Obama Loves Sub-Prime Lending



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Gold!

LizVBronx (Diary) Saturday, October 4th at 6:37PM EST (link)

This is Gold Erick. I love it. When will J Mac disseminate this to the people. BO helped this mess along with his ACORN work, and thought it was a good idea!!???
Good work.

 

Poll position for Republicans

Whacker77 Saturday, October 4th at 7:08PM EST (link)

Erick, I just read an article at Politico by Vandehai and Allen. In it, they say Republican operatives are openly discussing the loss of nine Senate seats and 20 House seats. They say some Republicans are already looking towards 2010.

http://www.politico.com/news/stories/1008/14280.html

Since the article comes from Politico, I realize it should be taken with a grain of salt. Still, what is the shape of the Republican party in the House and Senate races? Do your sources feel this kind of rout is possible? They are even talking about my Senator, Mitch McConnell, losing now.

I’m worried about a reverse 1980 or even a 1932 style loss. Am I too pessimistic? Right now, I feel like 2006 is playing in front of our eyes again. Not trying to flame, just looking for some answers. Thanks.

 

538.com has 50% chance of 57 Dem senate seats

Priestval (Diary) Saturday, October 4th at 7:17PM EST (link)

and a 15% chance of a filibuster proof senate. If its a big blue tide, then a 9 senate seat loss is definitely possible. 5 is strongly likely at this point

Bush did the same thing

jaytheist Saturday, October 4th at 7:24PM EST (link)

Read this – it’s written by a true conservative.

http://www.vdare.com/Sailer/080928_rove.htm)](null)

 
 

Oh...

roxer Saturday, October 4th at 7:27PM EST (link)

my, my, my – what do we have here? We have a month folks. Hope this gets out by then…

“Where I stand does not depend on where I’m standing.”
–Fred D. Thompson, 2008

Hee. Didn't even have to disable the Vdare link on my own.

Moe Lane (Diary) Saturday, October 4th at 7:32PM EST (link)

How… satisfyingly apropos.

Blam.

 
 

Explosive

john_barry Saturday, October 4th at 7:32PM EST (link)
This is a powerful video. It exposes the real Obama but shows clearly that John McCain and the GOP behaved honourably and attempted to introduce controls on Freddie Mac and Fannie Mae. Must be disseminated widely.
John McCain must make it crystal clear in the next debate that he attempted to introduce regulation. He must outline efforts made. Nothing less will do.

john barry

So, no real change then?

Moe Lane (Diary) Saturday, October 4th at 7:33PM EST (link)

Well, that’s a relief, in its way.

59 is kinda filibuster proof, given Lieberman

Priestval (Diary) Saturday, October 4th at 7:40PM EST (link)

60 is all the way.. 60 used to be a 5% chance. Now 15%. Its a significant bump since September.

 
 
 

thanks for another great vid

hacksaw Saturday, October 4th at 7:46PM EST (link)

There are a lot of videos and clips out there right now with great info, but I fear only conservatives are viewing them and ignorant independents only believe what they see and hear from the MSM.

Well, we’ll keep fighting the good fight :)

I pray the Mccain camp pushes this type of stuff hardcore in the remaining weeks.

 

I wonder how true the negative McCain news really is???

Lysander the Spartan (Diary) Saturday, October 4th at 7:47PM EST (link)

I am curious how true and accurate these poll numbers I ve been hearing really are. In 2004 election day, the polls said the same thing about Kerry who was leading Bush everywhere and look what happened. Also look at Hillary Clinton in New Hamshire in January. She was supposed to lose that one handidly. I know if the conservatives come out in full force we can win this. I am curious if anyone from a toss-up state can tell me what its like there in terms of campaign organization, voter registration, advertising… I hear that the McCain camapign is putting a weak effort in Florida and Ohio. Is that true???

Lysander

 

Excellent

janicedwhs Saturday, October 4th at 7:51PM EST (link)

This is perfect and proves he is a crook.

