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The Community Reinvestment Act (CRA) was passed by a Democrat Congress and signed by Jimmy Carter in 1977. It made sure banks were lending to people of all colors and income levels. .
This is a load, please provide proof of this assurtion.
Why should I, I've seen this BS many times. FYI, John McCain signed on this legislation almost a year after it was drafted and only had maybe a handful of sponsors and was not supported by the Bush WH.
It's hilarious to see the right wing blame people of color for the crisis, especially since they have not idea what the CRA was about and what banks were affected.
Everyone has their own excuses for avoiding the truth.
The primary "truth" I got from your post is that there was/is more than enough blame to go around. Laying it all at the feet of "Dems in Congress" is dishonest at best.
Was there something you wanted to say? Little-Acorn has presented the facts well. They are indisputable. You have a problem? Can you refute any of them?
Give it a try. If you think you have some new evidence, have at it.
You just don't have any idea what a load of crap this is, do you? Despite every bit of it having been trashed to pieces over and over and over again.
Oh, really? By whom? You? LOL
Everything Little-Acorn outlined above is 100% accurate. Nothing is disputable. Can you be specific about any errors?
Quote:
Originally Posted by saganista
I guess there will always be some bot or other who will want to get his copy-and-paste jollies somehow.
Here's an example, though, just for old times' sake.
Here is an actual exchange between Rep. Frank and Sec. Snow taken from the transcript of that very hearing...
And we all know how credble Barney Frank is! Barney Frank is one of the causes of the problem!
Quote:
Originally Posted by saganista
Rep. FRANK: Let me ask you, Mr. Secretary—and again I appreciate that there is not a lot of rhetoric in here about how terrible [the GSE's] are. I appreciate that you think we should enhance the regulation, but I get the impression that you were talking more about guarding against potential future problems developing, rather than feeling that there is an urgent need to stave off some crisis. Are we in a crisis now with these entities? Treas. Sec. SNOW: No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
Far from it. Far from it, he says. Even the administration's pointman on this particular effort to squeeze the GSE's out of secondary mortgage market share and hand that over to Wall Street instead admits up front and in no uncertain terms that the administration does not see any existing or looming crisis in the GSE's.
Community groups began bullying the banks, especially one called the Association of Community Organizers for Reform Now ("ACORN"). It hired several specialized lawyers, including a young man named Barack Obama, to teach its employees how to go to the homes of bank CEOs and senior officers, harassing and publicly embarrassing them while remaining within the limits of local law to avoid prosecution. At one point, ACORN brought a lawsuit against a thrift merger in Illinois, insisting that the lending institutions had not made as many loans to minorities as ACORN thought they should. The bank replied that such loans would be financially irresponsible, and would put ALL the bank's customers at unacceptable risk. ACORN prevailed in court, and banks began making more and more risky loans to home buyers who could have never qualified for those loans under ordinary circumstances.
My gut reaction to this was to say that the banks should have limited the number of loans so that the ratio was correct. Not making bad loans. Making less total loans. So that minorities were properly represented. That would've prevented the housing bubble not fed it. I hope I was clear. If you want to loan 25% to minorities and only 10% of minorities are qualified then reduce the number of loans made so that the 10% of the minorities that are qualified make up 25% of the loans. Meeting the quotas doesn't make you write bad loans. Meeting the quota and writing loans for all the qualified non minority applicants does. If you are going to have two standards for writing loans Then make them tighter for non minorities and we don't have a major recession/depression. This is just my thinking.
Was there something you wanted to say? Little-Acorn has presented the facts well. They are indisputable. You have a problem? Can you refute any of them?
Give it a try. If you think you have some new evidence, have at it.
Oh please, Rush talks, someone on CD regurgitates. I was listening to his show today also, that was the premise. It is very doubtful Rush believes this to be true, but he does believe that his listeners will believe pretty much anything he says. Rush is, as any good businessman, a very intelligent product planner. He gives his customers what they want to hear. As long as he does that, they will continue to pay him. That is Rush Limbaugh. You are one of his customers.
HUD was in charge of oversight of Freddy and Fanny, Bush was in charge of HUD. Spin all you want those two things stay constant.
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