Glad this dude lost this battle

[paindonthurt]

.
That does not mean those people feel like banks were pushed to make bad loans.

Directly copied and pasted

countrywide financial
Before its collapse, it was a primary partner in HUD’s "National Homeownership Strategy." It aggressively utilized low-down-payment programs to meet diversity lending goals.

I can post a ton of these

How about this?
Politicians created incentives to give bad loans? Does that make you feel better?

 

[JackReacherDawg]

Fannie Mae
Freddie Mac

oh you are gonna say those aren’t banks

here you go then moron

Countrywide financial
Before its collapse, it was a primary partner in HUD’s "National Homeownership Strategy." It aggressively utilized low-down-payment programs to meet diversity lending goals.

Nope, try again!

was countrywide financial pushed to give bad loans
Countrywide Financial was not forced to issue bad loans; rather, its own aggressive, profit-driven business model was the primary culprit. While some critics argue government regulations (such as the Community Reinvestment Act) indirectly pressured lenders to relax credit standards to stay competitive, internal documents and federal lawsuits reveal that Countrywide willingly originated and securitized toxic loans to maximize quick profits.Here are the key aspects of Countrywide’s lending practices:Executive Direction: Internal emails from CEO Angelo Mozilo referred to some of their own high-risk, "exotic" loans as "toxic" and "poison". Nevertheless, the company embraced subprime lending to sustain massive growth as the housing bubble expanded.The "Hustle" Program: Federal prosecutors found that Countrywide actively rushed substandard loans through a program internally dubbed "Hustle," pushing these defective mortgages onto government-sponsored enterprises like Fannie Mae and Freddie Mac.Financial Repercussions: Bank of America, which acquired Countrywide in 2008, ultimately paid tens of billions of dollars in fines, penalties, and legal settlements to resolve predatory lending charges and fraud cases.SEC Charges: In 2010, CEO Angelo Mozilo settled fraud and insider trading charges with the SEC, agreeing to a record $67.5 million penalty.

 

[mstateglfr]

Directly copied and pasted

countrywide financial
Before its collapse, it was a primary partner in HUD’s "National Homeownership Strategy." It aggressively utilized low-down-payment programs to meet diversity lending goals.

I can post a ton of these

How about this?
Politicians created incentives to give bad loans? Does that make you feel better?

I know you copy pasted- it's a screenshot.
Again, just because someone says a group of mortgage buyers played a small role in the financial crisis does not mean they think the group pushed lenders to make bad loans.

Those are different things. You can post more screenshots, but it doesn't change reality. Reality is that those are different things.



As for Countrywide, oh wow...
- the diversity lending goals were Countrywide's internal goals. You are trying to make it like the diversity goals were federally 'pushed'.
- Countrywide was found to have discriminatory practices and settled with the DOJ after an investigation.

 

[paindonthurt]

I know you copy pasted- it's a screenshot.
Again, just because someone says a group of mortgage buyers played a small role in the financial crisis does not mean they think the group pushed lenders to make bad loans.

Those are different things. You can post more screenshots, but it doesn't change reality. Reality is that those are different things.



As for Countrywide, oh wow...
- the diversity lending goals were Countrywide's internal goals. You are trying to make it like the diversity goals were federally 'pushed'.
- Countrywide was found to have discriminatory practices and settled with the DOJ after an investigation.

“The Escalation: In the early 2000s, the Department of Housing and Urban Development (HUD) increased these goals. By 2008, 56% of their mortgage purchases were required to be "affordable housing" loans”

56% were low and moderate income combined with 3% down paymenrs

so huds goals weren’t “pushing” these loans?

 

[mstateglfr]

“The Escalation: In the early 2000s, the Department of Housing and Urban Development (HUD) increased these goals. By 2008, 56% of their mortgage purchases were required to be "affordable housing" loans”

56% were low and moderate income combined with 3% down paymenrs

so huds goals weren’t “pushing” these loans?

From Google...
By 2008, the Department of Housing and Urban Development (HUD) mandated that 56% of all mortgage purchases made by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac be "affordable housing" loans.


I already explained that mortgages purchased by GSEs are not the same as lenders creating mortgages for customers.
Your statistic refers to a mandate for GSEs.
That is not the same as a mandate for mortgage originators/lenders.


You should stop.

 

[paindonthurt]

From Google...
By 2008, the Department of Housing and Urban Development (HUD) mandated that 56% of all mortgage purchases made by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac be "affordable housing" loans.


I already explained that mortgages purchased by GSEs are not the same as lenders creating mortgages for customers.
Your statistic refers to a mandate for GSEs.
That is not the same as a mandate for mortgage originators/lenders.


You should stop.

They backed mortgages created by lenders for customers.

and 56% of them had to be for under privileged people.

No that’s not pushing the lender it’s just pushing the person who is supplying the lender with money.

 

[mstateglfr]

They backed mortgages created by lenders for customers.

and 56% of them had to be for under privileged people.

No that’s not pushing the lender it’s just pushing the person who is supplying the lender with money.

It took a long time, but through teamwork we were able to resolve this non-mystery.

 

[paindonthurt]

It took a long time, but through teamwork we were able to resolve this non-mystery.
View attachment 1310462

So you are admitting that politicians pushed Freddie and Fannie?