Obama is running about 10 points ahead of where Kerry was on Sept30

Priestval (Diary) Saturday, October 4th at 8:04PM EST (link)

Polls will tighten naturally in the last month, but Obama is performing much better than either Gore or Kerry at this point. Bush at no point had any kind of poll deficit in 2004.

For what its worth, you guys need to actually start volunteering and actually doing work to win this. 12% of (unopposed) door knocks on undecided doors cause a voter to swing enough to vote for that candidate.

The ground game differences are absolutely striking. McCain is in big trouble in terms of Colorado ground game, I can tell from personal experience.

Priestval, a word of advice

Reaper0Bot0 (formerly Han_Pritcher) (Diary) Saturday, October 4th at 8:21PM EST (link)

I am also a Democrat who posts here. I would suggest you try to avoid even the appearance of talking up our side’s chances. It doesn’t go over very well, and frankly it’s in bad taste.

I enjoy participating here, but given the large number of trolls (from our side of the aisle) who try to wreak havoc, the moderation (and rank and file) of this website doesn’t really tolerate much of it.

Noting that Obama is outperforming Kerry at this point is accurate. Giving advice on canvassing and so forth, well, I dunno. It may not be appreciated.

Just a pro-tip. Engage, but do not do anything within a million miles of a taunt or gloating, or even the appearance of it. This is their house, not ours.

 
 
 

Two Thumbs Way Up

conservativecash (Diary) Saturday, October 4th at 8:26PM EST (link)

McCain should run that video right before the debate. Shows what Obama’s “change” in all about

I try and stick to the facts, Jack, but thank

Priestval (Diary) Saturday, October 4th at 8:28PM EST (link)

you for the heads-up.

I don’t think any of the RedStaters mind factual discussion, and we’re all politicos if we’re reading the forums, right?

You'd never know from that that he compared us to cannibals.

Moe Lane (Diary) Saturday, October 4th at 8:43PM EST (link)
 
 

such a shock... lol

JLenardDetroit (Diary) Saturday, October 4th at 8:44PM EST (link)

Obama BinBiden supports sub-prime and/or any other Fannie/Freddie activity…

A Socialist supporting this warped sense of Social Justice redistribution (by having others have to pay more to cover losses) type program…

Regards from NoMoTown (the MOTORlessCITY)
“Liberals, looking to do for? America what they’ve done for? Detroit! which is DESTROY IT!”
“I think, therefore I am Conservative”
“Conservative by choice, Republican by necessity”
“You can lead a Liberal to the Truth/Facts, but you cannot make them THINK!”
“Romney [No, not my first choice] does NOT have a MORMON problem. He has a, far too many Americans; these days; are MORONS problem!”


(RS:Help) (JLD) (Hollyweird) (Brain-deads) (SPIN-cycle) (Obamaocare) (Party of kNOw) (Conservatism) (TEApeats) (respectful) (message) (Warning: Children Will Die!!)
Heil “O” Hell No Obamao is NOT MY PRESIDENT! “No U won’t”
I want “O” to FAIL (here, here, & whole Diary (Ofail) here, is why)
The first Liberal was Satan” – a Rush caller (other Quotes)

Where

Swamp_Yankee (Diary) Saturday, October 4th at 8:48PM EST (link)

It’s three and a half minutes long. I rarely seen an effective ad on this issue that can wrap up all the scattered hisotry into a succint 30 second spot that will resonate. McCain’s Rein ad is the best so fare and that did nothing for him. The people are going to blame Dems, but they are also going to blame Reps. Very difficult to package this complex issue to the average apolitical voter.

 
 

irresponsible

thisisntamerica Saturday, October 4th at 8:57PM EST (link)

Here is the “Subprime lending started out as a good idea” line in context:

“Subprime lending started off as a good idea – helping Americans buy homes who couldn’t previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world.”

“In theory, this should have allowed mortgage lending to be less risky and more diversified. But as certain lenders and brokers began to see how much money could be made, they began to lower their standards. Some appraisers began inflating their estimates to get the deals done. Some borrowers started claiming income they didn’t have just to qualify for the loans, and some were engaging in irresponsible speculation. But many borrowers were tricked into glossing over the fine print. And ratings agencies began rating bundles of different kinds of these loans as low-risk even though they were very high-risk.”

