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Results of The Fed Audit


SurfingTheDinarWave
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Also, to add a little extra to my point and make the point that the default of these loans was not the only cause of the financial crisis, I researched the total value of all Residential property in the United States. According to the Bureau of Economic Analysis, part of the Department of Commerce, the total value of ALL residential property in 2007 was around $18 Trillion dollars!

/

If that's the case, there would need to be about a 89% default on mortgages for the FED to need to dole out $16 Trillion in support of the banks and their supporters.

Something else was going on that drove them to need this much money based on the downturn in the housing market!!!!!!!

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Thank You Kiteman exact point I was trying to make but you did it much better, with facts as they say. We can go back and forth like this all day but the fact remains our system is broken, and NO1 MAN(President) can fix it, and the only one's suffering for it is the ones paying for it (us) the American people and it just irks me to hear these people in Washington throwing out all these diversionary tactics all to further their own agenda's, and these people all jump on the band waggon of these peoples personal agendas but claim to be concerned with the welfare of all American citizens, but they will sit here and dishonor, and disrespect the American Constitution and everything it stands for by the way they disrespect the President, all the while other countries are laughing at us and OUR democracy that allows such filth, because make no beans about it when you disrespect the President you disrespect all/who that the office stands for and I happen to be among the WHO and I don't take too kindly to it. Thats whats great about this country if you don't like who is in office you have the right to vote them out if not successful then YOU DO HAVE the responsibility, to respect the office and the Person in it, true there is more than enough blame to go around for all Parties, it just gets old with the haters that constantly question others inteligence, by trying to feed us all this crap about OBAMA, and yes he has made mistakes, and not done all that he promised ( not that he has been allowed to either), and yes there are things I just like everyone else want done NOW but it is what it is and 2012 you have an oppourtunity to try and change it, just like I have the oppourtunity to attempt to keep him in office, yes I did vote for him, the same way I voted for Bush jr. both times , because I thought he was the best person at the time I ended up regretting it his 2nd term and I never once disrespected him or his family or THE OFFICE OF THE PRESIDENT, but it is what it is you can feed the crapola to someone else because trust me there are more people than you know that don't and won't fall far the hype and all the crap being thrown out there because we GO and find the truth for ourselves because WE ARE TRULY concerned about the truth and the welfare of this country THAT WE HELP BUILD AND support.

Edited by tarsi
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Did you even look at the date and the wording of the article?

November 07, 2006

Democrats will take control of the House of Representatives

This means the Democrats won the election in November 2006 and took control of Congress in 2007! They both go in at the same time. Here's a handy chart:

http://uspolitics.about.com/od/usgovernment/l/bl_party_division_2.htm

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You want to know why we had a financial melt down? It had nothing to do with Bush's war as the left are so fond of saying. It had everything to do with the mortgage crisis that hit every single major bank in the US and abroad. Also democrats have been in control of the Senate and Congress since 06, you do realize they are the ones that pass laws right?

Here you go, everything is backed up factually here.

What caused our current economic situation that America finds itself in today? Let us take a look shall we?

• The housing bubble and collapse.

• What caused the housing Bubble?

• Subprime lender implosion

• What is a subprime mortgage?

• Risky Mortgages to Low-Income Bad Credit Borrowers

• Where did they come from? Google Community Reinvestment Act

• www.google.com

Community Reinvestment Act

Jimmy Carter and Democrats passed it to give incentives to low income borrowers.

This required “Deposit Taking Financial Institutions offer equal access to lending” (Policylink.org)

1995 Bill Clinton Changes and the democrats added massive provisions that forced banks to issues 1 TRILLION Dollars in subprime mortgages all so people who could not afford homes before now could. This in effect caused the first “SUBPRIME Mortgage Securities” by Bear and Stearns.

