Bush Admin Moved To Block 50 States Efforts To Stop Sub Prime Lending

[Bossobass]

http://www.brasschecktv.com/page/291.html

The Bush Administration, in 2003, used an 1863 OCC clause to block 50 states Attorneys General and bank examiners efforts to stop predatory sub prime lending practices, greasing the rails for the banks to freely engage in these practices.

When Elliot Spitzer opened an investigation, the OCC sued to have the investigation shut down and the FBI leaked details of it's sealed investigation of Spitzer to the media.

BUSH/CHENEY ARE GUILTY OF COMPLICITY IN THE CONSPIRACY THAT LED TO THE CURRENT SUB PRIME MELTDOWN.

This whole scam was premeditated. How much longer do these criminal bastards get to escape the law?

Bosso

 

[georgiapeach]

!!!!
I can think of plenty I'd like to say now, but I probably shouldn't.

 

[DamianTV]

I can think of something to say about this that isnt that bad: BUMP!

 

[freelance]

This whole scam was premeditated.

And so was Spitzer's outing. There was a much bigger rat lurking than we smelled at the time.

 

[Paulitician]

The whole subprime lending business whas encouraged by the government. Yes, they and the Federal Reserve created this mess, not "deregulation."

 

[angelatc]

http://www.brasschecktv.com/page/291.html

The Bush Administration, in 2003, used an 1863 OCC clause to block 50 states Attorneys General and bank examiners efforts to stop predatory sub prime lending practices, greasing the rails for the banks to freely engage in these practices.

When Elliot Spitzer opened an investigation, the OCC sued to have the investigation shut down and the FBI leaked details of it's sealed investigation of Spitzer to the media.

BUSH/CHENEY ARE GUILTY OF COMPLICITY IN THE CONSPIRACY THAT LED TO THE CURRENT SUB PRIME MELTDOWN.

This whole scam was premeditated. How much longer do these criminal bastards get to escape the law?

Bosso

My husband had a hunch that Spitzer's name would come up, because he was known as an aggressive Wall St watchdog.

 

[Bossobass]

I saw this vid when it was posted back in March, but I really didn't pay much attention to it's importance until this scam reached it's current point.

I actually saved this vid to my desktop because Spitzer looks a lot like Bill Cower (ex-coach of the Steelers, and Pittsburgh is where I was born and raised), and I sent the link to family and friends in Pittsburgh for that reason mostly.

I've since read Spitzer's article several times in amazement.

If this isn't the smoking gun, what is?

It's the most egregious example of obstruction of justice from the Whore House I've ever seen hard evidence for.

So, the Fed pours cash into the residential and commercial real estate markets, fueling the US economy through bogus mortgages in the trillions of dollars and when Governors, AGs and bank regulators from all 50 states discover the fraud and begin to move to deal with it, the WH 'advisors' use the OCC to nullify the state's efforts (counts 1-50).

Then, Governor Spitzer, who clearly sees what's happening, opens an investigation and the OCC files suit to stop the investigation (count 51).

The WH then uses the FBI to leak info of their investigation into Spitzer's unrelated alleged activities to neutralize Spitzer (count 52).

The WH then uses the President, US Treasury Secretary, the FR Chairman and the puppet nominee of the GOP to assure the public that the economy is not threatened, the fundamentals are sound and we are not in a recession (counts 53-?).

Finally, the WH uses the Treasury Secretary and the FR Chairman, along with the rest of the secretive PPT to usher key members of Congress (Ron Paul excluded) behind closed doors to paint the picture of imminent dire economic disaster to push through an illegal Bill that would authorize the Treasury Secretary to order trillions of dollars of taxpayer debt to be used as he sees fit with no possible consequences, including the ability to cross over into retail banking to raid depositor's cash.

This new debt is on top of the highest ever deficit in any fiscal year in US history, assuring the financial demise of the United States of America and the dollar.

This dollar was maneuvered in the 70s to become the world reserve currency by a successful scheme to tie the dollar to all worldwide oil sales whereby every country in the world had to hold dollars to buy it's oil.

Of course, the 1979 Iranian Revolution unseated Iran's US puppet, the Shah, and Iraq never agreed to sign on from the beginning, which shows, by the US backing of Saddam in his war with Iran and subsequent invasions of Iraq and current threats against Iran, that any who would threaten the scheme were neutralized by any means, including the use of US Military Forces.

So, now they wait in the wings, with the new constitution of the North American Union and it's new currency in hand to have the new puppet President announce to the American citizens as the only hope for our bankrupt and broken country.

"But know this, that if the householder had known in what watch the thief was coming, he would have kept awake and not allowed his house to be broken into." (Matthew 24:43)

Bosso

 

[HOLLYWOOD]

Once again,

Government intravention from the far right policies...

Government intravention from the far left policies...

It's INTRAVENTION!

Stay out of the free markets Washington! You're ruining the COUNTRY!

 

[cheapseats]

Reckless promotion of home ownership was a proactive POLICY of the Bush Administration.

