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Sunday, October 19, 2008

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Fannie/Freddie management is shameful examples of what equal opportunity laws have brought our society.
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Yet, their opinion is only marked by means of their own preference. The credit union is taking the next big step to wipe out the competition and draw all the former cash advance customers into their grip. In an E-mail campaign which is estimated to reach about 1.6 million credit union customers, System will encourage voters to reject Proposition 200. In contrast, organizations such as the Arizona Community Financial Services Association are supported by Prop. 200 that claim that the Proposition will eliminate extensions by introducing flexible payment plans, lower state loan fees

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In an E-mail campaign which is estimated to reach about 1.6 million credit union customers, System will encourage voters to reject Proposition 200. In contrast, organizations such as the Arizona Community Financial Services Association are supported by Prop. 200 that claim that the Proposition will eliminate extensions by introducing flexible payment plans, lower state loan fees, and will not only regulate Internet lending, but control the number of walk-in stores in Arizona.

FX

Fannie/Freddie management is shameful examples of what equal opportunity laws have brought our society. These people had no qualifications for there job except for the color of there skin. If this sounds like prejudice speaking, it is not, it is simply speaking the truth. They did not have the education required for that type of position, they did not have the experience for that type of job nor did they have the resume for that type of job. What they had where friends of the same creed as them in very powerful places that put them in that position.

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FX

Fannie/Freddie management should of not only been fired but put in jail. In addition, they should of been made to walk around there home town with a sign stating that they are idiots.

david

Bad debt is bad debt. Taking and repacking it as a "security" is just the stupidest idea ever. (Snake Oil comes in many forms!)

Bad debt will eventually come home to roost, that is what happened to these banks and investment houses. They should have just failed- no bailout- and their lessons be taught in every economics class and banking class in college.

Alan White

Regarding the Fannie/Freddie share of subprime securities purchases - I looked at 2006 and 2007 only. The Mortgage Market Statistics Annual for 2008, vol 2 p. 285, shows Fannie and Freddie holding $352 billion in non-agency MBS at the end of 2006, out of $2.1 trillion outstanding, and $346 billion out of $2.1 trillion at the end of 2007. I should have said 16% to 17%.

Mahan Atma

Thanks for this excellent analysis. I'd love to see an even more detailed breakout, along with some of the tables you pulled the numbers from.

Also, can you back this up a little more with some hard numbers:

"It is also worth noting that Fannie and Freddie started buying subprime securities late in the game, years after the subprime mortgage market had been launched and its dangerous products deployed."

One last thing - How does your 15% figure square with the stats in this WaPo piece:

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626_2.html

"In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion -- 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent."

I take it the agencies must have unloaded a lot of the securities they bought?

Payday Loan Advocate

The probability of payday advance companies burning up in flames would make the Arizona Credit Union System very happy. Yet, their opinion is only marked by means of their own preference. The credit union is taking the next big step to wipe out the competition and draw all the former cash advance customers into their grip. In an E-mail campaign which is estimated to reach about 1.6 million credit union customers, System will encourage voters to reject Proposition 200. In contrast, organizations such as the Arizona Community Financial Services Association are supported by Prop. 200 that claim that the Proposition will eliminate extensions by introducing flexible payment plans, lower state loan fees, and will not only regulate Internet lending, but control the number of walk-in stores in Arizona. This resolution will help payday loan customers and keep industry employees away from the unemployment binge. No one wants to lose their jobs, particularly in our current economy.

Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/

Payday Loan Advocate

The probability of payday advance companies burning up in flames would make the Arizona Credit Union System very happy. Yet, their opinion is only marked by means of their own preference. The credit union is taking the next big step to wipe out the competition and draw all the former cash advance customers into their grip. In an E-mail campaign which is estimated to reach about 1.6 million credit union customers, System will encourage voters to reject Proposition 200. In contrast, organizations such as the Arizona Community Financial Services Association are supported by Prop. 200 that claim that the Proposition will eliminate extensions by introducing flexible payment plans, lower state loan fees, and will not only regulate Internet lending, but control the number of walk-in stores in Arizona. This resolution will help payday loan customers and keep industry employees away from the unemployment binge. No one wants to lose their jobs, particularly in our current economy.

Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/

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