The American Spectator

Robert Rosencrans| 6.22.09 @ 6:17AM

Don't invest in banks. Don't invest in home builders. Stay tuned for Consumer TARP.

Marc Jeric| 6.22.09 @ 6:28AM

Anyone remembers Gorbacov's plan to save the Soviet Union? Perestroika and Glasnost - da? That translates as Reform and Transparency; any resonance there? That was Abu Hussein's campaign slogan. With his ACORN brownshirts he is marching us straight into the United Soviet States of America. The only thing still missing is the domestic Gulag with somebody suitable in charge of our re-education - say Pelosi, or Harman, or Boxer, maybe Frank od Dodd.

Bill| 6.22.09 @ 7:46AM

Good summary of what the impact of CRA was on the banking system. As a banker I can attest to the damaging effect this had on the banking system and as we see on our country and the economy. The old saying is that figures don't lie but liars figure. And so Freddie and Fanny are still there with no change and Dodd and Frank have the gull to say no foul. Some should be thrown out of congress and a investigation started to see if perhaps some should be thrown in jail.

Big J| 6.22.09 @ 7:53AM

I'm from the government, and I'm here to help.

I agree with Bill. Any regular citizen behaving like Bwaney Fwank and Chris Dodd would have been thrown in jail long ago.

But the same laws don't apply to the ruling elite class.

Bob| 6.22.09 @ 8:40AM

Vadum, I suggest you refrain from talking about things you do not understand. The CRA had a very minimal impact on the credit crisis. Here's a quote from YOUR article:

"University of Texas economist Stanley Liebowitz wrote that the current mortgage market debacle is "a direct result of an intentional loosening of underwriting standards – done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.""

What do you not understand about this? It might have been done "in the name of ending discrimination", but it DID NOT CAUSE the problem. The CRA was passed in 1977 and did not do a thing to cause the housing crisis until Gramm-Leach-Bliley was passed in the late 90's and Greenspan (who has since apologized for his action), artificially kept the fed funds rate low to stimulate housing. GLB alllowed the investment banks the "freedom" of creating the derivatives and swaps that caused the market bubble.

As I've said before, I worked in the industry and in our pricing meetings we did not even mention the CRA. The only thing we were concerned with is making money. We did that through securitization (i.e., CDO's/deriviatives) where we made our money up front and passed on the risk to investors. All we cared about was originating the mortgage. If it went under, it was not our problem. Therefore the separation of the origination from the risk was the major problem. We could do that before GLB, but nowhere near the extent it could be done after GLB when gullible investors wanted greater returns. The fact that you don't understand the financial dynamics here and think it is political, is naivete at its apex.

Again, if you'd like to go through the economic fundamentals of this process, I'd be happy to take you through it in detail. If you are too embarrassed to do that, then talk to Philip Klein -- he seems to have some handle on this.

Ryan| 6.22.09 @ 9:42AM

Bob,

Would GLB have happened without the CRA?

Would bad mortgage originators have been in their business without the CRA?

Robert Rosencrans| 6.22.09 @ 10:05AM

Another good read on the subject:

http://www.aynrand.org/site/News2?page=NewsArticle&id=22999&news_iv_ctrl=2401
For example, Obama’s core explanation of all the destructive behavior leading up to today’s crisis is that the market was too free. But the market that led to today’s crisis was systematically manipulated by government. Fact: this decade saw drastic attempts by the government to control the housing and financial markets--via a Federal Reserve that cut interest rates to all-time lows, and via a gigantic increase in Fannie Mae and Freddie Mac’s size and influence. Fact: through these entities, the government sought to “stimulate the economy” and promote homeownership (sound familiar?) by artificially extending cheap credit to home-buyers. Fact: most of the (very few) economists who actually predicted the financial crisis blame Fed policy or housing policy for inflating a bubble that was bound to collapse.

How does all this evidence factor into Obama’s understanding of “how we arrived at this moment”? It doesn’t. Not once, during the solemn 52 minutes and 5,902 words of his speech to Congress did he mention the Fed, Fannie, or Freddie. Not once did he suggest that government manipulation of markets could have any possible role in the present crisis. He just went full steam ahead and called for more spending, more intervention, and more government housing programs as the solution.

