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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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<blockquote data-quote="Richard L" data-source="post: 963139" data-attributes="member: 52972"><p>Hugh,</p><p></p><p>Not true! They are not part of the President's administration and there are compelling reasons for that.</p><p></p><p></p><p></p><p>He does not appoint anyone to head up any these agencies, with the exception of Fed Reserve Chairman, and even then his can only pick from a list of candidates presented to him by the Federal Reserve Board of Governors. The President has never had any direct power over the Federal Reserve, or any of the other banking regulatory agencies. </p><p></p><p></p><p></p><p>The agency that handled the Sub Prime mortgage fiasco was Fannie mae which no longer exists, all the executives were fired or resigned, and I dont know if there is any agency that has replaced it.</p><p></p><p></p><p></p><p>All of the issue with Sub Prime mortgages was all related to home mortgages handled by Fannie Mae and Freddie Mac. Clinton Administration pushed for more lenient home mortgage loans through Fannie Mae to boost the economy and that info was passed down to the bankers. </p><p></p><p></p><p></p><p>If Obama administration wanted to renew sub prime loans, going to the banks was not the place to go, or try to exert pressure. He would need to start with whatever Federal agency is overseeing Home Mortgagesbut it is not the banking regulatory agencies.</p><p></p><p></p><p></p><p>Even the subject of Sub Prime mortgages is a toxic subject and the Obama administration would be committing suicide if they even mentioned new sub prime mortgages. A single sub prime mortgage granted under the Obama administration would be the end any chance he has for reelection!</p><p></p><p></p><p></p><p>I think if any part of the article is true, it is based on the Obama Administrations concern that the banks are Redlining certain areas that were predominately black , which appears to be a possible form of racism by the banks.</p><p></p><p></p><p></p><p>I actually think that whole article was more conservative propaganda like the "Obama rejects IBM's free MEDICARE fix since it did not appear in any other media.</p><p></p><p></p><p></p><p>Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 963139, member: 52972"] Hugh, Not true! They are not part of the President's administration and there are compelling reasons for that. He does not appoint anyone to head up any these agencies, with the exception of Fed Reserve Chairman, and even then his can only pick from a list of candidates presented to him by the Federal Reserve Board of Governors. The President has never had any direct power over the Federal Reserve, or any of the other banking regulatory agencies. The agency that handled the Sub Prime mortgage fiasco was Fannie mae which no longer exists, all the executives were fired or resigned, and I dont know if there is any agency that has replaced it. All of the issue with Sub Prime mortgages was all related to home mortgages handled by Fannie Mae and Freddie Mac. Clinton Administration pushed for more lenient home mortgage loans through Fannie Mae to boost the economy and that info was passed down to the bankers. If Obama administration wanted to renew sub prime loans, going to the banks was not the place to go, or try to exert pressure. He would need to start with whatever Federal agency is overseeing Home Mortgagesbut it is not the banking regulatory agencies. Even the subject of Sub Prime mortgages is a toxic subject and the Obama administration would be committing suicide if they even mentioned new sub prime mortgages. A single sub prime mortgage granted under the Obama administration would be the end any chance he has for reelection! I think if any part of the article is true, it is based on the Obama Administrations concern that the banks are Redlining certain areas that were predominately black , which appears to be a possible form of racism by the banks. I actually think that whole article was more conservative propaganda like the "Obama rejects IBM's free MEDICARE fix since it did not appear in any other media. Rich [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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