Aw, Newt. And you were so close to the Presidency!

7of7: Gingrich:[Freddie and Fannie] preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees

[www.freddiemac.com image 490x290]

Freddie Mac and Fannie Mae have much better lending practices than the rest of the industry. Despite having 56% of 1st mortgages they have only a quarter of delinquent mortgages. In fact, private, for-profit companies are the ones who precipitated the mortgage crisis with irresponsible and predatory lending practices.This is yet another example of a GOP "serious policy person" being a complete lying scumbag that the media still somehow takes seriously.

Well, now you've done it.

If you were going to go with the nuclear option so early in the thread, why not just mention how successful CRA-backed mortgages were compared to non-CRA mortgages/institutions?

It's like how Miracle Whip paid Paulie D to talk about how much he hated Miracle Whip in their commercial. Same idea, just that Freddie Mac found a bigger douchebag.

Gingrich, the only Speaker of the House fired for "ethical reason", yeah this is the guy I want to vote for.

7of7: Gingrich:[Freddie and Fannie] preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees

[www.freddiemac.com image 490x290]

Freddie Mac and Fannie Mae have much better lending practices than the rest of the industry. Despite having 56% of 1st mortgages they have only a quarter of delinquent mortgages. In fact, private, for-profit companies are the ones who precipitated the mortgage crisis with irresponsible and predatory lending practices.This is yet another example of a GOP "serious policy person" being a complete lying scumbag that the media still somehow takes seriously.

Yeah, but you're forgetting a very important point: GOVERNMENT ALWAYS BAD.

As Newt has replied to so many of his other apparent contradictions in life; It is more important that people hear my words than focus on my actions.

//paraphrase from his statement to his ex-wife who was aware of his infidelity and disgusted by his sanctity of marriage speech he had just given.

"During that period, Gingrich consulted with Freddie Mac executives on a program to expand home ownership, an idea Delk said he pitched to President George W. Bush's White House."

He's an historian and a professional politician. WHY THE FARK IS HE BEING ASKED TO CONSULT ON EXPANDING HOME OWNERSHIP?

/yes, it's farking rhetorical

7of7: Freddie Mac and Fannie Mae have much better lending practices than the rest of the industry. Despite having 56% of 1st mortgages they have only a quarter of delinquent mortgages. In fact, private, for-profit companies are the ones who precipitated the mortgage crisis with irresponsible and predatory lending practices.This is yet another example of a GOP "serious policy person" being a complete lying scumbag that the media still somehow takes seriously.

TrainingWheelsNeeded: Gingrich, the only Speaker of the House fired forced to resign by his own party for "ethical competency reasons", yeah this is the guy I want to vote for.

I agree with you, just wanted to make that more accurate.

From wiki:

By 1998, Gingrich had become a highly visible and polarizing figure in the national public's eye, making him a target for Democratic congressional candidates across the nation. His national approval rating was 45% in April 1998, although his local approval was undiminished, and he was handily reelected to an 11th term.

Republicans lost five seats in the House in the 1998 midterm elections-the worst performance in 64 years for a party that didn't hold the presidency. Polls showed that Gingrich and the Republican Party's attempt to remove President Clinton from office was widely unpopular among Americans. Gingrich suffered much of the blame for the election loss. Facing another rebellion in the Republican caucus, he announced on November 6, 1998 that he would not only stand down as Speaker, but would leave the House as well. Commenting on his departure, Gingrich said, "I'm willing to lead but I'm not willing to preside over people who are cannibals. My only fear would be that if I tried to stay, it would just overshadow whoever my successor is."

/And technically, Gingrich rose to power after forcing Democratic Speaker Jim Wright to resign for ethical reasons.

7of7: Gingrich:[Freddie and Fannie] preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees

[www.freddiemac.com image 490x290]

Freddie Mac and Fannie Mae have much better lending practices than the rest of the industry. Despite having 56% of 1st mortgages they have only a quarter of delinquent mortgages. In fact, private, for-profit companies are the ones who precipitated the mortgage crisis with irresponsible and predatory lending practices.This is yet another example of a GOP "serious policy person" being a complete lying scumbag that the media still somehow takes seriously.