• “A SCHEME AGAINST THE NATIONS BANKS” (city-journal.org)

Fannie Mae is a government sponsored Enterprise that Guarantee’s Mortgages and then sells them to Banks and Investors. In order to produce more Mortgages to create more money, how would one accomplish this? You move down the standard of income qualifications thus allowing those that previously could not purchase a mortgage a chance to do so at a greater risk for those that buy these mortgages. Remember all of this was accomplished through democratic legislation. Bankers were forced to issue Subprime mortgages or face harsh penalties. (Washington Post)

• 10-30-2000 Fannie Mae announced a Pilot to Purchase $2 Billion Dollars of “MYCOMMUNITYMORTGAGE” loans; Pilot lenders to customize affordable products for “LOW-AND MODERATE – INCOME BORROWERES.” (CSRWire.com)

How do you make mortgages affordable to those that normally cannot afford it? How about No Money Down, Interest Only, Variable Rate, No Income verification, Bad Credit, no Credit Loans, all no problem just, sign the dotted line. Remember again all of this was pushed by democratic legislation.

Fact: In 2004 92% of Fannie Mae’s subprime loans were Variable rate loans.

Fact: In 2005 91% of Fannie Mae’s subprime loans were Variable rate loans.

Now a big problem arises from this, Interest Rates rise and all of these Variable rate loans are now unaffordable by those that couldn’t afford a house in the first place. Remember again this was pushed by the Democrats and their legislation.

Now in 2007 Options Experts view Fannie Mae’s shares as worthless as they have continued to overstate the value of their assets as their guarantee’s were made worthless by higher interest rates, the decline of home values and the glut of foreclosures based on a sellers market as opposed to a buyers market. This is when regulators began to spin the public to boost Fannie and Freddie perception. (Marketwatch.com) and (Bloomberg.com)

Banks began to collapse as a direct result of “WORTHLESS GOVERNMENT SPONSORED SECURITIES” issued by Fannie Mae. Jobs began to disappear and now we are in what some have called the “COMING OF THE SECOND GREAT DEPRESSION” and IMF said the “US Crisis is the largest financial shock since the Great Depression” (quardian.co.uk).

Now many wonder and ask, why is the Community Reinvestment Act to “CRA” to blame? Let’s take a look BEFORE the CRA expansion.

Home prices increase with inflation but after CRA home prices become unhinged from inflation, thus causing home prices to rise too fast, Economic Fundamentals did not support this wedge; Regulation mandated credit by the Democratic Party did thus creating what has now become known as the Housing Bubble waiting to, and finally bursting.

DID THIS HAVE TO HAPPEN? NO

In 2003 a new Agency was proposed to oversee Freddie Mac and Fannie Mae by of all folks, THE BUSH ADMINISTRATION folks, that’s who. They “Recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” “A new agency would be created within the Treasury Department to assume Supervision of Fannie Mae and Freddie Mac, the Government Sponsored companies that are the two largest players in the mortgage industry.”

But guess what again folks, THE DEMOCRATS STOPPED IT! That’s right the same people that have blamed Bush for every conceivable problem with America in the last 8 years prevented and directly contributed to this failure. Their reasoning? Please read this slowly, “Supporters of the companies “DEMOCRATS” said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower income families.” (The New Times)

• Barney Frank (D-MA) “The more People exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

• Melvin Watt (D-NC) “And in the process weakening the bargaining power of poorer families and their ability to get affordable housing.”

AFFORDABLE HOUSING?

In 2005 yet again someone tried to stop this madness that was perpetuated by the Democratic Party. Guess Who? John McCain warned of a Mortgage Collapse all the way back in 2005. He Co-Sponsored a bill, “The Housing Enterprise Regulatory Act of 2005 www.govtrack.us Bill S-190, This Bill would regulate Fannie Mae and Freddie Mac and guess who blocked it? You guessed it, the Democrats once again. It came back in 2007 and failed to pass again because of; you guessed it, the Democrats. (The Minority Report)

Now because Fannie Mae had friends in high places such as the Senate:

• Chris Dodd (D-CT) Sweetheart loan recipient

Guess who else covered Fannie Mae’s rear-end? Barak Obama that’s who.

And guess who Barak Obama chose to select his VP? Political insider James A. “JIM” Johnson who calls the top floor of the Ritz Carlton Hotel in Washington DC home. He also received a SWEETHEART loan from Country Wide Mortgage. More about Jim:

• (1985-1990) Managing Director of Lehman Brothers NOW BANKRUPT

• (1991-1998) CEO of Fannie Mae, WHEN CRA WAS EXPANDED!

