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Quote Author Cited
… clean up thoroughly unwholesome conditions in the field of investment. In this we have had assistance from many bankers and businessmen, most of whom recognize the past evils in the banking system, in the sale of securities, in the deliberate encouragement of stock gambling, in the sale of unsound mortgages and in many other ways in which the public lost billions of dollars. They saw that without changes in the policies and methods of investment there could be no recovery of public confidence in the security of savings. Franklin D. Roosevelt
We meet in the midst of a nation brought to the verge of moral, political, and material ruin. Corruption dominates the ballot-box, the Legislatures, the Congress, and touches even the ermine of the bench.... The newspapers are largely subsidized [by political interests] or muzzled, public opinion silenced, business prostrated, homes covered with mortgages, labor impoverished and the land concentrating in the hands of the capitalists. The urban workmen are denied the right to organize..., imported pauperized labor beats down their wages.... The fruits of the toil of millions are boldly stolen to build up colossal fortunes for a few...; and the possessors of these, in turn, despise the Republic and endanger liberty. Anonymous
We Are Mortgaged. All But Our Votes. Anonymous
God has permitted buying and selling and forbidden usury …. those who revert to usury are doomed to everlasting hellfire … Muhammad
Amadeo Peter Giannini, who founded the Bank of America, had the wild idea that you should lend money to people who needed it rather than just to the rich. Harold Evans
Two months ago we were facing serious problems. The country was dying by inches. It was dying because trade and commerce had declined to dangerously low levels; prices for basic commodities were such as to destroy the value of the assets of national institutions such as banks, savings banks, insurance companies, and others. These institutions, because of their great needs, were foreclosing mortgages, calling loans, refusing credit. Thus there was actually in process of destruction the property of millions of people. Franklin D. Roosevelt
Make sure you input all income as in “base income”. DO NOT break it down by overtime, commissions or bonus….NO GIFT FUNDS! If you borrower is getting a gift, add it to a bank account along with the rest of the assets…try submitting with slightly higher income. Inch it up $500 to see if you can get the findings you want. Do the same for assets. J. P. Morgan Chase Bank
The Commission concludes that, as massive losses spread throughout the financial system …, many institutions failed, or would have failed but for government bailouts. As panic gripped the market, credit markets seized up, trading ground to a halt, and the stock market plunged. Lack of transparency contributed greatly to the crisis: the exposures of financial institutions to risky mortgage assets and other potential losses were unknown to market participants, and indeed many firms did not know their own exposures. Financial Crisis Inquiry Commission
Securitization was one of the most brilliant financial innovations of the 20th century. It freed up a lot of capital. If it had been done responsibly, it would have been a wondrous thing because nothing is more stable, there’s nothing safer, than the American mortgage market. . . . It worked for years. But then people realized they could scam it. James Rokakis
The justice department spent more time and effort on Barry Bonds than all the financiers and bankers who ripped off the country with their bonds. Michael Moore
Why not grant a moratorium to those who sustain this Nation in time of peace and fight its battles in time of war? John Elliott Rankin
Giving away food only encourages the poor not to starve. Increase productivity, not employment. Insure profits before we insure people Don’t be haters! We’re job creators. Bailout banks, not these losers (people evicted by banks foreclosing on their mortgages). Brian McFadden
When people rob banks, they go to prison. When bankers rob people, they get a bonus Ronald E. Paul
If any one owe a debt for a loan, and a storm prostrates the grain, or the harvest fail, or the grain does not grow for lack of water; in that year he need not give his creditor any grain, he washes his debt-tablet in water and pays no rent for this year. Hammurabi
The absolutists of contract are the real parents of revolution. John Maynard Keynes
By 2006, the subprime industry was running amok, making loans—many of them fraudulent, with hidden fees and abusive terms—to just about anybody with a pulse. Most subprime loans had adjustable interest rates, which started low but then jumped significantly after a few years, making the monthly payments unaffordable for many homeowners. The lenders didn’t care because they sold the loans to Wall Street, which bundled them into mortgage-backed bonds and resold them to investors. Joe Nocera
The Federal Housing Administration has their leaflets there [The National Home Show] showing exactly how much it costs to build a house of this kind and what the monthly payments are. You pay twenty percent down and then pay the remainder over a period of twenty years, which should encourage home owning in this country on a much safer basis than has ever existed before for the average family. Eleanor Roosevelt
