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Thursday, January 29, 2009

On St. Paul's chopping block: Rec centers, libraries, police

Please click onto the COMMENTS for the story.

31 Comments:

Blogger Bob said...

St. Paul City Council members were told to expect these cutbacks in reaction to millions in anticipated reductions in state aid.

By CHRIS HAVENS, Star Tribune

Last update: January 28, 2009 - 11:58 PM
Featured comment

Libraries and recreation centers are likely to close, bond sales have been put on hold and there will be fewer police officers and firefighters on St. Paul streets.

That was the message Mayor Chris Coleman's staff told City Council members Wednesday morning.

The grim picture, they said, was in response to anticipated reductions in state aid.

Gov. Tim Pawlenty shared his proposed cuts to local government aid Tuesday when he released his budget plan for the next two years. The state has a $4.8 billion shortfall to make up. That number, however, is expected to grow when an updated economic forecast is presented in February.

St. Paul officials are bracing for deeper local aid cuts but for now are working with a $7.7 million reduction in 2009, plus a $5.7 million hole that was "unallotted" from the 2008 budget. A $17 million cut is expected for 2010. When inflation and loss of an expiring revenue source are factored in, St. Paul is looking at a hole nearly $44 million deep over three years.

Cutting entire departments for the libraries, parks and city attorney would still fall short of meeting that number.

Filling the 2009 gap is the task at hand. Coleman said he wants to be strategic in where the reductions come from. He wants to minimize job losses, although layoffs are likely.

It will take at least a month to come up with a detailed plan, said Deputy Mayor Ann Mulholland.

Administration officials will be meeting with department directors and some unions today to discuss the situation. Eliot Seide, executive director of AFSCME Council 5, said his union has been working with Coleman for some time on ways to alleviate the economic hardship. Seide called Pawlenty's cuts draconian and said new revenue needs to be raised.

There will be public meetings in February during which residents can air their thoughts and ideas. Details for those gatherings haven't been set.

Whatever the combination of cuts turns out to be, "they will all be unacceptable," Mulholland said.

Council members asked for more information from the administration and want scenarios on the effects of across-the-board cuts compared with reductions on a department-by-department basis.

Council President Kathy Lantry said she wanted to see the differences between cutting hours at all rec centers versus shuttering a few.

Council Member Dave Thune said he wants to know how cuts to police and fire staffs could affect response times.

Meantime, the city set aside about $4.3 million in contingency spending in 2009, as well as $4.5 million by keeping vacant jobs open. There's a hiring freeze, and spending over $1,000 needs approval from the administration.

A voluntary retirement program was announced a couple of weeks ago, as well as the option for employees to take unpaid leaves of absence or work fewer hours. The city has about 3,300 employees.

So far the city has received five applications for voluntary retirement, said Human Resources Director Angie Nalezny. The city offered the packages to 180 eligible employees and is hoping to have 30 takers by the Feb. 6 deadline. It's unclear what the total savings would be.

The next several weeks will entail discussions among many stakeholders.

"We need to look under every single rock," Thune said.

Chris Havens • 612-673-4148

9:21 AM  
Anonymous Anonymous said...

the rock of law suits, Another reporter's blog Steven Pence, which I joined the ning.org, today,downloaded box, great site to download pdf files,
Bobby you should have another social network, which you control etc. Partner with Steven pease at Pig's-eyeproper

http://stpaulproper.ning.com/profile/SharonScarrellaAnderson?newAppUrl=http%3A%2F%2Fwww.box.net%2FBoxNingTemplate.xml

10:28 AM  
Anonymous Anonymous said...

Stop demolishing houses that could be sources for the tax base.

Take money earmarked for demo and loan it to landlords ( sort of like a bail out ).




Jeff Matiatos

12:05 PM  
Anonymous Anonymous said...

If they did proper management and concentrated on these assets in the first place, the city would be in much better shape.