“Obama Loves Subprime Lending?” How one can come to this conclusion on the basis of the above quote is beyond comprehension. He clearly states that the intentions of sub-prime lending, the stated goal of housing those in most need of affordable housing, was a good idea, but that it was corrupted.

I’m not saying Barack fought against subprime lending and I’m not denying that McCain rallied for regulating Fannie and Freddie, but I am saying that posting a headline of “Obama Loves Sub-Prime Lending” and claiming that a quote, taken out of context, is some kind of bombshell is completely irrational and irresponsible.

It is difficult, which is why I think the Clinton ad is best

Mike gamecock DeVine (Diary) Saturday, October 4th at 9:03PM EST (link)

http://www.redstate.com/diaries/redstate/2008/sep/30/good-new-mccain-ad/

Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson

No, accurate.

Moe Lane (Diary) Saturday, October 4th at 9:37PM EST (link)

Obama clearly thinks that lending money to people who are less likely to be able to pay it back is a good thing. He likes the very idea of it – and I guess you do, too, given that you’re busy trying to apologize for it.

This would be amusing, except that I have to help pay for your enthusiasms, and I don’t even know you.

Moe Lane

PS: Anybody want to give me an over/under on how long this guy lives up to the promise inherent in his username?

Hour?

Pomme (Diary) Saturday, October 4th at 9:54PM EST (link)

People don’t seem to get it that “in theory” does not equal “reality.”

But, you know, “Fru-Fru Fantasy Island” seems to be a nice place to live.

“Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views” William F Buckley Jr.

 
 
 
 

Problem is...

PSDA (Diary) Saturday, October 4th at 10:13PM EST (link)

The problem is that it’s well nigh impossible to reason people out of something they were never reasoned into in the first place.

The hit in the polls that McCain has taken over the economic mess is simply NOT a rational and reasoned response that takes into account the facts. It’s an emotional response on the part of a segment of the population–a response derived from an unthinking and largely subliminal association with Republicans and economic greed. You can’t change that with arguments, at least not in four weeks when you’d have to do it all by yourself with the media pulling in the opposite direction.

I hear a lot of Republicans calling for McCain to go all out to pin the credit crisis on Democrats during the next month.

I strongly disagree.

Their time and money would be MUCH better served trying to change the subject altogether to issues which Obama is more vulnerable on. There are tons of issues that Obama is more vulnerable on, and those are the places to focus at this last stage of the campaign.

Tell ya what doofus, lemme give you a lesson on lending.

mbecker908 (Diary) Saturday, October 4th at 10:26PM EST (link)
  1. Since you’re new (and not likely to get much older, but what the heck it’s a slow night for the old folks), I’ll just mention that I’m a mortgage banker.
  2. Loans to “minorities” and “those most in need of affordable housing” have been available – and available at CONFORMING RATES – for fifty years. They are, and were, called “FHA Loans”.
  3. FHA Loans were never geared to a credit score, in fact, until recently, credit scores were ignored. They were underwritten by a process call “common sense”.
  4. In order to qualify for an FHA Loan with 3% down, you needed to document your income and and your down payment. You needed to have a work history of at least two years in the same line of work.
  5. If you had judgments or collections they had to be paid prior to close of escrow.
  6. If you didn’t have the 3% down payment, you could work with an organization like Neighborhood Gold, get the seller to “contribute” the 3% down payment, plus a $250 processing fee, to NG, who would in turn cut a check to the title company for your down payment. All very legal. Done with the blessing of FHA.
  7. Bottom line, you could move into a home with zero out of pocket cost since the program allowed up to a 6% seller contribution – 3% down payment plus up to 3% for closing costs.

