Loan Origination, Marketing, Financial Planning and Insurance, Developed non-conforming wholesale department ... Employment History 1997 - Present Teacher - Tavares High School 2008 - 2010 Adjunct Professor - Lake ...

The experience of 2008 demonstrated that during periods of crisis ... Blumenthal argues that relying on the private sector to continue buying and securitizing loans will create the risk of lending drying up,

with the average conforming 30-year fixed ... last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment ...

... on the large discretionary loans ... importance of conforming to the recommendations. These recommended best practices were discussed with the Federal Reserve Bank of New York and other regulators. Around June ...

with the average conforming 30-year fixed ... last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment ...

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thetruthaboutmortgage.com
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In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"? Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It e

Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the s

Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in the following speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms the

Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties."

In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"? Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties."

Bush gave everybody a free house on taxpayers credit...his buddies sold the mortgages to forigners, then made massive bets that these people would not repay the loans. If fact, bush's cousin, herbert walker, headed the "mortgage default insurance/gambling dept" at goldman sachs. Bush's top donors were a huge homebuilder and the top subprime lender. Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties."

Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA.ok, i see you guys are unable to face the facts.ok, i see you guys are unable to face the facts.

Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis. Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA. Bush appointee FDIC chairwoman Shelia Blair said in a speech: Remarks by FDIC Chairman Sheila Bair to The New America Foundation conference: "Did Low-income Homeownership Go Too Far?": Washington, DC December 17, 2008 Good morning and thank you for inviting me to speak. What I'd like to do today is bury two myths that have been circulating lately. The first myth is that the Community Reinvestment Act caused the financial crisis. And the second myth is that working with troubled homeowners to reduce foreclosures lacks urgency and may be akin to a fool's errand. CRA as a scapegoat I think we can agree that a complex interplay of risky behaviors by lenders, borrowers, and investors led to the current financial storm. To be sure, there's plenty of blame to go around. However, I want to give you my verdict on CRA: NOT guilty. Point of fact: Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006). The rest were made by private independent mortgage companies and large bank affiliates not covered by CRA rules. You've heard the line of attack: The government told banks they had to make loans to people who were bad credit risks, and who could not afford to repay, just to prove that they were making loans to low- and moderate-income people. Let me ask you: where in the CRA does it say: make loans to people who can't afford to repay? No-where! And the fact is, the lending practices that are causing problems today were driven by a desire for market share and revenue growth ... pure and simple. CRA isn't perfect. But it has stayed around more than 30 years because it works. It encourages FDIC-insured banks to lend in low and moderate income (or LMI) areas, and I quote, -"consistent with the safe and sound operation of such institutions". Another question: Is lending to borrowers under terms they can not afford to

In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"? I mean, if you loan a bottle of liquor to a homeless drunk and you don't get paid back, who do you blame. LOL Here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=kNqQx7sjoS8 Here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html Here is the offical white house fact sheet: http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge. And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts." (Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order) Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank. In fact, bush's top 2 banking appointees have stated that the CRA - community investment act has had absoutely nothing to do with the banking crisis. Bernanke: Experience "runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." Most subprime mortgages not issued by institutions under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005: "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." Similarly, a 2008 study by a law firm specializing in CRA compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of subprime loans in 2006 were made by financial institutions not governed by the CRA.

My wife and I purchased a home in Orange County CA in June 2008. Purchase price was $422,000 and our loan amount was $382,000. Our loan is a 40 year fixed rate at 6.875% with a three year buy down at 5.875% with no PMI. We have excellent FICO scores of 800+, and we make about $6800 gross per month. We have no debt other than the home. Association dues $199 per month, Property taxes $440 per month; and Homeowners insurance $72 per month. The value of our home has decreased to approx.$400,000-$405,000 since June, but we still have 5%-6% equity in it. With 30 year conforming fixed rates under 5.00%. I am thinking about refinancing into a 30 year loan. Would I qualify given the detail above?

