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'The current mortgage crisis "was not caused by the CRA and it was not caused by poor people getting homes," said Jack Kemp, former secretary of the U.S. Department of Housing and Urban Development and the 1996 Republican vice presidential nominee, at an Urban Land Institute conference last month. "The problems were caused by lenders who took advantage of the system. The claim that the CRA caused all these problems is nonsense."
***
'As evidence, consider this: During the peak years of the subprime boom, CRA-covered banks made about 25% of subprime loans, according to Michael Barr, a law professor at the University of Michigan who has testified before U.S. lawmakers on CRA. The other 75% of the loans were made by independent mortgage companies or depository affiliates not subject to comprehensive federal supervision.'
'The current mortgage crisis "was not caused by the CRA and it was not caused by poor people getting homes," said Jack Kemp, former secretary of the U.S. Department of Housing and Urban Development and the 1996 Republican vice presidential nominee, at an Urban Land Institute conference last month. "The problems were caused by lenders who took advantage of the system. The claim that the CRA caused all these problems is nonsense."
***
'As evidence, consider this: During the peak years of the subprime boom, CRA-covered banks made about 25% of subprime loans, according to Michael Barr, a law professor at the University of Michigan who has testified before U.S. lawmakers on CRA. The other 75% of the loans were made by independent mortgage companies or depository affiliates not subject to comprehensive federal supervision.'
Wrong, when are we, as a country going to start taking personal responsibility for our actions. Anyone with a brain knows what they can and can not afford for a home or within reason....Yes, the lenders should have not allowed many of the loans, but the buyers were as greedy. They bit off more than they could chew...
Wrong, when are we, as a country going to start taking personal responsibility for our actions. Anyone with a brain knows what they can and can not afford for a home or within reason....Yes, the lenders should have not allowed many of the loans, but the buyers were as greedy. They bit off more than they could chew...
Nita
nice rebuttal
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