Democrats controlled both Chambers

[occupied]

'A key weapon in the Cisneros arsenal was the Clinton administration’s changes to the Community Reinvestment Act. The CRA was passed in 1977 and updated in 1995 to pressure lenders into making more loans to moderate-income borrowers by allowing regulators to deny merger approvals for banks with low CRA ratings. Even complaints brought by activists, such as the leftist group ACORN, were now counted against a bank’s CRA rating. The result was that banks began issuing more loans to otherwise uncreditworthy borrowers while purchasing more CRA mortgage-backed securities. As housing finance expert Peter Wallison noted, “The most important fact associated with the CRA is the effort to reduce underwriting standards. … Once those standards were relaxed … they spread rapidly to the prime market and to subprime markets where loans were made by lenders other than insured banks.”'

The next financial meltdown- and why Andrew Cuomo should be in prison [Reader Post] | Flopping Aces financial-meltdown-and-why-andrew-cuomo-should-b e-in-prison-reader-post/


Some CRA criteria that mandated higher risk lending if a bank did not want to be slapped with a negative CRA kiss of death:

- Percentage of loans made in the assessment area

- Distribution of loans among geographic areas, people of different income levels, and businesses of different sizes

- Quality of service for credit needs of extremely economically disadvantaged areas, low-income individuals, and small businesses

- Use of creative lending practices to address credit needs of low- or moderate-income people or neighborhoods

- Level of qualified community development investments and grants, particularly those not routinely provided by private investors

- Use of innovative or complex qualified investments to support community development needs

- Accessibility of services to all geographic areas and people of different income levels

http://www.frbatlanta.org/cra_invok...460-4A73-864B93A6780C7634&method=display_body



It is there in black and white.

What part of a bank using 'Creative lending practices' to service low-income neighborhoods do you not get?

Foreclosures were predominately in the suburbs, nothing to do with the inner-city focus of the CRA.

 

[SniperFire]

'A key weapon in the Cisneros arsenal was the Clinton administration’s changes to the Community Reinvestment Act. The CRA was passed in 1977 and updated in 1995 to pressure lenders into making more loans to moderate-income borrowers by allowing regulators to deny merger approvals for banks with low CRA ratings. Even complaints brought by activists, such as the leftist group ACORN, were now counted against a bank’s CRA rating. The result was that banks began issuing more loans to otherwise uncreditworthy borrowers while purchasing more CRA mortgage-backed securities. As housing finance expert Peter Wallison noted, “The most important fact associated with the CRA is the effort to reduce underwriting standards. … Once those standards were relaxed … they spread rapidly to the prime market and to subprime markets where loans were made by lenders other than insured banks.”'

The next financial meltdown- and why Andrew Cuomo should be in prison [Reader Post] | Flopping Aces financial-meltdown-and-why-andrew-cuomo-should-b e-in-prison-reader-post/


Some CRA criteria that mandated higher risk lending if a bank did not want to be slapped with a negative CRA kiss of death:

- Percentage of loans made in the assessment area

- Distribution of loans among geographic areas, people of different income levels, and businesses of different sizes

- Quality of service for credit needs of extremely economically disadvantaged areas, low-income individuals, and small businesses

- Use of creative lending practices to address credit needs of low- or moderate-income people or neighborhoods

- Level of qualified community development investments and grants, particularly those not routinely provided by private investors

- Use of innovative or complex qualified investments to support community development needs

- Accessibility of services to all geographic areas and people of different income levels

http://www.frbatlanta.org/cra_invok...460-4A73-864B93A6780C7634&method=display_body



It is there in black and white.

What part of a bank using 'Creative lending practices' to service low-income neighborhoods do you not get?

Foreclosures were predominately in the suburbs, nothing to do with the inner-city focus of the CRA.

Clinton and his revisions to the CRA uncoupled mortgage lending from creditworthiness and ability to repay.

Worse, by inserting the power of the Federal gubmint to back the loans, he gave birth to the 'too big to fail' mentality in the financial community which was the real enabler behind the subprime and deriviative boom.

If not for his legacy of being first elected POTUS to be shamefully impeached, his catalystic actions that destroyed our credit and mortgage markets would be his enduring legacy.

