CRA had little or nothing to do with financial meltdown

[Gadawg73]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

 

[Rozman]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

 

[Jroc]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?

 

[8537]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

Can you show me where that article talks about that 80% of the bad subprime mortgages did not come from CRA-regulated banks?

or is it just trying to blame poor black people...again?

 

[8537]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?

Fannie and Freddie lost a large portion of the subprime market between 2000 and 2006. You know why? Because they were only allowed to by conforming loans and the private-sector firms were more than happy to buy and securitize non-conforming loans.

 

[AmericanFirst]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Just because you say? Nope. Wrong again.

 

[Gadawg73]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

You offer that generic article over a bi-partisan commission with the top financial minds in the country?

 

[Gadawg73]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Just because you say? Nope. Wrong again.

Hate to bust your bubble there Moe but I DIDN'T "say so".
This bi-partisan commission said so.
Do just a little research there. Won't hurt.
Maybe you will learn something.

 

[Quantum Windbag]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

Second.

http://www.youtube.com/watch?v=v_2wmwNAGlw&feature=player_embedded#at=12

 

[xsited1]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?

Not only that, but if banks didn't give out enough of these loans they would get a low rating from bank regulators. This was caused by the government, but people don't want to admit it.

 

[8537]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

Second.

http://www.youtube.com/watch?v=v_2wmwNAGlw&feature=player_embedded#at=12

That clip doesn't even mention the Community Reinvestment Act.

 

[Gadawg73]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?

Where did I claim to be for "more big government"? You know nothing about Goldwater. I have been voting Republican since 1972.
Where?
Get your facts together Moe before you make bogus uninformed claims.
"banks knew that Fannie and Freddie would back most of the loans"
You just stated what happened. Bank fraud caused it. NO ONE FORCED ANY BANK to make ONE bad loan. Not one. Name one that was forced on the banks.
JUST ONE.
Obvioulsy you are not swift enough to know that THE BANKS were at fault. That is EXACTLY what the commission found and reported.
Big government had little or nothing to do with it. PERSONAL RESPONSIBILITY.
How did "big government" force the banks to have zero ethics and stretch the law profiting off the back of taxpayers?
Are you really that naive?
Quit blaming government for your problems. You moan and groan like a liberal.

 

[bigrebnc1775]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Just because you say? Nope. Wrong again.

Hate to bust your bubble there Moe but I DIDN'T "say so".
This bi-partisan commission said so.
Do just a little research there. Won't hurt.
Maybe you will learn something.

Link please?

 

[8537]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?

Not only that, but if banks didn't give out enough of these loans they would get a low rating from bank regulators. This was caused by the government, but people don't want to admit it.

Then why did nondepository institutions originate the vast majority of subprime loans?

 

[Gadawg73]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Personal Responsibility? The banks were give incentives by the government to give people those loans, People who could not afford the loans and who would otherwise not have received those loans. Those banks knew that Fannie and Freddie would back most of the loans and the government would bail them out anyway, Big government is the problem always has been, they screw up the free market and create crony capitalism. How can you have a Goldwater avatar and want more big government regs?

Not only that, but if banks didn't give out enough of these loans they would get a low rating from bank regulators. This was caused by the government, but people don't want to admit it.

Subprime lenders WERE NOT SUBJECT TO THE CRA ACT. In 2006 only 6% of all loans were given to low and moderate income borrowers in low income areas per CRA. And the value of those loans was much lower than the average mortgage where total loan dollars for the CRA loans was around 4% of the total loan dollar market.
And get this, the report found that CRA loans, which I oppose and opposed the 1977 Act, were HALF as likely to default as smiliar loans NOT SUBJECT TO CRA regulation in low to moderate income areas.
And how did the Fed feel about CRA: "The Fed Board believes the CRA agreements to be agreements between PRIVATE parties and does not facilitate,monitor, judge, make requirements or enforce agreements orspecific portions of agreements".
The fact is that CRA was so broad and unspecific on it's face banks could use it as they wanted.
Read the commissions report. I will provide tissue for your ideological tears.

Home : Financial Crisis Inquiry Commission

 

[Gadawg73]

Just because you say? Nope. Wrong again.

Hate to bust your bubble there Moe but I DIDN'T "say so".
This bi-partisan commission said so.
Do just a little research there. Won't hurt.
Maybe you will learn something.

Link please?

Get the Report : Financial Crisis Inquiry Commission

 

[Quantum Windbag]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

Second.

http://www.youtube.com/watch?v=v_2wmwNAGlw&feature=player_embedded#at=12

That clip doesn't even mention the Community Reinvestment Act.

It does, however, show the result of it. Think about it for a little bit and you might understand.

I agree that laws do not cause financial meltdowns, people do, but the idea that everyone could own their own home. and the attempts to make that dream happen through expanded access to loans, coupled with Fannie and Freddie being willing to buy those bundled loans, made it worse. If the government had just passed the law, and stayed out of it, we would not have had a meltdown.

 

[Gadawg73]

http://ezinearticles.com/?How-Did-We-Get-Into-This-Housing-Mess,-and-Are-We-Out-Yet?&id=5294658


I beg to differ...

Second.

http://www.youtube.com/watch?v=v_2wmwNAGlw&feature=player_embedded#at=12

Get the Report : Financial Crisis Inquiry Commission

Try some facts over the talking heads.

 

[Charles_Main]

in the housing market.
Been telling you this for years now.
The Financial Crisis Inquiry Commission report stated correctly, Community Reinvestment Act had little or nothing to do with the meltdown in the housing market.
That does not go well with Rush and Sean because they are facts and not ideology.
Lack of financial regulation, excessive risk and borrowing in high end loans, no corporate governance and a lcak of ethics in the financial market caused 90%+.
Commisssion was heavily Republican with Keith Hennessy, former chief economic adviser to The Bush Administration.
Personal responsiblity, NOT SOME GOVERNMENT PROGRAM OR LAW, was the cause.
Imagine that.
DUH.

Of course not, why would pressuring banks to loan to much money to people who could only afford it if Interest rates remained unrealistically low have had anything to do with it right.

 

[Gadawg73]

Second.

http://www.youtube.com/watch?v=v_2wmwNAGlw&feature=player_embedded#at=12

That clip doesn't even mention the Community Reinvestment Act.

It does, however, show the result of it. Think about it for a little bit and you might understand.

I agree that laws do not cause financial meltdowns, people do, but the idea that everyone could own their own home. and the attempts to make that dream happen through expanded access to loans, coupled with Fannie and Freddie being willing to buy those bundled loans, made it worse. If the government had just passed the law, and stayed out of it, we would not have had a meltdown.

That is true. However, the 30 year mortgage, low monthly payments, ARMs and low down payments did ten times more damage than Freddie or Fannie ever could have.
And that would be FINANCIALS offering those.
Fact is Gramm, Leach, Bliley was the worst law of them all. Allowing banks into the game fucked it all up.