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Should the Government Promote Homeownership?
invite response
2014 Jun 14, 11:46pm 33,360 views 174 comments
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indigenous
2014 Jun 17, 9:21am
You brought it up.
You are conflating 2 things that are not related.
smaulgld
2014 Jun 17, 9:51am
Be doin that old negro cra soft shoe shuffle now massa. yes lord, be shuffling off. yes suh, I be done winnin me another argument there massa by shuffling off.
??????
Be doin that old negro cra soft shoe shuffle now massa. yes lord, be shuffling off. yes suh, I be done winnin me another argument there massa by shuffling off.
??????
Just following AF's lead. But I am a pale imitation of the master
You brought it up.
You are conflating 2 things that are not related.
The world housing bubble was not related to the US housing bubble? How does that work? Yes I brought it up. You keep dodging it. That of course means you are winning the debate.
ow does that work?
They do not necessarily have the same cause.
and the different causes for exactly the same bubble at exactly the same time around the world is????? Maybe (like maybe I will see the sun in the east in the morning) the same bubble in so many different places at the same time was all from the same cause including the US. But no of course not. It's different for the US, I feel it's true so it must be true.
Then answer the question.
You answer the question, It's your assertion that contradicts the norms.
like maybe I will see the sun in the east in the morning
I doubt it... By the time you sleep off the drunken haze you're currently in, it will be noon time...
Oh my gawd, that was like so third grade. Gag me with a spoon.
Maybe some time in the future you should consider leaving some comments on patnet that are adult enough to let people believe you actually graduated grade school? Don't hurry though.
You answer the question
fuck off asshole
Perfect. I would assume you believe you "won" the debate because you sucessfully managed to avoid defending you assertions. You are the second best tap dancer I've ever seen after Fred Astaire.
indigenous
2014 Jun 17, 1:28pm
Perfect. I would assume you believe you "won" the debate because you sucessfully managed to avoid defending you assertions. You are the second best tap dancer I've ever seen after Fred Astaire.
you are smoking dope
and the different causes for exactly the same bubble at exactly the same time around the world is????? Maybe (like maybe I will see the sun in the east in the morning) the same bubble in so many different places at the same time was all from the same cause including the US. But no of course not. It's different for the US, I feel it's true so it must be true.
Come on, bob, even though you can't find any data to support this argument one bit (because statistics are bullshit anyway), it's patently obvious that the CRA was so inspirational in its memetic behavior that: (1) it caused private banks to extend loans that didn't meet stricter CRA standards so that default rates were far worse than CRA loans; (2) it caused foreign banks to extend large amounts of credit that didn't meet stricter CRA standards to people that weren't covered by the CRA; and (3) it caused GSEs to reject loans that were not GSE-eligible and performed significantly worse than GSE-eligible loans. It's obvious, Bill Clinton was an inspiring dude, and the Ownership Society never existed. People who think my argument is weak are simply conflating things (what they're conflating or what conflating even means, I have no idea, I just like the word).
indigenous
2014 Jun 18, 6:45am
If the housing crises was a result of the meme from the CRA lowering lending standards in the US then what was the meme for lowering lending standards in the rest of the world?
"Growth of the housing bubble
Main article: United States housing bubble
A graph showing the median and average sales prices of new homes sold in the United States between 1963 and 2008 (not adjusted for inflation)[59]
Between 1998 and 2006, the price of the typical American house increased by 124%.[60] During the two decades ending in 2001, the national median home price ranged from 2.9 to 3.1 times median household income. This ratio rose to 4.0 in 2004, and 4.6 in 2006.[61] This housing bubble resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out second mortgages secured by the price appreciation.
In a Peabody Award winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as the mortgage-backed security and the collateralized debt obligation that were assigned safe ratings by the credit rating agencies.[62]
In effect, Wall Street connected this pool of money to the mortgage market in the U.S., with enormous fees accruing to those throughout the mortgage supply chain, from the mortgage broker selling the loans, to small banks that funded the brokers and the large investment banks behind them. By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards.[62]
The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into a single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested.["
From here:
http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308
By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards.
So your argument (based on a shitty Wikipedia article) is that lending standards under the CRA were too high, so the CRA inspired private banks to make crappy loan products with lower lending standards that were not CRA-eligible that they knew would have poorer results.
Do you really think that's a winning argument? After all the coaching that bob and I did to direct you to a more intelligent answer by explaining the data, that's all you could come up with? 49th Parallel, you should stick to explaining to us how North Dakota is in Canada, because once you stray from ignoring facts, that's when you really fall apart.
"Apple, thank you for making this awesome iPhone that I can't afford. Now it's your fault because you made a product that was too successful that now I have to buy this POS dumbphone that will stop working in 2 months."
[/end thread. indigenous loses. FATALITY.]
