Nashville’s Holiday Tradition!
Duration : 0:0:31
Franklin American Mortgage Music City Bowl
Why did the democrats cause the financial meltdown?
Under President Jimmy Carter, the Community Reinvestment Act (CRA) was passed. It required federal financial institutions to encourage banks to give home loans to persons with little credit and low income. Economist Russell Roberts said that the CRA played a major role in creating the sub-prime mortgage crisis in the U.S.
Under Bill Clinton, the CRA was expanded and Clinton set targets for low-income home ownership at the Department of Housing and Urban Development and at Fannie Mae and Freddie Mac. Banks were forced by the federal government to provide bad loans to unqualified people.
Rep. Barney Frank (D-MA) is Chairman of the Financial Services Committee in the House of Representatives. In 2003, he said of Fannie Mae and Freddie Mac: “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” In the late 1980s and early 90s, Frank was engaged in a sexual relationship with Herb Moses, who was Fannie Mae’s assistant director of product initiatives! Bill O’Reilly exposed Frank’s involvement in the mortgage crisis: YouTube – O ‘Reilly – Barney Frank Had Affair with Fannie Mae Exec. Frank looked the other way, while our economy was being destroyed by federal policies created in Clinton and Carter Administrations. (Freddie Mac and Fannie Mae help fund the homosexual agenda.
In 2008, Freddie gave $20,000 to a Parents and Friends of Lesbians and Gays (PFLAG) event; Fannie Mae gave nearly $19,000 to the same event. Freddie has donated $125,000 and Fannie donated $80,000 to homosexual groups since 2005.)
Senator Christopher Dodd (D-CT) is head of the powerful banking committee in the Senate. He and Barney Frank consistently resisted attempts by the Bush Administration to closely regulate Fannie Mae and Freddie Mac. Dodd also got preferential treatment from Countrywide on two mortgages. Countrywide was one of the biggest subprime providers.
Barney Frank and Christopher Dodd received thousands of dollars in contributions from Fannie Mae and Freddie Mac over the years. Dodd has received $133,900 since 1989; Frank received $40,100. (While in the Senate, Barack Obama received $105,849).
As long ago as 2003, President Bush was trying to get the House and Senate to carefully monitor the actions of Fannie Mae and Freddie Mac. His efforts were rejected by Democrats.
Obama associates headed Fannie Mae and Freddie Mac during the years that the crisis was getting out of control. Obama friend Franklin Raines ran Fannie Mae and collected $50 million from it. Obama friend Jamie Gorelick worked for Fannie Mae and earned $26 million; Jim Johnson, formerly Obama’s vice president search committee chairman, hauled in millions from his work with Fannie Mae as CEO.
ACORN, the socialist group that routinely engages in voter fraud, was involved in pushing for risky loans to people with bad credit histories or little money for down payments. ACORN intimidated banks in Chicago and elsewhere to give risky loans! Obama actually trained ACORN workers when he was a community organizer in Chicago! ACORN used provisions of the Community Reinvestment Act to delay or halt efforts of banks to merge or expand until they had lowered their credit standards!
Well, they didn’t. Someone seems to forget that just like in the Great Depression, this current mess was created by a decade of Republican legislation. And now they are crying like cry babies that it’s Obama fault. Oh my! aren’t they delusional.
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Duration : 0:1:11
Buy a home versus rent? Full-time college student w/ part-time job.?
I’m a 20 year old full-time college student with a part-time job (making VERY little). Currently, I live with my parents and everything works out fine. I have a full-ride scholarship and don’t have any student loans. In addition, I’ve saved about $21,000 in various money markets, mutual funds (Janus and Franklin Templeton), and savings accounts. If we bought a home, my parents would totally help me with bills, mortgage payments, etc, plus they would get a tax break (second home).
We’re in no rush to purchase a home, but what would you all recommend considering my situation? Wait a while and stay at home? Keep saving? Purchase a house or townhouse (which one?)? Rent?
Oh yeah, the price range we’re looking at is between $50,000-100,000 for a small home. Also, we live in a safe area with a good school district where homes tend to appreciate.
Thanks for your advice.
Also, I DO have a Roth IRA that is invested in Franklin Templeton- about $3500
If you can afford to buy, I would suggest buying. If you are in no rush to get out of your folks home though, your best bet is to stay put and keep stashing money away. You may want to open a retirement account in addition to what you already have.
BTW – Go you on your savings!! Very few young people are that diligent. Congrats!
Nick Jarrett
Nick Jarrett’s last night at The Franklin.The 529 College Savings Plan — A Guide for Parents and Policymakers
In this video SEC-registered investment manager Bill Parish examines 529 College Savings Plans, sharing his views on how to best choose and set up the right plan for these important savings. Also, a look at Oregon’s 529 vendor Oppenheimer’s failure to protect its plan’s most conservative funds from massive losses, while similar funds around the country remained stable.
Duration : 0:8:36
Dems – If Obama is elected will be be subjected to more of the same economic policies that gave us a crisis?
Regardless of who you feel is to blame for the economic crisis, lets look at the facts:
1) Clinton signed the deregulation bill
2) Jimmy Carter put the Community Reinvestment Act in place
3) Bill Clinton strengthened the CRA and its enforcement
4) Franklin Raines, who ran Freddie, was directly responsible for the creation of "Mortgage backed securities."
5) Franklin Raines fleeced Freddie for over $30 million for his own personal gain.
6) Franklin Raines is on Obama’s finance committee.
7) Barney Frank insists that the CRA was not responsible for this:
Watch the dems defend Franklin Raines at:
1) Clinton signed the deregulation bill of wall street. Basically it means that he agreed with it.
Without a doubt. If you look at Obama’s proclamations in this area he will not even allow your house to be repossessed for default. He has even hinted at extending this to your car loans. The man does not believe in personal responsibility and supports a large social agenda. Once the furor dies down and people stop watching the process will renew unabated. At this point I am more interested in seeing what the government will do with the mortgages they buy until such a time as they can sell them. I foresee a large number of neighborhoods getting new section 8 neighbors in the immediate future.
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Duration : 0:6:31
You are aware that Raines has disavowed that he ever worked as an adviser to the obama Campaign… Aren’t you?
The Facts
The McCain video attempts to link Obama to Franklin Raines, the former CEO of the bankrupt mortgage giant, Fannie Mae, who also happens to be African American. It then shows a photograph of an elderly white woman taxpayer who has supposedly been "stuck with the bill" as a result of the "extensive financial fraud" at Fannie Mae.
The Obama campaign last night issued a statement by Raines insisting, "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."
So let’s say that this dude did give advice to Obama, does that mean that somehow Obama is partly responsible for the Fannie Mae downfall? Why is there so much "guilty by association" accusations being thrown around with this? That’s the GOP for you. However, what they don’t tell you is that McCain’s campaign manager was the pres. of an advocacy group that defended Fannie and Freddie against gov’t regulation, or that at least 20 of McCain’s fundraisers and advisers were lobbyists for the companies, yet, I don’t hold McCain responsible for the downfall of those companies. Again, that’s the GOP for you.
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Duration : 0:2:49