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Old 09-28-2008, 04:27 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,136,339 times
Reputation: 5685

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I think that all of us, both lefties and righties need to take notes. Let us push these people out of office. First on my list is Barney Frank, then Nancy Pelosi, she really needs to pick her own grapes for a change and King needs to go, he is a *****. Harry Reid makes me sick.
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Old 09-28-2008, 10:02 PM
 
Location: US
3,074 posts, read 3,336,186 times
Reputation: 1621
The money going to them is partially due to the Community Reinvestment Act, instituted during Carter's presidency in 1977 to provide access to increase credit availability to lower income Americans. The CRA required banks to report compliance. During Clinton's presidency, stricter compliance was required by the banks to show that they actually made the loans to the lower income Americans, not just that they had advertised and attempted to make the loans, even going so far as to examine neighborhoods, income groups and the race to whom loans were made. Banks had to provide "equal outcomes" to borrowers (whether the borrowers could afford it or not).

The Clinton Administration organized and offered invitations to community activist groups to join the National Reinvestment Coalition which would ultimately have a great impact on banks' CRA rating. As you can imagine, these activist groups had nothing to do with appropriate lending. Members of ACORN would actually be a part of making decisions in the lending. Banks were thereafter found to discriminate if they did not make home loans to lower income people, and lawsuits were filed by and through organizations such as LaRaza and ACORN (by Obama's law firm) against banks for what they perceived to be discrimination. Here's a couple of links, but if you do a Google search on the CRA and ACORN, you'll find a lot of interesting information.

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000

Washington Times - Housing policy in need

I edited this to add that I am reading this only accounts for about 20% of the mess--the deregulation accounts for a lot of it, and I'm still trying to find out about that. I just wish the political parties would just tell the truth instead of playing hide the peanut with information to Americans.

Last edited by carolac; 09-28-2008 at 10:10 PM..
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Old 09-29-2008, 08:17 AM
 
Location: Maryland
15,179 posts, read 15,813,362 times
Reputation: 3028
Quote:
Originally Posted by carolac View Post
The money going to them is partially due to the Community Reinvestment Act, instituted during Carter's presidency in 1977 to provide access to increase credit availability to lower income Americans. The CRA required banks to report compliance. During Clinton's presidency, stricter compliance was required by the banks to show that they actually made the loans to the lower income Americans, not just that they had advertised and attempted to make the loans, even going so far as to examine neighborhoods, income groups and the race to whom loans were made. Banks had to provide "equal outcomes" to borrowers (whether the borrowers could afford it or not).

The Clinton Administration organized and offered invitations to community activist groups to join the National Reinvestment Coalition which would ultimately have a great impact on banks' CRA rating. As you can imagine, these activist groups had nothing to do with appropriate lending. Members of ACORN would actually be a part of making decisions in the lending. Banks were thereafter found to discriminate if they did not make home loans to lower income people, and lawsuits were filed by and through organizations such as LaRaza and ACORN (by Obama's law firm) against banks for what they perceived to be discrimination. Here's a couple of links, but if you do a Google search on the CRA and ACORN, you'll find a lot of interesting information.

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities by Howard Husock, City Journal Winter 2000

Washington Times - Housing policy in need

I edited this to add that I am reading this only accounts for about 20% of the mess--the deregulation accounts for a lot of it, and I'm still trying to find out about that. I just wish the political parties would just tell the truth instead of playing hide the peanut with information to Americans.
Thanks for the additional info. The “American Dream” of homeownership is not an entitlement; particularly, for those residing in this country illegally.

Income dictates what we can and can NOT afford. I’m sure there are many in the low income bracket with a desire to own a lavishly furnished multi-million dollar home, and a couple of $100,000 cars. Sorry, but if you are only making $30,000 annually, you simply do not have the wherewithal to afford such luxuries. That’s life.

