Video Surfaces of Hillary Clinton Blaming Homeowners for Financial Crisis

[FreakinDJ]

According to Hillary Clinton, if you were a victim of the foreclosure crisis, it was probably your fault.

The only problem with that argument is that it’s not even close to factually correct.

Clinton in 2007: Homeowners “should have known they were getting in over their heads”

When Clinton ran for president during her second term as New York’s U.S. Senator, she gave a tepid speech at the NASDAQ headquarters on December 5, 2007 — before the financial crisis reached a boiling point — about reforming Wall Street’s housing loan practices, largely excusing financial criminals for their behavior.


“Now these economic problems are certainly not all Wall Street’s fault – not by a long shot,” Clinton said early in the speech.


http://usuncut.com/politics/video-surfaces-of-hillary-clinton-blaming-homeowners-for-financial-crisis/

There is a formidable Treasure Trove of Video documentation that will decimate Hillary and the Democrat Brand during the general election and Hillary supporters on this forum are trying to claim Bernie's characterization of Wall St is Boogeyman politics ...

Your candidate seriously has a Honesty problem ...

[cantbeserious]

1. HRC Is Owned By The Oligarchs, Corporations And Banks - She Would Never Blame Her Masters

http://www.zerohedge.com/news/2016-02-27/snowden-sums-presidential-campaign-just-one-tweet

[FreakinDJ]

3. The pundits on MSNBC casually discuss Hillary's Honesty problem

[Darb]

10. They paid her to speak, because she knows of what she speaks,

And their employees wanted to hear what she has to say, and she quite possibly could be the next POTUS.

Fucking derrrrrrrrrrrr.

Quit whining about it.

[Broward]

15. How can you possibly believe this?

[FreakinDJ]

16. Hillary supporters need to get out of their "Alternate Reality Universe"

No one believes it - not even the pundits who casually discuss Hillary's obvious "Honesty Problem"

[senz]

30. "Whining" is a traditional Republican insult.

You're coming into focus, Darb.

[Chasstev365]

70. well played!

You are so right!

[rhett o rick]

93. What could she tell them except that she will always have their backs. It's graft plain and simple.

This is a class war and it's time to choose sides. Clinton/Goldman-Sachs is not on the side of the 99%.

[Ferd Berfel]

18. Exactly. IT's who she is.

And it's not going to change - Talk is cheap.
If elected she will triangulate on a dime.

[roguevalley]

22. I know homeless people here in alaska who did nothing wrong

She can kiss my ass

[Vinca]

64. That's astonishing.

Can you imagine making $200,000 to $300,000 for about an hour's work? There has to be something expected in return.

[Ferd Berfel]

79. IT's called Paying it Forward

[snort]

2. Watch

<iframe width="640" height="360" src="

" frameborder="0" allowfullscreen></iframe>

[cantbeserious]

5. Some Candidate Has Been A Goldwater Girl - Still Proudly Proclaims Those Roots

[Enthusiast]

81. Goldwater was dead set against honoring MLK with a special day of recognition.

Goldwater was a died in the wool segregationist. Now, that might matter to some people but IMHO it is the measure of a man's racist proclivities. Why would Hillary be proud of such influences?

[Lazy Daisy]

31. Thanks Hillary for having my back

I'll make sure I have yours too.

[A Simple Game]

71. Bernie's grin when she says "cut it out" makes me smile every time I see it. n/t

[FreakinDJ]

87. Grin Hell - He had to look down to hide his laughing

[senz]

89. He can be amazingly cool.

He knows what's going on. Would love to overhear his and Jane's private conversations.

[amborin]

4. Incredible, but not surprising; hope this gets widely publicized!

[FreakinDJ]

7. It's Key to understanding what she said in her "Wall St Speeches"

Those fucking no good home owners are all at fault

[Darb]

6. Homeowners most definitely played a part.

Pretending that greed and opportunism and speculation of the end user was not part of the disaster is kidding yourself.

They didn't create the environment, but they participated in the hysteria.

FACT.

Again, the Bernies don't want to reside in rerality.