Fannie and Freddie are "private, for-profit companies".

FTA: "I spent about three hours with him talking about the substance of the issues and the politics of the issues, and he really got it," said Delk, adding that the two discussed "what the benefits are to communities, what the benefits could be for Republicans and particularly their relationship with Hispanics."

Well, sure, if you want to improve Republicans' relationship with Hispanics, hire this guy:

"The American people believe English should be the official language of the government. ... We should replace bilingual education with immersion in English so people learn the common language of the country and they learn the language of prosperity, not the language of living in a ghetto," Gingrich said to cheers from the crowd of more than 100.

Link (new window)

Barney Frank is behind this.

America, F@#k YEAH!

FTFA: The two companies, Freddie Mac and Fannie Mae, "are so thoroughly politicized and preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees, whose leaders focus on making a profit, not manipulating politicians," Gingrich wrote in his 2011 book, "To Save America."

So he accuses the people who paid him $1.6 mil of manipulating politicians?

PanicMan: FTFA: The two companies, Freddie Mac and Fannie Mae, "are so thoroughly politicized and preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees, whose leaders focus on making a profit, not manipulating politicians," Gingrich wrote in his 2011 book, "To Save America."

So he accuses the people who paid him $1.6 mil of manipulating politicians?

He only dumped them to lobby for a newer, younger company because he loves America so much.

Obvious tag in its bedroom jamming out to Alanis Morrisette.

Eh, who cares? He ran a consult company, and was hired to give advice on how Freddie could appeal more to conservatives. Ok. Why would he turn that kind of contract down?

Newt Gingrich is a reprehensible eel.

Speaker2Animals: In case it's not, here's an answer: read Gretchen Morgensen's book, "Reckless Endangerment," and you'll see how execs at Fannie and Freddie had Congressional leaders of both parties sucking their tools in the '80s and '90s.

this case looks like the reverse

7of7: Gingrich:[Freddie and Fannie] preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees

[www.freddiemac.com image 490x290]

Freddie Mac and Fannie Mae have much better lending practices than the rest of the industry. Despite having 56% of 1st mortgages they have only a quarter of delinquent mortgages. In fact, private, for-profit companies are the ones who precipitated the mortgage crisis with irresponsible and predatory lending practices.This is yet another example of a GOP "serious policy person" being a complete lying scumbag that the media still somehow takes seriously.

I expect Former Speaker Gingrich and most of the GOP field to repeat the lie claiming Fannie/Freddie/FHA caused the bubble, habitually lying is part of being a politician. What I have trouble resolving is why Rep. RON PAUL parrots this lie as well. Common Rep. RON PAUL, we know that you are better than this.

Speaker2Animals: skullkrusher: Speaker2Animals: In case it's not, here's an answer: read Gretchen Morgensen's book, "Reckless Endangerment," and you'll see how execs at Fannie and Freddie had Congressional leaders of both parties sucking their tools in the '80s and '90s.

this case looks like the reverse

Or a case of Freddie paying him for all the legislative BJs.

BJ related lockjaw is a serious condition and not all insurance companies recognize it as a legitimate malady.

Gingrich, like Cain, was a lobbyist. Their campaigns are marketing ploys. Neither has a chance at the nomination as Cain has no substance and Gingrich has too much, all foul. By pushing Romney to pander to the extreme right, the middle is left with Obama and the GOP maintains its reputation as the Party of Clowns.



2016 should be a hoot.

Nina_Hartley's_Ass: Gingrich, like Cain, was a lobbyist. Their campaigns are marketing ploys. Neither has a chance at the nomination as Cain has no substance and Gingrich has too much, all foul. By pushing Romney to pander to the extreme right, the middle is left with Obama and the GOP maintains its reputation as the Party of Clowns.

[i475.photobucket.com image 321x500]

2016 should be a hoot.

The GOP, not clowns but #1 with clowns.

On second thought, they might all actually be clowns.

robertus: Obvious tag in its bedroom jamming out to Alanis Morrisette.

It's like rain on all three of Newt's wedding days.

