Now you can explain housing crisis

[Robert A Whit]

Now watch the video and set aside a bit more than 60 minutes.

I am in the home business so I knew for a long time why things went wrong.

After this, you can explain just what took down the economy.

I urge you to think as you watch this, just how do we reverse housing losses.

If Obama figures it out, the economy will get better. Romney understands this.

http://www.c-span.org/Events/Fmr-HUD...10737431085-1/

[fj1200]

I am in the home business so I knew for a long time why things went wrong.

So the home business is a good place to understand expansionist Federal Reserve policies that led to an oversupply of liquidity that found its way into the housing market causing a bubble in home values only to be burst by mark-to-market rules? Home values were a symptom and not the cause IMO.

[Kathianne]

So the home business is a good place to understand expansionist Federal Reserve policies that led to an oversupply of liquidity that found its way into the housing market causing a bubble in home values only to be burst by mark-to-market rules? Home values were a symptom and not the cause IMO.

Thanks for saving me the time of watching. I was wondering why Robert couldn't do something similar.

[fj1200]

Thanks for saving me the time of watching. I was wondering why Robert couldn't do something similar.

I didn't watch either but one look at the headline told me all I needed to know.

[Robert A Whit]

So the home business is a good place to understand expansionist Federal Reserve policies that led to an oversupply of liquidity that found its way into the housing market causing a bubble in home values only to be burst by mark-to-market rules? Home values were a symptom and not the cause IMO.

To a degree that is true. Actually there was no bubble in home prices. To presume a bubble means one must define some so called peak price as the only valid peak price. I have heard since I got my first license in 1971 that some peak price had been reached and that this time (many times in fact) the bubble was about to burst and now housing sucked as an investment. I have to count up the number of times I was told this by other so called experts. LOL Mark to Market only hurt once prices fell. So long as they kept rising, there was nothing in that rule that automatically spelled doom.

Tell you this much. Why didn't you spend the hour and hear what that expert economist had to say?

[aboutime]

Now watch the video and set aside a bit more than 60 minutes.

I am in the home business so I knew for a long time why things went wrong.

After this, you can explain just what took down the economy.

I urge you to think as you watch this, just how do we reverse housing losses.

If Obama figures it out, the economy will get better. Romney understands this.

http://www.c-span.org/Events/Fmr-HUD...10737431085-1/

Bob. The lending, and home loan business is so bad. Our mortgage company keeps sending us OFFERS to re-write our Mortgage. We are at TWO PERCENT, and they think I am dumb enough to refinance at 2.5???

Haven't missed a payment in five years. I knew what was happening with FANNY and FREDDY during the Bush years, when he tried to stop, or change Barney Frank, and Chris Dodd's insistence about how WONDERFUL those Faulty Loans to Unqualified people were.

[revelarts]

and for a the rest of the story and some counter point..

"Former Assistant Secretary of Housing under George H.W. Bush Catherine Austin Fitts blows the whistle on how the financial terrorists have deliberately imploded the US economy and transferred gargantuan amounts of wealth offshore as a means of sacrificing the American middle class. Fitts documents how trillions of dollars went missing from government coffers in the 90's and how she was personally targeted for exposing the fraud."

<iframe width="640" height="360" src="http://www.youtube.com/embed/gP6rny-E1Cw?feature=player_embedded" frameborder="0" allowfullscreen></iframe>

[Kathianne]

Bob. The lending, and home loan business is so bad. Our mortgage company keeps sending us OFFERS to re-write our Mortgage. We are at TWO PERCENT, and they think I am dumb enough to refinance at 2.5???

Haven't missed a payment in five years. I knew what was happening with FANNY and FREDDY during the Bush years, when he tried to stop, or change Barney Frank, and Chris Dodd's insistence about how WONDERFUL those Faulty Loans to Unqualified people were.

Yep. The crisis was written about in detail in Reckless Endangerment, by Gretchen Morgenson. She explained how Bush tried and failed to stop what was going on. Pretty good for a NYT writer.

[fj1200]

To a degree that is true. Actually there was no bubble in home prices. To presume a bubble means one must define some so called peak price...

Tell you this much. Why didn't you spend the hour and hear what that expert economist had to say?