[FreakinDJ]

8. Exactly - Bush DERAGULATION had Nothing to do with it

Nothing is too low for Hillary supporters

[Darb]

9. Did not say that. I avoided it at all costs.

If you participated in that hysteria, you are partly to blame. Not wholly, but played a part.

[FreakinDJ]

11. Hillary's campaign contributors are the "Who's Who" of Robo-signing

[Bluenorthwest]

19. Those victims, they should not have been seeking financial security or a home of their own, they

were stupid to trust Government and law. Just stupid. All their fault for being alive and wanting a house. Damn them, damn them for all time......

[Lazy Daisy]

34. So how about those of us that didn't play a part

but still lost everything? The well to do are doing just fine, me not so much.
How about all of us?

Oh well, sucks to be us, now get in line for the coronation.

[Dont call me Shirley]

14. Nor did Bill Clinton have anything at all to do with the mortgage crisis/economic collapse...

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis

[FreakinDJ]

17. Was Hillary blaming the Home owners a defense of Bill's legacy

[Dont call me Shirley]

83. Good question, FreakinDJ. Abusers always blame the victim.

[Happenstance24]

12. Sadly, sorta true

My neighbor got a house, somehow refinanced it after 4 payments to buy a boat and ultimately lost them both. He knew he couldn't afford that, not by a long shot. He admitted as much after it was all over but said he didn't care. He wanted that house and then he wanted that boat. I'll never understand how he got where he did but he does deserve a portion of the blame.

[FreakinDJ]

13. My neighbor had a $30,000 down payment

The mortgage broker talked him out of using the $30,000 as a down payment and talked him into a ARM Loan and using the $30,000 to remodel the house - told him once the value was increased he could refi to a fixed loan

The mortgage servicing company never once returned his calls until he agreed to "Short-Sell" the house

[ret5hd]

78. Those damned crafty fishermen...

tricking those poor uneducated bankers into loaning him money. Taking advantage of those trusting honest lovable bankers, why...they oughta be strung up, I tell ya!

[senz]

48. Bank regulations would have prevented it.

But Republicans and "3rd Way Dems" oppose effective Bank regulations like Glass-Steagall.

Isn't that right, Darb.

[snort]

75. Really?

Our home got caught up in that shit show. 18 years of never missing a payment. 1 year of paying a lawyer to pursue a non-responsive (didn't give a fuck) JPMC. My fault was it? Hey at least they had to pay me 300 bucks in the end. That'll teach 'em to cut it out.

[AzDar]

20. RELEASE THE TRANSCRIPTS!!

[SidDithers]

21. Delegate count: Clinton - 651, Sanders - 456 ...nt

Sid

[FreakinDJ]

24. America to Hillary supporters - Mortgage 'robo-signing' STILL goes on

So much for Hillary's defense of Unfunded / Unenforceable Dodd Frank legislation

AP Exclusive: Mortgage 'robo-signing' goes on

http://news.yahoo.com/ap-exclusive-mortgage-robo-signing-goes-205459921.html

Its just like Hillary supporters not able to understand why more folks are voting REPUBLICAN over Democrat. Its the Clinton stain on the Democratic Brand

[TIME TO PANIC]

23. You know those transcripts are full of similar statements.

[FreakinDJ]

26. Its not like she is EVER going to release them

[silvershadow]

25. I was one of those homeowners. Don't get me started on how they outright stole $70K in cash and

my home from me. Don't even. I know exactly what I am talking about. It was outright fraud, uninvestigated, and swept under the rug.

[FreakinDJ]

27. How much did the Clintons try to sweep their envolvement under the rug

[silvershadow]

29. I am not familiar with their involvement. nt

[FreakinDJ]

41. Clinton was a senator from New York at the time

Billions of dollars in foreclosure fraud settlements suggest that Wall Street was, in fact, responsible for the foreclosure crisis. Clinton was a senator from New York at the time. Although Clinton belittled calls from "the press and people" to pinpoint responsibility for the financial mess in 2007, those demands would intensify dramatically after the bailouts began in 2008.

http://www.huffingtonpost.com/entry/hillary-clinton-wall-street_us_56b423e0e4b08069c7a6c432

[silvershadow]

46. Oh that involvement? Yeah, I just assumed that, like the transcripts, nothing was ever found. nt

[Mufaddal]

28. But that's Yesterday's Hillary. It's not fair to judge people on their records.

Only Today's Hillary can be scrutinized (though of course, there is nothing to scrutinize), otherwise you are some kind of right-wing, misogynist bro who is stuck in the past.

