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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated -- Ignore unavailable to you. Want to Upgrade?


To: Jim McMannis who wrote (45834)10/18/2011 10:59:58 AM
From: John Vosilla4 Recommendations  Read Replies (1) | Respond to of 119360
 
'Not to mention the repeal of glass stegal. Who signed that?'

Who controlled congress and had every Senator in their party vote yes for the original bill presented?

Legislative history




Final Congressional vote by chamber and party, November 4, 1999

The banking industry had been seeking the repeal of the 1933 Glass–Steagall Act since the 1980s, if not earlier. In 1987 the Congressional Research Service prepared a report that explored the cases for and against preserving the Glass–Steagall act. [3]

Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm ( Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.

The House passed its version of the Financial Services Act of 1999 on 1 July 1999 by a bipartisan vote of 343-86 (Republicans 205–16; Democrats 138–69; Independent 0–1), [4] [5] [6] two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and one Democrat in favor; 44 Democrats opposed). [7] [8] [9] [10] [11]

When the two chambers could not agree on a joint version of the bill, the House voted on July 30 by a vote of 241-132 (R 58-131; D 182-1; Ind. 1–0) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities" (i.e., protection against exclusionary redlining). [12]

The bill then moved to a joint conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act and address certain privacy concerns; the conference committee then finished its work by the beginning of November. [9] [13] On November 4, the final bill resolving the differences was passed by the Senate 90-8, [14] [15] and by the House 362-57. [16] [17] The legislation was signed into law by President Clinton on November 12, 1999. [18]

en.wikipedia.org



To: Jim McMannis who wrote (45834)10/18/2011 1:31:21 PM
From: tejek3 Recommendations  Respond to of 119360
 
Who gave Fannie the go ahead to give loans they knew would never be paid back?


Bush. He encouraged the expansion of the community housing act under Fannie Mae.



To: Jim McMannis who wrote (45834)10/18/2011 1:40:10 PM
From: Les H  Read Replies (1) | Respond to of 119360
 
Bad loans by the banks inflated the price of housing. Even more stringent lenders like Fannie Mae would be negatively affected.