But 100 years from now he will only be remembered for forcing little girls who worked for him to give him sex.

 

[francoHFW]

For the BILLIONTH time, Dems had 60 votes in the Senate for LESS than SIX MONTHS. Seating of Frankel 7/7/2009 till seating of Scott Brown 2/4/2010. FERCHRISSAKE!!

Just shows you how powerful the Pub Propaganda Machine is...

what's the point????

Point is, everyone thinks it was two years. Read the thread, chump.

 

[francoHFW]

'A key weapon in the Cisneros arsenal was the Clinton administration’s changes to the Community Reinvestment Act. The CRA was passed in 1977 and updated in 1995 to pressure lenders into making more loans to moderate-income borrowers by allowing regulators to deny merger approvals for banks with low CRA ratings. Even complaints brought by activists, such as the leftist group ACORN, were now counted against a bank’s CRA rating. The result was that banks began issuing more loans to otherwise uncreditworthy borrowers while purchasing more CRA mortgage-backed securities. As housing finance expert Peter Wallison noted, “The most important fact associated with the CRA is the effort to reduce underwriting standards. … Once those standards were relaxed … they spread rapidly to the prime market and to subprime markets where loans were made by lenders other than insured banks.”'

The next financial meltdown- and why Andrew Cuomo should be in prison [Reader Post] | Flopping Aces financial-meltdown-and-why-andrew-cuomo-should-b e-in-prison-reader-post/


Some CRA criteria that mandated higher risk lending if a bank did not want to be slapped with a negative CRA kiss of death:

- Percentage of loans made in the assessment area

- Distribution of loans among geographic areas, people of different income levels, and businesses of different sizes

- Quality of service for credit needs of extremely economically disadvantaged areas, low-income individuals, and small businesses

- Use of creative lending practices to address credit needs of low- or moderate-income people or neighborhoods

- Level of qualified community development investments and grants, particularly those not routinely provided by private investors

- Use of innovative or complex qualified investments to support community development needs

- Accessibility of services to all geographic areas and people of different income levels

http://www.frbatlanta.org/cra_invok...460-4A73-864B93A6780C7634&method=display_body



It is there in black and white.

What part of a bank using 'Creative lending practices' to service low-income neighborhoods do you not get?

Foreclosures were predominately in the suburbs, nothing to do with the inner-city focus of the CRA.

Clinton and his revisions to the CRA uncoupled mortgage lending from creditworthiness and ability to repay.

Worse, by inserting the power of the Federal gubmint to back the loans, he gave birth to the 'too big to fail' mentality in the financial community which was the real enabler behind the subprime and deriviative boom.

If not for his legacy of being first elected POTUS to be shamefully impeached, his catalystic actions that destroyed our credit and mortgage markets would be his enduring legacy.

But 100 years from now he will only be remembered for forcing little girls who worked for him to give him sex.

All Pub bills Clinton just signed, had no choice. Google Phil Gramm. Then Booosh filled the SEC and everything else with cronies. Nice propaganda though- Pubs ran things financial from 1994-2009. Clinton was a compromiser and barely a liberal on finance, blue dog Dems DID go along

 

[occupied]

'A key weapon in the Cisneros arsenal was the Clinton administration’s changes to the Community Reinvestment Act. The CRA was passed in 1977 and updated in 1995 to pressure lenders into making more loans to moderate-income borrowers by allowing regulators to deny merger approvals for banks with low CRA ratings. Even complaints brought by activists, such as the leftist group ACORN, were now counted against a bank’s CRA rating. The result was that banks began issuing more loans to otherwise uncreditworthy borrowers while purchasing more CRA mortgage-backed securities. As housing finance expert Peter Wallison noted, “The most important fact associated with the CRA is the effort to reduce underwriting standards. … Once those standards were relaxed … they spread rapidly to the prime market and to subprime markets where loans were made by lenders other than insured banks.”'