But a genuine explanation of the financial crisis must take into account all the facts. What role did the Fed play? What about Fannie and Freddie? To be sure, some companies and CEOs seem to have made irrational business decisions. Was the primary cause “greed,” as so many claim--and what does this even mean? Or was the primary cause government intervention like artificially low interest rates, which distorted economic decision-making and encouraged less competent and more reckless companies and CEOs while marginalizing and paralyzing the more competent ones?

Entertaining such questions would also mean considering the idea that the fundamental solution to our problems is to disentangle the government from the markets to prevent future manipulation. It would mean considering pro-free-market remedies such as letting banks foreclose, letting prices reach market levels, letting bad banks fail, dismantling Fannie and Freddie, ending bailout promises, and getting rid of the Fed’s power to manipulate interest rates.

But it is not genuine understanding the administration seeks. For them, the wisdom and necessity of previous government intervention is self-evident; no matter the contrary evidence, the crisis can only have been caused by insufficient government intervention. Besides, they are too busy following Obama’s chief of staff’s dictum, “Never let a serious crisis go to waste,” by proposing a virtual takeover of not only financial markets, but also the problem-riddled energy and health-care markets--which, they conveniently ignore, are also already among the most government-controlled in the economy.

While Obama has not sought a real explanation of today’s economic problems, Americans should. Otherwise, we will simply swallow “solutions” that dogmatically assume the free market got us here--namely, Obama’s plans to swamp this country in an ocean of government debt, government controls, and government make-work projects. But alternative, free-market explanations for the crisis do exist--ones that consider the inconvenient facts Washington ignores--and every American should seek to understand them.

Those who do will likely end up telling our leaders to stop saying “Yes, we can” to each new proposal for expanding government power, and start saying “Yes, you can” to Americans who seek to exercise their right to produce and trade on a free market.

Bob| 6.22.09 @ 10:05AM

Ryan, GLB was much, much broader than the very small CRA. GLB was a major deregulation of the financial services industry which reduced oversight of non-bank financial institutions. This still would have occurred without CRA. Let me explain...

The pricing on mortgages -- prime or subprime -- is made basis the spread -- i.e., the difference between what you charge and how much the capital costs. You calculate the profit from the spread by taking the total spread, subtracting the default rate for the specific tranch (prime/subprime/etc.), and then subtracting the cost of doing business. If you are not worried about the risk which is what occurs with securitization, then all you look for is a positive spread. The ratings agencies rated even subprime securitizations very high. They did this by saying that even if a mortgage holder defaults, you could still sell the home at or near the mortgage value and thus would not lose money. This is like a Ponzi scheme. As long as housing prices rise, you can sell this scheme works. Furthermore, given the high ratings of these securitizations, you didn't have to keep much in reserves to cover defaults. That's where you hear about "leverage". The investment banks were leveraged about 40 to 1 and AIG's swaps were leveraged above 80 to 1. Therefore, it only takes a slight increase in defaults or a slight drop in housing prices to cause a very large problem. When there is a rise in both, there is a disaster.

The Fed encouraged this activity by allowing cheap capital which enabled mortgage companies to increase their spread and also ratings agencies to raise ratings even further.

I worked for a subprime lender and we would have been in business with, or without the CRA. Our business was very stable but grew dramatically with GLB as there was a strong market demand for mortgage backed securities because these were highly rated and gave high returns. We were able to lower our lending standards because our spread grew. Very few of our subprime mortgages were CRA related. Furthermore, we sold on the basis of monthly payments, not total cost or future payments.

This is a relatively complicated financial dynamic and simplistic political answers are often wrong.

Matthew Vadum| 6.22.09 @ 10:16AM

Bob, your condescension is not winning you any fans here at AmSpec. In any event, I argued the evidence is clear that CRA played a role in the subprime mortgage bubble. A role, not the primary role. I have no interest in being lectured by an ignorant blowhard like you.

Bob| 6.22.09 @ 11:36AM

Vadum -- here is what you said:

"That's because there is no doubt that the Carter-era Community Reinvestment Act (CRA) and other boneheaded government policies helped to create the subprime mortgage bubble that violently burst and that continues to wreak havoc on the world's financial markets. CRA allowed activists to blackmail lenders into handing out mortgages to people with little regard for their ability to keep up payments."