• Some have said that Jim Johnson was corrupt; Johnson improperly Deferred $200 Million in expenses.

• Fannie Mae Under-Reported Johnson’s compensation, originally reported as $6-7 Million, Johnson actually received $21 million. THAT IS A HUGE DESCREPENCY!

• He gave Barak Obama the maximum donation allowed by law, $4,600

• Currently is now a very wealthy private banker and is on the board of Goldman Sachs which has given another $700,000 to Barak Obama and raised another $500,000 through “BUNDLING”

• He quit Barak’s campaign under fire and also received a “SWEETHEART LOAN” (Las Angeles Times)

Also visit the (Center For Responsive Politics) www.opensecrets.org

Guess who Barak Obama gets advise from on housing issues? Franklin Raines

• Lives in a $7.6 Million dollar home, I am sure he can relate to the average home owner, wouldn’t you agree?

• (1977-1979) Carter Administration WHEN CRA WAS FIRST ENACTED

• (1980-1991) Investment Banker Lazard LTD

• (1991-1996) Vice Chairman of Fannie Mae WHEN CRA WAS EXPANDED

• (1996-1998) Clinton Administration OMB Director

• (1999-2004) CEO Fannie Mae

• He received a $25 million Golden Parachute

• He ALSO GOT A SWEETHEART LOAN! Does anyone in American know anyone directly that has gotten one of these “SWEETHEART LOANS”? I wonder why?

• He resigned under pressure due to Accounting irregularities. Can anyone say Enron? (BBC NEWS)

Guess who received more money from Fannie Mae than anyone else? You guessed it Barak Obama. He managed to receive more money in three years than John Kerry did in 20 years. (Opensecrets.org)

Barak Obama also received FOUR times more money from Fannie Mae per year than any other senator in the past 20 YEARS!

Barak Obama received 49 TIMES MORE money than Senator John McCain!

Fannie Mae contributions per year in Congress 1989-2008

• Barak Obama $42,116

• John McCain $862

Guess who worked at a law firm “MINER BARNHILL AND GALLAND” that sued banks for not issuing enough Subprime Loans? They sued Citibank. You guessed it Barak Obama that’s who. “In 1994 Barak Obama represented Calvin Robertson in a suite against Citibank charging that the bank systematically denied mortgages to African-American applicants and others from minority neighborhoods. (Chicago Sun Times)

• Poor people did not cause this current situation American finds itself in

• Free Markets didn’t do it either

• Deregulation didn’t do it either

• A bad Government Regulation DID cause this in turn made Main Street Banks into predatory lenders to fulfill a government mandate “AFFORDABLE LOANS”

• Self Interested Lawyers caused this

• Greed and Stupidity Caused this

• Bad Social Engineering Caused this creating the environment and wrong incentives that set up low-income families to ultimately fail all the while having Wall Street Finance it.

And what did Obama get from all of this? He got his wish of lots of “Affordable mortgages that a great deal of America could not afford” and in the meantime his rich and powerful friends became richer while the rest of the US got poorer.

Nancy Pelosi (D-CA) “Democrats bear no responsibility for the current economic crisis” (The Hill)

Help me understand here, Barak Obama’s “Political Philosophy” caused this current crisis yet he now lectures the country about “Failed Economic Policies” and Ridicules former President Bush? Are you kidding me?

TRUE

Dems are thieves and liars as are Repugs....we the people must band together to rid ourselves of all of them. Stop fighting with the Left, which is right most of the time, believe me, and get smart - they want to keep us fighting.

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TRUE

Dems are thieves and liars as are Repugs....we the people must band together to rid ourselves of all of them. Stop fighting with the Left, which is right most of the time, believe me, and get smart - they want to keep us fighting.

Exactly right, the longer we keep up the finger pointing Left vs. Right arguments the better off they are!!!! Who is they??? The Big Money rulers of our country that own our politicians on the left and the right. Unitl we get the money out of politics and get new people in Washington, we'll continue down the same road we're on now.

