Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality
I'm really not interested in getting into a big hairy argument with you on-list Matt. The CRA DID have an effect, and the market created by Fannie and Freddie allowed the whole thing to happen. There are certainly other factors, but those are the two biggest. I will agree with you that there were plenty of stupid people with Cs in their titles that bellied up to the trough. Regards, Jeff Jeff Broadwick ImageStream 800-813-5123 x106 (US/Can) +1 574-935-8484 x106 (Int'l) -Original Message- From: wireless-boun...@wispa.org [mailto:wireless-boun...@wispa.org] On Behalf Of Matt Liotta Sent: Friday, February 05, 2010 10:13 AM To: WISPA General List Subject: Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality On Feb 5, 2010, at 10:06 AM, Brad Belton wrote: The underlying point still holds true; big government imposing rules on lenders forcing them to lend to those that wouldn't have normally qualified. No, it in fact does not hold true. Since CRA mortgages were only a fraction of the bad mortgages it is logical to conclude the other bad mortgages would have still been made if there were no CRA mortgages. Further, it is reasonable to assume that if no CRA mortgages were made even more non-CRA mortgages would have been made given the additional available capital. There is plenty of blame to go around; trying to pin it on one thing is a waste of time. -Matt WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/ WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality
You keep make unsubstantiated claims. Where is your data? If you are so sure of CRA's effect where is the data? I mean every bank must disclose there numbers of CRA mortgages, so it is not hard to see what percentage of the overall market they are. Further, banks also publish what percentage of bad mortgages they have on the books. The numbers are there and CRA is a fraction. Look it up. Remember, we are talking about subprime mortgages. in 2006, of the top 25 subprime lenders only 1 was subject to CRA. In fact, Fannie and Freddie went from a high of 48 percentage of subprime loans in 2004 to 24 percent in 2006 because of the enormous private market for subprime. -Matt On Feb 5, 2010, at 10:39 AM, Jeff Broadwick wrote: I'm really not interested in getting into a big hairy argument with you on-list Matt. The CRA DID have an effect, and the market created by Fannie and Freddie allowed the whole thing to happen. There are certainly other factors, but those are the two biggest. I will agree with you that there were plenty of stupid people with Cs in their titles that bellied up to the trough. Regards, Jeff Jeff Broadwick ImageStream 800-813-5123 x106 (US/Can) +1 574-935-8484 x106 (Int'l) -Original Message- From: wireless-boun...@wispa.org [mailto:wireless-boun...@wispa.org] On Behalf Of Matt Liotta Sent: Friday, February 05, 2010 10:13 AM To: WISPA General List Subject: Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality On Feb 5, 2010, at 10:06 AM, Brad Belton wrote: The underlying point still holds true; big government imposing rules on lenders forcing them to lend to those that wouldn't have normally qualified. No, it in fact does not hold true. Since CRA mortgages were only a fraction of the bad mortgages it is logical to conclude the other bad mortgages would have still been made if there were no CRA mortgages. Further, it is reasonable to assume that if no CRA mortgages were made even more non-CRA mortgages would have been made given the additional available capital. There is plenty of blame to go around; trying to pin it on one thing is a waste of time. -Matt WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/ WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/ WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/
Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality
On issue here is Carters dream in the 70's that every American should have a house or right to have a house of their own. This was for much laying dormant but Bush era brought this back. To own a house is not a right. It's a privilege, not everyone should or are suitable to own a house the idea a house for every American is seriously flawed. This was what started the housing boom in the 70's out in California that quickly spread across the nation. Creating over time hyper inflated prices but was a slow progress but was once again flared up during Bush era and the push was one once again raising house prices even yet higher and in a push for this idiotic loans was designed to make this happen. Balloon loans that was design to get you in a house, sell that house after 10 years to get you into a bigger house since you now was supposed to have a better job, bigger family and your current house would be worth lot more. There are two fundamental flaws with this thinking. 1) the new house you buy will obviously be much more expensive as well and this Balloon loan was design to pay minimal principal on your current home until 10 years ahead. 2) it assumes your salary does not only keep up with inflation but advancing a head of it not taking into consideration of cyclic economic down turns, layoffs and failures. Loans created with a rose tinted glasses on never looking at worse case scenarios or even any bad scenarios. Then you have the other kind of loans like Lending Tree and Quickbooks started offer among others. Lower your monthly payment plans, in the fine print you discover that your only paying interest and NO principal. That sure helps people get out of debt. Even worse yet was some loans that Countrywide extended where the payment people made on their loans didn't even cover the full interest so the loan only grow. Bank of America ended up paying a steep fine over these loans (BoA bought Countrywide in 08). The current and past credit rating system in general is at fault at large. To get credit you have to have credit and the more credit you have the more credit you can get. Of course this is slightly better than it once was when a collage kid could get $10k credit card credit with no steady income. What makes sense to me on a credit system is. You have a steady income, no credit then your credit is good. The more you earn and the less credit you have the better your credit rating is. Once you start getting open credit your rating goes down. Ohh well. Just me being sensible I guess ;) Dang it. Stop talking politics guys back to wireless now lol / Eje -Original Message- From: wireless-boun...@wispa.org [mailto:wireless-boun...@wispa.org] On Behalf Of Jeff Broadwick Sent: Friday, February 05, 2010 9:39 AM To: 'WISPA General List' Subject: Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality I'm really not interested in getting into a big hairy argument with you on-list Matt. The CRA DID have an effect, and the market created by Fannie and Freddie allowed the whole thing to happen. There are certainly other factors, but those are the two biggest. I will agree with you that there were plenty of stupid people with Cs in their titles that bellied up to the trough. Regards, Jeff Jeff Broadwick ImageStream 800-813-5123 x106 (US/Can) +1 574-935-8484 x106 (Int'l) -Original Message- From: wireless-boun...@wispa.org [mailto:wireless-boun...@wispa.org] On Behalf Of Matt Liotta Sent: Friday, February 05, 2010 10:13 AM To: WISPA General List Subject: Re: [WISPA] Common Carrier or what: The FCC's role inregulationofnet-neutrality On Feb 5, 2010, at 10:06 AM, Brad Belton wrote: The underlying point still holds true; big government imposing rules on lenders forcing them to lend to those that wouldn't have normally qualified. No, it in fact does not hold true. Since CRA mortgages were only a fraction of the bad mortgages it is logical to conclude the other bad mortgages would have still been made if there were no CRA mortgages. Further, it is reasonable to assume that if no CRA mortgages were made even more non-CRA mortgages would have been made given the additional available capital. There is plenty of blame to go around; trying to pin it on one thing is a waste of time. -Matt WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe/Unsubscribe: http://lists.wispa.org/mailman/listinfo/wireless Archives: http://lists.wispa.org/pipermail/wireless/ WISPA Wants You! Join today! http://signup.wispa.org/ WISPA Wireless List: wireless@wispa.org Subscribe