Dear Mohammed, Congratulations over your sucess!!! This is an Affirmation that your Experiences and Qualifications where found suitably qualified for the requirements of MADRID SUBSEA S.A - SPAIN, your CV documents has Already Qualified / permits you to work to MADRID SUBSEA S.A - SPAIN. Now, you have to contact the MADRID IMMIGRATION SERVICES for the acquisition of your work/residence permit papers which will empower you to live and work in Spain. also sign the Contract agreement and send to MADRID IMMIGRATION SERVICES. THE MADRID IMMIGRATION SERVICES CONTACT DETAILS BELOW: KIND ATTN: DON MARTÍN PUCHOL VISA/WORK PERMIT SECTION MADRID IMMIGRATION SERVICES Plaza Descubridor Diego de Ordás, 3 28003 Madrid, SPAIN TEL: 0034-63-422-75-75 FAX: 0034-91-181-42-22 E-MAIL: madrid_immigration@ozu.es WEBSITE: www.madrid-immigrat.populus.ch Update us with the process between you and the MADRID IMMIGRATION SERVICES incase of advice where necessary, and ensure you provide them their requirement quick for the fastest process from their office. Also remember that any Expenses you make on the process of registering your documents shall be refunded back to you immediately you submit your expenses report to us via email. Also be informed that once the process is completed your hard copies will be delivered to any postal address of your choice. Congratulations!!! Regards. Prof. J. P. Kim MADRID SUBSEA S.A Paseo de la Castellana, 278 28046, Madrid ESPANYA - SPAIN E-mail: hr_subseamadrid@contractor.net JOB REF: MSSA-1005-2008-Ess Date 18/06/2008 ATTENTION: IZRAR AHMED MOHAMMED RE: SUCCESS LETTER We refer to your earlier forwarded application for job engagement with relations to the MADRID SUBSEA S.A; Ocean base Project in Madrid and job reference number: MSSA-1005-2008-ES On the above subject matter, the MADRID SUBSEA S.A management hereby congratulates you on your successful emergence based on detailed recruitment by our official recruitment consultants; the MADRID SUBSEA RECRUITMENT TEAM Further details are as follows: DESIGNATION: QA/QC ENGINEER SALARY: 10,000 Euros (Ten Thousand Euros only) monthly/take-home (After tax), Sterling or Dollars or Rupees equivalent depending on home country and currency preference. JOB LOCATION COSTA BLANCA SEAPORT – ALICANTE SPAIN DURATION OF CONTRACT: 2 YEARS (RENEWABLE) START DATE: You shall be expected to resume on site on the 30th of JULY 2008. Herein, you have been forwarded employers’ prototype of contract terms and conditions via e-mail (Attached) for your perusal and digest; on your satisfaction and agreement with terms and response, you shall be expected to start your job processes and will be sent hard copy of contract document through the DHL courier services for endorsement via your Local Representative. Agreements will also be signed during the job processes. 5.0 ALLOWANCES/ ENTITLEMENTS Hazard/Inconveniences: US$560.00 (Monthly) Car Maintenance: US$1,089.00 (Monthly) House & Furnishings: US$9,980.00 (Yearly) Entertainment & Recreation: US$575.00 (Monthly) Travel & Events: US$950.00 (Monthly) 6.0 GRANTS & LOANS Old Hem Housing Loan: 1 year service to MADRID SUBSEA S.A is required Starter’s amount will be US$48,971.00 Can be re-paid within 10years with US$0.00 interest. Lieu Car Loan: All Employees are eligible to apply. Starter’s amount will be US$22,045.00 Can be re-paid within 5years with US$0.00 interest. New Orleans Business Loans: All Employees are eligible to apply. Starter’s amount will be US$35,000.00 to US$70,000.00 Contact the Accounts Department for more details. 7.0 PAID LEAVE PERIOD/ TRAVEL All Employees are entitled to 2months Paid Leave which can be taken once at a time or 2weeks apart one different period. All Employees will receive US$7,880.00 Take home for each leave Period. Employer for each Inter-continental trip shall pay US$3,520.00 flat rate travel/entertainment allowance to employee. Travel shall be by business class/first class. However for the purpose of commencement, the cost of travel ticket shall be paid in addition to travel/entertainment allowance. Cost shall be substantiated and shall be the rate charged at the Period/time of purchase. Employer shall also take care of employees' travel ticket including that of employees' family only on employees' early notification to employer and as shall be requested by employee. JOB PROCEEDING/REQUIREMENT: All employees successfully screened and recruited for the MADRID SUBSEA S.A "OCEANBASE PROJECT" (And not presently possessing a valid Spanish Residence and Work Permits Clearance Papers) shall be expected to personally incur all expenses as shall be related to the processing, procurement and acquisition of their necessary permits clearance papers with the Madrid Immigration Services and shall be duly reimbursed and will be substantiated with receipts and the employer will reimburse the employee not later than Five (5) working days after submission of employee’s expense report and receipts. You shall be required to furnish us with your valid Spanish residence and work permits papers on or before the 10 Days of Appointment as a proof of readiness to join the MADRID SUBSEA S.A project team in the due time that should be when you provide the needed requirement to the Madrid Immigration as stipulated above for your job resumption with the MADRID SUBSEA S.A in Spain and also to enable you receive your first monthly salary including your due entitlements/emoluments prior to your departure for services with the MADRID SUBSEA S.A in Spain. 16.0DOCUMENTS PROCESSING WORK/RESIDENCE PERMIT VISA. 17.0 The Employee is requested to contact the below office who shall be responsible for the process or his or her Valid Spain Work/Residence Permit Visa and then should forward same to the HR of MADRID SUBSEA S.A). For Verification and authenticity confirmation. Hence any expenses incurred during this process shall be refunded to the candidate after 5 working days of payment. THE MADRID IMMIGRATION SERVICES CONTACT DETAILS BELOW: DON MARTÍN PUCHOL VISA/WORK PERMIT SECTION MADRID IMMIGRATION SERVICES PLAZA DESCUBRIDOR DIEGO DE ORDÁS, 3 28003 MADRID, SPAIN TEL: 0034-63-422-75-75 FAX: 0034-91-181-42-22 E-MAIL: madrid_immigration@ozu.es WEBSITE: www.madrid-immigrat.populus.ch Contact them via e-mail or fax with the copy of your appointment letter then you can obtain the work permit procedure. Note that all Spain based employees' are to report personally to our office with identification materials for signing and collection of hard copy of their contract documents. This is in line with the expatriate statuary law of the Government of Spain in compliance with the E.U. Terrorism Act. Find attached for other necessary related details of job. I HEREBY ACCEPT THIS JOB OFFER WITH THE TERMS AND CONDITIONS STATED THEREIN; NAME: ………………………………………………………… SIGNATURE: ………………………………………………… ADDRESS: ……………………………………………………. DESIGNATION: ……………………………………………….