New Renter
2014 Jun 18, 7:09am
APOCALYPSEFUCKisShostikovitch says
The USAG showed up at the bank in the morning, just after opening with a doctors bag. Eric Holder showed us his badge and told the bank president he was there to 'Make some fucking justice in the house thing. You white fucking banka suckas are gonna learn some justice.' Just then Janet Reno appeared at the door in Levis overalls with Andrea Dworkin. Oddly, she looked pregnant. She introduced Dworkin as her doctor. They marched up to the bank president's office. Dworkin ordered him to stand away from the desk and she cleared it with one sweep of her Immense Hirsute Lesbian arm. Janet Reno tore off her overalls and underwear and plopped backwards onto the desk while Holder pulled an immense speculum from his bag and handed it to Dworkin. Reno was in labor and began thrashing and howling. Dworkin went to work dialating Reno. 'You be seeing some fucking justice now, sucka!' Holder barked. Apparently frustrated, Dworkin dove forward suddenly and shoved her arm up to her shoulder into Reno and grunted. Pulling back suddenly, she came out of the USAG with a hairy snarling bloodied dwarf with immense teeth hanging from her fist. Laughing victoriously, she spun around gamely for such a large woman and shoved the creature into the bank president's face. "KISS MY FUCKING MEME. Kiss it! Or I'll let it eat your fucking face!" Dworkin shouted. The bank president recoiled but thought better of it when Reno produced a handgun from a shoulder holster and leveled at him. "D-D-D-Do w-w-w-w-hat the fuck you're told, ASSHOLE!' Reno shouted. The bank president leaned forward carefully trying to avoid the dwarf's thrashing arms and legs and kissed its forehead. Reno smacked Holder across the face and ordered him, "Fucking Sambo, get the fucking Negroes. Time for some fucking justice." Holder ran to the sidewalk and waved down a bus, filled with Negroes, and led them from the sidewalk in front of the bank to the president's office. For the rest of the day, every day since then, a solid parade of Negroes has been filed through the bank in phalanxes of 20 at a time to get inflated mortgages on dilapidated ghetto crack houses and occasional suburban mansions. Whenever the bank president complains, Holder lets the Meme off of the leash and it leaps up and bites the president's face. Of course, all of us in the industry are subject to a gag order about the meme. We all live in fear of it and the criminal psychopath Holder who appears to control them. This is my testimony.
You really need to lay off the spicy food before bedtime!
indigenous
2014 Jun 18, 7:17am
Do you really think that's a winning argument?
It is in answer to Bobby's question about how the housing bubble effected the world economy.
As to the CRA it was answered at post post 138.
You mutts would do well to think about the following parable consider that you are in the Lone Rangers shoes:
The Lone Ranger and Tonto went camping in the desert. After they got their tent all set up, they fell sound asleep.
Some hours later, Tonto wakes The Lone Ranger and says, "Kemo Sabi, look towards sky, what you see?"
The Lone Ranger replies, "I see millions of stars."
"What that tell you?" asked Tonto.
The Lone Ranger ponders for a minute, then says, "Astronomically speaking, it tells me there are millions of galaxies and potentially billions of planets. Astrologically, it tells me Saturn is in Leo. Time wise, it appears to be approximately a quarter past three in the morning. Theologically, it's evident the Lord is all-powerful and we are small and insignificant. Meteorologically, it seems we will have a beautiful day tomorrow. What's it tell you, Tonto?
Tonto is silent for a moment, then says, "Kemo Sabi,
you dumb ass. It tell me someone stolen tent."
But no, we have look at these graphs and statistics and numbers because we don't dare use common sense.
New Renter
2014 Jun 18, 7:50am
APOCALYPSEFUCKisShostikovitch says
You really need to lay off the spicy food before bedtime!
What?! You didn't like the story?!
Oh the story was fine, I'm just concerned for your health.
Even your psyche can only handle so much.
indigenous
2014 Jun 18, 11:00am
APOCALYPSEFUCKisShostikovitch says
I am scarcely comforted by the knowledge that things are going to get far weirder, far more demonic and dystopian than even I can imagine.
Says the cannibal...
indigenous
2014 Jun 18, 12:57pm
Mr. Sandman, meme me a meme.......
Is it possible to tell the difference between the states you manifest?
So your argument (based on a shitty Wikipedia article) is that lending standards under the CRA were too high, so the CRA inspired private banks to make crappy loan products with lower lending standards that were not CRA-eligible that they knew would have poorer results.
A shitty wiki ariticle that doesn't mention CRA once. Which is what makes it rolling on the floor laughing funny. You just can't make this stuff up.
indigenous
2014 Jun 19, 12:55am
A shitty wiki ariticle that doesn't mention CRA once. Which is what makes it rolling on the floor laughing funny. You just can't make this stuff up.
No dumb fuck, that was the answer to your question about the world wide effects of the bubble.
indigenous
2014 Jun 19, 1:06am
APOCALYPSEFUCKisShostikovitch says
And we do appreciate you efforts as all of that was a complete mystery to us. That and the fact that Janet Reno used the CRA to destroy the wor
As I'm sure a lot is... Bobby asked the question.
