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I would say everyone from the pres. to every member of the house and senate and anyone under them. The problem maybe that that these were rules and guidelines not laws with penalties attached, I don't know but I know it's wrong.

You do know that W bragged about how many new home owners there were during his time don't you? The fed asked for looser rules, not no rules. The rules weren't followed period. When a borrower came in with less than stellar credit their application needed to be reviewed, and not dismissed out of hand, when the borrower could not get PMI it was supposed to be the end of the process period, then came along cds and the rest is history.

No they didn't, they should be in jail for gross and willful negligence and stripped of all money and property, the regulators should be in jail and lose all pensions and life benefits.

All because the people in charge of giving out the money didn't do their jobs, had they done their jobs we wouldn't be discussing this.

We wouldn't be having this discussion, had the regulators, bankers and brokers done their jobs period. While I'm not crying for anyone bilked by the banks, I am pissed that the bankers, regulators and brokers aren't in jail for gross and willful negligence, and the money they took wasn't taken back from them. The guy I was talking about didn't get a mortgage that was outrageous, he went from working 60 hrs. a week to 30 in a job he had for 20 + years that he had never worked less than 45 hrs. in those 20 years his wife lost her job at the same time, I was only trying to point out that had the economy not slowed do to the price of energy we may have skipped over the housing disaster for a while.

It's the biggest scam in history. But it's something we all want and need if you want to play you have to pay. To be honest it would be hard not to do the same thing if I were in the position to do so.

I'd like to think there is one that isn't a crook, but I have no proof.

It was a bill sponsored by 3 republican senators, that every republican senator voted for and only 1 dem senator for and 207 house republicans voted for and 5 against while155 dems voted for and 51 against and Clinton signed the bill. So what party was more in favor of the bill?

I could read that shit 10 times and still not understand it, that's why I ask people who know about it to dumb it down for me. Remember Bear Sterns, and Countrywide those guys royally screwed us.

It really isn't reaching, a guy working a job making x number of dollars and getting by when all of a sudden it costs him 2000.00 to fill his home heating oil tank instead of 1000.00 and his weekly gasoline bill goes from 75.00 to 150.00 a week and his hrs. are cut it put many in that situation. I think it would shock many people to know that many are just getting out from under credit card debt. and what was owed to heating oil and propane suppliers. My wife and I have always lived within or even under our means, had we not when diesel fuel was 5.00 per gallon it would have put a real hurting on us. I agree he should have been more careful, many people in the same boat though and another reason people are less confident now than before.

The greatest percentage of bad loans were written by a relatively small number of lenders. The truth is, had the price of energy not gotten so high and the economy slowed down it may have never happened, a guy up the road from me bought a big old brick house put all kinds of money in it and was working 60 hrs. a week things got slow and the company put everyone on part time 30 hrs. a week he lost the house , I'm sure that happened to many people.

I never said it wasn't pushed by the feds or independent lenders, I said that PMI was required and was replaced with CDS's when borrowers were unable to get PMI or the lender just waived even looking and went the CDS route. There is a reason every bank didn't go under or write these type of loans , they were honest and did what was best for the bank and its stockholders, the worst part is very few were ever prosecuted, even though huge fine were paid, if you or I stole 500.00 bucks we would end up in jail for sure, rob billions no jail time.

Is PMI required for these mortgages ? In the red it says the fed started asking under Clinton and it has continued apparently, the lowering of standards now or then will not have the devastating effects if the borrower has PMI, insurance companies write policies backed by cash, the credit default swaps were written by companies who didn't have the cash to back them, as long as they are insured if they default the insurance company will pay the mortgage not the FDIC.

If you have any facts to prove otherwise on this or any subject I'm willing to learn, being proven wrong is no sin, I look at it as education, that's why I don't engage in the name calling except with a select few and I mostly just ignore them.

Yes I know facts can sometimes suck. I spent hours talking to my banks CEO, the rules compliance officer and a federal bank regulator not all at the same time, but I wanted to know what happened from people who were in the know. It was greed and a perfect storm of smart and crooked bankers and a lack of oversight by the federal regulators.

Truth is they didn't go bad until 6 1/2 to 7 years under W's term, so using your logic W had 7 years to make things better. The GLB act was a republican sponsored bill voted on by far more r's than d's.

Not true at all, the rules were that they needed to be capable of getting PMI, if they couldn't it was the end of the process, until the bright idea of credit default swaps came into play. There is a reason why every bank didn't go tits up. BECAUSE THEY FOLLOWED THE RULES.

There were more r's than d's for it in the beginning and probably still are, and if by going south you mean unpopular you are right and that's why support is falling.

You mean the GLB act, the one sponsored by 3 republicans, the one that every r senator and only one dem. senator for and far more r congressman voted for than dems. did?

I don't disagree with that the free trade agreements hurt us, and was signed by a dem. pres. but if you look up those agreements you will find more r's supported them than d's as they have with deregulation, and more R's were behind tpp, giving Obama fast track authority.

The part missing from your post is that all of this hinged on the ability for the borrower to get PMI if the borrower couldn't get PMI that was the end of their morg. application, now along comes (credit default swaps) guarantees without the cash to back it up like PMI has and that's what left us with the mess.

You posted a chart that proves a point leave it at that, no need for the name calling bullshit.

Saw this on the news very sad.

What specifically did the dems. do to tip the spear as you say?

China has a real problem even with their currency manipulation and poor working conditions filthy environment, and they have not recovered yet nor do they have near the standard of living we have. We went from a bankrupt auto industry to all time record auto sales last year and have had some record auto sales months this year, the housing market has come back, and the unemployment rate is down and if you look at who is included in the not in the workforce stats. it is not just people who gave up looking for a job. Good jobs with security are harder and harder to find that trend is nothing new and will not get much better and likely get worse as we are faced with competing with slave wages from other countries.