People who receive mortgage tax relief … do not consider themselves to be benefits of government largess and can thus blithely talk about the government as something irrelevant to their lives except as a tax burden. Suzanne Mettler
Fannie Mae may have conformed to the rules but the rules didn’t conform to reality. A major bank or financial institution could meet every single regulatory requirement yet still be at the risk of collapse. Adam Davidson
FHA valuators should not approve insurance for home loans in neighborhood with inharmonious racial groups. Federal Housing Administration
If a neighborhood is to retain stability, it is necessary that properties should continue to be occupied by the same social and racial classes. Federal Housing Administration
FHA has never held interracial characteristics in a project or neighborhood to be a basis of eligibility or ineligibility for mortgage insurance, per se. Raymond M. Foley
Protective covenants are essential to the sound development of proposed residential areas since they regulate the use of the land and provide a basis for the development of harmonious, attractive neighborhoods … Federal Housing Administration
The Federal Government should not pressure states to prohibit housing segregation…. Open occupancy is a form of extremism. Albert McDonald Cole
You are responsible for the participation of all racial groups in FHA programs. Norman P. Mason
We can and must take needed action in all our programs to assure equal treatment and equal opportunity in their benefits to all of our citizens irrespective of race, color or creed. Norman P. Mason
Ireland, once an impoverished backwater from which generations fled, conjured an economic miracle…. After 2007, the party ended in a morass of insolvent banks, bad mortgages, and unpaid public debt, ultimately sending the proudly independent country begging to the International Monetary Fund. Andrew Moravcsik
The Adjustable Rate Mortgage (ARM) is like the neutron bomb. It’s going to kill all the people but leave the house standing George McCarthy
Fraud in the mortgage industry has increased so sharply that an epidemic of financial crimes could become the next S&L crisis FBI
Our goal is to allow thrifts [certain banks] to operate with a wide breadth of freedom from regulatory intrusion. James Gilleran
At the end of every 7th year you must make a remission of debts…. Everyone who holds a pledge shall return the pledge to the person indebted to him. He must not press a fellow countryman for payment, for the Lord’s year of remission has been declared. You may press foreigners; but if it is a fellow countryman that holds anything of yours, you just renounce all claim on it. Book of Deuteronomy
If any man was compelled by poverty to sell his farm or his pasture, he received it back again intact at the year of the Jubilee. Baruch Spinoza
A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures. Alan Greenspan
Putting people into homes, though a desirable goal, shouldn’t be our country’s primary objective. Keeping them in their homes should be the ambition.. Warren Buffett
We will continue to hold accountable financial institutions that, in the pursuit of their own financial interests, misuse public funds and cause harm to hard working Americans. Eric Holder
Previously, prejudices were personalized and individualized: FHA exhorted segregation and enshrined it as public policy. Whole areas of cities were declared ineligible for loan guarantees. Kenneth T. Jackson
The FHA adopted a racial policy that could well have been culled from the Nuremburg Laws. Charles Abrams
Particularly important in buoying spending are the very low levels of mortgage interest rates, which encourage households to purchase homes, refinance debt and lower debt service burdens, and extract equity from homes to finance expenditures. Fixed mortgage rates remain at historically low levels and thus should continue to fuel reasonably strong housing demand and, through equity extraction, to support consumer spending as well. Alan Greenspan
We have a tax code that favors debt over equity. Rana Foroohar
Economic downturns in the United States generally occur when the Federal Reserve raises interest rates to keep inflation in check When the Fed's Open Market Committee believes that it has brought inflation under control, it can start to lower rates and reverse the downturn. But the recession that began in 2007 [The Great Recession] was unusual: since the Fed did not casuse that downturn by tightening monetary policy, it could not reverse it by lowering short term interest rates. The downturn was the result of market mispricing assets, including financial assets such as equities and mortgage-backed securities and real assets such as housing. Martin Feldstein
Banks and other financial institutions found that it was often impossible to obtain market prices for mortgage-backed securities and other risky assets. Not knowing the value of their own portfolios, they could not judge the solvency and liquidity of other financial institutions either. As a result, they were unwilling to lend to them, and the financial system ground to a halt. Martin Feldstein
Although the Fed has subjected banks’ portfolios to stress tests to measure the effect of rising interest rates and investment losses, the results might not have shown the whole picture: U.S. banks, particularly small and medium-sized ones, may not have enough capital to maintain solvency and liquidity should their risky loans and investments fail in large numbers. The same is true of the stress tests that the ECB has performed in Europe, Martin Feldstein