gmail.com> wrote in message
news:7bda0b02-f71d-448e-a056-9ad6aee26b3e@a8g2000prf.googlegroups.com...
On Sep 17, 6:53 pm, Robert Cohen msn.com> wrote:
> On Sep 17, 8:52 pm, Fred Weiss
papertig.com> wrote:
>
>
>
>
>>> On Sep 17, 9:31 am, Robert Cohen
msn.com> wrote:>
>>> Theoretical Functions of Fannie & Freddie: To establish standards,
>>> criteria for qualifications of loans, packages for securitizing
>>> mortgage loans for investors, resales, STANDARDIZATION, facilitation
>
>> I thought it was to help those who don't qualify and couldn't get
>> mortgages - and to offer guarantees to banks to offer such
>> (unjustified) loans. Banks had also separately been under considerable
>> pressure to offer mortgages to unqualified applicants.
>
>> This is a legacy of the New Deal under your hero, FDR.
>
>>> ... mortgage brokers get their half percent (or whatever the
>>> commission) if the buyer is a bad risk or good risk
>
>> Isn't this precisely what gov't policy encouraged? Add to that
>> flooding the market with easy credit in order to keep interest rates
>> low.
>
>> When I say something which is not in accord with "New Deal" philosophy
>> you let me know.
>
>>> If the the processes are flawed (nothing is foolproof), then one can
>>> bet that flaws will be exploited by humans intent on getting their
>>> interests, percentage, commission, fee. pay, graft, feathering their
>>> own nest
>
>> Banks as a rule don't exist to loan money to people who are poor
>> risks. So why do you think that is precisely what they've done in
>> recent years?
>
>> Fred Weiss
>
> re: HUD, FHA, VA, FANNIE, FREDDIE etal
>
> As I interpret your point of view
>
> Real estate loaning-facilitating is simply not a federal govt
> function
>
> Okay, I think I get your message
>
> I can't argue with that kind of absolutist rationale
>
> You're allowed to believe whatever you want
>
> I'm not going to challenge your reactionary-regressive ideological--
> idealistic & romantic--
> convictions
>
> I live here and now in the real world such as it is
>
> If you could tell me of a libertarian actual model, or of an
> Objectivist actual model, or even an unfettered marketplace today or
> in history any time or location, then ...
>
> I am pragmatist enough to go for what works- Hide quoted text -
But I thought that was the question:
what is the cause of the non-working
order? Is it really too much market?
Or is it bad regulations? Can I assume
that the take in the IBD editorial is closer
to the truth than "capitalism is to blame?"
And, really, isn't capitalism, like global
warming, to blame for every ill that befalls
us?
--------------------------------------
SEAN:
No SB, capitalism and global warming isn;t to blame for anything.
People , individuals and groups, are responsible for what occurs in
capitalism, and what happens in climate change GW to whatever degree is
"real" vs spin.
So when one individual, walks up to a door, and sells someone an
unaffoldrable mortgage by stealth spin or outright lying, then one
individual has basically cheated another in order to earn a living.
This operates under the current illusion of a "capitalist system" but it is
NOT Capitalism itself which is to blame here, merely what is allowed to
operate within it with no recourse by individuals via a mechanism commonly
known as "Law".
IOW some indovoduals are unfortunately excluded from accessing Legal
recoruse for harm donwe to them by other individuals.
This in practice is what is commonly known as the "free market of capitalism
under the democratic model of government".
Sounds great, in theory .................. but by all means blame the Govt
for fucking everything up according to the theory, and not the fraudulent
salesman, the mortgage re-seller, the brokers, the hedge funds, the banks,
the Fed, the SEC, the Treasury, or the policies of the politicians be they
Repub or Demo. parties themselves.