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I know both democrat, and republican parties are corrupted to the rotten core, but the word of ALMIGHTY YAHWEH the CHRIST states liberals are indeed vile and evil, and it's the liberal mentality that has taken America down the sewer to the evil it is involved in to this very day. Republicans are guilty of many sins, crimes, and abominations, but the liberal democrats, socialist, and communist are all one, and the same.

Isa 32:5 The vile person shall be no more called liberal, nor the churl said to be bountiful.

Isa 32:6 For the vile person will speak villainy, and his heart will work iniquity, to practice hypocrisy, and to utter error against the LORD, to make empty the soul of the hungry, and he will cause the drink of the thirsty to fail.

That should sum it up for those who are the destroyers of the great Republic, and believe me, they will not go unpunished, rest assure on that.

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Let's get educated about the Federal Reserve. finances.... (which has been lacking in all our schooling). Go to www.NewPeopleOrder.com to download a FREE book entitled, "THEY OWN IT ALL (Including You)" By Means of Toxic Currency. A little know quote: "I care not what puppet is placed on the throne of England to rule the Empire, ....The man that controls Britain's money supply controls the British Empire. And I control the money supply." Baron Nathan Mayer Rothschild, of the Rothschild International Banking Cartel. This book will prove to you that all currency (fiat money) of the world is toxic resulting in the following: 1. You are legally a debtor and chattel (property) owned by a hidden creditor. 2. There is a hidden lien on everything transacted for, by or with a Federal Reserve Note.........and continues thru Number 14. Educate yourself, your family and your friends. IT IS A FREE EDUCATION in this one little book.

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So basically Mr./Mrs Purple you are stating that all Non-Republicans are going to hell and are vile...... uuumm intresting concept but sounds oh too familar( does kkk ring a bell) and no I'm not calling you a racist I'm merly using it as a reference point, I hope you can distenguish the diffrence,especially seeing as how by your own admission Republicans too have committed many sins, and I don't know about you but THE GOD I serve MY JEHOVAH JIREH calls sin a sin for one and all its all the same and you me and everyone else will be judged by him alone

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So basically Mr./Mrs Purple you are stating that all Non-Republicans are going to hell and are vile...... uuumm intresting concept but sounds oh too familar( does kkk ring a bell) and no I'm not calling you a racist I'm merly using it as a reference point, I hope you can distenguish the diffrence,especially seeing as how by your own admission Republicans too have committed many sins, and I don't know about you but THE GOD I serve MY JEHOVAH JIREH calls sin a sin for one and all its all the same and you me and everyone else will be judged by him alone

Republicans will face the second death also.
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Intresting why not all the uproar about this, only diffrence I see is this can't be blamed on Obama, so no one is called unamerican, or communist, ect,ect, this is a perfect example of the diffrence in how President Obama is unfairly treated, had this been done or started under his administrations watch, there would be a 10 page thread by now with attacks on him, but i'm sure someone will find a way to spin it and blame him before its all said and done.

Can anyone help me here? I want to tactfully call this person and idiot or even a moron but, I want to be as tactful and respectful as possible so as to not hurt their feelings an somehow do irreversible damage to their imagination thus causing them to be less intelligent than what they could/should have been. All the while they float lightly above reality on a flower shaped balloon thinking that the government is the answer to all their issues and turds smell like roses! :huh:

So I guess until I find that special way of saying, "Hey you're a few bricks short of a load!" I won't say anything. Cause being polite is always prefered by others and enjoyed by all! :lol::lol:

Peace.

Edited by the next contestant
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So basically Mr./Mrs Purple you are stating that all Non-Republicans are going to hell and are vile...... uuumm intresting concept but sounds oh too familar( does kkk ring a bell) and no I'm not calling you a racist I'm merly using it as a reference point, I hope you can distenguish the diffrence,especially seeing as how by your own admission Republicans too have committed many sins, and I don't know about you but THE GOD I serve MY JEHOVAH JIREH calls sin a sin for one and all its all the same and you me and everyone else will be judged by him alone

We will have to answer for our sins.

But for your info, the KKK was Democrat thing.

Don't take my word for it though, there is plenty written on the subject.

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