Instead, they concentrated on anality and the ASS-ettes doing inspections, and now are in trouble. They should have never listened to them.

3:16 PM  
Anonymous Anonymous said...

Yeah well, what's a few cops and firemen when you have to protect the bicycle advisory board?

Say, anyone remember when Coleman was up at the legislature squirting tears because they wouldn't let him extend health benefits to people playing house?

The people of St. Paul are lucky that not everyone was stupid enough to elect idiots to represent them.

10:35 PM  
Anonymous Anonymous said...

Swiftee they don't pay the Bike advisory board. Its free. They are volunteers.

This is the kind of silly shit that the right wing always say. They have no idea how the government works or where money comes from or goes.

JMONTOMEPPOF

Chuck Repke

11:11 PM  
Blogger Bob said...

John has been ignoring me folks. I left this message for him over at twincities.com on this topic.

Bob Johnson
Saint Paul, MN

John Krenik, I was wondering. Since you want to be our next mayor are you going to make the same mistake Debbie Montgomery made and not return emails or phone calls to your constituents? After all this is why Debbie isn't on the ccity ouncil any longer. I really want to know your position on housing, John. Since you can't answer me privately maybe you can answer me publicly. WHAT DO YOU INTEND TO DO ABOUT THE VACANT BUILDING CRISIS? I prefer an answer at Saint Paul's premier electronic Town Hall.

Bob Johnson
Host of the A Democracy Town Hall

11:13 PM  
Anonymous Anonymous said...

"Stop demolishing houses that could be sources for the tax base.

Take money earmarked for demo and loan it to landlords ( sort of like a bail out )."

It doesn't work like that Jeff. These politicians have made a very sucessful carreer out of slandering landlords and getting everyone not to like them. That's how they keep their power.....keep the neighborhoods mad at the landlords so the city can have a scapegoat to take care of. That way they look like they're doing something for the money they take in taxes. Right Chuck?

1:43 AM  
Anonymous Anonymous said...

1:43 - wow, actually most landlords and neighbors and community groups and the police work together to fight crime and blight in the neighborhood.

Most real "investors" know that the jerks that listened to the infomercials and looked to get rich quick off of the real estate boom and never put a dime into their properties were hurting them.

I would love to find out what planet some of you guys are on...

What color is the sky in your world?

JMONTOMEPPOF

Chuck Repke

8:28 AM  
Blogger Bob said...

Chuck wants folks to believe this list here is representative of predatory investors and slumlords. This is a standard attack from the entrenched dfler's in city hall. Slandering others to make themselves look like the good guy who comes in to save the day. Bunch of phony deceitful politics. It has worked for them for years, until lately.

Fact is, there is hundreds if not thousands of property investors, landlords of all kinds, and citizens of all walks of life here.

To all you GOOD dflers out there. This bunch of dflers who have been sharing power in Saint Paul for years are not your friends.

They want your tax dollars.. They want your home if they don't think it is good enough. They do not believe in capitalism. They have run jobs away from Saint Paul. They have added to the problem of vacant housing foreclosure's with rogue housing code policies.
WE are the only city in the U.S. where crime has risen.

During a time when most of us are saving pennies to make ends meet, Chuck's friends in city government are raising your tax's and spending your tax dollars on projects the city could do without until we are in better financial times.

BUT NOoooo, these folks in city government and their entrenched bureaucrats are Utopians! They want to leave behind a legacy of "we built this city into the most livable city". AT the expense of citizens, blood, sweat and "tears".

Let me give you Utopians a clue. 70% of the city's population doesn't even know who the Mayor is. We plan to change that.

9:14 AM  
Anonymous Anonymous said...

I think that the city views landlords like police view citizens that carry a permit for a hand gun. You all know about that.

Landlords have considerable influence in the sence that they pay property taxes that are a vital part of the bloodline that operates the city.

The city wants to control this line of income, but feel inadequate in the sence that landlords are the ones holding the cards of how that income is generated and from what types of citizens landlords are renting to.

