 http://rightvoices.com/?p=9915#comment-729166 Of course there are a few other things that won't get mentioned in the MSM. Not the least of which the number of high ranking Democratic party members who have been VERY highly placed executives at Fannie and Freddie who walked away with millions in bonuses so inflated they'd make the guys at Enron blush. At one point in time, Freddie Mac actually ENCOURAGED lenders to make loans to ILLEGAL ALIENS saying that ILLEGAL ALIENS were an underserved segment of the market. Could they have been underserved because they were such a high risk that they were almost assured of defaulting on their mortgage? That whole not being allowed to work legally and risk of deportation doesn't tend to lend itself to someone being a good credit risk. Of course there are a few other things that won’t get mentioned in the MSM. Not the least of which the number of high ranking Democratic party members who have been VERY highly placed executives at Fannie and Freddie who walked away with millions in bonuses so inflated they’d make the guys at Enron blush. At one point in time, Freddie Mac actually ENCOURAGED lenders to make loans to ILLEGAL ALIENS saying that ILLEGAL ALIENS were an underserved segment of the market. Could they have been underserved because they were such a high risk that they were almost assured of defaulting on their mortgage? That whole not being allowed to work legally and risk of deportation doesn’t tend to lend itself to someone being a good credit risk.

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