The Booming Trump Economy....or not

[Lemon Drop Husker]

Originally Posted by mostpost

Do we have to do this again? Republicans controlled both houses of Congress in 2005. Despite that, they never even tried to get the legislation out of committee. In fact, I don't think they even held hearings on it.

I also am quite certain that neither Frank nor Watts ever said that people should be able to buy houses they can't afford. That is your phony quote, created solely out of your imagination.

From 2003 to 2006 the share of subprime mortgages held by private companies quadrupled from 10% to 40%. The number of failed mortgages held by private mortgage providers was six times that of Freddie Mac and Fannie Mae.

The "problem" goes way back to 1976 and the Carter Administration.

The beginning of the release of regulations. Started by a Democrat.

And every President after that gave a little bit more because the housing market would never crash in America. If ANYTHING, people will make a house payment in this country of greatness. And that is what everybody thought.

Well, when dipshits in California start lending million $ homes to people with no income, and no credit scores, shit happens.

Want to know when things go bad? Watch California. That state sucks so bad they disrupt the entire country. Never fruitful. They just suck the oxygen out of everybody else.

[chadk66]

Originally Posted by mostpost

Do we have to do this again? Republicans controlled both houses of Congress in 2005. Despite that, they never even tried to get the legislation out of committee. In fact, I don't think they even held hearings on it.

I also am quite certain that neither Frank nor Watts ever said that people should be able to buy houses they can't afford. That is your phony quote, created solely out of your imagination.

From 2003 to 2006 the share of subprime mortgages held by private companies quadrupled from 10% to 40%. The number of failed mortgages held by private mortgage providers was six times that of Freddie Mac and Fannie Mae.

I want you to listen very closely to your buddy Maxine Watters. Especially the part where she says Fannie/Freddie have provided 100% loans to applications. That's what she was referring to when she mentions the 100%. That means there were people that were given loans that couldn't make the payments.

YouTube

[jms62]

Originally Posted by chadk66

I want you to listen very closely to your buddy Maxine Watters. Especially the part where she says Fannie/Freddie have provided 100% loans to applications. That's what she was referring to when she mentions the 100%. That means there were people that were given loans that couldn't make the payments.
https://www.youtube.com/watch?v=CTbIb75JdwY&t=8s

That is the same type of shit that caused the S&L Crisis in the late 80's. I guess Greed trumps learning from others mistakes.

[classhandicapper]

Originally Posted by mostpost

From 2003 to 2006 the share of subprime mortgages held by private companies quadrupled from 10% to 40%. The number of failed mortgages held by private mortgage providers was six times that of Freddie Mac and Fannie Mae.

Fannie and Freddie (along with ultra low interest rates from the Fed) helped provide the liquidity for the boom.

Think of it like this.

Some people in the world (both private and public) are like pyromaniacs. The last thing you want to do is give a pyromaniac a match. When you have Fed lowering interest rates to unnaturally low levels to try to stimulate demand and quasi government institutions buying mortgages to increase liquidity further, you are giving the pyromaniacs gasoline and a match.

[Inner Dirt]

Originally Posted by Lemon Drop Husker

The "problem" goes way back to 1976 and the Carter Administration.

The beginning of the release of regulations. Started by a Democrat.

And every President after that gave a little bit more because the housing market would never crash in America. If ANYTHING, people will make a house payment in this country of greatness. And that is what everybody thought.

Well, when dipshits in California start lending million $ homes to people with no income, and no credit scores, shit happens.

Want to know when things go bad? Watch California. That state sucks so bad they disrupt the entire country. Never fruitful. They just suck the oxygen out of everybody else.

I lived in that liberal cesspool 3 decades of that as a home owner of 3 different homes and had close contact with a real estate agent and the wife of my biggest customer was a loan officer at a large bank. The biggest cause of the collapse was getting people in to homes based on the beginning payment of mortgages whose payments could escalate based on various factors. That and good old 100% financing. Once the payments went up a lot of people could not afford them and those that still could walked away when they saw the value of the property decrease when they had nothing at stake.

You can blame the real estate agents as much as the bankers. They had uneducated buyers duped into thinking home prices would rise for many more years with no end in sight. That would allow them to quickly go from zero equity to well over 20% and they could pull cash out and convert to a conventional loan and get out from under their ticking time bomb of a mortgage.

[davew]

It is hard to compare Trump 'anything' with the 'great leader 0bama' in the eyes of the 0bama cult.

[Tom]

The obama-mamas cultists are not flippable. They are immune to facts and reality.

mmm mmm mmmm, git yer ice cold FOOL AID here!

[elysiantraveller]

Originally Posted by Tom

The obama-mamas cultists are not flippable. They are immune to facts and reality.

mmm mmm mmmm, git yer ice cold FOOL AID here!

Goes both ways.

[Tom]

But we not talking about the other way.
Nice of you to jump up like Pecker to set things straight.

[upthecreek]

Twitter

[Show Me the Wire]

Originally Posted by Inner Dirt

I lived in that liberal cesspool 3 decades of that as a home owner of 3 different homes and had close contact with a real estate agent and the wife of my biggest customer was a loan officer at a large bank. The biggest cause of the collapse was getting people in to homes based on the beginning payment of mortgages whose payments could escalate based on various factors. That and good old 100% financing. Once the payments went up a lot of people could not afford them and those that still could walked away when they saw the value of the property decrease when they had nothing at stake.

You can blame the real estate agents as much as the bankers. They had uneducated buyers duped into thinking home prices would rise for many more years with no end in sight. That would allow them to quickly go from zero equity to well over 20% and they could pull cash out and convert to a conventional loan and get out from under their ticking time bomb of a mortgage.

Perfect example of deficit economics based on the concept of unlimited wealth, which ultimately leads to the transfer of wealth. How is the transfer accomplished? Through the loss of a tangible asset, the house, to another party the lender, through convincing the original owner to pay the carrying charges until the transfer of wealth takes place through the lie that deficits create wealth.

[upthecreek]

https://www.cnbc.com/2018/09/07/us-n...-aug-2018.html

[upthecreek]

Twitter

[upthecreek]

Twitter

[elysiantraveller]

Originally Posted by upthecreek

https://twitter.com/BreakingNews/sta...94978323881985

Will be interesting to see what happens going forward. Something has to give whether its wages or Labor Force Participation.