The city segregates but complains about who landlords are renting to ?



Double standard.




Jeff Matiatos

9:19 AM  
Anonymous Anonymous said...

70%?
Bob, you know that's not true. Maybe 70% of your friends but I've done enough political surveys, IDs and polls to know that is complete BS. COMPLETE. However, If you want to use that as your measurement, be my guest, it makes it easier to defeat an opponent who is misinformed and underestimates their target.

Your crime statistic is also wrong, I wont even ask you where you pulled that from but, before you reply, go the FBI site for those statistics.

Everything else is an emotional rant that is not based on fact, logic or planet earth.

St Paul is a DFL town. More than 2/3rds of the voters self identify Democrat. The other third split between independent and republican. Going after party identification ("DFL is taking all of your money!") won't get you anywhere. 78% of Saint Paul turned out in record high numbers and voted for guy whom the Republicans falsely accused of being pals with terrorists, and a socialist. He's now enjoying 80% approval from Americans on his job performance.

Across the country, we are in a deep recession.
Jobs are leaving, creditors are not lending (housing, cars and businesses) and foreclosures are at all time highs. St Paul and Minnesota are actually doing better than most of the country.

Good luck trying to tie the bad times on the Mayor when in these tough times, he's been able to manage this town quite responsibly and fairly.

After you finish stomping your feet and holding your breath- throw some stats at us to show how bad St Paul is.

Eric
(You ask me to post once in a while- here I am)

12:25 PM  
Anonymous Anonymous said...

In addition to representatives from the 7 city wards, the bicycle advisory board seats representatives from:

Division of Parks and Recreation.

Planning and Economic Development.

Department of Public Works.

Saint Paul Parks Commission.

The Police Bike Patrol.

You gonna tell us that a unionized employee from each one of those city departments donates their time to this shit?

Is that what you're trying to strap on us, Repke?

Don't cost nuthin', right?

If anyone would like a real good laugh, check out this website and click the "accomplishments" link.

http://www.geocities.com/Heartland/Meadows/8553/plan.htm

That's your city council in action!

Oh, and if you want more information..."please call City Staff, Greg Reese, at 488-7291 ext. 306."

But make sure you call after 5:00, 'cause, like, Greg volunteers to hang around for free.

So, do you think I've got my foot far enough up your ass Repke?

Just say when....I do it for free.

7:50 PM  
Anonymous Anonymous said...

"He's now enjoying 80% approval from Americans on his job performance."

Try 66%

http://www.gallup.com/poll/113980/Gallup-Daily-Obama-Job-Approval.aspx

And everything else you posted was just as close to the truth.

Liberals; you can't trust a fucking thing that spews out of their lying pie holes, I swear.

7:55 PM  
Anonymous Anonymous said...

Oh Swiftee, I see you're still sore from the foot to ass the voters gave you when you ran for office.

Read this and learn how you set an argument:

I was quoting a Pew Research Center Poll that's two weeks old.
http://pewresearch.org/pubs/1080/pre-inauguration-mood
You'll see it was at 78%.
My mistake was not updating my poll reading before quoting one.

So, I did and found out a couple of things.
According to Gallup its actually 69%, which puts him at the top of the list of post WWII Presidents, behind only Kennedy.
http://www.gallup.com/poll/113968/Obama-Initial-Approval-Ratings-Historical-Context.aspx

In the turnout for Obama, according to the official results, house district by house district add it up, them divided by eight, I was off by 1 point carried to the nearest whole number. Obama carried 77% of the Saint Paul vote. I was wrong- that would be more than 2/3rds, its more than 3/4ths of a record turnout.

I spite of what the above posters say, St Paul is well ran by a Mayor who has been very innovative and recognized for it.
http://www.governing.com/articles/mayors-cc.htm

Saint Paul is a well managed city who bonds are still high ranked. In other words, Standard and Poor's, and Moody both believe that Saint Paul is a good investment. The City's bond rating is a measure of the risk related to the repayment of City bonds. The City maintains ratings from Moody's Investor Service and Standard & Poor's. The ratings are currently Aa2 and AAA, respectively. AAA is the highest possible rating a municipality can receive, and Aa2 means "high quality by all standards."