Talk to any real estate agent, any appraiser, any loan officer...they all beg off on the blame because those deals were going through with or without them. Human nature, in such a case, will naturally prevail. "If this is how it's going down anyway, I might as well get a piece of the pie."

George Bush and Dick Cheney both have Ponderosas, yes? Let them build outbuildings, as for serfs, and let some of the foreclosed-upon come pay rent to them for the privilege of working their "ranches" for them. Understandably, those sharecroppers will be obliged to pay their own utilities. And health insurance.

 

[rp4prez]

just another reason to impeach

 

[cheapseats]

just another reason to impeach

Evictions R Us

 

[RonPaulR3VOLUTION]

"An article in the Los Angeles Times from the late '90s praised the sudden surge in homeownership among minorities, calling it "one of the hidden success stories of the Clinton era."

http://articles.latimes.com/1999/may/31/news/mn-42807

- - - - - - - - - - - -

"A New York Times article from Sept. 1999 states that Fannie Mae had been under increasing pressure from the Clinton administration to expand mortgage loans among low- and moderate-income people and that the corporation loosened its lending requirements to comply."

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&scp=1&sq=&st=nyt

- - - - - - - - - - - -

September 11, 2003:

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

http://query.nytimes.com/gst/fullpage.html?pagewanted=all&res=9E06E3D6123BF932A2575AC0A9659C8B63

- - - - - - - - - - - -

Bush aims to boost minority home ownership
June 17, 2002

"Too many American families, too many minorities, do not own a home. There is a home ownership gap in America. The difference between African-American and Hispanic home ownership is too big," Bush told a crowd at St. Paul AME Church in Atlanta.

"They're so proud to own their own home," Bush said. "What we've got to do is make sure these stories are repeated over and over."

Fannie Mae, Freddie Mac and the federal Home Loan Banks -- the government-sponsored corporations that handle home mortgages -- will increase their commitment to minority markets by more than $440 billion, Bush said.

http://archives.cnn.com/2002/ALLPOLITICS/06/17/bush.minority.homes/index.html

 

[Bradley in DC]

BUSH/CHENEY ARE GUILTY OF COMPLICITY IN THE CONSPIRACY THAT LED TO THE CURRENT SUB PRIME MELTDOWN.

Yes, but not for the reasons you gave.

Most sub-prime contracts are fine, a minority were not. Those who benefited from them and got into homes that Spitzer would have prohibited would be worse off.

All of us RP supporters who value the constitution (including the contracts clause) and contractualism/capitalism would oppose "prohibiting" voluntary contracts, including subprime mortgages.

Spitzer's prostitution habit was the least sleezy thing he did.

 

[vote4ronpauleeze]

The sub-prime loans were a mistake by the banks, but why should the government tell banks how to run their businesses? Do you really want the government telling you how you can and cannot invest your money?

Are you guys against short selling too and want a ban?

 

[Bossobass]

Yes, but not for the reasons you gave.

Most sub-prime contracts are fine, a minority were not. Those who benefited from them and got into homes that Spitzer would have prohibited would be worse off.

All of us RP supporters who value the constitution (including the contracts clause) and contractualism/capitalism would oppose "prohibiting" voluntary contracts, including subprime mortgages.

Spitzer's prostitution habit was the least sleezy thing he did.

I'm not the least bit interested in judging Spitzer's character or any philosophical discussion of what laws are good or bad concerning capitalism.

This case is about conspiracy to commit fraud and obstruction of justice.

The laws are already on the books in all 50 states regarding predatory lending practices, kickbacks involving federally backed mortgages, false advertising, bait-and-switch, failure to disclose, fees, and a slew of other illegal practices by lending institutions and their associates.

I'm equally sure that RP supporters regard states rights in these matters to be of primary importance.

BTW, "Most subprime mortgages are fine" is about the most asinine statement I've heard on this subject.

Bosso

 

[Bossobass]

The sub-prime loans were a mistake by the banks, but why should the government tell banks how to run their businesses? Do you really want the government telling you how you can and cannot invest your money?

Are you guys against short selling too and want a ban?

Another amazingly stupid post.

Banking regulations and obstruction laws are already on the books. If it's your mission to repeal them, have at it, but that has no relevance to the subject of this thread.

Blocking a state AG from doing his/her job regarding lending fraud is against the law.

The implication here is that it wasn't a mistake at all. Try to get a grip on the facts or dispute them.

BTW, you seem to be the Bailout Cheerleader on these boards. Is not this Bailout proposal the ultimate in "the government telling you how you can and cannot invest your money", or is it not my money they propose to 'invest'?

Bosso

 

[cbc58]

"So, now they wait in the wings, with the new constitution of the North American Union and it's new currency in hand to have the new puppet President announce to the American citizens as the only hope for our bankrupt and broken country."

Who is "they"?

 

[Bradley in DC]

BTW, "Most subprime mortgages are fine" is about the most asinine statement I've heard on this subject.

93% of all mortgages are rated as performing, including a majority of the subprime loans (about 2/3 last I saw).

Again, your critical thinking skills, grasp of the facts and debate flair underwhelm us.