[TIME TO PANIC]

36. LOL! Yeah, It's not fair to judge people on their records.

...but we should all vote for Hillary, because she has the most experience.

[Mufaddal]

39. See, now you're getting it!

It takes a little while, but once you learn to give up, drink the Kool Aid, and get your mind right, it all starts to acquire its own internal logic.

[TIME TO PANIC]

50. You know, I feel much better now.

Hillary and friends, are looking out for OUR best interest.

Everything is going to be fine.

[HassleCat]

32. Didn't this come up before?

I don't know if it's the same speech to the same group, but I recall seeing something where she told a group of bankers, "It's not all your fault. Those reckless home buyers are partially to blame." (paraphrasing)

[Trust Buster]

33. Hillary was correct. The video was shamelessly edited I might add.

Every level of American society chose greed over prudence.

*The government deregulated like their donors wanted.
* Wall Street committed fraud on a massive scale.
* The bond credit ratings agencies slapped AAA on toxic bond issues to keep their bank clients happy.
* Accounting firms knew that banks were moving toxic assets off their books to overseas subsidiaries before audits but chose to ignore it to keep their bank clients happy.
* Mortgage lenders, who are usually the gatekeepers, lowered their credit requirements to embarrassing levels knowing that they would be turning around and selling those mortgages (risk) off their books to Wall Street.
*Every Tom, Dick and Harry became a mortgage broker to make quick cash while they knowingly pedaled risky mortgage loans.

THE HOMEOWNER: Many people wanted in on the real estate boom so bad and were so sure that prices would only go up that they signed on to any loan that they could get their hands on. In addition, the middle class was already failing and many homeowners chose to use the phony equity in their houses as cash registers in an effort to uphold their standard of living.

SUMMATION: Though this video was heavily edited like the Planned Parenthoid videos, Hillary was totally correct. Homeowners cannot avoid their responsibility in the housing crash.

[FreakinDJ]

37. Shamelessly stumping for Wall St corruption ??

[Trust Buster]

40. You clearly didn't spend the time to read my whole post.

[FreakinDJ]

43. Homeowners cannot avoid their responsibility in the housing crash

Panic Buying took place

[stevenleser]

55. Shamelessly flogging a deceptively edited video? The actual video and transcripts

Are down thread. There are very different from what you are trying to sell.

[modestybl]

58. You ignore the obvious flaw in the blame-the-homeowner thinking...

... people took out balloon loans with the assurance from their bankers/mortgage brokers that they would be able to easily re-finance when the rates changed in 5 years...

The Obama administration refused to even consider helping people refinance at their introductory rates.

BTW, the biggest group involved in the subprime loans were real estate speculators and house flippers.

Of course anyone who has a mortgage has bought more house than they could afford. You assume people who are your bankers and brokers have some amount of expertise and integrity. They didn't.

So HRC is blaming the poor, Republican-style, for the massive crimes of her Wall Street benefactors. And she share their fundamental dishonesty and lack of integrity.

[Trust Buster]

59. Incorrect. 72% of all foreclosures involved refinanced mortgages.

People were using the phony equity in their homes as a cash register. As for balloon loans, people bought into those thinking that real estate prices could only go up. Their bad.

[modestybl]

80. Almost everyone refinances if it lowers costs... I was talking about who the subprime users were..

... at the time of the 2008 collapse. The big banks not only knew about how rotten the CDOs were they were selling, they were making side bets with CDOs... they, their brokers and the ratings agencies all knew and were engaging in massive fraud. Homeowners were lead to believe the housing market was always going up - the blame lies mostly with people in a position to know better.

We can't have a capitalist system without financing (mortgages) and we can't have one where the entire banking industry runs on fraud. The Obama admin did very little to help homeowners, and the recession threw millions out of work. If you are longt-term unemployed, it matters not whether you refinanced. They spent trillions making the banks whole.