I would think that if you are going to try and call someone out, you'll try to get your stuff together first. However, if you were that kind of person, that abysmal attempt at public office would have proceeded without Swift on the ballot.

Your Welcome.

Eric

8:52 PM  
Blogger Bob said...

Eric said;
Your crime statistic is also wrong, I wont even ask you where you pulled that from but, before you reply, go the FBI site for those statistics.

My Response;
My crime statistics are not wrong. I just posted a story on this a short time ago. Right out of the Tribune Eric. The statistics quoted were from the FBI. WE ARE THE ONLY CITY IN THE U.S. WHERE CRIME HAS RISEN.

I said 70% of the citizens didn't even know who the mayor is. I bet I am not far off. Eric, in your world everyone knows who the mayor is. In the real world, folks are to busy with their lives and generally have no interest in politics.

Stand outside Rainbow foods on Arcade and ask folks as they walk in if they know who the mayor is. You will be surprised Eric.

6:35 AM  
Blogger Bob said...

St. Paul crime up; Minneapolis down in first half of 2008

By Mara H. Gottfried
mgottfried@pioneerpress.com
Posted: 01/12/2009 12:01:00 AM CST

Crime in St. Paul rose slightly in the first half of 2008, bucking a national trend of declining rates, according to FBI statistics released today.

While crime was down in some categories in St. Paul, there was a 0.2 percent increase overall — amounting to 10 more crimes — in the first six months of last year, compared with the same period in 2007. In Minneapolis, crime fell 9.2 percent.

(Scroll down the front page for the topic)

Eric, the only thing we do differently is our housing/crime policies. DUMB, strategy!

6:39 AM  
Anonymous Anonymous said...

Bob said:
"WE are the only city in the U.S. where crime has risen."

Your paste job says that there were 10 more crimes overall. TEN. Not violent crime, not robbery, ten random crimes.

This list is based off of the 2007 FBI numbers. 2008 numbers are not complete (hence the story you provided only having stats for the first half.)

The top 60 United States cities by crime rate

In the 250,000 population and up category, listed from safest to most dangerous.

1. Virginia Beach
2. Honolulu
3. San Jose
4. El Paso
5. Mobile
6. San Diego
7. Colorado Springs
8. Austin
9. San Antonio
10. Raleigh
11. Omaha
12. New York
13. Bakersfield
14. Denver
15. Seattle
16. Fresno
17. Lexington
18. Fort Worth
19. Louisville
20. Portland
21. Los Angeles
22. Phoenix
23. Tucson
24. Corpus Cristi
25. Anchorage
26. Oklahoma City
27. Columbus
28. St Paul
29. San Francisco
30. Wichita
31. Charlotte
32. Albuquerque
33. Las Vegas
34. Jacksonville
35. Tampa
36. Dallas
37. Cincinnati
38. Pittsburgh
39. Sacramento
40. Houston
41. Boston
42. Tulsa
43. Toledo
44. Indy
45. Buffalo
46. Washington DC
47. Milwaukee
48. Cleveland
49. Philadelphia
50. Miami 1,492
51. Minneapolis
52. Nashville
53. Atlanta
54. Baltimore
55. Chicago
56. Oakland
57. Memphis
58. St Louis
59. Detroit

(Statistics for KCMO were not available on this list)

I notice several cities seem to outrank us have old populations or such large populations that 500 murders in one year would be a drop in crime.


Eric

8:26 AM  
Anonymous Anonymous said...

"I was quoting a Pew Research Center Poll that's two weeks old."

Yeah, and you dug back to an 6 year old school board campaign to slam me with.

Then you go on to tell us that 38% increase in taxes is *good*...."see, teh Mayor got a kewlz award from other moonbat mayors"!

pffft.