 

[vote4ronpauleeze]

Another amazingly stupid post.

Banking regulations and obstruction laws are already on the books. If it's your mission to repeal them, have at it, but that has no relevance to the subject of this thread.

Blocking a state AG from doing his/her job regarding lending fraud is against the law.

The implication here is that it wasn't a mistake at all. Try to get a grip on the facts or dispute them.

BTW, you seem to be the Bailout Cheerleader on these boards. Is not this Bailout proposal the ultimate in "the government telling you how you can and cannot invest your money", or is it not my money they propose to 'invest'?

Bosso

It's obvious that there are banking laws and regulations, but let me ask: what law did these lenders break? Is there a law against lending to people who cannot budget properly? These new lending instruments (interest-only, ARMs, teaser rates, neg ams, etc.) were NOT illegal. This was not fraud because the terms were explicitly stated. This was not usury because the rates were pinned a few points above an index.

Like others have stated, many of these loans are still performing and are in good terms. However, it doesn't take many non-performing assets to ruin a bank's balance sheet. You can wipe out 10 performing loans with one bad loan.

Besides, the bank's don't need regulation to learn from these mistakes. Even with a bailout, millions of people lost billions of dollars in stockholder's equity. Compensation was mistakingly being placed on short term performance instead of long term, so nobody was looking at the future of these portfolios.

By the way, the reason I support the bailout (if you read my posts) is because the Fed and it's monetary policy have put the people in this mess. Taxpayers are losing jobs, small businesses, retirement and availability of credit due to an incompetent government. With that said, I don't see a moral hazard because the common citizen has been placed with an undue hardship and should be helped in this cause. To throw a severe recession or depression on our economy because of the Fed's mistakes is wrong and undeserved.

 

[Bossobass]

It's obvious that there are banking laws and regulations, but let me ask: what law did these lenders break? Is there a law against lending to people who cannot budget properly? These new lending instruments (interest-only, ARMs, teaser rates, neg ams, etc.) were NOT illegal. This was not fraud because the terms were explicitly stated. This was not usury because the rates were pinned a few points above an index.

Which is it? The Fed caused this 'undue hardship', or they did nothing illegal? The point of the OP is that we don't know how many crimes have been committed because the WH moved to block all 50 states' investigations, and the OCC sued to have the sate of NY's investigation closed.

The allegations include (from the Washington Post article cited in the OP, if you read it):

"... predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets."

However, it doesn't take many non-performing assets to ruin a bank's balance sheet. You can wipe out 10 performing loans with one bad loan.

Excellent. Now, explain this to Bradley for me, would ya?

Besides, the bank's don't need regulation to learn from these mistakes. Even with a bailout, millions of people lost billions of dollars in stockholder's equity. Compensation was mistakingly being placed on short term performance instead of long term, so nobody was looking at the future of these portfolios.

This is where we disagree. I never said anything about needing more regulation. If you, as a mortgage lender, forego the process of properly underwriting your asset backed paper by determining what paper actually is backed by assets and sell that paper to institutions that believe they are backed by assets, it's fraud. It's the equivalent to selling $5,000 stacks of 100 dollar bills where the top and bottom of the stack are 100 dollar bills and in between are just pieces of blank paper. You don't need any regulations to be enacted. Fraud is already illegal.

If you then move to block investigations by the states to keep this fraud hidden from borrowers, stock purchasers and buyers of asset backed paper, it's obstruction of justice.

This isn't a case of irrational exuberance or short sighted profit planning, it's criminal conspiracy to commit fraud on a mammoth scale.

By the way, the reason I support the bailout (if you read my posts) is because the Fed and it's monetary policy have put the people in this mess. Taxpayers are losing jobs, small businesses, retirement and availability of credit due to an incompetent government. With that said, I don't see a moral hazard because the common citizen has been placed with an undue hardship and should be helped in this cause. To throw a severe recession or depression on our economy because of the Fed's mistakes is wrong and undeserved.

I apologize for being condescending and derisive here, but really, you gotta be shittin' me. The Fed caused this mess, so your answer is to borrow more money from the Fed to fix it by giving them a blank check and a free hand to do with it whatever they deem proper with no judicial review?

Fucking outrageous.

I'm small business. I'm not losing my job or my business or my access to credit or my retirement assets because I'm Conservative.

So, you would steal from my retirement assets, threaten my business and place me under undue hardship by taking money off of me through higher taxes and inflation to pay for a bailout of the very institutions that 'caused this mess', most probably through a criminal conspiracy?

Bring the troops home, balance the budget, cut taxes, repeal the Federal Reserve Act, pay off the debt instead of adding trillions to it, get rid of federal regulations, eliminate the Departments of Education, Agriculture and Transportation, end the War on Drugs, eliminate welfare for illegal aliens and welfare for big business, return to sound money, borrow from ourselves at zero interest instead of private bankers with interest...

THAT's why I support Ron Paul. He gets it. His platform is based on knowledge of how the system should work instead of this insanity we're in now. More of what caused the problem is never going to fix the problem.

Bosso