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Old 05-03-2010, 12:34 PM   #46
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Buried in the middle of the 901 pages of exhibits are four “self-reviews”. These are the reports that the Goldman bankers wrote about themselves for the year 2007 in which they listed their strengths and weaknesses
Also buried in the bill are the provisions for future bailouts.
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Old 05-12-2010, 07:24 PM   #47
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Democrats Reject 5% Down Payment Rule

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The Senate today rejected a proposal by Sen. Bob Corker, R-Tenn., to impose a minimum 5% down payment for virtually all home mortgages. The amendment to the broader financial regulatory overhaul bill, which failed 42-57, would have required income verification and an assessment of borrowers’ ability to repay as well.

Corker’s proposal also would have stripped out a provision that required financial firms securitizing loans to keep a 5% portfolio risk.

Democrats then passed their own amendment imposing some underwriting standards, but no minimum down payment.

Regarding Corker’s bill, Democrats argued that a 5% down payment would hurt minorities and the poor.
Is Fannie/Freddie addressed in the finance overhaul bill?
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Old 05-13-2010, 07:06 AM   #48
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what's the logic behind a 5% downpayment
besides making sure most people have no savings left

i doesn't seem like a cure for the problem
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Old 05-13-2010, 07:27 PM   #49
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20% down, maybe?
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Old 05-13-2010, 07:38 PM   #50
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20% down, maybe?
You'd make a fortune if you were in the rental business.

A mandatory 5% down will not solve the problem, it doesn't take a fucking rocket science to figure that out. What is wrong with these guys?

Run a check, do what you need to in order to determine if they can pay or not, but this won't solve anything, it will just make things worse.
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Old 05-13-2010, 07:51 PM   #51
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Fannie asks for another $8.4 billion - May. 10, 2010

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NEW YORK (CNNMoney.com) -- Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that it expects its losses to continue because of trends in the housing and financial markets.

The government-controlled mortgage giant said it lost $11.5 billion in the first quarter of 2010, its 12th consecutive quarterly loss. In addition, Fannie paid out $1.5 billion dividend to the Treasury, which received stock after the government took it over in September 2008.

In the year-earlier quarter, Fannie suffered a $23.2 billion loss, but an accounting change makes comparing the year-over-year losses difficult.

Fannie's request for more federal funds comes just four days after Fannie's twin Freddie Mac also asked for a handout - to the tune of $10.6 billion - after posting an $8 billion quarterly loss.

In using Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) to prop up the mortgage market, the government in December lifted a $200 billion limit on their bailouts, essentially giving the twin housing lenders a blank check. Before their latest requests, Fannie Mae had already received $76.2 billion from the federal government and Freddie had gotten $50.7 billion.
Again, is Fannie/Freddie addressed in the finance overhaul bill?

Chris Dodd, Barney...hello?
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Old 05-21-2010, 02:11 PM   #52
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SEC's Goldman Charges Send Shocks Through Financial Markets - WSJ.com


Too connected and powerful to be held accountable?


or


these charges are baseless?
The charges are absolutely baseless, and are just a political show. Goldman Sachs was merely the market maker in the Abacus transaction, they were not a financial adviser to ACA and therefore it was not their responsibility to judge the quality of the products. ACA was a sophisticated bond insurance company, not an old granny off the street who got ripped off.

In plain words, what happened was that ACA insured these bonds, the bonds failed, and they had to pay close to a billion dollars in claims for the insurance they sold. The bond portfolio was reviewed and approved by ACA. They had all the information that Paulson had about the bonds. It doesn't matter who selected the portfolio of securities. All that matters is that they were given full disclosure of content that was included in the package to be insured, which they were. It doesn't matter who was buying the insurance, whether it was Goldman, John Paulson, Ben Bernanke, or anyone else, because that would have no effect whatsoever on the performance of the underlying securities. Also, anyone who knows anything about finance would know that it is a given that someone is on the other, opposite side of the transaction. If ACA is selling insurance, obviously someone (a bearish investor) is buying the insurance.

The charges are completely without merit and anybody saying that the Goldman bankers should be arrested, or hanged, should do a little more research on the issue before forming such an unfounded opinion.
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Old 05-21-2010, 02:16 PM   #53
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Fannie asks for another $8.4 billion - May. 10, 2010



Again, is Fannie/Freddie addressed in the finance overhaul bill?

Chris Dodd, Barney...hello?
They are not addressed in the bill.
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Old 05-21-2010, 02:23 PM   #54
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YouTube - Dylan Ratigan Rant's about economic problems

Dylan Ratigan, once host of CNBC's Fast Money, was eventually fired (or forced to quit). I love this rant...
He left on his own will, to MSNBC, because he wanted to report to a broader audience.
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Old 05-21-2010, 02:26 PM   #55
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Simon Johnson, on Real Time, really explained well what Goldman Sachs is alleged to have done. Wow. Selling securities designed to fail then buying insurance to profit on it? Un-fucking-believable. I pray they get hammered for this.
It was Paulson who bought the insurance. And the the transaction itself was an insurance transaction. ACA sold the insurance, so obviously there had to be a buyer for the insurance. Goldman did not buy the insurance, in fact, they were in effect on the same side of the trade as ACA, because they couldn't sell all of the securities that Paulson wanted to short. They therefore lost approximately $90 million in the transaction.
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Old 05-21-2010, 04:42 PM   #56
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The charges are absolutely baseless, and are just a political show. Goldman Sachs was merely the market maker in the Abacus transaction, they were not a financial adviser to ACA and therefore it was not their responsibility to judge the quality of the products. ACA was a sophisticated bond insurance company, not an old granny off the street who got ripped off.
while overall I agree with this it is worth noting that valuing bonuses over responsibility is what created a lot of this mess
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Old 05-21-2010, 06:56 PM   #57
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The charges are absolutely baseless, and are just a political show. Goldman Sachs was merely the market maker in the Abacus transaction, they were not a financial adviser to ACA and therefore it was not their responsibility to judge the quality of the products. ACA was a sophisticated bond insurance company, not an old granny off the street who got ripped off.
Am inclined to agree....IIRC you work in Wall Street yourself, is this correct?
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Old 05-23-2010, 09:11 PM   #58
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Am inclined to agree....IIRC you work in Wall Street yourself, is this correct?
Yes, not anymore however. I was there for a little bit but I realized I don't like working incredibly long hours and reporting to someone else. So I went back to school to do pre-dental, and will be going to dental school in a couple of years.
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Old 05-23-2010, 09:15 PM   #59
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while overall I agree with this it is worth noting that valuing bonuses over responsibility is what created a lot of this mess
By "mess" if you are referring to the entire financial crisis, you are absolutely correct.

But if you are referring specifically to the Abacus transaction, then I have to disagree. Like I said, Goldman was just the market maker. Paulson made money and ACA, IKB, and Goldman itself lost money in the transaction. The combined gain/loss of all the parties was zero. If ACA had made money, then Paulson would have lost money. In this specific transaction there was no way for all the parties involved to make money (or lose money, for that matter).
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Old 05-23-2010, 09:35 PM   #60
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Yes, not anymore however. I was there for a little bit but I realized I don't like working incredibly long hours and reporting to someone else. So I went back to school to do pre-dental, and will be going to dental school in a couple of years.
Respect.
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