It is not ‘discrimination’ to deny a loan to those who do not have the income or ability to pay.
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Old 09-29-2008, 08:21 AM
 
Location: US
3,074 posts, read 3,336,186 times
Reputation: 1621
You're 100% correct--some people just should not be given loans. ACORN and LaRaza don't see it that way though. The CRA rating is a horrible thing for banks. They are forced to make the loans or face litigation or lose their ratings. Yet no one tells us about these things.

Quote:
Originally Posted by Benicar View Post
Thanks for the additional info. The “American Dream” of homeownership is not an entitlement; particularly, for those residing in this country illegally.

Income dictates what we can and can NOT afford. I’m sure there are many in the low income bracket with a desire to own a lavishly furnished multi-million dollar home, and a couple of $100,000 cars. Sorry, but if you are only making $30,000 annually, you simply do not have the wherewithal to afford such luxuries. That’s life.

It is not ‘discrimination’ to deny a loan to those who do not have the income or ability to pay.
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Old 09-29-2008, 08:24 AM
 
Location: Mesa, Az
21,148 posts, read 36,622,458 times
Reputation: 3785
Quote:
Originally Posted by Benicar View Post
Thanks for the additional info. The “American Dream” of homeownership is not an entitlement; particularly, for those residing in this country illegally.

Income dictates what we can and can NOT afford. I’m sure there are many in the low income bracket with a desire to own a lavishly furnished multi-million dollar home, and a couple of $100,000 cars. Sorry, but if you are only making $30,000 annually, you simply do not have the wherewithal to afford such luxuries. That’s life.

It is not ‘discrimination’ to deny a loan to those who do not have the income or ability to pay.
Agreed: it is called common sense.
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Old 09-29-2008, 08:30 AM
 
Location: Maryland
15,179 posts, read 15,813,362 times
Reputation: 3028
Quote:
Originally Posted by carolac View Post
You're 100% correct--some people just should not be given loans. ACORN and LaRaza don't see it that way though. The CRA rating is a horrible thing for banks. They are forced to make the loans or face litigation or lose their ratings. Yet no one tells us about these things.
Clearly, these organizations are not benevolent champions for low income families. Rather, they are masquerading as such, simply to receive millions in federal earmarks to line their pockets. We should not be forced to pay for their corruption and greed.
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Old 09-29-2008, 08:38 AM
 
Location: US
3,074 posts, read 3,336,186 times
Reputation: 1621
Here is a link to ACORN's actions and beliefs. ACORN sued California in 1995 to be exempt from the minimum wage law of what it pays its own workers, while lining its pockets with millions in donations and funding. Exploitation of the poor at its best, by making them believe it actually cares about them.

http://www.discoverthenetworks.org/A...rnhistory.html

Quote:
Originally Posted by Benicar View Post
Clearly, these organizations are not benevolent champions for low income families. Rather, they are masquerading as such, simply to receive millions in federal earmarks to line their pockets. We should not be forced to pay for their corruption and greed.
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Old 09-29-2008, 08:39 AM
 
Location: Maryland
15,179 posts, read 15,813,362 times
Reputation: 3028
Quote:
Originally Posted by ArizonaBear View Post
Agreed: it is called common sense.
Absolutely! Sadly, "common sense" has died a slow and painful death. Its heirs are PC, Corruption, and Sheepleism -- with Greed as the executor.
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Old 09-29-2008, 10:06 AM
 
Location: Mesa, Az
21,148 posts, read 36,622,458 times
Reputation: 3785
Quote:
Originally Posted by Benicar View Post
Absolutely! Sadly, "common sense" has died a slow and painful death. Its heirs are PC, Corruption, and Sheepleism -- with Greed as the executor.
You may not realize how closely that hit 'home' for me..........especially with Greed as the executioner.

The above Emoticons directed towards the contents of your post---------not you personally.
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Old 09-29-2008, 12:14 PM
 
2,256 posts, read 2,963,320 times
Reputation: 1215
Quote:
Originally Posted by Convert 54 View Post

Guys its time to lock and load, you women folk better get the coffee going and and the medical supplies out. They want blood and Im afraid its your they want................
Bring the herd in from pasture! Grab some cartridges off the top shelf and take defensive positions!

What are we on, the frontier?
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