The next financial meltdown- and why Andrew Cuomo should be in prison [Reader Post] | Flopping Aces financial-meltdown-and-why-andrew-cuomo-should-b e-in-prison-reader-post/


Some CRA criteria that mandated higher risk lending if a bank did not want to be slapped with a negative CRA kiss of death:

- Percentage of loans made in the assessment area

- Distribution of loans among geographic areas, people of different income levels, and businesses of different sizes

- Quality of service for credit needs of extremely economically disadvantaged areas, low-income individuals, and small businesses

- Use of creative lending practices to address credit needs of low- or moderate-income people or neighborhoods

- Level of qualified community development investments and grants, particularly those not routinely provided by private investors

- Use of innovative or complex qualified investments to support community development needs

- Accessibility of services to all geographic areas and people of different income levels

http://www.frbatlanta.org/cra_invok...460-4A73-864B93A6780C7634&method=display_body



It is there in black and white.

What part of a bank using 'Creative lending practices' to service low-income neighborhoods do you not get?

Foreclosures were predominately in the suburbs, nothing to do with the inner-city focus of the CRA.

Clinton and his revisions to the CRA uncoupled mortgage lending from creditworthiness and ability to repay.

Worse, by inserting the power of the Federal gubmint to back the loans, he gave birth to the 'too big to fail' mentality in the financial community which was the real enabler behind the subprime and deriviative boom.

If not for his legacy of being first elected POTUS to be shamefully impeached, his catalystic actions that destroyed our credit and mortgage markets would be his enduring legacy.

But 100 years from now he will only be remembered for forcing little girls who worked for him to give him sex.

Loans affected by the CRA were not nearly as substantial a percentage of total foreclosures as were the loans made by independent mortgage brokers not regulated by CRA.

 

[buckeye45_73]

For several years starting when Bush was still in office and a couple of years into Obama's term. Why republicans get all the blame is beyond me, not to mention Bush who had to deal with a democratic controlled Congress. So if Obama didn't get much done the two first years, well that is not the fault of republicans.......

can you spell F-I-L-I-B-U-S-T-E-R???

eh... probably not.

UH The hypcrats had the Prez, House AND a filibuster proof senate and still didnt pass dick. They only passed a stimulus that enriched unions and a healthcare bill they didnt want to debate so they just ramed it down our throats. Maybe liberals like stuff rammed in their throats, but I dont.

 

[LoneLaugher]

The OP is too smart for this forum.

 

[SniperFire]

The reason republicans get he blame is because their policies are the ones that caused the housing bubble

Hilarious.

Name one Washington Democrat who ever railed against the practice of making mortgage loans to poor people who could never hope to pay it back.

bump for Libtards. Surely you can come up with one name?

bumpity bump

 

[buckeye45_73]

Hilarious.

Name one Washington Democrat who ever railed against the practice of making mortgage loans to poor people who could never hope to pay it back.

bump for Libtards. Surely you can come up with one name?

bumpity bump

gotta love affirmative action housing loans!!!!!! It fails and they blame republicans, amazing.

 

[starcraftzzz]

In 6 years under George W. Bush and the Republican controlled House and Senate, they totalled $3.4 trillion in debt, and while I am not excusing that, the mere fact that under Obama and the Democrat controlled House and Senate -- in just one year they added $3 trillion to the debt. So, wow, in just one year, the Democrats came $400 billion short of 6 years of Bush and Republicans. Way to go Democrats....you economic geniuses you!!

Mr. Obama's polices, his, not the continuations of pre-existing spending programs have cost us far less that any one deficit exploding measure such as Bush tax cuts or part d, or the wars.

Wrong the entire 8 years under Bush we say a total of 6trillion increase in the debt, that includes 4 years were the democrats controlled at least one house of Congress. Under Obama in 4 years we will see 6 trillion. he spent just as much TWICE as fast.

1) Bushes last budget deficit was 1.5trillions, while Obama's last one was 1.4 trillion, also Bush started with a 200billion surplus.
2) The reason we have a high deficit si because of the biggest recession since the 30's.
3) Under Obama government spending has actually decreased compared to decent increases under Reagan and Bush
Reagan, Obama, Austerity - NYTimes.com

 

[starcraftzzz]

1. Tax cuts 2001-2002 (4 trillion over 10 years)

LOL
You can't get past #1 before failure.
Federal tax receipts hit RECORDS in both 2006 and 2007, just as planned - thanks to the Bush tax cuts. That Clinton's housing bubble crashed the economy is unrelated.