The only difference between a “subprime loan” and an FHA loan was:
1. Subprimes were credit score driven. The lower your score the higher the rate.
2. Subprimes ignored collections. Judgments typically had to be paid because they would affect title.
3. Subprimes did not necessarily require documentation or verification of income.
4. If you could qualify for an FHA loan in 2005, I could give you a 30 year fixed rate loan at less than 5% and make money on it (a lot, as a matter of fact). A subprime in the same timeframe was a two year fixed, then became adjustable. The start rate for the sub would have been in the high sevens to low nines and the first adjustment in 24 months would take you to something on the order of 11% to 15%.

So, bottom line, loans for anyone who could document their income and had no outstanding collections on their credit history could qualify for a mortgage with zero down and zero closing costs.

The CRA was absolutely unnecessary if the intent was to make loans available to first time home buyers. It was nothing more than a sop to the permanent indentured constituency of the Democratic Party.

Obama Healthcare just like Sub Prime

dustine Saturday, October 4th at 10:50PM EST (link)

Obama’s healthcare plan is just like the housing bubble. If we make it universal then we flatten the quality of care just like the dems flattened the quality of housing market.

 
 
 

Not a good ad - Obama refers to borrowers who

Mike gamecock DeVine (Diary) Saturday, October 4th at 10:54PM EST (link)

couldn’t afford mortgages BEFORE, yet the ad acts as if he says “can’t afford now.”

Not good

Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson

 

Nothing wrong with sub-prime lending in a free market

Mike gamecock DeVine (Diary) Saturday, October 4th at 10:56PM EST (link)

If a lender is willing to take the risk, go for it. Remember, 94% are not in default.

The problem was government distorting the market and removing the consequences of failure.

Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson

You criticize the wrong part of the ad

Mike gamecock DeVine (Diary) Saturday, October 4th at 11:03PM EST (link)

Obama does express love for sub-prime lending. The problem with the ad is the suggestion that Obama states he favors people getting loans that NOW can’t afford them. He does not.

What Obama’s sin and the dems was that when Bush and McCain sounded the alarm about the large % of loans that were bad and that Fannie should no longer g-tee and buy such loans, he and they refused to act.

Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson

You Are Correct

Swamp_Yankee (Diary) Saturday, October 4th at 11:04PM EST (link)

The same is true for sub-standard risks for insurance for example. You need strong reserves, underwriting and actuarial principles, but even then you can fail. People forget that failure and bankruptcy is also part of the free market. Conservative economics is an a panacea. Free markets have bubbles and failures. Government interfernece made it worse. But there were a lot of problems. You cannot pin this on one man or one party. This was systemic and the people seem to get that. That’s why I think it is such a tough sell to claim this is the fault of the Democrats exclusively.

I do think it is overwhelmingly a creation of the dems

Mike gamecock DeVine (Diary) Saturday, October 4th at 11:23PM EST (link)

and that it was overwhelmingly dems that refused to fix it even when it was a clear danger. I have beem immersed in this industry for the whole decade, and my partner predicted last year that we were going to suffer greatly for 2-4 years no matter what.

The repubs “fault” is in not having the courage to call it out for fear of being called racist.

Mike DeVine’s Examiner.com, Charlotte Observer and The Minority Report columns
“One man with courage makes a majority.” – Andrew Jackson

I disagree PSDA; as you said, the MSM is all pulling in one direction.

Martin Knight (Diary) Sunday, October 5th at 6:52AM EST (link)

The MSM knows that this crisis is bad for Republicans because they have been assisting the Democrats in covering up their role in this and pinning it on the GOP.

The conventional wisdom is that the longer this crisis remains at the top of the headlines, the better for Obama and Congressional Democrats.

How, then do you think, McCain is going to be able to change the subject when Obama’s more passionate supporters control the headlines?

McCain should face this headon. He should pin this hard and exclusively on the Democrats during his debate on Tuesday and unleash strong ads on it for the next week. He, Palin and their surrogates should rain hell on the Democrats for it at rallies, interviews and Press Conferences.

That’s the easiest and fastest way McCain can change the subject. So long as the MSM has reason to believe that the subprime mess being in the headlines is good for Obama, they’ll keep it there.