You didn't talk about this as a MINOR factor, didn't mention GLB, the Fed, the housing bubble, etc. What grates me about this, Vadum, is that there are significant CONSERVATIVE principles that could be applied here, and you remain a hack rather than a principled fiscal conservative.

First of all, deregulation does work if you regulate the RIGHT things. Conservative principles talk to the idea individual responsibility. Regulation should insure CORPORATE responsibility. If a company takes a risk, they should either be rewarded or hurt by that risk. Mortgage originators know better than anyone about the quality of the mortgage customer. Ratings agencies do not know and certainly investors do not know. This market would have worked well if we required lenders to assume a portion of the risk whether the CRA was there or not. Furthermore, it is a conservative principle that companies should have the financial strength to withstand a market downturn. We do this for banks and insurance companies, and these industries work well. The only reason banks needed the bailouts was for the unregulated GLB portion.

We DON'T need regulation like the CRA, but this is part of a bigger CONSERVATIVE principle -- the market knows better than the politicians in Washington. The CRA is part of "incentive" legislation like tax exclusions, ethanol subsidies, etc. Our government needs to get out of the "incentive" business and just pass regulation that makes markets fair and individuals/corporations take responsibility for their actions.

That's why I am so condescending -- you take these fake political issues that "bomb" the Democrat enemy rather than taking knowledgeable, principled, fiscally conservative positions based on the truth.

You, more than others, throw these types of nonsensical bombs. This will continue to lead the Republican party to irrelevance. The truth is on the side of conservatism, why not search for it for a change?

By the way, calling be a "blowhard" is like throwing a stone in a glass house. As to the charge of "ignorant", it is more revealing of you than me.

P.S. I'll get a lot of grief here by being a social libertarian and being pro-choice, but I challenge you and others to be more fiscally conservative than me.

Robert Rosencrans| 6.22.09 @ 12:28PM

Another good read:
http://www.heritage.org/Press/Commentary/ed101508b.cfm

The CRA Cover-Up
by Ernest Istook

As always, it's the cover-up that sinks people. Liberals are working overtime to cover up their role in the mortgage meltdown. Not only did they block attempts to reform Government Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac before they could drag down our economy, but liberals also abused the Community Reinvestment Act (CRA), turning it into a vehicle for directing loans to unqualified homebuyers. The left knows that whoever shapes public understanding of what caused today's economic crisis can shape America's politics -- and its future -- for a great many years to come. Thus, they're pushing the notion that too little government regulation was at fault.

If the country buys this idea, liberals can enact a carbon-copy of FDR's response to the Great Depression, building a larger, more activist and ever-more-controlling federal government. They can exploit the mess by establishing a conventional wisdom that more government is the solution, rather than understanding how big government is a root cause of the current financial meltdown. Claiming it all sprung from a lack of regulation is a half-truth, and a Yiddish proverb says a half truth is a whole lie. Over-regulation opened the money spigot by requiring lenders to make poorly underwritten loans. Under-regulation then allowed politicians to exploit that. Although greed and dishonesty among both borrowers and lenders had major roles, the CRA and the GSEs were at the heart of what happened, setting up the now-toppled dominoes of Bear Stearns, Lehman Brothers, and others. Over-regulation through CRA, aided by HUD, became a huge problem and, alas, wasn't even addressed in the multi-billion dollar bailout. The Clinton Treasury Department's tough new regulations in 1995 compelled the banks to engage in far-riskier lending practices or receive a failing CRA grade.

To avoid an "F" from the CRA, which could jeopardize their viability, the banks were pressured to direct hundreds of billions of dollars in high-risk mortgages to inner-city and low-income neighborhoods. Moreover, under CRA pressure, banks would "hire" radical, non-profit groups like ACORN to find them customers. Once trillions of dollars began to flow, politicians and lobbyists tapped into this stream, and so did left-wing activist groups. According to George Mason University's Russell Roberts, the CRA was buttressed by other new regulations during the Clinton Administration. As Roberts writes, "For 1996, the Department of Housing and Urban Development (HUD) gave Fannie and Freddie an explicit target -- 42 percent of their mortgage financing had to go to borrowers with income below the median in their area. The target increased to 50 percent in 2000 and 52 percent in 2005. For 1996, HUD required that 12 percent of all mortgage purchases by Fannie and Freddie be "special affordable" loans, typically to borrowers with income less than 60 percent of their area's median income. That number was increased to 20 percent in 2000 and 22 percent in 2005. The 2008 goal was to be 28 percent." The banks were kept from rebelling by using Fannie Mae and Freddie Mac's deep pockets to buy these poor-quality loans and take them off the banks' books. Under-regulation of the GSEs -- Fannie Mae and Freddie Mac -- allowed the money stream to widen and keep flowing. There has always been an implicit understanding that taxpayers would cover GSE losses and this enabled them to attract money and pour it into the CRA-induced sub-prime market.