ROTFL hey dumbass Federal tax recipes hit records heery year when the economy is not depressed; its called a bigger economy dipshit.

 

[SniperFire]

1) Bushes last budget deficit was 1.5trillions

LOL

You are talking about the '09 budget which Pelosi and Reid wouldn't let Bush anywhere NEAR, and which they loaded up with deficts with President Elect Obama and he signed in March '09?


Is that the budget you mean?



LOL

 

[starcraftzzz]

In 6 years under George W. Bush and the Republican controlled House and Senate, they totalled $3.4 trillion in debt, and while I am not excusing that, the mere fact that under Obama and the Democrat controlled House and Senate -- in just one year they added $3 trillion to the debt. So, wow, in just one year, the Democrats came $400 billion short of 6 years of Bush and Republicans. Way to go Democrats....you economic geniuses you!!

Mr. Obama's polices, his, not the continuations of pre-existing spending programs have cost us far less that any one deficit exploding measure such as Bush tax cuts or part d, or the wars.

Oh really!!! Well, how about we cover the fact that Obama and Democrats lied to the Congressional Budget Office(CBO) about how Obamacare would cost $940 billion, in order to get the cost under $1 trillion. Well, as more comes out about Obamacare, the latest CBO numbers for the cost of Obamacare is $1.74 trillion. Since the Democrats and Obama lied to the CBO to get the numbers they wanted, well...outside of that and blaming Bush for everything from Cain killing Able to every problem that exists as I am replying to you, the Democrats and Obama have almost NOTHING. The only thing they have is people like you who are waiting for their latest talking points on what to repeat and how to repeat it. So, since this regime has manipulated everything from the numbers they have given to the CBO to unemployment numbers, I apologize for not taking anything you have replied with seriously.

Are you fucking retarded?
1) The CBO was the one who DETERMINED the cost of Obamacare
2) The reason you think Obamacares costs have increased is because you are stupid and think that including MORE years into the calculation means the cost increases
3) Furthermore the CBOs newest report finds Obama care over the same period reducing the deficit by 50billnon more then originally thought
So plz come back when you've acquired a brain

 

[starcraftzzz]

For several years starting when Bush was still in office and a couple of years into Obama's term. Why republicans get all the blame is beyond me, not to mention Bush who had to deal with a democratic controlled Congress. So if Obama didn't get much done the two first years, well that is not the fault of republicans.......

The reason republicans get he blame is because their policies are the ones that caused the housing bubble and the banking panic. Furthermore Obama got more done in his first 2 years then probably any president since the 80's

The Housing bust brought down the Market and guess who defeated 3 attempts by Bush and McCain to regulate said market more? Barney Frank in the House and Chris Dodd in the Senate. Hell Barney Frank was on National TV just before the collapse stating that the market was sound and the ONLY danger it faced was more regulations. Further the deregulation and the bad loan practice was created while Clinton was President he signed the bills and he and the Democrats including Obama as a lawyer pressured banks to make bad loans. The person in charge of the Government agencies doing housing loans were Democrats.

Face-Palm. Um actually Freddie Mae and Mac did not participate in the loans that caused a crisis, and in fact if they had controlled the whole market the crises would not of happened.
Things Everyone In Chicago Knows - NYTimes.com
The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession « The Long Goodbye
I'm not sure why you consider a Bush appointee a Democrat.

 

[Lakhota]

 

[starcraftzzz]

'A key weapon in the Cisneros arsenal was the Clinton administration’s changes to the Community Reinvestment Act. The CRA was passed in 1977 and updated in 1995 to pressure lenders into making more loans to moderate-income borrowers by allowing regulators to deny merger approvals for banks with low CRA ratings.

Incorrect the CRA made it so banks could not discriminate against people due to race location and other factors.
The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession « The Long Goodbye

Even complaints brought by activists, such as the leftist group ACORN, were now counted against a bank’s CRA rating. The result was that banks began issuing more loans to otherwise uncreditworthy borrowers while purchasing more CRA mortgage-backed securities.

Incorrect. CRA regulations made it illegal for some banks (those subjected to CRA) to issues the types of loans that caused the crises. So in fact if the CRA regulations had applied to ALL lenders the crises would of never happened
Still Wrong: Crowley Revives Myth That Community Reinvestment Act Caused Financial Crisis | Media Matters for America


So again like always republicans are ignorant.

