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Here is how it works in the real estate market. Banks aggressively promote mortgages to people who cannot afford to pay them--who are bad credit risks. These mortgages are assembled with many similar packages. The packages are fragmented. They are carried on the books as tangible assets, when they are worthless. The institutions assembling them can hedge their bets by betting against them. Thus, when the mortgages fail, as they must, the profits are made despite and because of their failure."
Actually sub prime loans have been around for a long time. It used to make up about 2% of the loans but then the Gramm Leach Bliley Act happened. Loaning to the disenfranchised was a requirement by the government. At first, the homes were priced at more normal prices and the holder of a sub prime mortgage could refinance if they made all their payments on time but later as the prices of homes were raised by the appraisers to get more capital from the sale of the mortgages, it became more difficult but some of them were refinanced multiple times just to resell the mortgages. The government demanded that the banks make a certain number of these loans but some saw how they made more money on these loans than on conventional loans and they even gave them to people who qualified for conventional loans. The loans were sold to Freddie Mac and Fannie Mae. They were then bundled and sold as mortgage securities. "By law, the GSEs must make affordable housing part of their business (see SF #80). The GSEs do not make mortgage loans directly to individual borrowers. Instead they perform their “secondary market” function by buying mortgages from banks, savings institutions and other mortgage lenders. They either keep these loans in their own portfolios or, more typically, package the loans in pools and sell them to investors as mortgage-backed securities. These functions, in turn, provide lenders with the funds needed to issue new mortgages, thus bringing additional capital into the housing loan market." These mortgage backed securities were AAA rated by S&P and were insured by AIG. They were sold globally. What you are saying is there was insider trading on these mortgages that were knowingly toxic. These were sold on the global market so when the price of houses became too high, people stopped buying and the bubble burst, and AIG could not pay up. I think its a bad idea unless the person taking out the loan has the real option to refinance into a conventional loan before the balloon payments start. After the market dropped, the value of the homes weren't high enough to refinance for the amount owed on them. Banks should do the right thing and refinance the home based on realistic home values, in my opinion since they artificially boosted the prices all along but whether that is possible at this point, I don't know.
WRONG WRONG WRONG WRONG WRONG BACKGROUND Info on Clintons "National Homeownership Strategy" HUD Secretary 1998 ""To take a greater risk on these mortgages...yes. To give families mortgages they who they would not have given otherwise?...yes." Mr. Cuomo is then asked if this people in this group could have gotten the loans at all in the first place. In a telling response, he answers: "They would not have qualified, but for this AFFIRMATIVE ACTION on the part of the bank...yes." Mr. Cuomo then confirms for a reporter that the affirmative action is indeed for minorities and that he expects the default rate to be higher than the rest of the portfolio: "It is...by income it is mostly by minorities...yes." TRANSLATION GIVE LOANS TO PEOPLE WHO CAN'T PAY THEM Braselton BE FINED FOR DISCRIMINATION ! VIDEO HERE Mae Eases Credit To Aid Mortgage Lending WASHINGTON, Sept. 29, 1999 — In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. ***** Fannie Mae officials say they hope to make it a nationwide program by next spring. ***
It should stop! It caused the S&L problem at the beginning of the 1980's. Funny thing is Bush tried to regulate Fannie and a freddie which would have prevented our current economic situation but for the first time in history Democrats were against more regulations. have to wonder why the Frank Dodd bill didn't address subprime mortages and Fannie and Freddie which were the main causes of our recession!
You left out the part where acorn and other lib activist groups using federal funds (read our tax money) and with dem congressional support threatened the banks that if they didn't lend to those that weren't qualified they'd be put of business. You also forgot (yeah right) how the dem congress (barney fwank, chris dodd and schummer were the drivers) gave fanny mae and freddy mac carte blanche to loan to unqualified applicants. Go back and look at the facts...
The direct cause of the damage to global economies including the US. People were allowed to qualify for homes they couldn't afford, and we all ended up paying for them. Home ownership is the American Dream but, you have to qualify for it. If you can't afford to buy a home, you shouldn't have the rules changed by politicians to make you seem to be eligible. Fannie and Freddie need to be shut down. We can't afford them either.
You really need a lawyer, because each problem has its differences that can't be answered by a general information site. Good luck.
We no longer have subprime lending. Now we have Subprime United States at 0% treasury yields.
--ADD _ @Shovel Ready.... That is FALSE... no such requirement exists in the CRA. ---------------------------------------... RE: Regulations should never have allowed them to exist. Banks created them for the sole purpose of creating defaults, so they could take back properties from customers and resell them ("flip") for profit a short time later. This was all going according to plan until the bubble burst and those properties began to lose value...hence they could no longer flip them, but the default continued to pile on. Sub prime lending is predatory lending and should not be allowed to be rolled into securities and traded on the stock market. That was a crazy idea by people driven crazy by greed and short sightedness.
Banks were REQUIRED by the terms of the Community Reinvestment Act to lend money to people who would not pay it back. Forgetting the key to the whole debacle makes you look stupid.
If anyone else besides wall street did it , the rico act would have been used