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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (2481)	12/2/2008 4:41:46 PM
From: H-Man	1 Recommendation Read Replies (1) \| Respond to of 103300

What is funny is that you would try to quote mortgage stats to a banker. The subprime default rate is currently 17.85% mortgagebankers.org The generally accepted measurement in the mortgage industry is that a loan is in default when it becomes seriously delinquent (+90 days past due) or in foreclosure though technically many loans can be declared in default when a payment is +30 days late. The New York Times quoted 24%, earlier this year, apparently using the MBA +30 day measurement for 2007 nytimes.com So when you said 95% of loans were performing, were you lying or just uniformed?

To: DuckTapeSunroof who wrote (2481)	12/2/2008 6:37:03 PM
From: H-Man	Read Replies (1) \| Respond to of 103300

Furthermore, those GSEs you are complaining about do not even make mortgages. (It's private lenders who do so.) Rather the GSEs buy-up conforming mortgage paper from the private lenders. Ummm,, Freddie and fannie were the largest buyers of subprime mortgages from 04 to 07,, In order to curry congressional support after their accounting scandals in 2003 and 2004, Fannie Mae and Freddie Mac committed to increased financing of "affordable housing." They became the largest buyers of subprime and Alt-A mortgages between 2004 and 2007, with total GSE exposure eventually exceeding $1 trillion. online.wsj.com Subprime loans are non-Conforming loans, so again you seem to be uninformed. And this is the whole point, Freddie and fannie created an artificial, governement influenced, and unregulated (thanks Barney frank, chuck u schumer, et al) market.

To: DuckTapeSunroof who wrote (2481)	12/2/2008 6:37:05 PM
From: H-Man	Read Replies (1) \| Respond to of 103300

Furthermore, those GSEs you are complaining about do not even make mortgages. (It's private lenders who do so.) Rather the GSEs buy-up conforming mortgage paper from the private lenders. Ummm,, Freddie and fannie were the largest buyers of subprime mortgages from 04 to 07,, In order to curry congressional support after their accounting scandals in 2003 and 2004, Fannie Mae and Freddie Mac committed to increased financing of "affordable housing." They became the largest buyers of subprime and Alt-A mortgages between 2004 and 2007, with total GSE exposure eventually exceeding $1 trillion. online.wsj.com Subprime loans are non-Conforming loans, so again you seem to be uninformed. And this is the whole point, Freddie and fannie created an artificial, governement influenced, and unregulated (thanks Barney frank, chuck u schumer, et al) market.