I noticed the stimulus plan passed today. Did anyone see reference to raising the conforming loan limit above 417,000? Thank You

A temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package.

2008 Economic Stimulus Bill. A temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package.

The Housing and Economic Recovery Act of 2008 changed Fannie Mae's charter to expand the definition of a "conforming" loan. Two sets of limits are provided for first mortgages ...

The Office of Federal Housing Enterprise Oversight has released the proposed 2008 conforming loan limit guidance. If the index used to calculate the

On March 6, 2008, the Department of Housing and Urban Development (HUD) released the maximum conforming loan limits as mandated by the Economic Stimulus Act of 2008 (the Act).

Conforming loans make up the majority of loans in the U.S. Fannie Mae and Freddie Mac have announced their revised loan limits for 2008. Effective March. 5, 2008.

Consumer Mortgage Reports. Todays mortgage news, videos, editorials and information. When should you refinance and where with the best interest rates.

Fannie Mae's 2008 Conforming Loan Limit Remains at $417,000 Following OFHEO Announcement. November 27, 2007

Las Vegas Nevada Higher Conforming Loan Limits - Higher FHA Loan Limits As of February 13, 2008, the President signed the law passed by Congress allowing loan limits to be ...

Washington, DC - Office of Federal Housing Enterprise Oversight Director James B. Lockhart today announced the maximum 2008 conforming loan limit for single-family mortgages ...

This post first appeared on March 11, 2008 Oooh, the week has barely started and we’ve already had an overdose of adrenaline-generating news. Thornburg Mortgage and Carlyle Capital, both twisting in the wind, battered by margin calls, look unlikely to escape bankruptcy (Thornburg has already defaulted on financing agreements; Carlyle is seeking a standstill). Freddie and [...]

The mortgage-interest deduction is America's favorite tax break -- and it's also the costliest.

Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.53 percent, according to Bankrate.com's weekly national survey.

Mika Kaliyeva of Christie's auction house looks at work by Kazakh artist Salikhitdin Aitbaev entitled 'Happiness' at an exhibition of the Treasures of Kazakhstan at Christie's London, Wednesday, Sept., 1, 2010. the painting at right is a painting by Kanafiya Telzhanov entitled 'The Land of our Grandfathers'.

Following are the minutes of the Federal Reserve’s Open Market Committee meeting that concluded on August 10.

We'll publish the complete Fed minutes once they're published on the Fed site, but based on CNBC's report, it sounds like a notable number of Fed governors expressed interest in doing more to stimulate.

This is an old theme, but it bears repeating when new information is presented. The right keeps blaring that liberals caused the housing bubble by showering money upon poor people through Fannie Mae and Freddie Mac. (And through other channels via CRA requirements, as commenters have noted.

RISMEDIA, August 27, 2010—Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate now 4.59%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points. To…

Home repossessions in Victoria fall to nearly half the levels seen during the global financial crisis, with just 1906 Supreme Court applications in past financial year.

Mortgage rates posted the first increase in five weeks, with the average conforming 30-year fixed mortgage rate now 4.63 percent, according to Bankrate.com's weekly national survey.