The farker isn't even faithful to the people who bribe him.

PanicMan: FTFA: The two companies, Freddie Mac and Fannie Mae, "are so thoroughly politicized and preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees, whose leaders focus on making a profit, not manipulating politicians," Gingrich wrote in his 2011 book, "To Save America."

So he accuses the people who paid him $1.6 mil of manipulating politicians?

He should know what he was paid for. Freddie Mac is corrupt, but it did not crater the world economy.

Alan Greenspan dropped interest rates to 1 percent and kept them there too long. That 1 percent was not much return to the leisure class for renting money. Greedy banksters conspired to provide, unregulated, riskier higher interest rate denominated investments to their greedy leisure class clients. Mortgage backed securities. What was really greedy was that these MBS securities required no reserves at all to back them up. This allowed AIG to write $3 trillion in MBS while reserving precisely zero dollars against future claims. Infinite leverage. Was this Freddie Mac? No, this was lack of appropriate federal regulation. The Federal Reserve could have regulated MBS, but Greenspan chose not to.

Now the banksters knew that if they accurately declared that the MBS junk securities were infinitely risky then the guaranteed higher percentage interest rate would require an infinite discount. So, the banksters paid the rating agencies to declare that the mortgage backed securities were AAA rated bonds. Moody's, S&P and Fitch gave AAA rating on these junk securities, claiming they were as safe as US. Treasuries. Was this Freddie Mac? No this was outright corruption on the part of Moody's, S&P and Fitch.

In 1998 Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group to form Citi which included Citibank, Smith Barney, Primerica, and Travelers. The merger was illegal. Glass-Steagall legislation forbid this merger. The Glass-Steagall Act had separated Wall Street firms like Smith Barney from banks like Citibank. To get approval for this illegal merger Citi bribed convinced the Newt Gingrich led Congress to pass the Gramm-Leach-Bliley Act which allowed FDIC-insured banks, whose deposits were guaranteed by the government, to engage in highly risky business. Was this Freddie Mac? No, GLB was responsible for the creation of even larger banks/investment houses that took on more risk due to their being considered "too big to fail."

Where are we now? FCIC report conclusion. WHEN THIS COMMISSION began its work 18 months ago, some imagined that the events of 2008 and their consequences would be well behind us by the time we issued this report. Yet more than two years after the federal government intervened in an unprecedented manner in our financial markets, our country finds itself still grappling with the aftereffects of the calamity. Our financial system is, in many respects, still unchanged from what existed on the eve of the crisis. Indeed, in the wake of the crisis, the U.S. financial sector is now more concentrated than ever in the hands of a few large, [too big to fail] institutions.

EnviroDude: Rain-Monkey: Son of a....

You whore. You farking whore.

quit your biatchin. He is a DC insider and the DC Insiders get all the preferential treatment from those bowing to the DC insiders.

You know, like Pelosi did when Mr. Pelosi got the super secret and exclusive opportunity to buy VISA shares for $44 each on an IPO.

/have you noticed not a single Freddie Mac/Fannie Mae official has gone to jail for their fraud on US, the US?

I notice you always mention Pelosi but never the Republicans from the same story. Why is that?

Less than 1 month ago there was a thread here about Obama taking a lot of money from wall street. All the fark libs here said that was OK because because Obama was fighting against wall street.

But of course the same behavior here is completely different because its a republican and not a democrat.

Delay: Now the banksters knew that if they accurately declared that the MBS junk securities were infinitely risky then the guaranteed higher percentage interest rate would require an infinite discount. So, the banksters paid the rating agencies to declare that the mortgage backed securities were AAA rated bonds. Moody's, S&P and Fitch gave AAA rating on these junk securities, claiming they were as safe as US. Treasuries. Was this Freddie Mac? No this was outright corruption on the part of Moody's, S&P and Fitch.