While I don't like the term bubble because values generally account for all information available at the time and can only be ascertained after the burst, in this case it's probably appropriate because of the effective "popping" that occurred and the Fed's undeniable role in creating a bubble.

I didn't watch it because it was likely to be a rehash of the unseen effects of Fed policy IMO. If you'd like to provide some cliff notes I will certainly reevaluate my position.

[fj1200]

Bob. The lending, and home loan business is so bad. Our mortgage company keeps sending us OFFERS to re-write our Mortgage. We are at TWO PERCENT, and they think I am dumb enough to refinance at 2.5???

Well that would depend if you've got an ARM that's about to float now wouldn't it?

[Robert A Whit]

Thanks for saving me the time of watching. I was wondering why Robert couldn't do something similar.

One would have thought that of the two, at least Kathianne would have had the curiousity of intellect to really watch the video.

I over estimated that gals smarts. The dude though, I figured he would not understand it.

The video is found on CSPAN and the speaker is a economist and had worked for FNMA.

I believe that on this forum, there is at least 2 maybe up to 4 who will want to watch the video so they understand what happened and learn some warning signs.

The dude who is not curious spoke of oversupply of capital promoted at the Fed Reserve. That happens to be true.

When Bush was president, I had noticed the sudden speed up of capital formation by the Feds and I think it was around 2007 or before that I sounded the alarm on a AOL forum that is closed forever.

[Kathianne]

One would have thought that of the two, at least Kathianne would have had the curiousity of intellect to really watch the video.

I over estimated that gals smarts. The dude though, I figured he would not understand it.

The video is found on CSPAN and the speaker is a economist and had worked for FNMA.

I believe that on this forum, there is at least 2 maybe up to 4 who will want to watch the video so they understand what happened and learn some warning signs.

The dude who is not curious spoke of oversupply of capital promoted at the Fed Reserve. That happens to be true.

When Bush was president, I had noticed the sudden speed up of capital formation by the Feds and I think it was around 2007 or before that I sounded the alarm on a AOL forum that is closed forever.

Seriously Robert, before most of us will give up an hour, we want to know why it's worth it. Telling me someone creds, just isn't enough.

[Robert A Whit]

Bob. The lending, and home loan business is so bad. Our mortgage company keeps sending us OFFERS to re-write our Mortgage. We are at TWO PERCENT, and they think I am dumb enough to refinance at 2.5???

Haven't missed a payment in five years. I knew what was happening with FANNY and FREDDY during the Bush years, when he tried to stop, or change Barney Frank, and Chris Dodd's insistence about how WONDERFUL those Faulty Loans to Unqualified people were.

The loan business is nothing like it was during 2007 and I fear that for the young buyers, they will be forced to save 20 percent down plus closing costs. I am sure some sellers will pay as much of the closing costs as FNMA allows. If a person owns a home with tons of equity and has top credit, they can take advantage of the low rates.

I thought I ought to include the CSPAN video showing as you said what Frank and Dodd did.

I figured that till now, nobody but me had seen that CSPAN video I posted the link to by the former FNMA top economist. As an insider, he knows what happened. There is another expert cited and on the fixes he too runs counter to democrat propaganda. If anybody takes the word of democrats as to causes, woe to them. They are easily fooled.

[aboutime]

Seriously Robert, before most of us will give up an hour, we want to know why it's worth it. Telling me someone creds, just isn't enough.

Bob. Listen to Kathianne. She, like I like to think. Already knew, or knows of the mismanagement that took place, long before that UNPOPULAR Housing Bubble burst.

I like to think that most of us here on this forum, are far more informed about what political dealings have, and are taking place. More so than the Larger percentage of Uninformed Americans...like those who simply voted for Obama. Without understanding, or even bothering to learn the ACTUAL FACTS.

Even those people here whom I disagree with most of the time are far more informed than the tiniest percentage of voters who put Obama in for the SECOND WORSE FOUR YEARS.

[Robert A Whit]

Seriously Robert, before most of us will give up an hour, we want to know why it's worth it. Telling me someone creds, just isn't enough.

I realize one must be intellectually curious or they will fall back on lazy.

Give the video 5 minutes to 10 minutes and by that time you will realize it is the truth.