[Trust Buster]

82. I already summarized those facts in an earlier post but appreciate the breadth of your knowledge

on the 2008 financial meltdown. surprisingly few Americans could have duplicated your post. I disagree though with your assessment on refinancing. Those responsible folks that refinanced to lower their lending costs were fine and safe. As for those 72% of foreclosure tied to refinancing, they were doing something very different. They were tapping into phony equity to maintain their standard of living or to invest in speculative real estate ventures. If you look at one of my earlier posts you will see that we essentially agree. I think, like Hillary, that there were many Americans out there that made greedy financial moves and cannot be absolved of any responsibility in the big picture.

[CrispyQ]

98. Yeah, but homeowners didn't get a bailout.

Congress took care of Wall St. at Main St.'s expense.

Secrets and Lies of the Bailout

The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come

http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104

snip...

In the letters, Summers laid out a five-point plan in which the bailout was pitched as a kind of giant populist program to help ordinary Americans. Obama, Summers vowed, would use the money to stimulate bank lending to put people back to work. He even went so far as to say that banks would be denied funding unless they agreed to "increase lending above baseline levels." He promised that "tough and transparent conditions" would be imposed on bailout recipients, who would not be allowed to use bailout funds toward "enriching shareholders or executives." As in the original TARP bill, he pledged that bailout money would be used to aid homeowners in foreclosure. And lastly, he promised that the bailouts would be temporary – with a "plan for exit of government intervention" implemented "as quickly as possible."

The reassurances worked. Once again, TARP survived in Congress – and once again, the bailouts were greenlighted with the aid of Democrats who fell for the old "it'll help ordinary people" sales pitch. "I feel like they've given me a lot of commitment on the housing front," explained Sen. Mark Begich, a Democrat from Alaska.

But in the end, almost nothing Summers promised actually materialized. A small slice of TARP was earmarked for foreclosure relief, but the resultant aid programs for homeowners turned out to be riddled with problems, for the perfectly logical reason that none of the bailout's architects gave a shit about them. They were drawn up practically overnight and rushed out the door for purely political reasons – to trick Congress into handing over tons of instant cash for Wall Street, with no strings attached. "Without those assurances, the level of opposition would have remained the same," says Rep. Raúl Grijalva, a leading progressive who voted against TARP. The promise of housing aid, in particular, turned out to be a "paper tiger."

There is democratic leadership, front & center selling out The People.

[notadmblnd]

35. So many people in Michigan lost their homes

It was up close and personal for just about everyone. If one didn't lose their home themselves, they know someone who did.

I lost mine after my husband died and my position was downsized. I had a 137k mortgage on my home. I asked the bank to work with me to lower the payments and the told me too bad so sad. I mailed my keys to the mortgage company and moved. I spoke to the new owners recently, they paid 30k for the house.

I didn't want out of my obligation, I just wanted to lower my payments so I could manage it.

[MaggieD]

38. More edited propaganda from Usuncut

What else is new? My son and I had dinner last night and he told me even Berniebros know that site is propaganda. I hope you don't think it's influential - it's a joke of a website.

[vintx]

42. You actually used the term "berniebros"

Well that tells me all I need to know about you

[MaggieD]

44. My son's words

He's 23 and would be happy with either Clinton or Sanders. But he thinks the Sanders supporters hurt Sanders much more than they help.

Here is more info about the propaganda site Usuncut. https://en.m.wikipedia.org/wiki/US_Uncut

[FreakinDJ]

45. Hillary supporters must live in an alternate Reality Universe

where Honesty just doesn't count in a National Election

[vintx]

47. It's almost tragic.

Did you see this post?

http://www.democraticunderground.com/?com=view_post&forum=1251&pid=1425869

This makes the - whatever you want to call it - around here tolerable.

[Trust Buster]

61. An alternate reality universe is inhabited by those who think that the real estate mania

took place without a contribution of average Americans taking advantage of cheap credit in an effort to keep up with the Jones'.

[FreakinDJ]

63. Nice RATpubliCON Talking Points right off of FreeRepublic

Don't think your on the right website for espousing that drivel

[Trust Buster]

66. You Bernie supporters are all about transcripts. Read Hillary's full statement in the

transcript in post #49 and then come back and preach to me about honesty.

