ACORN/Obama forced toxic mortgages GUARANTEED BY U.S. Govt...!

[NYcarbineer]

No one could force banks to make loans to unqualified buyers via CRA, in fact, the act itself states that explicitly.

Of course you'd have to actually read the CRA to know that.

Yes they could, and did.

Name one bank that was forced against their will to make loans not in accordance with sound and safe banking practices.

 

[NYcarbineer]

Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek[/COLOR][/SIZE][/B]

"...most subprime loans were made by firms that aren’t subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations."

 

[Full-Auto]

No one could force banks to make loans to unqualified buyers via CRA, in fact, the act itself states that explicitly.

Of course you'd have to actually read the CRA to know that.

If the banks didn't provide a certain percentage of their portfolio to lower ethanol borrowers, then they would get certain tax breaks, who be hit with penalties and would be at a SIGNIFICANT disadvantage to other banks. In effect they hand to lend to lower income individual, but that is very difficult and they tossed out the matrix.

Lenders are still not off the hook. They made the loans and deserves a good chunk of the blame. However the CRA forced their hand.

Like I said, no banks were forced to make loans to unqualified buyers.

Damn you are slow.........................

EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!! - YouTube

Andrew Cuomo: CRA Should be Abused to Force Banks to Give Risky Loans - YouTube

Pundits Agree: Andrew Cuomo caused the Sub Prime Crisis - YouTube

 

[Truthmatters]

How can we solve the problems we face when these fools just REFUSE to stop lapping up the propaganda of the far right?


Why people repete these lies over and over as if they have not been distroyed by the facts over and over and over.


What a pack of fools

 

[NYcarbineer]

If the banks didn't provide a certain percentage of their portfolio to lower ethanol borrowers, then they would get certain tax breaks, who be hit with penalties and would be at a SIGNIFICANT disadvantage to other banks. In effect they hand to lend to lower income individual, but that is very difficult and they tossed out the matrix.

Lenders are still not off the hook. They made the loans and deserves a good chunk of the blame. However the CRA forced their hand.

Like I said, no banks were forced to make loans to unqualified buyers.

Damn you are slow.........................

EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!! - YouTube

Andrew Cuomo: CRA Should be Abused to Force Banks to Give Risky Loans - YouTube

Pundits Agree: Andrew Cuomo caused the Sub Prime Crisis - YouTube

I just want a list of the banks who have claimed that they were illegally forced to make loans to unqualified buyers, outside the realm of sound banking practices.

That's all. That should be easy.

 

[healthmyths]

You copied: originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas."**"

The ratio of lower-quality subprime mortgages originated rose from the historical 8% or lower range to approximately 20% from 2004-2006,
However, when George W. Bush called for an investigation and more controls on Fannie Mae and Freddie Mac, Congressman Barney Frank vocally objected, saying "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis."
Subprime mortgage crisis - Wikipedia, the free encyclopedia

20% of all mortgages were subprime and of course NOT all which is the hyperbolic purview of some liberals went south.. but the majority did and that was the tipping point.. again no one said it was the ONLY reason.. but logic would dictate that if a lending institution KNEW that toxic loans could be sold off because Fannie/Freddie Guarantees backed by U.S. government.. why NOT???
It was the simple fact Fannie/Freddie resold toxic mortgage bundles and buyers bought because of the guarantee!

 

[Moonglow]

in '95 Obama had the power to force all banks in the nation to loan monies? Another misleading statement with no facts.

 

[Moonglow]

Bush nd congress had the power to change all the laws, but did not.

 

[healthmyths]

you wrote" in '95 Obama had the power to force all banks in the nation to loan monies? Another misleading statement with no facts."

HERE IS THE TITLE of the thread in case YOU DIDN"T UNDERSTAND!!!
"ACORN/Obama forced toxic mortgages GUARANTEED by U.S. Govt...!
A) Acorn/Obama won out of court against Citibank 1995 to start lending to unqualified borrowers represented by Acorn/Obama! That is a FACT!
1) All persons who are: African-American; and who applied for a first mortgage or refinance loan with Citibank for property located in Cook, DuPage, Lake or McHenry County, IL; and whose loan request was turned down between 7/6/92 and 12/31/95
9 attorneys including Obama ...

