Sen. Harry Reid Says Romney Hasn't Paid Any Taxes in 10 Years: Stunt or Truth?

So lets look at one thing at a time, lets look at the ssub prime crisis.

Fannie and Freddie started creating the mortgage backed securities and the secondary market for the instraments in the first place. Both of which were created by the democrats, by the way.

And all fof this happened long before Clinton heavily negotiated, Gramm-Beech-Bailey and signed it into law.

It was also the democrats that push lower down payments, lower credit scores, higher debt to income, and then sued banks that did not comply with their agenda.


I did notice that you failed to mention which policy of Bush's it was exactly since you were blaming him and trying to change the subject.


This timeline shows that the wheels were long in motion and it was primarily Democrat entitlement programs that caused this mess.


1938: The Federal National Mortgage Association, commonly known as Fannie Mae, is established (as part of Franklin Delano Roosevelt's New Deal) to purchase and securitize mortgages to ensure that funds are consistently available to the institutions that lend money to home buyers.

1968: Fannie Mae is converted from a federal government entity to a stand-alone government sponsored enterprise (GSE) which purchases and securitizes mortgages to facilitate liquidity in the primary mortgage market. The move takes the debt of Fannie Mae off of the books of the government.

1970: Federal Home Loan Mortgage Corporation (Freddie Mac) is created by an act of Congress, as a government sponsored enterprise, to buy mortgages on the secondary market, pool them, and sell them as mortgage-backed securities to investors on the open market; 1971 it issues its first Mortgage Participation Certificate security.

1970s: Private companies begin mortgage asset securitization with the creation of private mortgage pools in the 1970s.

1992: Federal Housing Enterprises Financial Safety and Soundness Act of 1992 required Fannie Mae and Freddie Mac to devote a percentage of their lending to support affordable housing increasing their pooling and selling of such loans as securities; Office of Federal Housing Enterprise Oversight (OFHEO) created to oversee them

1993: The Federal Reserve Bank of Boston published "Closing the Gap: A Guide to Equal Opportunity Lending" which recommended a series of measures to better serve low-income and minority households, including loosening income thresholds for receiving a mortgage, influencing government policy and housing activist demands on banks thereafter.

1994: Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA) repeals the interstate provisions of the Bank Holding Company Act of 1956 that regulated the actions of bank holding companies.

1995: New Community Reinvestment Act regulations break down home-loan data by neighborhood, income, and race, enabling community groups to complain to banks and regulators about CRA compliance. Regulations also allows community groups that market loans to collect a broker's fee.[20] Fannie Mae allowed to receive affordable housing credit for buying subprime securities.

In 1995, Bill Clinton (Democrat) said, we need more minorities to have houses, and not only deregulated the banking industry, but also strengthened the Community investment act. In the new regulations Clinton required banks and lending institutions to lend to people with low income and bad credit, and made it to where the government would secure these loans. When banks still refused to do the risky lending, Bill Cllinton had his HUD person Andrew Cuomo sue banks forcing them on them.
Obama also sued Citi forcing them to do more sub prime lending as well.
Sub prime loans went from less than 5% of all loans to 20% of all loans under Clinton. He built the foundation for this mess.
Here is Clinton's HUD Director (Andrew Cuomo).

YouTube- How The Democrats Caused The Financial...


1997: Mortgage denial rate of 29 percent for conventional home purchase loans. Investors purchased more than $60 billion of subprime mortgage backed securities, six times more than 1991’s volume of $10 billion.[9] (private label securities, not GSE backed)

July: The Taxpayer Relief Act of 1997 expanded the capital-gains exclusion to $500,000 (per couple) from $125,000, encouraging people to invest in second homes and investment properties.

November: Freddie Mac helped First Union Capital Markets and Bear Stearns & Co launch the first publicly available securitization of CRA loans, issuing $384.6 million of such securities. All carried a Freddie Mac guarantee as to timely interest and principal.