I know he was blammed, but still calling BS on this

Dave_in_Fla (Diary) Sunday, October 5th at 7:04AM EST (link)

Obama is NOT running 12 points better than Kerry at this point. He is maybe 1 to 2 points better in the polls. After the first debate in 2004, Kerry was up 3 on Bush. Right now Obama is up about 5.

I don’t mind the leftist coming to make points, but they need to at least be truthful.

“If they were merely incompetent, then at least SOME of their actions would have been to the benefit of the country.” – Joe McCarthy

PS: Remember George Allen

Martin Knight (Diary) Sunday, October 5th at 7:44AM EST (link)

No one tried more desperately to change the subject. He even ran a minute long ad, with his wife smiling by his side, begging for a return to “the real issues”.

In response, the WaPo ran a hundred stories on “macaca” all the way up until election day, VA TV stations repeated it over and over again, Press Conferences became “macaca”-fests where Allen would give a speech on healthcare and end up answering more than 75% of the questions on “macaca.”

They didn’t allow him to change the subject.

And of course, Webb won.

If Allen had addressed the issue directly, i.e. made a speech, called the Press over and harangued them on it and then mockingly invited them to get it all out of their system by announcing a three hour Press Conference so they can focus on what they seem to think is the most important issue facing Virginians i.e. “macaca”, he probably would have won, because he would have changed the subject. And BTW, this is not me using hindsight to appear clever, I actually argued for this back in 2006 when it was happening – I even wrote the speech.

R's DON'T be Chicken Now!

SpL Sunday, October 5th at 9:26AM EST (link)

Of all the times since 9/11, this is not the time for anyone on the Conservative, Moderate, Libertarian side to give up!

Now is the time to echo from every corner the choice we are presented with. BOTH Dem’s & Rep’s voted in the $700 billion “bailout” and it’s just the beginning. Shall we enter this new error of economic trial and error with the Dem’s IN POWER of all branches (yes, the judiciary follows if the white house and congress are Dem).

This is the most assinine way to LOSE an election I’ve ever seen. We have an economic Pearl Harbor that we’re trying to head off. Everyone’s mad! And we just gave bunches of money, and more to follow, along with tons of “latitude” to the Treasury and now we’re just going to let that all fall to the Dems to oversee??

Hey, let’s just CROSS our fingers and HOPE something happens for us, right? Maybe something will come along….

Goodness Gracious, if the Republicans can’t take this one in for a win then this is what they deserve: Carter-style economic misery and pain and when we finally get power back, we can just sit around and talk about how it all was done by the Dem’s. What a sorry bunch of “leaders” that would make the Republicans.

The central meme from here to Nov. 4 should be: it was erroneous social engineering that got us here, on the brink, and more of the same will bring us to financial ruin. It’s time to bring back the good old fashioned principals like jobs and saving for a home. Who else but Republicans can lead that? Who ELSE? Watch the Frank Lutz focus group at VP debate when both leaning groups registered OFF the scale. It was when Sarah talked about “not letting this happen to us again — personal responsibility.” I don’t think the Dem’s have too many principals to bring us here and then turn around to claim they can fix this. (think: failed ecomonic policies of the Bush administration…it’s that easy)

As Katrina was “hay” for the Dem’s so this should be “hay” for us! WHERE are all those highly paid strategists? Sleeping in their oatmeal???

This is IT, folks, time to ROLL!!!!! Get OUT there and ask the MSmedia if they ever HEARD of Franklin Raines!

Any news from the toss up states???

Lysander the Spartan (Diary) Monday, October 6th at 5:10PM EST (link)

Can anyone living in the toss up states give me any details as to what is going on on the ground game?? I know Obama has a greater grass roots team but is McCain making any progress on the ground lately??

Lysander

Well SurveyUSA put out a COOKED poll

PaRep (Diary) Monday, October 6th at 5:21PM EST (link)

in Va. that had Obama up 10, ONLY PROBLEM IS THEY OVERSAMPLED D’s BY 12%