The Bush Administration had warned about this for years. Fannie and Freddie, however, could skim enough to pay for political protection, plus pay sky-high executive salaries and bonuses to well-connected political figures. Over the past decade, Fannie and Freddie combined to spend a reported $200 million on lobbying and campaign contributions. Now bailing them out may cost taxpayers $200 billion directly, and far more indirectly. The circle of political back-scratching centered around the theme of affordable housing, which the GSEs marketed heavily. Politicians wanted housing for low-income and poor credit risks, so they used Fannie and Freddie to further that objective, and the GSEs responded with campaign help for those politicians. In return, politicians resisted reforms. This was demonstrated at a 2004 House hearing, where Rep. Maxine Waters (D.-Calif.) denounced attempts to stiffen oversight and regulation of this duo "so as not to impede their affordable housing mission, a mission that has seen innovation flourish, from desktop underwriting to 100 percent loans." "Desktop underwriting" meant undocumented loans. No proof of income or credit history required. And zero down payment. Members of both parties were involved in protecting the system. But liberal Democrats were the dominant force. Recently, House Financial Services Chairman Barney Frank (D-Mass.) told The Boston Globe, "[Republicans'] failure to regulate sensibly ... endangered the economy and ... burdened it with bad stuff.... Their own philosophy blew up in their face. They were so extreme in their insistence that there be no government intervention that they have wound up provoking far more government intervention than the Democrats ever would have." But Frank is covering up his own role because he sang a far different tune in 2003, when the Bush Administration and many Republicans (including Sen. John McCain) tried to require Fannie and Freddie to comply with Securities and Exchange Commission regulations and other additional oversight requirements. Treasury Secretary John Snow, in fact, had specifically warned Congress that Fannie and Freddie needed a new supervisory structure so that both institutions would "maintain capital and reserves sufficient to support the risks that arise or exist in its business." Rep. Frank was unconcerned. He told a hearing, "Fannie Mae and Freddie Mac are not in a crisis." Rather, he said, they were "fundamentally sound," and criticisms of them were unjustified exaggerations and "disaster scenarios." Then he confirmed why: "The more pressure there is [to regulate] then the less I think we see in terms of affordable housing" He wanted to continue both the giveaway train supplying mortgages to those who couldn't afford them and the gravy train for politicians. This appealed to liberals and in particular to the Congressional Black Caucus, which received six-figure support from both Fannie and Freddie in 2007. The GSEs' major campaign largesse went to well-placed friends in key positions. The top six from 1998 thru 2008, according to the Center for Responsive Politics: Sen. Chris Dodd (D.-Conn.) $165,400 Sen. Barack Obama (D.-Ill.) $126,349 Sen. John Kerry (D.-Mass.) $111,000 Sen. Robert Bennett (R.-Utah) $107,999 Rep. Spencer Bachus (R.-Ala.) $103,300 Rep. Roy Blunt (R.-Mo.) $ 96,950 And almost everyone in Congress got something.

Mike| 6.22.09 @ 12:28PM

Whoever thought that originating mortgages with no money down and with short term teaser rates was a good idea? Answer that question and you identify the primary culprits of the housing bubble.

Yes Bob, you facilitated the process by writing crappy mortgages, pooling them, getting AAA ratings from the complicit rating agencies and selling them to regulated investors like insurance companies.

Yes, the Greenspan "put" let the party go on much too long.

But the ultimate cause of the subprime crisis bubble was poor underwriting to undeserving individual borrowers.

