Can someone show me the law that forces banks or other lenders to lend money to someone that has no hope of repaying it?

Thanks!

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As I thought.

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This one cracks me up too.

There is no such law. It's more bullshit from the right.

The bullshit is insinuating that the right is somehow not blaming the lenders. This debacle took two to tango. Ignorant individuals as well as the lenders are both to blame.

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It's time for another Ronny in the White House.

All I'm hearing from "conservative" talk radio is how it's the dem's fault for forcing banks to loan money to poor people.

Yep. And so do many threads here.

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many people are idiots. keep it under your hat.

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"Now don't touch the knobs now, we're going to have some fun around here"-peter wolf

No, what you're hearing (and yet misquoting here) from conservative talk radio is that the near-Marxist government that we have not only strongly encouraged poor lending practices, but actually gave incentive to participate in said practices.

Think of it this way. If someone told you, "Take a trip to Vegas and lay down your entire life's savings on one hand of Blackjack. You could stand to win a LOT of money. Don't worry about it if you lose though. I got your back. I'll cover it. What do ya say?"

What would you say? Would you go to vegas and throw your life's earnings on the table when you are essentially told you have nothing to lose? That's what the lenders around this country chose to do. Now, as an earlier poster pointed out, it takes two to tango. No one is saying it's ONLY the government's fault. It'd also be your fault if you lost your house because you went to Vegas and lost and it turns out that person didn't have your back, but the other half of the blame goes to the person who convinced you that you were completely protected.

That's what's being said. Either quote it correctly or don't quote it at all.

You don't say.

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I quoted it correctly, I assure you.

If you believe that, then you either quoted it out of context, or you quite simply misunderstood the message, which is not something uncommon when a person of one political ideology is listening to a person of another political ideology. People tend to only hear the first 3 words before they begin thinking about what they're going to say in response rather than listening to everything the other person is saying.

What I've just posted is what is actually being said by "conservative" talk radio and conservatives + the middle in general. No one who is half-way clued in about the situation will say this is ENTIRELY on the government's shoulders. This whole mess is a creation of several entities, which by the way are the same exact entities that have always affected the economy:

1) Supply & Demand
2) The Fed
3) Congress (in this particular situation case, the very liberal congress that has promoted far left, destructive ideas)
4) Corporate America

As I've said before, taking the extremist position on either side of the ideological scale -- either left or right -- is destructive, and unfortunately for this country, we took a very extremist liberal approach to the housing market over the past several decades, coming to a head in these last 15 years. That is where this problem lies.

Can someone show me the law that forces banks or other lenders to lend money to someone that has no hope of repaying it?
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You don't seriously think something like would be put in writing....
the fact is people did not have to have any money of their at risk to get a home and mortgage...nothing....

Checking credit and making a fuss about income was looked upon a racist....
Not wanting to invest in failing neighborhoods was racist.....


FHA Loans are the easiest to qualify for and can be used to remodel your house. The loan is actually obtained through a private lender but it is backed by the FHA to be repaid. This allows for more people who less than stellar credit or little money to purchase their first house.

Adopts the Frank/Miller/Cardoza amendment that would raise FHA single family loan limits, which now bar loans above 95% of the median home price in each local area and shut FHA out of higher cost home markets. The amendment raises the FHA loan limit in each area to the lower of (a) 125% of the local area median home price or (b) 175% of the national GSE conforming loan limit.
Congress 2007: Make It Easier to Buy a Home at The Brian Sullivan Blog

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Biden was asked, 'Is he ready?' He answered, 'I think he can be ready but right now, I don't believe he is.
The presidency is not something that lends itself to on-the-job training.'
"I think that I stand by the statement," Biden (the smartest of the two)

How bout you suck my balls?

I've heard Jay Severin, Howie Carr, Gerry Callahan and some cuntrag on Finneran's forum all claim that the democrats are to blame because they MANDATED that banks extend mortgage loans to poor people. Which is of course, complete and total BULLSHIT!

I'm not disagreeing with your contention that many parties are to blame, but I know what I've been fucking hearing on the radio douchebag!

And yes, the race card does have a large part to play in this whole mess. It's unfortunate that institutions were being intimidated (by the government as well as the community) by threats of being called racist if they didn't try to help out the poor black folks, but it had nothing to do with skin color. It had to do with the fact that those people just could not afford what they were asking for.

So instead of (correctly) turning those people down, the lenders instead (incorrectly) chose to avoid the racism label and pray to God that the people they knew were risks would come through in the end. Predictably, they didn't.

It's unfortunate that so many minorities in this country are poor, but that isn't the fault of lenders, and we should never, ever expect people to give money to people whom they know won't pay it back simply because those people happen to be minorities. I have a lot of rich minority friends, blacks in particular, and go figure, they have no problems getting loans. They have good jobs, and they have good credit histories.

The race card absolutely plays at least a partial role in the downturn of our economic situation. We just HAAAAAAAAAAD to help those poverty-stricken minorities living in the slums of America, and now we're all paying for it. Maybe it sounds all good and humanitarian to try and help them out, but...well, this is what happens when you do.

Proof?

This claim is almost as stupid, honestly.

Banks wouldn't lend money to ANYONE if they thought there wasn't a profit involved. There is no way in hell anyone would lend to someone they didn't think could pay them back unless they knew they could sell the mortgage before they took a loss.

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