Liberals: Still telling the same old, busted lies.

Listen, Eric. If mayor "Helpme" is doing such a great job, please tell everyone you meet all about it. Tell them its *good* to get double digit tax increases each year....and please tell mayor Helpme to STFU; 'cause the rest of us ain't buyin' what you kooks are sellin'.


You set 'em up sparky, I'll knock 'em down.

And I do it for free.

9:26 AM  
Anonymous Anonymous said...

Swift,
You seem to be the one setting them up. You set up the argument as the choice between raising taxes, and lowering taxes.

Newsflash:
The country is in an economic sinkhole. Cities are going bankrupt. You got two choices, raise taxes a little and deliver less services because the cost to maintain at previous levels are way up, or raise taxes to maintain the services people expect cities to deliver.

In November we'll see if he made the right decision. However, with no major challengers stepping forward, I'd say there is no groundswell of discontent.

You keep beating the anti-liberal drum but, no one is dancing. We have lived through eight years of republican/conservative policies and the only ones that have done well are the Wall Street CEOs. We have seen the government grow to it biggest rate in history and a debt that is the largest of any country since the Renaissance. Those policies have stolen 40% of our wealth as they devalued our homes, IRAs and other investments, and the retail industry.

Your conservatives have sunk us into this crap hole and you want to point to taxes being raised?


Eric

10:17 AM  
Anonymous Anonymous said...

Swiftee just kicked your ass Eric and wiped it too!Chris Coleman thanks for the 50 million increase in spending for 2009.Great leadership.Keep spending and when you can't fill the gap blame the state.

What I don't understand is most of all the citys hurting around the US are ran by Democrats.Big government and equal everything.That will grow business and job growth.DAH>


Eric we'll keep you posted on Obama,his honeymoon is about over.


Steve

10:21 AM  
Anonymous Anonymous said...

Steve,
You and Swift had your chance. Our national deb is at 11.3 TRILLION. Where was it when Bush and the Republicans started their run in 2000? 5.6 Trillion.

That comes from growing the government without paying for it. They figured as long as they can borrow from the future, the people won't complain. Until the banks, investments and homes start to fail. You blew it. Sit back and watch Obama fix your crap.

Big cities are running deficits, that's true, so are 46 of the 50 states. 46!!!
http://www.cbpp.org/9-8-08sfp.htm

Suck on that for a while Steve. Bush and you conservatives have killed the economy of the country. That's why you got your tails kicked in the congressional election, the presidential election and gubernatorial elections. You'll get them kicked in the municipal elections too. Just keep watching.


Eric

10:54 AM  
Anonymous Anonymous said...

What created the meltdown Eric?The housing market and bad mortgages.

Who endorsed these mortgage practices?If you do your research Bush and his administration were warning congress about Fanny and Freddie.Barney Frank and Chris Dodd labeled Bush and people like him as the rich guy picking on the poor guy.They stood up for these mortgages and were giving false hope to the citizens of this country about the condition of Fanny and Freddie when they were in the tank.

These interest only,arms,and negaive Am mortgages were introduced to the market to help low income America buy houses.These programs put to many people in the market to buy houses and drove up the cost.


If you do your homework young man and go back to the Clinton years you can see the runaway train getting started.

Know your facts!


Steve

4:31 PM  
Anonymous Anonymous said...

Steve know the real factes...

The Republican blame Clinton for everything goes on and on and on... the one time in almost the last hundred years that we were getting the country close to getting out of debt and right wing nut cases can't remember a day of it.

Now, the new twist is the blame Fannie Mae and Freddie Mac... it was the opening up of credit on mortgages that Fannie and Freddie had...

DO ANY OF YOU CLOWNS EVEN NOW WHAT FANNIE AND FREDDIE ARE AND WHAT THEY DO??

Boobs, Fannie and Freddie buy mortgages already created by PRIVATE BANKS!!!

