"Calif Bill" wrote in message
...

"Boater" wrote in message
. ..
ACORN is a rather controversial organization, but it has done a lot of
good in pointing out and helping eliminate predatory lending practices,


There were not predatory lending practices. The poor declining inner-city
was a bad investment. The poor could not put up the 20% down and even if
they could they could not make the payments. In the olden days the banks
had to carry the paper they wrote a loan on. They wanted to be paid for
the loan. But since the poor could not normally do this, the Federal
Government required Fannie Mae to buy the loans. Now the banks could loan
money to the bad credit risk, make money and not worry about a bad loan.
F&F then started packaging the bad and good loans and selling them, so
they could make more money. The Fed's were really behind F&F but if the
officers of F&F showed a large profit, they got large bonuses. They even
went so far to lie to get an extra $100 million in bonus money.
Government settled for $3.5 million and dropped charges. Sad. Then the
smart people of wall street, seeing a huge pool of profit to be made
without risk, jumped on these bad, government guaranteed loans. And since
F&F exerted no real oversight, the pool of inflated bad loans grew
immensely. And now since the government created this mess, by
guaranteeing bad loans and no oversight on how bad the loans and inflated
prices they caused. We have a financial crisis. And what is scary, is
the same people who caused this mess are supposed to recue us. Scarier
than Holloween.

Maybe everyone should dress up like Barney Frank for Halloweenie. 8)

D.Duck wrote:
"Calif Bill" wrote in message
...
"Boater" wrote in message
. ..
ACORN is a rather controversial organization, but it has done a lot of
good in pointing out and helping eliminate predatory lending practices,

There were not predatory lending practices. The poor declining inner-city
was a bad investment. The poor could not put up the 20% down and even if
they could they could not make the payments. In the olden days the banks
had to carry the paper they wrote a loan on. They wanted to be paid for
the loan. But since the poor could not normally do this, the Federal
Government required Fannie Mae to buy the loans. Now the banks could loan
money to the bad credit risk, make money and not worry about a bad loan.
F&F then started packaging the bad and good loans and selling them, so
they could make more money. The Fed's were really behind F&F but if the
officers of F&F showed a large profit, they got large bonuses. They even
went so far to lie to get an extra $100 million in bonus money.
Government settled for $3.5 million and dropped charges. Sad. Then the
smart people of wall street, seeing a huge pool of profit to be made
without risk, jumped on these bad, government guaranteed loans. And since
F&F exerted no real oversight, the pool of inflated bad loans grew
immensely. And now since the government created this mess, by
guaranteeing bad loans and no oversight on how bad the loans and inflated
prices they caused. We have a financial crisis. And what is scary, is
the same people who caused this mess are supposed to recue us. Scarier
than Holloween.

Maybe everyone should dress up like Barney Frank for Halloweenie. 8)



Only WAFA can emulate his speaking voice - without trying.