In 1998 Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group to form Citi which included Citibank, Smith Barney, Primerica, and Travelers. The merger was illegal. Glass-Steagall legislation forbid this merger. The Glass-Steagall Act had separated Wall Street firms like Smith Barney from banks like Citibank. To get approval for this illegal merger Citi bribed convinced the Newt Gingrich led Congress to pass the Gramm-Leach-Bliley Act which allowed FDIC-insured banks, whose deposits were guaranteed by the government, to engage in highly risky business. Was this Freddie Mac? No, GLB was responsible for the creation of even larger banks/investment houses that took on more risk due to their being considered "too big to fail."

But people bought houses, so both sides are bad. Vote 1%

pdee: Less than 1 month ago there was a thread here about Obama taking a lot of money from wall street. All the fark libs here said that was OK because because Obama was fighting against wall street.

I'd ask for a citation, but I'm pretty sure it was the thread that showed Wall Street donating far, far more money to Romney than Obama, which was countered with the "B..b..b..ut Wall street gave more money to Obama in '08!"

Which kind of actually makes the point that they don't like what he is doing. But of course that was missed by most of the people trying to simply throw crap up in the air in hopes some of it sticks.

Skleenar: "I think Senator McCain should have turned and said, 'Senator Obama, are you prepared to give back all the money that Freddie Mac and Fannie Mae gave to you? Are you prepared to fire your housing adviser, who was paid $90 million over six years while helping ruin Fannie Mae? Are you prepared to fire your adviser, who is the former head of Fannie Mae, Mr. Johnson? Are you prepared to dissociate yourself from Chris Dodd, who was the highest recipient of money from Fannie Mae?' And who, by the way, as you know, was also getting a below-market loan from Countrywide before they went broke."

See also:

HANNITY: Now, one of the things that I noticed about Senator Obama's statement earlier today is he kept bringing up greed on Wall Street. He's got two economic advisors. One was leading up his vice-presidential selection campaign, Jim Johnson. He used to work at Fannie Mae. He was a top exec at Lehman Brothers. He made tens of millions of dollars. And the Washington Post had reported that Frank Raines made $90 million in six years as the head of Fannie Mae and that he has been an economic advisor for - for Barack Obama. How can we solve the crisis and the greed that Obama is talking about if we don't start putting some of these guys under oath and the money that they donated to all these, you know, members of the banking committee, et cetera?

GINGRICH: Well, I was going to say, let's start with putting under oath some of the members of Congress. Senator Dodd, who will presumably be helping write this bill, was the largest single recipient of money from both Fannie Mae and Freddie Mac. Senator Obama was second. Senator Clinton was the largest recipient for Lehman Brothers. Senator Obama was second. I think Congress ought to also be under investigation. If we're looking at agreed [sic], let's look at the politicians as well as the people who gave to them.

Link (new window)

/"I have here in my hand a list of 205 . . . a list of names . . ."

7of7: Gingrich:[Freddie and Fannie] preside over such irresponsible lending policies that they need to be replaced with smaller, private companies operating without government guarantees

[www.freddiemac.com image 490x290]

Freddie Mac and Fannie Mae have much better lending practices than the rest of the industry. Despite having 56% of 1st mortgages they have only a quarter of delinquent mortgages. In fact, private, for-profit companies are the ones who precipitated the mortgage crisis with irresponsible and predatory lending practices.This is yet another example of a GOP "serious policy person" being a complete lying scumbag that the media still somehow takes seriously.

This graph is incomplete and in a vacuum. What are the dates? How many of their mortgages are just safe pickups from private lenders?

BloodySaxon: This graph is incomplete and in a vacuum. What are the dates? How many of their mortgages are just safe pickups from private lenders?

Ahem. OTHER private lenders. Fannie and Freddie started as GSE's I think, but they are totally private now with way too much government contact. Can someone find me that vid of Bawney blubbering about how Fannie and Freddie are in awesome shape and shouldn't have tighter regulations (ironically pushed for by republicans) about a year before the belly-up? I think I caught it on a rip from C-Span.

BloodySaxon: (ironically pushed for by republicans)

"Pushed For" so hard, they couldn't enact them with complete control of the House, Senate, and Executive.

"Bawney" Frank. Single-handedly more powerful than the entirety of the Federal Government.

Well now you've done it. You've finally convinced me that Freddie Mac is wasting taxpayer dollars.