Chef Jim Posted October 27, 2008 Share Posted October 27, 2008 Oh okay, blame the Dems... Typical Republican. The Dems said go in and make loans if they are credit worthy, stop redlining, do your job. I'm a republican? Sorry but I'm not a revisionist either. The dems had Freddie and Fannie redefine credit worthy. The pushed the whole home ownership is a right...even for the poor. We have to figure out how to make the American Dream available for all. And Freddie and Fannie said...OK. Link to comment Share on other sites More sharing options...
elegantelliotoffen Posted October 27, 2008 Share Posted October 27, 2008 I'm a republican? Sorry but I'm not a revisionist either. The dems had Freddie and Fannie redefine credit worthy. The pushed the whole home ownership is a right...even for the poor. We have to figure out how to make the American Dream available for all. And Freddie and Fannie said...OK. And I suppose the rating agencies gave all those subprime mortgage securities AAA ratings just to help out those poor minorities? Link to comment Share on other sites More sharing options...
bills_fan Posted October 27, 2008 Share Posted October 27, 2008 And I suppose the creditors gave all those subprime mortgage securities AAA ratings just to help out those poor minorities? No, the ratings agencies gave them the rating. Loathsome entities that they are. Link to comment Share on other sites More sharing options...
bills_fan_in_raleigh Posted October 27, 2008 Share Posted October 27, 2008 No, the ratings agencies gave them the rating. Loathsome entities that they are. However many of the foreclosures I am seeing around here are mostly in the "high educated" wanting more than they can afford, fresh out of college, new cars and 600K house. Link to comment Share on other sites More sharing options...
bills_fan Posted October 27, 2008 Share Posted October 27, 2008 However many of the foreclosures I am seeing around here are mostly in the "high educated" wanting more than they can afford, fresh out of college, new cars and 600K house. Sure, don't doubt that. But he was implying the creditors (banks) rated the securities AAA, when, in fact, it was the agencies that did the rating. For a fee, of course. And never botehred to look at the underlying mortgages or even question them. Link to comment Share on other sites More sharing options...
DC Tom Posted October 28, 2008 Share Posted October 28, 2008 Sure, don't doubt that. But he was implying the creditors (banks) rated the securities AAA, when, in fact, it was the agencies that did the rating. For a fee, of course. And never botehred to look at the underlying mortgages or even question them. Look at the mortgages? Why bother? They're guaranteed by Fannie and Freddie... Link to comment Share on other sites More sharing options...
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