Pete| 6.22.09 @ 12:31PM

While I agree with much of what Bob says, I can't for the life of me understand the argument that the CRA had NO effect. I wholeheartedly agree with - "the market knows better than the politicians in Washington. The CRA is part of "incentive" legislation like tax exclusions, ethanol subsidies, etc. Our government needs to get out of the "incentive" business" but I can't reconcile that with the next part - "pass regulation that makes markets fair." Having said that, it is a waste of time to argue with Bob because a) You can't quite tell what he is arguing, except that there is no politcal point to be made here and b) apparently he was inside the minds of every executive in the industry for the last 25 years.

Getting pressured or forced to lend to people who cannot repay the loan is a BAD thing and is the beginning of a BAD chain reaction throughout the system. You can only offload this risk if there is someone willing to assume the risk. Why would anyone assume that kind of risk? Enter Fannie and Freddie to distort the risk profile and allow the initial risk to be offloaded, allowing the chain reaction to continue. CRA, F&F being political entities, there IS a political connection. Pretty simple. The fiscally conservative viewpoint says don't F with the market in the name of social engineering and vote buying. I think this point comes through in the article...keep up the good work, Mr. Vadum. That is all.

Matthew Vadum| 6.22.09 @ 12:48PM

Bob, I don't mind reasonable criticism but you seem incapable of it. Plus, you lack reading comprehension.
I wrote:
"That's because there is no doubt that the Carter-era Community Reinvestment Act (CRA) and other boneheaded government policies helped to create the subprime mortgage bubble that violently burst and that continues to wreak havoc on the world's financial markets."
The phrase "helped to create" is very broad and deliberately so. A number of measures including CRA played a role as Larry Lindsey and others have acknowledged. I didn't label the CRA "major" or "minor" and that's my prerogative. The CRA and other dumb policies laid the groundwork. I am not writing a dissertation on the housing bubble and do not have to mention every single contributing factor: I'll leave that to Thomas Sowell.
Are you really as stupid as you seem, Bob? I'd be surprised to learn that you can dress yourself.
What part of "helped to create" did you not understand?

Bob| 6.22.09 @ 1:39PM

Pete, for a guy having an MBA from a top notch school, it is surprising to find someone who doesn't understand the financial dynamics here. If you understood how the market works, you'd also understand why the CRA made very little difference. But since you don't understand the underlying economics, I can't help you. Furthermore, you don't need to understand the "minds of executives" here because the vast majority of subprime mortgages were given to non-CRA related customers. Besides, if it was the CRA that was responsible, given that it was passed in 1977 we would have seen results far sooner than the 2000's. Yours, and Vadum's argument makes little sense. By the way, Pete, were you inside the mortgage executive's minds to know that the CRA made a difference? I was far closer to these executives than you.

Furthermore, we know that only 30% of Fannie and Freddies loans were subprime. We also know that the default rate of the GRE's subprime loans was lower than the default rate of subprime loans in general. That's why the investment banks and AIG were hit harder than the GRE's.

Vadum, the fact that you continually harp on the CRA rather than the major causes, and that you have to take step back from a "major" or "minor" label, proves my point. It may be your "prerogative" to do that, but that doesn't make it reasonable.

Anyone who can't give appropriate perspective to their rants is the one lacking in IQ points. And yes, I can dress myself. Can you do the same?

Mike, you are absolutely correct in your statements. But here's the problem. If you are a mortgage originator and you can still make money by giving mortgages to unqualified people, do you stop doing it? If you do, can you be sued by shareholders who look at competitors who do better than you? Remember, until the housing bubble burst, defaults didn't matter that much as you could sell the property for the cost of the loan and not lose money. As we have seen throughout our history, business will do what they can within (and sometimes without) regulatory limits to maximize short term profits. You can put limits on that through regulation, but unregulated entities will always push that envelope.

Matthew Vadum| 6.22.09 @ 1:56PM

Bob, anyone who tells a journalist what "the real story" is, is just another obnoxious miscreant with an agenda. Journalists with integrity don't cave in that kind of intimidation. I choose to write about the CRA. If you don't like it, take a long walk off a short pier my trollish friend.