B) As a result of the out of court settlement Citibank HAD TO make loans!
C) FDIC auditors reviewing subprime loans at lenders like CitiBank require corrections
D) Lenders confronted with CRA forcing 20% more subprime loans, sell loans to fannie/freddie.
E) FANNIE/Freddie as a GSE agency using "full faith and credit" of U.S. Govt. package and sell to investors that KNOW there are toxic assets BACKED by U.S.!
Even as the White House continues to try to expand the role the government-sponsored enterprises (GSEs) have in home lending, central banks and sovereign wealth funds across Asia and the Middle East are beginning to sell off their Fannie and Freddie holdings, according to a report from the Financial Times.
Fannie, Freddie Threaten Taxpayers Again - Investors.com

 

[BlindBoo]

you wrote" in '95 Obama had the power to force all banks in the nation to loan monies? Another misleading statement with no facts."

HERE IS THE TITLE of the thread in case YOU DIDN"T UNDERSTAND!!!
"ACORN/Obama forced toxic mortgages GUARANTEED by U.S. Govt...!
A) Acorn/Obama won out of court against Citibank 1995 to start lending to unqualified borrowers represented by Acorn/Obama! That is a FACT!
1) All persons who are: African-American; and who applied for a first mortgage or refinance loan with Citibank for property located in Cook, DuPage, Lake or McHenry County, IL; and whose loan request was turned down between 7/6/92 and 12/31/95
9 attorneys including Obama ...

B) As a result of the out of court settlement Citibank HAD TO make loans!
C) FDIC auditors reviewing subprime loans at lenders like CitiBank require corrections
D) Lenders confronted with CRA forcing 20% more subprime loans, sell loans to fannie/freddie.
E) FANNIE/Freddie as a GSE agency using "full faith and credit" of U.S. Govt. package and sell to investors that KNOW there are toxic assets BACKED by U.S.!
Even as the White House continues to try to expand the role the government-sponsored enterprises (GSEs) have in home lending, central banks and sovereign wealth funds across Asia and the Middle East are beginning to sell off their Fannie and Freddie holdings, according to a report from the Financial Times.
Fannie, Freddie Threaten Taxpayers Again - Investors.com

Mostly untrue. Yes there was a class action suit file against Citibank but did not force them to lend to unqualified people period. Claiming it did is an outright lie. The suit was filed because a black women was turned down for a loan who had the same qualification as a white person who did recieve a loan from Citibank.

snopes.com: Obama Required Banks to Lend Money to Poor People

 

[NYcarbineer]

Like I said, no banks were forced to make loans to unqualified buyers.

Damn you are slow.........................

EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!! - YouTube

Andrew Cuomo: CRA Should be Abused to Force Banks to Give Risky Loans - YouTube

Pundits Agree: Andrew Cuomo caused the Sub Prime Crisis - YouTube

I just want a list of the banks who have claimed that they were illegally forced to make loans to unqualified buyers, outside the realm of sound banking practices.

That's all. That should be easy.

No list? Hmmm...well, could you at least provide us with an estimate of how long it will be before you have that list ready?

 

[EriktheRed]

They forced and coerced the banks to loan money, folks didn't and couldn't pay back the money we decided the banks were evil because the morons didn't know what they were signing. Now the banks are sitting on their money and not loaning it and you morons are calling them evil again... did I mention moron?

What is it with you and the class warfare???


You some kind of anti-American Commie or somethin'?

 

[healthmyths]

Here is a list of 17 major banks that as part of their defense against the U.S. government lawsuit for billions over financial crisis mortgage sales THAT will show as part of their defense the CRA requirements to make subprime loans.

Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued.
The total price tag for the mortgage-backed securities sold to Fannie and Freddie by the firms named in the lawsuits: $196 billion.
Fannie and Freddie invested heavily in the mortgage-backed securities even after their regulator said they didn't have the needed risk-management capabilities, the bank said. 'Despite this, (Fannie and Freddie) are now seeking to hold other market participants responsible for their losses,' it said.