The rule changes that the right wing now whines about were rule changes that allowed Fannie and Freddie to buy the kinds of mortgages banks were already doing!!! The private banks were doing little down, mortgages and holding them they were looking to sell the paper and Fannie and Freddie wouldn't buy them the change in regulation allowed Fannie and Freddie to buy them.

This didn't force private banks to make bad loans. And it sure as hell didn't create the bundling and selling of mortgage products that IS ACTUALLY WHAT LEAD TO THE FALL OF THE BANKING SYSTEM.

FANNIE AND FREDDIE WOULDN'T BUY THE CRAP THEY WERE SELLING.

Clowns, no clue...

JMONTOMEPPOF

Chuck Repke

8:30 PM  
Anonymous Anonymous said...

Chuck do your research I don't debate with ignorance.Wasn't it Fanny and Freddie that went tits up first.They are the ones that were buying up this bad paper.The private banks were told that they couldn't red line applicants and needed to extend credit to risky(low income)home buyers and freddie and fanny would buy up the risk.


Oh and wasn't it Chris Dodd who was in bed with countrywide?

Now that this is seen as the problem we will just see how many banks loan money to your so called low income buyers and how you and your party will bitch about the tight lending.At that point you clowns will regulate the baks to extend programs to loan to these folks.

Chuck get a job and quit feedinnbg off government.I've never taken a handout from the government,Have you?


Steve

10:54 AM  
Anonymous Anonymous said...

Steve - no it was Citi bank that went "tits up first" and then country wide and Morgan Stanley and Merrel Lynch.

Fanny and Freddy were encouraged to buy the paper that banks were already writing.

Listen to the damn debates that actually occurred back then. The banking industry was encouraging Fanny and Freddie to buy the paper so that they could make more loans.

Do you know why Fanny and Freddie even exist? It is to facilitate the banking industry. The capitalists wanted Fanny and Freddie to buy their banks paper so that the banks could make more loans. Without Fannie and Freddie interest rates go through the roof.

Here's the deal your bank loans you money for your house. They go to Fannie and say... here is Steve's mortgage here is his credit rating and the value of the house and Fannie buys your mortgage. One mortgage at a time. Not the bundles that the crazy investment houses got into.

What happen in the 90's during the housing bubble is that they went to Fannie with your mortgage and Fannie said, Hey Steve didn't put enough down on the house for us to buy it, see you later, keep the mortgage and the banks whined to the Fed's. So, the Fed's told Fannie, reduce your qualifications to purchase paper to match current banking needs. Buy some of this 3% down paper instead of the 10% you use to require. They never bought any interest only or reverse amortization or any of the other crap that the banks had.

That is the rest of the story...

Not the crap you hear on Fox noise.

JMONTOMEPPOF

Chuck Repke

8:47 AM  
Anonymous Anonymous said...

... and Steve, I don't know what you do, but even if your are selling burgers at Mac's you are getting a hand out from the government.

I have plenty of "jobs" that is why I sign my posts Just My Oppinion Not Those Of My Employers Past Present Or Future (JMONTOMEPPOF). I am a real estate broker for a tax paying brokerage, I work as an independent contractor doing lobbying work for a tax paying company and I have small contracts for two not for profits that have contracts both with the City and with private firms.

How is that any more a government hand out then what ever it is your doing?

I haven't been employed by the city in more than eleven years.

JMONTOMEPPOF

Chuck Repke

9:00 AM  
Anonymous Anonymous said...

Chuck you drank the koolaid didn't you?I can't debate with ignorance .You have nothing and know nothing.

Chuck I know all about Fan and Fred.The government used to own them until Johnson sold them to pay for Vietnam.They were sold but still controlled buy governemnt.They were the ones going to the banks telling them to loosen their lending and they'd buy them up.

I live in St.Paul,invest my own money and create jobs.Are current government body is clueless-18% increase in my property taxes this year.My brother lives in Shakopeehis went doen 4.4%-But you guys just keep blamming the other party.

