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Show me where they were REQUIRED to bundle that toxic waste, con rating agencies, insure them and then unload them on unsuspecting suckers. The bankers greed caused the crash not the unsophisticated rubes the banks were enticing to sign contracts THEY CREATED.
Just what law or regulation required them to sell loans to completely unqualified buyers?
This is - exactly - the cause of the financial collapse - the price of which is being paid by every bankrupt company and unemployed worker. Wall Street crooks have got away scot free with their millions - no prosecution of any of them.
Meanwhile eight million people - part of the 47% that Romney thinks are moochers and looking for freebies - are still unemployed, some homeless - because of these crooks.
Govt can't even do anything with Corzine - IMF Global. Some of his investors have lost millions. They still "can't find the money."
Have you ever heard of the Community Reinvestment Act? That is the root of the housing collapse. banks were forced to give loans to those that could not afford them. The banks were not about to get stuck with these bad loans so they found ways to sell them and get them off their books. There were plenty of regulations in place that should have stopped the bundling of these bad loans. The credit rating agencies rated these bad instruments A rated. The SEC should have stepped in but the governemnt can't get out of its own way.
What the hell does the number of people in a country have to do with what percentage are on the dole? Democrats are so dumb.
So once again, by offering up a program, the government forced the poor bankers into malfeasance.
Then government didn't police them properly, even though part of republican trickle-down was hands-off deregulation.
Show me where banks were REQUIRED to make "no doc loans", "liar loans", zero collateral loans, etc. Show me where they were REQUIRED to bundle that toxic waste, con rating agencies, insure them and then unload them on unsuspecting suckers. The bankers greed caused the crash not the unsophisticated rubes the banks were enticing to sign contracts THEY CREATED. You know, there is a principle in law that says the party that creates a defective contract is responsible for the harm it creates.
Just what law or regulation required them to sell loans to completely unqualified buyers? Please cite the exact provision(s) here.
Bingo... Banks took advantage of lax requirements and gave loans to anybody with a pulse.
Have you ever heard of the Community Reinvestment Act? That is the root of the housing collapse. banks were forced to give loans to those that could not afford them. The banks were not about to get stuck with these bad loans so they found ways to sell them and get them off their books. There were plenty of regulations in place that should have stopped the bundling of these bad loans. The credit rating agencies rated these bad instruments A rated. The SEC should have stepped in but the governemnt can't get out of its own way.
What the hell does the number of people in a country have to do with what percentage are on the dole? Democrats are so dumb.
How many threads do we have to have debunking this lie? The CRA does NOT require home loans to people that are not credit-worthy. The banks and private mortgage companies didn't sell those loans to get them off the books. They sold those loans in bundles to other banks and investment firms who then turned around and sold them again, over and over.
Fact is a FHA loan, typically the type offered by banks working in CRA communities had a much lower foreclosure rate than other loan types because FHA loans require adequate credit and income verification.
How many threads do we have to have debunking this lie? The CRA does NOT require home loans to people that are not credit-worthy. The banks and private mortgage companies didn't sell those loans to get them off the books. They sold those loans in bundles to other banks and investment firms who then turned around and sold them again, over and over.
Fact is a FHA loan, typically the type offered by banks working in CRA communities had a much lower foreclosure rate than other loan types because FHA loans require adequate credit and income verification.
Stop spreading this lie.
Heck, I was waiting for riko to point out the provisions of CRA that "forced" banks to write loans to unqualified buyers. Darn
OP, I think this is a really good question. Unfortunately most people have nothing but insults to offer. Perhaps you should have titled the thread "Republicans: If you believe America supports your platform, without insulting Democrats, please tell us why you lost?" What they don't get is that the insults are part of the reason they lost.
OP, I think this is a really good question. Unfortunately most people have nothing but insults to offer. Perhaps you should have titled the thread "Republicans: If you believe America supports your platform, without insulting Democrats, please tell us why you lost?" What they don't get is that the insults are part of the reason they lost.
Becuz they have an extremely hateful message and an even worse way of delivering it. You just have to watch the thread titles here on a daily basis, the right just doesn't respect a different point of view or anyone that isn't "like them". They are the party of divide and conquer, the "phobia party". Until they change the tone they will continue to loose elections. Gerrymanding, voter suppression, and seeking single wedge issue voters isn't a long term strategy.
FYI GOP, we are all equal, start treating others as your equal.
Population density.
Cities voted overwhelmingly Obama. Rual America for Romney. Different needs and priorities.
City dwellers rely much heavier on the gov than rual people.
Rual folks often provide their own water, sewage and garbage removal. WE have less need for large expensive police, fire and sanitation depts.
The bottom line is Rual Americans enjoy much fewer Gov programs. That makes Obama less desirable.
I don't mean any of the above as a condemnation of city people just stating the facts. Rual people due to the nature of the lives we have chosen rely less on the fed. Most Cities would go bust without Fed dollars to keep them floating.
Can we assume that many rural people will be returning their SS checks when they reach retirement age Or is that one of the programs they agree with?
I know I'm keeping mine.
11-29-2012, 04:38 PM
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Quote:
Have you ever heard of the Community Reinvestment Act? That is the root of the housing collapse. banks were forced to give loans to those that could not afford them.
Completely unfounded BS that is wholly divorced from reality.
The right has been repeating this lie for years but guess what? It's still not true.
The housing crash was almost exclusively the fault of greedy bankers and investors who knowingly made crap loans (even if they had to falsify information to do it) that borrowers had no hope of actually repaying. CRA loans actually turned out to be a much better investment than the risky crap banks did all on their own.
I realize the mantra of the right is that poor people and minorities are to blame for all of society's ills, but it's just not true. The people you should be pinning the blame on are middle class white people who bought giant McMansions and bankers in suits who thought fraud and betting on failure would be an excellent way to make lots of money (and they were right).
Completely unfounded BS that is wholly divorced from reality.
The right has been repeating this lie for years but guess what? It's still not true.
The housing crash was almost exclusively the fault of greedy bankers and investors who knowingly made crap loans (even if they had to falsify information to do it) that borrowers had no hope of actually repaying. CRA loans actually turned out to be a much better investment than the risky crap banks did all on their own.
I realize the mantra of the right is that poor people and minorities are to blame for all of society's ills, but it's just not true. The people you should be pinning the blame on are middle class white people who bought giant McMansions and bankers in suits who thought fraud and betting on failure would be an excellent way to make lots of money (and they were right).
I agree and this really has gotten old. The right has gone way too far with this. Not only is it untrue, it's insulting, tired and a major turnoff. The United States is becoming too diverse for this old played-out strategy. If they keep it up, they'll die off like Jim Crow laws. Everything is always about poor minorities. From the constant made up stories about food stamp recipients that they observe at the grocery store to the idiotic fake videos of people acting like Obama supporters to this, they aren't fooling anyone but themselves.
Last edited by Factsplease; 11-29-2012 at 05:32 PM..
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Or is that one of the programs they agree with?
