OT - Dow down 777 at close

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Mike,

Are you a little torqued today? You seem meaner than usual. As long as it's directed toward Jon or Steve then I'm ok with it.

Nah, it must be the stock market. It didn't go up enough today to cover the losses yesterday and I am such a big high-roller in the stock market and all... ya know...

Meaner than usual. Hmmm. Not sure how to take that Mark.

Jon and I are cool. We have developed a plan to get him some more pussy cats. Cats make Jon happy and when Jon is happy, I am happy. Screw the 401k, Nancy Pelosi, Nobama, McPain, that goofy broad from Alaska that can see Russia from her breakfast table and that obnoxious Yankee with the fufu hair doo that has never worked a day in his life yet wants to tell us how things are gonna be. Screw all of 'em and the horse they rode in on.

-Mike-
 
You have no idea how much I wanted to edit that post. But, this is a family show, so I'll leave it alone.
 
Were you planning to leave out the reference to felines or change some verbs? :D

-Mike-
 
Sheesh. I gotta keep up more.

Yep, Greg, you *are* gonna hear from me. You don't have to listen though. I believe in personal responsibility. What would happen without a bailout is not as dire as you predict. What *would* happen is a lot of renegotiation of interest rates. All those fat cats are not gonna sit on their thumbs. They will mitigate their screw ups, which means cutting interest rates (and therefore house payments) way back so people could afford them. What would those big boys want with millions of empty homes?

They were licensed though - by the government. That doesn't mean they didn't see an opportunity to make a less than honest buck.

Here's a story right out of the NY Times. Notice the date...

September 30, 1999

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the Americ an Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped. [

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary mark et. By expanding the type of loans that itwill buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
 
I will use a phrase from one of your heros (no, not Charlton Heston), the Gipper. Impacts from a lack of available credit will have a "trickle down" effect on all apsects of the economy which runs, frankly, on short-term credit. You've been listening to too much Rush again.

Fannie Mae is Fannie Mae. The big problem started when the Bush Adminstration deregulated the finance industry so that any institution could write subprime loans.

FACT CHECK: BUSH ADMINISTRATION'S TRACK RECORD OF DEREGULATION - Zibb.com
 
Would anyone like to see the pictures of Jon's pussy cats?

-Mike-
 
Will this work Mike? Yoda on kitty weed.
kittyweed3.webp
 
The Gipper was an actor, just like Bush is Cheney's puppet. Sorry to disappoint you, but I still believe in personal responsibility.
 
You hoping for a calming effect on this thread? Here is a best buds shot and a "if looks could kill" shot. And of course a kitten shot.
cats04.webp
kitties03.webp
yodasm.webp
 
It's okay guys. I just hate to see Greg so confused. I'll quit now.
 
No need. I grow my own, errr, there own weed.

F:censor: tree huggers are always starting crap! Now we have to change from Flowerboy to Weedman??? Always knew there was something wrong with you :smokin:!

Rorical
 
You hoping for a calming effect on this thread?

I think its working, thanks! Do you have plenty more or should you ration them by only posting 1 at at time?

-Mike-
 
No need. I grow my own, errr, there own weed.

Famous author. Several books to his credit. College educated. Senior manager for our city government. :rolleyes:

:sheesh:

-Mike-
 
Famous author. Several books to his credit. College educated. Senior manager for our city government. :rolleyes:

:sheesh:

-Mike-

Busted, and I know better. Even Yoda likes IH8MUD.com.
yoda 002.webp
 
Hey, I got one too!

Have not had one of these things since I was about 6 years old.
juane
zz 017.webp
 
That looks like bottle-feed material.
 

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