Stave

11:55 AM  
Anonymous Anonymous said...

Here read this it spells out how much worse the crap was on the market that Fannie wouldn't buy:

The intent was that Fannie Mae's enforcement of the underwriting standards they maintained for standard conforming mortgages would also provide safe and stable means of lending to buyers who did not have prime credit. As Daniel Mudd, then President and CEO of Fannie Mae, testified in 2007, instead the agency's responsible underwriting requirements drove business into the arms of the private mortgage industry who marketed aggressive products without regard to future consequences: "We also set conservative underwriting standards for loans we finance to ensure the homebuyers can afford their loans over the long term. We sought to bring the standards we apply to the prime space to the subprime market with our industry partners primarily to expand our services to underserved families.

"Unfortunately, Fannie Mae-quality, safe loans in the subprime market did not become the standard, and the lending market moved away from us. Borrowers were offered a range of loans that layered teaser rates, interest-only, negative amortization and payment options and low-documentation requirements on top of floating-rate loans. In early 2005 we began sounding our concerns about this "layered-risk" lending. For example, Tom Lund, the head of our single-family mortgage business, publicly stated, "One of the things we don't feel good about right now as we look into this marketplace is more homebuyers being put into programs that have more risk. Those products are for more sophisticated buyers. Does it make sense for borrowers to take on risk they may not be aware of? Are we setting them up for failure? As a result, we gave up significant market share to our competitors.

JMONTOMEPPOF

Chuck Repke

12:14 PM  
Anonymous Anonymous said...

Here's a peek into what it's like with half your brain leaked onto the floor...

First you'll find yourself saying

"Do you know why Fanny and Freddie even exist? It is to facilitate the banking industry."

and

"Boobs, Fannie and Freddie buy mortgages already created by PRIVATE BANKS!!!"

Then you'll bend over and put your empty head right into your own ass....

"FANNIE AND FREDDIE WOULDN'T BUY THE CRAP THEY WERE SELLING."

===================
Freddie and Fannie are Government Sponsored, private entities. They were created by an act of the Democrat Congress to "spread the wealth" around to people, like Repke, who are too fucking dim-witted to earn enough money to buy a house.

Banks made loans they would never have made because they had Freddie and Fannie to underwrite them.

I swear; you really cannot underestimate the blinding stupidity of a liberal.

8:36 AM  
Anonymous Anonymous said...

Swiftie it is amazing how ignorant you are. "Banks made loans they would never have made because they had Freddie and Fannie to underwrite them." If that was the case all of the bank paper would be owned by Fannie and Freddie and it wouldn't be any problem for the banks. Fannie and Freddie would have the "unwritten paper" and the banks would be off of the hook.

Idiot.

What I have laid out are the facts.

Fannie and Freddie were created to buy the paper from the banks, so that the banks can lend the money again.

Now, I know this may be hard for you to understand but that makes more money for the bankers because they get to get more money for loan origination fees and closing costs.

Fannie and Freddie had a huge impact in keeping mortgage interest rates down and allowing baby boomers to keep buying houses in the 70's 80's and 90's as long as they buy up the mortgage from the bank, the banks gets to make another mortgage.

What happened in the last 5-10 years was that the banks kept feeding the housing bubble creating easier and easier terms 5% down and then 3% down and then 0% down...

The debate that the GOP keeps bringing up with Barney Frank urging Fannie and Freddie to change their policies was to encourage Fannie and Freddie to BUY THE PAPER THAT BANKS WERE WRITING!!!

So, smart guy if you were even close to having a clue explain then why the banks kept writing paper that Fannie and Freddie wouldn't buy? Why did the banks write the interest only loans that Fannie and Freddie didn't buy but got sold on the private market? That is the paper that brought down the investment houses that is the stuff that they are stuck with now.

What a clown.

JMONTOMEPPOF

Chuck Repke

10:08 AM  

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