Bob| 6.22.09 @ 2:02PM

Mike, one more comment. When I was in the industry I tried to get our company to take a longer term perspective to tighten qualifications and was overruled. Executives did everything they could to maximize yearly bonuses -- and increasing originations grew bonuses more than anything else. You know, I was the kind of guy that volunteered to fight in the Army during Vietnam and believed it was more important to be right than be political. I hate to see where our country is going on both the right and the left. Both sides value ideology over reality and making mountains out of molehills rather than providing perspective. You can't do anything about the left because their perspective is based heavily on emotion. The ultra-right and social conservatives also base their positions on emotion and out of context remarks. But I have many kids and grandkids whose lives will be hurt by the intractable behavior on both extremes. I know it is a waste of time to battle the left. I hope, however, that there are some on the right that value truth, perspective, pragmatism, and the fiscal conservatism of those who understand what it means to be raised poor and follow the American dream.

Robert Rosencrans| 6.22.09 @ 2:05PM

Mr. Vadum, I thought your article was extremely accurate and to the point of brilliance. Anyway, that's just one opinion.

How much easier it is to be critical than to be correct.

Benjamin Disraeli (1804 - 1881), speech, January 24, 1860
Asking a working writer what he thinks about critics is like asking a lamppost how it feels about dogs.

Christopher Hampton
Any fool can criticize, condemn, and complain - and most fools do.
Dale Carnegie
If you are not criticized, you may not be doing much.

Donald H. Rumsfeld (1932 - ), Secretary of Defense
After all, one knows one's weak points so well, that it's rather bewildering to have the critics overlook them and invent others.
Edith Wharton (1862 - 1937)
To avoid criticism do nothing, say nothing, be nothing.
Elbert Hubbard (1856 - 1915)
Do what you feel in your heart to be right - for you'll be criticized anyway. You'll be damned if you do, and damned if you don't.
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Eleanor Roosevelt (1884 - 1962)

Bob| 6.22.09 @ 2:16PM

Matthew -- journalists with integrity don't try to distort the truth. Beck had an appropriate response to this. He said he is NOT a journalist, but a "commentator". I respect him for being honest.

So, Matthew, what is it about the CRA that makes you blow it out of proportion? You write so much about it that some deep seated emotion is driving it. Here's a suggestion, why don't you "comment" on why the CRA and what it does bothers you so much. It bothers me as well because of the whole idea of government incentives. I don't like it on the left, and I don't like it on the right. I don't like it when it's pork. I don't like social engineering. If you railed against the CRA for those reasons, I'd not only agree with you, but I'd applaud you. But saying it was a significant cause of the meltdown is just not true.

Bob| 6.22.09 @ 2:18PM

Rosencrans -- good point. Perhaps Vadum and others won't criticize the Democrats so much. Perhaps Vadum won't criticize the CRA so much. Thanks for the laugh....

Bob| 6.23.09 @ 12:54PM

Harvard -- You are certainly correct, but the ideologues hear have a lot of wax in their ears and their gray matter is gummed up. It isn't that Vadum doesn't use facts -- it is that he neglects the overall truth and thus misrepresents the situation.

They don't even realize that conflating the CRA with the housing bubble makes absolutely no sense. If the CRA were the cause, we wouldn't see the huge rise in prices of non-CRA properties.

Bill Bailey| 6.23.09 @ 2:49PM

Bobby boy, I don't believe for a second you are who you claim to be. You are a naysaying a**hole who gets off on causing trouble. You are also a pseudo-intellectual faux conservative who is trying to express himself beyond his means.

Bob| 6.23.09 @ 3:16PM

Well, Bill, that is your problem. AmSpec knows who I am and can verify my claims. I don't mind causing trouble if it gets to the truth -- which is a rare commodity here. Here's a challenge... Name something you don't believe and I'll immediately give you some information you can't get from Google to prove my veracity.

By the way, it is usually someone who has no credentials that defames someone who does....

Roy| 6.23.09 @ 6:42PM

Addendum - the government has now decided to dispense with the middleman(Fannie/Freddie) and create the housing bubble themselves.

Due to a misspent "youth" I have a crappy credit rating. Nonetheless, I could make a fairly substantial downpayment and have pretty good ratio of income to the size of the loan I want. In the past the banks would have hassled me and maybe told me to come back in a year, but I could have gotten a loan eventually. Now they just point me straight to the FHA, which will assume 100% of the risk for a credit rating as low as 600 and a downpayment as low as 3%.

Get ready to bail them out! A trillion here and a trillion there, pretty soon you're talking about fake money.

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