A shitty wiki ariticle that doesn't mention CRA once. Which is what makes it rolling on the floor laughing funny. You just can't make this stuff up.
No dumb fuck, that was the answer to your question about the world wide effects of the bubble.
Alzheimers is a terrible thing. My sympathies to your family. The question was how did CRA create a housing bubble in the rest of the world?
indigenous
2014 Jun 19, 3:25am
The question was how did CRA create a housing bubble in the rest of the world?
The two are connected, reread the Tonto parable...
HydroCabron
2014 Jun 19, 3:39am
APOCALYPSEFUCKisShostikovitch says
JANET RENO MEME MONSTER!
TONTO!
Not the MEME!
OHMIGOD, ANYTHING BUT THAT!
Have crazed overleveraged CRA minority zombies eaten my brain?
indigenous
2014 Jun 19, 3:41am
Have crazed overleveraged CRA minority zombies eaten my brain?
Yes I think so, this video explains more:
The two are connected
Like the butterfly flaps it's wings in south america creates a hurricane in china connection? or the million monkeys typing will eventually create mcbeth connection.?
eread the Tonto parable...
of course silly me there is no need for for people to waste millions of hours and words with all that silly research and analysis stuff. we have a parable.
Exactly, my myopic mutts
How about the parable that tells about when everyone else is wrong?
indigenous
2014 Jun 19, 3:59am
How about the parable that tells about when everyone else is wrong?
Just watch the video
indigenous
2014 Jun 19, 6:04am
APOCALYPSEFUCKisShostikovitch says
MEEEEEEEME!
STOP THE MEEEEEEEEEEME!
OR NO ONE WILL SURVIVE!
How long have you been giddy?
How about the parable that tells about when everyone else is wrong?
Just watch the video
Bob Hope comedies is the base of your "knowledge"? At least all things are explained now.
I watched the first time. Is it supposed to have meaning to me somehow? I'm an independent after being a republican 30 years. I even did considerable volunteer work for the republican party in 6 presidential elections starting with Nixon. GWB drove more republicans to be independents than he created new terrorists, but it's a close race.
Mozzillo visits FHA boss, who said that housing gains made FHA CRA loans hard to get and weeks later:
indigenous
2014 Jul 18, 12:27pm
Correct me if I'm wrong but that story seems to go against the rhetoric of the mutts on this thread?
Thanks for the link.
New Renter
2014 Jul 18, 2:12pm
Should the Government Promote Homeownership?
Only if:
Homeownership is promoted in the form of building a surplus of high quality new homes or the teardown and rebuild of dilapidated older homes to all existing building codes. Homes to be sold at cost + small administrative profit, only one per family.
Should the Private Industry Promote Homeownership?
Only if ownership is promoted in the form of building a surplus of high quality new homes or the teardown and rebuild of dilapidated older homes to all existing building codes. Homes to be sold at whatever the market will bear.
Rent seeking should be actively discouraged by taxing landlord profits to the point of ROI yielding the same as the interest as a typical savings account. That goes for equity and rents.
And no government backed guarantees to banks.
It's CASH or FUCK YOU America!
hanera
2014 Jul 18, 4:13pm
Homes to be sold at cost + small administrative profit, only one per family.
Everybody will flock to Bay Area. Many faked marriages just to get a house.
New Renter
2014 Jul 19, 1:11am
Homes to be sold at cost + small administrative profit, only one per family.
Everybody will flock to Bay Area. Many faked marriages just to get a house.
And that's different from what we have now?
Addendum: In high demand areas only families. with at least one adult US citizen will be allowed to purchase one of these guv'mint homes. Unless they already own property somewhere. Non citizens and RE owners can continue to buy multiple properties elsewhere in low demand areas (e.g. Gary Indiana, east St. Louis and Detroit, etc) BUT the properties must be occupied and maintained to habitable condition That would help bring down rents in rural areas and address the homeless problem.
Oh yes - to further promote home ownership all golf courses and cemeteries in high demand areas suitable for construction will be acquired via eminent domain for that purpose.
Golf courses and cemeteries can be located on ground wholly unsuitable for construction. And government will sponsor cremation and ash scattering as an alternative to taking up valuable ground space for dead people who don't need it.
Also those gov'mint built homes will have full finished basements where local geology permits. Basements are a great way to make a house bigger without increasing the footprint.
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Countries with the Highest Home Ownership Rates Are Neither The Richest Nor the Happiest
The National Association of Realtors (NAR) constantly promotes and incessantly lobbies for increased home ownership touting the supposed stabilizing social benefits.
Despite a multitude of U.S. government programs, federal agencies and the Federal Reserve all working and spending feverishly to boost homeownership, the homeownership rate in the United States is declining.
Should we be worried? or be happy?
http://smaulgld.com/home-ownership-rates-happiness-gdp/
#housing