[FreakinDJ]

67. Honestly you presented RATpubliCON talking Points in defense of Hillary

No preaching - just a statement of the facts

[Trust Buster]

68. Hillary's ACTUAL transcript of the comment alluded to in the OP is not a Republican talking point.

It's factual evidence that the OP was deceptive and taken out of context. You're sounding silly now. Just stop.

[Bungalowgal]

49. Here's a little more of that speech. Video this thread is based on is Fox News worthy.

Now, who's exactly to blame for the housing crisis? Well, that's always a question that the press and people ask and I think there's plenty of blame to go around.

Responsibility belongs to mortgage lenders and brokers, who irresponsibly lowered underwriting standards, pushed risky mortgages, and hid the details in the fine print.

Responsibility belongs to the Administration and to regulators, who failed to provide adequate oversight, and who failed to respond to the chorus of reports that millions of families were being taken advantage of.

Responsibility belongs to the rating agencies, who woefully underestimated the risks involved in mortgage securities.

And certainly borrowers share responsibility as well. Homebuyers who paid extra fees to avoid documenting their income should have known they were getting in over their heads. Speculators who were busy buying two, three, four houses to sell for a quick buck don't deserve our sympathy.

But finally, responsibility also belongs to Wall Street, which not only enabled but often encouraged reckless mortgage lending. Mortgage lenders didn't have balance sheets big enough to write millions of loans on their own. So Wall Street originated and packaged the loans that common sense warned might very well have ended in collapse and foreclosure. Some people might say Wall Street only helped to distribute risk. I believe Wall Street shifted risk away from people who knew what was going on onto the people who did not.

Wall Street may not have created the foreclosure crisis, but Wall Street certainly had a hand in making it worse.

[stevenleser]

54. Thanks for that. The reality is very different than what some Bernie supporters are

Trying to sell.

[Trust Buster]

65. Thank you. Republicans use this out of context strategy all the time.

They've gone to town with "They didn't build that". Those that feel it necessary to take the full statement that you posted above out of context, mean to deceive. I have no respect for such people that apply those deceptive tactics.

[Bungalowgal]

51. Link to transcripts

[link:http://www.presidency.ucsb.edu/ws/index.php?pid=77081|

[stevenleser]

69. I never thought we would have 100+ Recs on a James O'Keefe styled edited video. Particularly one

where the transcript is available like this that shows that the post is ridiculous.

[FreakinDJ]

85. Never thought we would hear so many RATpubliCON Talking Points to defend a Dem Candidate

[stevenleser]

92. Calling out James O'Keefe type edited video isn't "RATpubliCON" in any way.

I was going to say nice try, but it's not even that. At all.

[Spitfire of ATJ]

52. That's the rant we heard on CNN....

[FreakinDJ]

62. Your link triggered my McAfee and locked up the browser

[Spitfire of ATJ]

77. It's a YouTube clip.

[Bungalowgal]

56. Link to full video

[link:

|

[FairWinds]

57. This is key . .

". . hid the details in the fine print."

The loan docs are 40 pages of legalese. People do not read them - I did not read mine.
It would take weeks to do it.

Mortgage issuers have to be halfway honest for the system to work.

Home buyers own only a minor share of the blame.

[FreakinDJ]

60. Hence why YOU the purchaser hire the Title Officer

The person designated by law to interpret and protect the interest of the purchaser.

Even in my Rifi I hire the title officer

[nvme]

72. I am not a Hillary Supporter BUT

As a former Mortgage broker and real estate investor, I made many loans and flipped a lovely estate and made a nice profit. Clinton was right everyone buyers, sellers, RE agents, Appraiser, Mortgage brokers, banks, and closing companies were losing their minds. We all played musical chairs. No Income No Assets (NINA) loans NO DOC (no documents, only credit score was used to evaluate the loan) were not uncommon. They came with 5 year 5% prepayment penalties 7.5% variable rate with upwards of 6points adjustment after the 1st year. the adjustment was to be no more than 1 % point increase per year based on London Inter-Bank Overnight Rate (LIBOR). Everyone was assuming the bubble would keep expanding. Crack-houses were selling for $300k everyone wanted a piece. GREED and fear of not getting a house before they became too expensive to buy was what drove us. "Hey real estate never goes down rights? its real its solid it's something you could touch and see. It's not like stocks or markets that fluctuate"! The DOT com bubble pushed people to turn to RE. So Hillary saying that everyone Including those who wanted NO DOC loans share some blame she is Correct! Of course the banks misrepresented the risky nature of those high risk/high return bundled mortgage loans.THAT is another issue