US government 'to sue' banks over financial crisis mortgage sales | Mail Online

The forcing by CRA/fear of redline lawsuits will BE part of these banks defense as they will show how if they didn't make the loans protests, boycotts orchestrated by ACORN/Obama's backers, Alinsky, Soros.. all would have through economic and legal pressures forced these bad loans.
Knowing the banks were forced to make bad loans, sold them to Fannie/freddie and due to this glaring damning statement.. investors bought them!
Please refute this statement:
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an "effective'' federal guarantee, not the
"full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing.
That does give them effectively a guarantee of the U.S. government.''
Lockhart's Fannie, Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

 

[pete]

CRA had very little to do with the financial meltdown.

It STARTED it in motion ... whos brain child was it?
The BIG MONEY then saw an opportunity and jumped on it and when it crashed the government had to throw someone under the bus!

 

[healthmyths]

And why shouldn't the banks "profit" from the bad loans?
After all the Democrats denied Fannie/Freddie were in trouble and I've not had ANYONE refute the following comments:
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the
"full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Lockhart's Fannie, Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

And this happened:
The near economic collapse on Thursday (Sept 18,2008), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic out there. If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed.
It would have been the end of our economic system and our political system as we know it.

Zero Hedge: How The World Almost Came To An End At 2PM On September 18

The article neglects to acknowledge that political contributions from Fannie Mae and Freddie Mac overwhelmingly supported Democratic officials - in particular members of Democratic leadership:
* Since 1989, Senator Chris Dodd (D-CT) has received $165,400 from Fannie
Mae and Freddie Mac.
* Since 1989, Senate Majority Leader Harry Reid (D-NV) has received $77,000
from Fannie Mae and Freddie Mac. (Lindsay Renick Mayer, "Fannie Mae And
* Since 1989, House Speaker Nancy Pelosi has received $56,250 from Fannie
Mae and Freddie Mac. 9/11/08)

(Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, OpenSecrets.org: Money in Politics -- See Who's Giving & Who's Getting, 9/11/08)

Warned by Bush Administration warned about Fannie/Freddie once in ’01, once in ’02, six times in ’03, three times in ’04, once in ’05, five times in ’07, and 17 times in ’08. Congress didn’t listen especially Democrats LAUGH!!!!

Since 2003...
"When warned about Fannie Mae in (House Financial Services Committee Chairman Barney Frank (D-MA) "these two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (New York Times, 9/11/03)

And then Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. . Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis... (New York Times, 9/11/03.

So where are those that care to refute the above????

 

[CrusaderFrank]

CRA had very little to do with the financial meltdown.

Sure it did.

Because you say so

 

[Soggy in NOLA]

No one could force banks to make loans to unqualified buyers via CRA, in fact, the act itself states that explicitly.

Of course you'd have to actually read the CRA to know that.

Better go brush up on The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 and it's effects.... while the CRA itself did not force banks to make risky loans, the enforcement of the CRA most certainly did.

 

[Big Fitz]

CRA had very little to do with the financial meltdown.

That's like saying dust had very little to do with a grain elevator exploding. Abjectly stupid.

 

[Mr. Shaman]

Evidently most people don't know that Obama/Acorn in 1995 forced banks to make loans to people who would NEVER pay them back.
So when the FDIC looked at these toxic loans knowing they would never be paid back, the mortgage holders sold them to Fannie/Freddie.

It's always soooooooooooooooo much fun, SMACKIN' AROUND you conspiracy-theorists.​

December 1, 2011​

"Chase account executives were given commissions seven times higher for subprime loans, so they actively sought out less-savvy borrowers. Bank bigwigs knew the loans were crazy, "but they figured, we’re going to make billions out of it, so who cares?" Theckston recalls. "The government is going to bail us out."

Ex-Banker:
Yeah, Collapse Was Our Fault​

 

[Vaard]

if the cra caused the meltdown, why didnt it cause a melt down 40 or 30 or 20 years ago?