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POPSACORN foresaw the foreclosure crisis in 2001
More: Moreover, Oakland's law would have gone much farther than requiring that borrowers could afford loans. In 2001, ACORN officials already recognized that the driving force behind the subprime lending was the ability of brokers to chop up risky mortgages, repackage them with good loans as "securities," and sell them to other banks on a largely unregulated market. When homeowners who couldn't afford their loans later defaulted on them, these securities became widely known as "toxic assets" and were the primary cause of the world financial crisis… But if Oakland's law had been widely adopted, the bailout likely would have been unnecessary and the worst economic downturn since the Great Depression probably averted. Why? Because the city's ordinance not only would have held mortgage brokers liable for making bad loans, but also every other bank that later bought pieces of those bad loans after they were securitized. In short, the market for subprime loans would have dried up.
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POPSthe giant hole What this argument leaves out is Fannie and Freddie. The evil and greedy bankers (curiously intent on making loans that could not be repaid) were able to sell these loans to Fannie and Freddie. If there had not been these quasi-governmental corporations backing them they would not have been making loans and they would never have been capitalized. It may be true that there was a "giant hole" in the safety net, but the truck that drove through it was financed by the government's own creatures.
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POPSAmerican Casino: A Documentary About the Home-Mortgage Crisis more @ clip source the Cockburns meet one guy in "American Casino" who understands the whole mess better than most, a California real estate investor named Jeff Greene who smelled the end of the housing bubble around 2006 and bet $1 billion against the mid-decade exuberance of Wall Street. Sitting in his walled and gated beach compound in Malibu, Greene calmly tells the camera that the opportunity for his successful hedge bet (which has yielded $500 million so far) involved massive pain for millions of homeowners.
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POPSThe Bernanke Bailout Boondoggle Announced this week is the number of re-financing on sub-prime loans and foreclosure should have been on everyone's mind. However, no one cares, as long as the stock market continues to climb higher. Giving those who have lost 50% of their 401k money, hoping for a rebound. Riddle me this? What has lost 55% and gained 45%, and still down 45% from the high? If you know the answer, you are well on your way to understanding the truth! The stock market is a game, if you don't know how to play by their rules, you will lose!
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POPSSisters Created a Successful Integrated Neighborhood In one instance in the early 1970s, Polsky recalled, a black clergyman wanted to sell. Every home on his block had been purchased by blacks, Polsky said. She and Melvin asked him to let them hold the house for a white buyer. "He got annoyed and said, 'You're asking me to discriminate against my own people.' I said, 'What we don't want is separation. We're asking you to help integrate the community,' " Polsky said. He agreed. "And so we broke that trend, and then black people came and white people came. Then it became an integrated block. That was our purpose, to integrate every bloc
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POPSProsperity Gospel Prosperity Gospel rooted in postmillenialism, American expansion, black culture? How about simple human greed!
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POPSLet Greed-om Ring Inhofe needs to brush up on his econ 101. The government places many restrictions on what business can and cannot do. Even setting that aside, ethically big bonus CEOs have shot themselves in their own feet due to their own actions. Tone deafness seems to be the norm on Corporate Avenue these days.
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