First Union was not a subprime lender.
1998: Incipient housing bubble as inflation-adjusted home price appreciation exceeds 10% per year in most West Coast metropolitan areas.

October: "Financial Services Modernization Act" killed in Senate because of no restrictions on Community Reinvestment Act-related community groups written into law

Federal Reserve Bank of New York rescues Long-Term Capital Management hedge fund in 1998, which a Government Accountability Office critic said encouraged risky loans on assumption government will bail out "too big to fail" banks and companies.

1998-2008: With increase in sales of mortgage-backed securities, companies buy more Credit default swaps, unregulated insurance contracts used to protect debt holders; these increased 100-fold from, with estimates of the debt covered by such contracts, as of November 2008, ranging from $33 to $47 trillion.

1999:
September: Fannie Mae eases the credit requirements to encourage banks to extend home mortgages to individuals whose credit is not good enough to qualify for conventional loans.

November: Gramm-Leach-Bliley Act "Financial Services Modernization Act" repeals Glass-Steagall Act, deregulates banking, insurance and securities into a financial services industry allow financial institutions to grow very large; limits Community Reinvestment Coverage of smaller banks and makes community groups report certain financial relationships with banks

2000: Lenders originating $160 billion worth of subprime, up from $40 billion in 1994. Fannie Mae buys $600 million of subprime mortgages, primarily on a flow basis. Freddie Mac, in that same year, purchases $18.6 billion worth of subprime loans, mostly Alt A and A- mortgages. Freddie Mac guarantees another $7.7 billion worth of subprime mortgages in structured transactions.

October: Fannie Mae commits to purchase and securitize $2 billion of Community Reinvestment Act eligible loans,

November: Fannie Mae announces that the Department of Housing and Urban Development (“HUD”) will soon require it to dedicate 50% of its business to low- and moderate-income families" and its goal is to finance over $500 billion in Community Reinvestment Act related business by 2010.

December:Commodity Futures Modernization Act of 2000 defines interest rates, currency prices, and stock indexes as "excluded commodities," allowing trade of credit-default swaps by hedge funds, investment banks or insurance companies with minimal oversight[34], and contributing to 2008 crisis in Bear Stearns & Co, Lehman Brothers, and AIG.

George W. Bush (Republican) tried 17 times to set tighter restrictions on the Mortgage industry starting when he got in office as early as 2001. In 2003 Bush warned that we need a radical change in the regulation of this industry and that otherwise this would have devastating affects on the economy. The Democrats opposed this so strongly that it was rejected. Bush should have repealed the faiiled policies of the Democrats, but he did not. That was his controbution.
Here is when Bush tried to regulate the mortgage industry.


YouTube- Fox News Special Report on The Banking...

Yes, honey. If we had to keep proving everything any gossip-monger, maligner or miscreant accused us of, we would not be able to work every day to pay not only our own expenses, but also the accuser's welfare check. Is that what you want?

With your screwed up logic & sense of fairness, how about women be allowed to routinely & arbitrarily begin accusing their ex-husbands of incest with the couples' sons & daughter(s), just because the biotches wish to see the bastards suffer? That would mean innocent men having their children taken from them by the courts, having to PROVE accusations that were blatantly false, & losing their jobs & standing in the community in the process. Is that what you are wanting? Do other peoples' lives mean nothing to you? Is spitting on our freedoms that much a part of your life?

Do you know what the 10 Commandments are....particularly the one that states, "Thou Shalt Not Bear False Witness Against Thy Neighbor?" In our laws (do you know what those are, btw?), one must have at least TWO witnesses to a crime before someone can be found guilty of the crime.

Seriously, I think you have got to be evil & one of the dumbest persons in existence today if you think that accusing someone of something so heinous is "okay", even if there is no evidence, no proof, & it is being done by a person who has sworn to being the enemy of the person being accused. Hitler's regime was filled with people like yourself.