Bernanke Says Regulatory Overhaul Needed »
Posted By STONERS 9 months, 2 weeks ago in Business & FinanceThe nation's financial regulatory system must be overhauled to strengthen oversight of banks, mutual funds and large financial institutions whose collapse would put the entire economy in peril, Federal Reserve Chairman Ben Bernanke said Tuesday.
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Will13139 months, 2 weeks ago
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wtagg9 months, 2 weeks ago
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I say that since these companies wanted the benefits of Gramm-Leach-Bliley, let them reap the rewards. There are many companies that did just fine. Of course, they were fiscally conservatively minded and didn't step out on the limb that wouldn't support their weight.
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The problem we are faced with currently is a management problem. Our current path will not allow the market to fully acknowledge and identify the decision makers. They will be allowed to jump from institution to institution, making millions for the ability to wreck companies with recklessly risky decisions.
We need to reward those that did not follow that path and punish those that did. -
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Endoscopy9 months, 2 weeks ago
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The biggest problem is that the government should not force mortgages on banks of people who are very likely going to have problems paying. Currently HUD demands that banks give 31% of their mortgages to CRA people.
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Those 0% down, Low starting ARM, no principal for years, and no checking the ability to pay. ACORN had problems forcing banks because they pointed to Fannie and Freddy because they were refusing to take less than 10% down so they lobbied Congress starting in 1990 and they were successful in 1992 going into law in 1995.
So the housing bubble brought the financial institutions down like a house of cards. And how does HUD respond? Raising CRA loans to 31$ under the Obama Messiah. GReat plan Democrats. A lower % brought finance institutions down so raise the % of loans.
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EDWARDIII9 months, 2 weeks ago
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My girl-friend's former husband is head of a small midwestern bank. They are doing very well with only a small dip in value. This, he tells me, is partly because their stock is rarely traded and becuause they escaped making loans to high-risk home buyers. Somehow they flew under the government's radar and ACORN's attention span. The few bad loans they did make were bundled and sold quick. He says he hated doing it but he took the commissions just the same.
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rimbaud9 months, 2 weeks ago
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"He says he hated doing it but he took the commissions just the same". Multiply that by many times the :few bad loans they did make" and you have a picture of where we are, today. "the government's radar and ACORN's attention span" must not have been very pervasive, I don't hear many mortgage brokers or loan officers that were much aware of them. They WERE aware of the commissions and the acceptance by lenders of unverified statements of income. I know someone who did get such a loan and continues to pay faithfully.
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Jeboba9 months, 2 weeks ago
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THANK YOU Mr. REAGAN and all of your deregulating fools in the Republican party! YOU started this mess and then it finally was handed over to party boy George who can't even balance his own checkbook.
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VOTE OUT ALL REPUBS IN 2010! NO MORE! NO MORE! NO MORE!-
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Endoscopy9 months, 2 weeks ago
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And thank ACORN for lobbying congress because Fannie Mae and Freddy Mac would not take any mortgages with less than 10% down. They were successful and starting in 1995 when the new CRA and other banking changes became law the housing bubble started.
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0% down
Low starting ARM
No principal payment for years
no checking the ability to pay of the poor
Democrat compassion in mortgages. Banks rated on the CRA rating if they wanted to expand or merge. What has this administration done about CRA loans? HUD increased to 31% of mortgages to be CRA mortgages for each bank. Forcing banks to make bad mortgages in order to grow.
Way to go Democrats. Force banks to give out bad loans and then castigate the bankers for making those loans. The housing bubble burst because of all of the extra houses on the market because of foreclosures.
DEMOCRAT HYPOCRITES!!!!! VOTE THEM OUT IN 2010
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tadair9199 months, 2 weeks ago
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You don't know this yet, but your mind is wholly owned by established thinking.
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I know this because you are regurgitating the manta like an obedient droid.
They tell you how to think, and you automatically mime it through keystrokes and hit send.
You are not in control of your own mind.
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lovesugarComment removed: Hard Banned
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