 

[RetiredGySgt]

For the BILLIONTH time, Dems had 60 votes in the Senate for LESS than SIX MONTHS. Seating of Frankel 7/7/2009 till seating of Scott Brown 2/4/2010. FERCHRISSAKE!!

Just shows you how powerful the Pub Propaganda Machine is...

Using your standard of 60 senators to control the Senate Bush never controlled the Senate ever. According to your standard.

 

[Jroc]

For several years starting when Bush was still in office and a couple of years into Obama's term. Why republicans get all the blame is beyond me, not to mention Bush who had to deal with a democratic controlled Congress. So if Obama didn't get much done the two first years, well that is not the fault of republicans.......

The Obama budget deficits originated during the Bush presidency...

1. Tax cuts 2001-2002 (4 trillion over 10 years)
2. Prescription drug benefits (1 trillion over 10 years)
3. Economic meltdown of 2008 ( 3 trillion and rising)
4. Wars in Iraq and Afghanistan (2 trillion and winding down)

Obama has added 4.1 million jobs since 2009.

Here’s what Bush left us with.....

Aug 2008 - 334,000 net JOBS LOST
Sep 2008 - 458,000 net JOBS LOST
Oct 2008 - 554,000 net JOBS LOST
Nov 2008 - 728,000 net JOBS LOST
Dec 2008 - 673,000 net JOBS LOST
Jan 2009 - 779,000 net JOBS LOST

It always amazes me how theses idiot libs think tax cuts add directly to the debt dollar for dollar that’s some stupid shit..Tax cuts have always been pretty much deficit neutral increased economic activity bring in more money into the federal treasury and pretty much makes up for any money not taken from the people in taxes, and Obama created 0 jobs the net job loss since Obama took over is well over 2 million

 

[Jroc]

Mr. Obama's polices, his, not the continuations of pre-existing spending programs have cost us far less that any one deficit exploding measure such as Bush tax cuts or part d, or the wars.

Wrong the entire 8 years under Bush we say a total of 6trillion increase in the debt, that includes 4 years were the democrats controlled at least one house of Congress. Under Obama in 4 years we will see 6 trillion. he spent just as much TWICE as fast.

1) Bushes last budget deficit was 1.5trillions, while Obama's last one was 1.4 trillion, also Bush started with a 200billion surplus.
2) The reason we have a high deficit si because of the biggest recession since the 30's.
3) Under Obama government spending has actually decreased compared to decent increases under Reagan and Bush
Reagan, Obama, Austerity - NYTimes.com

Another idiot, i told you before Bush's last year deficit included TARP, which was Paid Back. Without that Bush's last deficit was about 600 billion dollars. Quit pushing your bull

 

[buckeye45_73]

'A key weapon in the Cisneros arsenal was the Clinton administration’s changes to the Community Reinvestment Act. The CRA was passed in 1977 and updated in 1995 to pressure lenders into making more loans to moderate-income borrowers by allowing regulators to deny merger approvals for banks with low CRA ratings.

Incorrect the CRA made it so banks could not discriminate against people due to race location and other factors.
The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession « The Long Goodbye

Even complaints brought by activists, such as the leftist group ACORN, were now counted against a bank’s CRA rating. The result was that banks began issuing more loans to otherwise uncreditworthy borrowers while purchasing more CRA mortgage-backed securities.

Incorrect. CRA regulations made it illegal for some banks (those subjected to CRA) to issues the types of loans that caused the crises. So in fact if the CRA regulations had applied to ALL lenders the crises would of never happened
Still Wrong: Crowley Revives Myth That Community Reinvestment Act Caused Financial Crisis | Media Matters for America


So again like always republicans are ignorant.

Low-Income Housing: Another Crisis Looming? - TIME

That's because under the provisions of Section 8 of the historic law a significant change will be under way in the next few years. As a result, building owners who participate in the program — receiving subsidies from the Department of Housing and Urban Development in exchange for taking in lower-income renters — will be able to opt out of those contracts.

About time I HATE section 8 housing. If you cant afford the neighborhood, dont move into it.