[FreakinDJ]

74. fear of not getting a house before they became too expensive to buy was what drove us.

You said it well

No Income No Assets (NINA) loans NO DOC (no documents, only credit score was used to evaluate the loan) were not uncommon.

Were not those types of loan conditions brought on by additional deregulation of Bush's "Ownership Society" deregulation

[zentrum]

73. Poor little bubbies, those bankers.

All those brilliant financiers played as suckers by a bunch of struggling Americans. My-my. Glad we gave them billions in restitution. What a relief they never had to give up their third car, their maids, or their swimming pools.

[Hoyt]

76. She's right, it was not only the banks' fault -- government, lax regulators, mortgage companies,

speculators, appraisers, people who failed to believe home prices could drop, home purchasers, builders, and more who just thought home prices would keep escalating.

[FreakinDJ]

84. And Not One Word of Bush's Bank DeRegulation for his "Ownership Society"

Gimme a Fucking Break

When Democrats start fucking mimicking RATpubliCON Talking Points to defend their candidate there is something very fucking WRONG

[Hoyt]

86. "Government, lax regulators" - quit reading pointing at each word.

[FreakinDJ]

88. Bush enacted his share of Bullshit on the Homeloan industry

No Income No Assets (NINA) loans NO DOC (no documents, only credit score was used to evaluate the loan)

and you would expect a Democratic Candidate to point out the obvious - but Nooo - she jumps the shark and starts with the home owners

[Attorney in Texas]

90. No doubt this was a major theme in her covert Wall Street tapes. Hillary is Pleading the 5th!

[Oilwellian]

91. Yes Hillary, be up front and honest with all of us

It's the black community's fault that predatory lenders were allowed to flourish in their communities. Let's not forget the millions of shattered lives left in the wake of Wall Street's predatory lending to black communities. Where the color of your skin dictated the kind of deal the corrupt bankers offered, and their loans were always designed to force the homeowners into bankruptcy and the loss of their homes, many times homes that were in the family for generations.

Wells Fargo has been accused of targeting minorities with predatory high-cost home loans that pushed them into default and foreclosure.

Cook County, Illinois, is home to the city of Chicago, filed a lawsuit in federal court on Friday against the nation’s largest mortgage lender. The suit alleges that Wells Fargo contributed to the housing crisis, which the county claims has cost it millions of dollars in lost property tax and the cost of having to deal with abandoned buildings, among other issues. The lawsuit says damages could exceed $300 million.

Wells Fargo deliberately issued home loans with high interest rates and inflated or improper fees to black and Hispanic borrowers, many of whom would not have qualified for a traditional loan, the suit alleges. The lawsuit also charges that the bank did so even when it was clear the borrowers wouldn’t be able to keep up with the costly payment plans.

Such practices are known as “equity stripping,” the suit says, because they “stripped and continue to strip borrower home equity.” As a result, the chances that minority borrowers would fall behind on payments or be forced to submit to foreclosures were increased, it said.

Between 2000 and August 2014, Wells Fargo allegedly made about 55,000 loans to minority homeowners in Cook County that are suspected of being predatory and discriminatory, according to a statement released by Cook County Board President Toni Preckwinkle and Cook County State Attorney Anita Alvarez.

http://www.huffingtonpost.com/2014/12/03/wells-fargo-loans-lawsuit_n_6261356.html

[Cheese Sandwich]

94. This is like that Romney 47% video

[Quixote1818]

95. kick

[The Midway Rebel]

96. Kicking.

[Fairgo]

97. very disconcerting

there seem to be a pattern here that bespeaks a flawed character.