Somebody needs to tell Karl Rove Fannie, Freddie less than 20% of subprime loan problem.

[flpoljunkie]

Here Rove is this morning on the Today Show blaming Fannie and Freddie and Obama for not reining them in. Yet, Matt Lauer let Rove get away with this lie--a lie repeated frequently by Republican party hacks.

http://thepage.time.com/karl-rove-on-nbcs-today/

[flpoljunkie]

1. 'More than 84% of the subprime mortgages in 2006 were issued by private lending institutions.'

That’s where a new piece (Private sector loans, not Fannie or Freddie, triggered crisis) out of McClatchy comes in.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.

http://www.scholarsandrogues.com/2008/10/11/fannie-freddie-lies/

http://www.mcclatchydc.com/251/story/53802.html

[BOSSHOG]

5. Ya Mean SEAN HANNITY HAS BEEN WRONG ABOUT THIS TOO?

Good ole sean has been feeding the fake patriots who go to him for "facts" that the GOVERNMENT HAS FORCED LENDERS TO GIVE MONEY TO PEOPLE WHO CAN'T AFFORD THE LOANS" and thats the one and only reason we are in a "crisis." You can almost feel the palpitations in the loins of racists coast to coast. If only faux news had done an expose on all the mansions half built in the ghettos from coast to coast (ceptin there ain't none.)

sean and his ilk better keep working on keeping the audience ignorant causin if they don't then poof, fairness doctrine or not, the gigs will be up. Ignorance one of the most cherished conservative values.

[ellacott]

13. Thank you for the links

:)

[JSK]

2. Yeah, I just turned off the Today Show

after hearing that Rove was coming up. Sickens me that that criminal is still getting face time on TV. Doubly sickening after reading that report about a "compromise" being worked on re his congressional subpoena. I just sent an email to the White House about it. Big f-ing deal; like they give a crap.

These people need to hear from us. But I for one find it very difficult to muster the energy to make one more call, send one more email. Have they beaten us into submission? I laughed at myself and thought, who cares if I send a piddly email to the White House. What does it matter? But then I thought that if a million of us sent emails, they'd have a million emails. Duh. So I did it.

www.whitehouse.gov

[flpoljunkie]

3. Good for you!

[antigop]

4. Here is why the wingnuts are blaming Fannie and Freddie

Oh, and it's from 1999 -- so it's Clinton's fault.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=425152&mesg_id=425898

[flpoljunkie]

7. Reducing down payments, good. Unscrupulous mortgage brokers ripping folks off, bad!

[Clio the Leo]

6. That was without question the funniest thing I've seen all morning.

Darn that Obama for getting us in to this mess! lol

[Pisces]

The other lie is that subprime is bringing the market down. Subprime is like earmaks

on the pie chart of mortgages. It is the A and A- buisness that went stated that can bring down the financial institutes. These are people with great credit that bought homes too expensive for them based on the lie of inflated income. Blaming subprime is an easy target but again it is a sliver of the pie.

[Pisces]

8. The other lie is that subprime is bringing the market down. Subprime is like earmaks

on the pie chart of mortgages. It is the A and A- buisness that went stated that can bring down the financial institutes. These are people with great credit that bought homes too expensive for them based on the lie of inflated income. Blaming subprime is an easy target but again it is a sliver of the pie.

[Occam Bandage]

9. No. They are far less than that.

Fannie and Freddie did not themselves cut anyone a single subprime loan. They bought and held a minority of them (20% or so), but every single one of them had been rated AAA by corrupt credit rating services. If Fannie and Freddie had not bought any subprime loans whatsoever, someone else would have (they were rated AAA for chrissakes) and we would still be in this exact same mess.

[flpoljunkie]

11. True. Creeps like Countrywide's Angelo Mozilo forced them to package more subprime loans.

[sandnsea]

15. Is there a list

of the AAA bonds, securities, whatever - which were the worst, that sort of thing.

[flpoljunkie]

17. New Century Financial Corp., Ameriquest underwrote most of the subprime loans.

The investment banks don't, nor did the now-bankrupt non-bank lenders such as New Century Financial Corp. and Ameriquest that underwrote most of the subprime loans.

These private non-bank lenders enjoyed a regulatory gap, allowing them to be regulated by 50 different state banking supervisors instead of the federal government. And mortgage brokers, who also weren't subject to federal regulation or the CRA, originated most of the subprime loans.

http://www.mcclatchydc.com/251/story/53802.html

(Other than this, am not sure about bondholders. Bond rating agencies, of course, contributed mightily to this disaster, Moody's. etc.)

[OHdem10]

10. The point here is Rove and GOP are making hay.against Democrats

How Many Democrats are on TV(where most Americans learn news)
fighting back and supporting the legislation?

Here at DU we know the truth. Who is putting out the Positive
on TV.

The GOP have a strategy. My Fellow Democrats, American Public
can be changed on a dime.

[Jennicut]

14. The MSM does not really show fair representation

Not necessarily the Dems fault.

[NoPasaran]

12. The only thing that needs to be said to Karl Rove is "You're under arrest." n/t

[firedupdem]

16. All of these networks are in the tank for the rethugs. Rove

should be in jail, not on a morning show. We don't have rabid liars on the airwaves doing our bidding. It's been this way for years and it looks as if it's not going to stop. I'm really glad the President's poll numbers are still rising. It's going to be a constant battle.

[Doctor_J]

18. Someone needs to stop listening to KKKarl Rove