Re: Demand that US presidential electors investigate Obama's eligibility

On Dec 11, 10:02 pm, JosephKK <quiettechb...@xxxxxxxxx> wrote:
On Thu, 11 Dec 2008 06:31:09 -0800 (PST), MooseFET



<kensm...@xxxxxxxxx> wrote:
On Dec 10, 6:52 pm, JosephKK <quiettechb...@xxxxxxxxx> wrote:
On 9 Dec 2008 14:09:59 GMT, Jim Yanik <jya...@xxxxxxxxx> wrote:

James Arthur <bogusabd...@xxxxxxxxxxx> wrote in
news:vWl%k.644$c35.338@xxxxxxxxxxxxxxxxxxxx:

Jim Yanik wrote:
James Arthur <bogusabd...@xxxxxxxxxxx> wrote in
news:q9g%k.676$7I6.120@xxxxxxxxxxxxxxxxxxxx:

bill.slo...@xxxxxxxx wrote:
On 5 dec, 21:05, James Arthur <bogusabd...@xxxxxxxxxxx> wrote:
But the problem wasn't the top level social engineering - which
happens to have worked -
In what way did it work, other than to strip poor people
of their money, and drag the rest of the system down?

but the failure of the front-line loan-makers
to exercise due diligence on the people to whom they made the loans.

Q: Who's charged with due diligence?  Who sets the standards?
(hint #1: Google "automated underwriting".)
(hint #2:

http://query.nytimes.com/gst/fullpage.html?res=9c0de7db153ef933a0575ac0
a96f958260&sec=&spon=&pagewanted=all

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES
Published: September 30, 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. )

(Oh, and before you fabricate another excuse from whole cloth:
"Affordable housing goals and subgoals are set for us by the U.S.
Department of Housing and Urban Development, or HUD." --Freddie Mac)

This wasn't a failure of policy, but rather an epidemic of
irresponsible banking - the fraudulent exploitation of  the system
set up to provide affordable housing by people who wanted to write as
many home loans as possible without going to the trouble of checking
out the borrowers.

You make a number of bald assertions, with no support.

James Arthur

once a loan is made,all depends on the borrower to make the payments.
Not much the loaner can do -after- the loan is made.

I'm not sure how that ties in...

it's about the other guy's comments about lenders not exercising "due
diligence" on the borrowers.

Please remember, the legislation and regulation required that they
make a small percentage of loans that they had reason to believe would
be "non-performing" (go bust).  But in the Boom-doggle they made about
5 times the amount they were supposed to because skunks gamed the
system.

I heard a brief note that there are hearings into exactly what
happened.  I haven't seen much detail about what has come out in the
hearings yet.

The majority of the result of congressional hearings is crap.  Mostly
from people who had little cognizance nor control.  Mostly day after
arm chair quarterbacks with opinions, much like congress itself.

It was the former head of Fannie Mae that was called in front of the
pannel.
.

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