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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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POPS(NOT)Federal (NO)Reserve - Bank After watching this video This video here that i have clipped is a must see. It is the Beginning of the criminal control of these global Banking Families. http://clipmarks.com/clipmark/8D34CDB8-B4BA-475A-A016-BA569688751A/
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POPSProsperity Gospel Prosperity Gospel rooted in postmillenialism, American expansion, black culture? How about simple human greed!
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POPSBlame the Victim: Poor People Broke the System The officials drawn from Wall Street who now control of the Treasury and Federal Reserve repeat the right-wing Big Lie: Poor “subprime families” have brought the system down, exploiting the rich by trying to ape their betters and live beyond their means.
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POPSOhio Rep. Kaptur Advises Homeowners Facing Foreclosure To Stay
Sandusky lawyer Dan McGookle, who is representing a homeowner trying to have a predatory loan rescinded, said mortgage firms may not be able to prove they complied with truth-in-lending laws and other state and federal procedures. "We have strong reason to believe that a majority of the mortgage loans made in the last 10 years are defective - unenforceable for various reasons," Mr. McGookle said. Ironically, Mr. Moody agreed that people threatened with foreclosure should try to work out a solution and should stay in the home as long as possible. Cathleen Tillman, director of the Lucas County Sheriff's Departmen, also said people should remain in the homes until the deed has been transferred, and not to abandon a home that is still listed in their name. "The foreclosure takes a long time," she said. More than 4,000 foreclosure actions were filed in 2008 in Lucas County, and the sheriff's department carried out 85 foreclosure-related evictions.
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POPSOf Course, Facts are Superfluous I don't expect the people who are influenced by the McSame campaign to actually do something as radical as go to the source and find out the facts but in my Don Quixote mode I'll present them nonetheless.
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POPSPeople trying to Contain Usually Screw thing Up Man, do I hate this kind of political censorship. Its wrong. Its stupid, It always backfires. Get tough. Get a backbone. Freedom of the press especially allows lampooning of all sides. Idiots. The "people who should be shot" are the morons at NBC who are discriminatory in their censorship of humor. Its not like there is a lot done at the expense of the democrats/liberals.
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POPSACORN Working on Behalf of the Prey The report also showed that predatory subprime lenders were targeting African American, Latino and low-income communities, selling them bad loans even when applicants had good credit and could have qualified for better loan products.
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POPSMake Government Bigger Is Hillary clueless? Congress forces lending institutes to increase subprime lending and now she is looking for the cause. Let's put the blame where it belongs, CONGRESS. Leave no incumbent in office.
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POPSThe Real Culprits - Part One And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory." Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck. And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
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POPSThe Mafia, the CIA and Bush Sr. When you consider that Reagan was probably out of it from Day One of his term and that Bill Clinton is a close associate of George Bush Sr., the Bush crime syndicate has been influencing when not outright running the executive branch continuously since 1980, which, perhaps not so coincidentally, marks the earliest days of the credit bubble the economy is now having serious trouble digesting.
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POPSOur Culture Of Debt "We absorb a way of perceiving the world from parents and neighbors. We mimic the behavior around us. Only at the end of the process is there self-conscious oversight. America once had a culture of thrift. But over the past decades, that unspoken code has been silently eroded."
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POPSObama proposes bankruptcy changes Plus, he added, the mortgage and credit crisis facing the country has seen that "pain trickles up," hurting companies and individuals to reaped the rewards of a questionable decade of banking. "Our economy has gotten out of balance," he said. "The American people don't resent wealth, they want to be rich. America has historically rewarded innovation and accomplishment and free enterprise, and I want to ensure we continue to do that."
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POPSMcCain's Treasury Sec. pick tied to Subprime Meltdown More: For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. Wall Street firms are increasingly under scrutiny for contributing to the economic downturn by packaging and selling risky mortgage securities. When the home loans tied to the mortgages defaulted, investors and the banks lost billions, contributing to a widespread credit crunch. UBS has written down more then $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 job Now, some housing experts and economists see Gramm’s thinking in the recent housing proposal from McCain, the Republican Party’s presumed presidential nominee. Gramm is often a surrogate for the Arizona senator, particularly in meetings focused on the economy. And McCain has hinted he’d consider the former Texas senator for Treasury secretary in a McCain administration.
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POPSObama's Worn Out Economic Ideas There is much current political interest in so-called "predatory lending" -- the charging of high interest rates for loans to poor people or to people with low credit ratings. Nothing will be easier politically than passing laws to limit interest rates or make it harder for lenders to recover their money -- and nothing will cause credit to dry up faster to low-income people, forcing some of them to have to turn to illegal loan sharks, who have their own methods of collecting. The underlying reality that politicians do not want to face is that here, too, prices convey a reality that is not subject to political control. That reality is that it is far riskier to lend to some people than to others. That is why the price of a loan -- the interest rate -- is far higher to some people than to others. Far from making extra profits on riskier loans, many lenders have lost millions of dollars on such loans and some have gone bankrupt.
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POPSHome-foreclosure crisis in Georgia, USA "Option ARM" mortgages have become increasingly popular in Georgia and elsewhere, along with the growth of the unregulated mortgage broker sector, with the result that 2006 saw a 99% jump in foreclosure rates.
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