C-Span3: FinReg Conference. Final Day. Derivatives up today.

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http://www.cspan.org/Watch/C-SPAN3.aspx

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1. More on today's wrap up from C-Span.

CONFEREES TO WRAP UP FINANCIAL REGULATIONS LEGISLATION
Today

The 43-member House and Senate Conference Committee moves into its final day of deliberations on financial regulation legislation. Members plan to wrap-up the two chambers’ different versions of the regulatory overhaul bill, including work on derivatives, which is one of the biggest components. They’re also expected to have more debate on the Volcker Rule, a proposed ban on some speculative trading by banks with federally insured deposits.

During the meeting yesterday, Conference Chairman Frank (D-MA) told members they would finish work on the bill by the end of the week, even if they had to stay late into the night. The committee hopes to have a bill approved by both chambers of Congress and signed into law by President Obama by July 4th

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2. one last chance to weaken the bill into meaningless blather lol nt

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3. Barney Frank schooling Repub Jeb Hensarling on Fannie and Freddie, Republicans and Subprime loans

Here's more from Mcalatchey on this. Despite all evidence to the contrary, Republicans are constant drumbeat on trying to blame Fannie and Freddie for the financial crisis. Republicans are very god at marching in lockstep and getting their message out--something the Dems might want to emulate.

http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html

Posted on Sun, Oct. 12, 2008

Private sector loans, not Fannie or Freddie, triggered crisis

David Goldstein and Kevin G. Hall | McClatchy Newspapers

last updated: February 19, 2010 02:01:13 PM

WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

*More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
*Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
*Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.
*The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the *President's Working Group on Financial Markets reported Friday.

Conservative critics claim that the Clinton administration pushed Fannie Mae and Freddie Mac to make home ownership more available to riskier borrowers with little concern for their ability to pay the mortgages.

more...

http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html

[flpoljunkie]

6. Shame on Congress for exempting car dealers from the Consumer Financial Protection Agency!

Auto loans are some of the largest loans that many people take out, and they are frequently screwed by auto dealers! As I said, shame on our corrupted Congress!

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4. FinReg Conference now back in session on C-Span3

http://www.cspan.org/Watch/C-SPAN3.aspx

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5. Now Jeb Hensarling is taking up for payday lenders--saying they did not cause financial crisis

What a weak, weak argument in defense of these bloodsuckers! But, hey, this is your Republican party, people! It is who they are, and what they do.