How is Congress going to create jobs and stimulate the economy?

[Revere]

That's the silver lining in this election...the party of No now has to come up with workable, feasible solutions...

Limit the government as the Constitution dictates.

Where does it say limit the govt...specifically...

The Tenth Amendment.

If there is no limit on government powers, then there is no Constitution.

 

[Revere]

Yes, banks were ordered by the Fed, interpreting the CRA and other regulations, to set aside "traditional" underwriting requirements, such as proof of income, credit history, and source of downpayment.

No, they weren't.

Want a link?

 

[Revere]

Nevermind. Here it is.

http://www.bos.frb.org/commdev/commaff/closingt.pdf

Credit History: Lack of credit history should not be seen as a negative factor.... In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts....

Down Payment and Closing Costs: Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations, or municipal agencies to cover part of these costs. . . .

Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

Accepting these new criteria was hardly voluntary. The Fed warned the banks:

"Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

 

[rightwinger]

Limit the government as the Constitution dictates.

Where does it say limit the govt...specifically...

The Tenth Amendment.

If there is no limit on government powers, then there is no Constitution.

The 10th amendment does nothing to limit government...never has

 

[Zander]

You mean like an unregulated Mortgage market? A financial sector that can do whatever it wants?

Drill..Baby ...Drill? The hell with the Gulf?


I can't wait for a GOP world again

You really are an hysterical sissy.

speaking of girlie-men, see post six...

lemme guess, you are too slow witted to multi-qoute?.......

 

[Revere]

Where does it say limit the govt...specifically...

The Tenth Amendment.

If there is no limit on government powers, then there is no Constitution.

The 10th amendment does nothing to limit government...never has

Yes it does. It's the cornerstone of Federalism. Powers not granted to the federal government nor prohibited to the states by the Constitution of the United States are reserved to the states or the people.

Amend the Constitution, or repeal this crap.

 

[Dr Grump]

Limit the government as the Constitution dictates.

Where does it say limit the govt...specifically...

The Tenth Amendment.

If there is no limit on government powers, then there is no Constitution.

No where does it talk about limiting the govt...

 

[NYcarbineer]

Nevermind. Here it is.

http://www.bos.frb.org/commdev/commaff/closingt.pdf

Credit History: Lack of credit history should not be seen as a negative factor.... In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts....

Down Payment and Closing Costs: Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations, or municipal agencies to cover part of these costs. . . .

Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

Accepting these new criteria was hardly voluntary. The Fed warned the banks:

"Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

Not a word in there forces a bank to make a loan to an unqualifed borrower.

 

[zzzz]

Who was in control of Congress when the economy tanked??? The same ones we voted in last night!!! You may change the mix up but whatever you get it still smells bad!!! But we have to have someone in there when things are bad. If it is still bad in 2 years we will put the Dems back in. Who knows this might be a biennial tradition starting.

 

[Revere]

Nevermind. Here it is.

http://www.bos.frb.org/commdev/commaff/closingt.pdf

Credit History: Lack of credit history should not be seen as a negative factor.... In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts....

Down Payment and Closing Costs: Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations, or municipal agencies to cover part of these costs. . . .

Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

Accepting these new criteria was hardly voluntary. The Fed warned the banks:

"Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

Not a word in there forces a bank to make a loan to an unqualifed borrower.

Banks were threatened if they did not.

 

[Dr Grump]

lemme guess, you are too slow witted to multi-qoute?.......

I'm not surprised you have no answer and you dodge and weave. I guess the US will be getting that in Congress over the next two years. As has been seen since 2008, that's all you guys have....

 

[Revere]

Where does it say limit the govt...specifically...

The Tenth Amendment.

If there is no limit on government powers, then there is no Constitution.

No where does it talk about limiting the govt...

It does. If you think it doesn't, then the Constitution does not exist for you.

 

[Zander]

No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this earth!
Ronald Reagan

Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan

Government's first duty is to protect the people, not run their lives.
Ronald Reagan

If we ever forget that we are One Nation Under God, then we will be a nation gone under.
Ronald Reagan

Government is like a baby. An alimentary canal with a big appetite at one end and no sense of responsibility at the other.
Ronald Reagan

Man is not free unless government is limited.
Ronald Reagan

Government does not solve problems; it subsidizes them.
Ronald Reagan

GET THE FUCK OUT OF THE WAY!!!!

 

[NYcarbineer]

Nevermind. Here it is.

http://www.bos.frb.org/commdev/commaff/closingt.pdf

Credit History: Lack of credit history should not be seen as a negative factor.... In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts....

Down Payment and Closing Costs: Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations, or municipal agencies to cover part of these costs. . . .

Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

Accepting these new criteria was hardly voluntary. The Fed warned the banks:

"Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

Let me quote you from the actual CRA itself:

(b) It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.


do you need that explained to you?

 

[Dr Grump]

It does. If you think it doesn't, then the Constitution does not exist for you.

Show me where it says that? Hint: it doesn't. Your own political philosophy interprets it that way. But that's all it is - your interpretation.

 

[Zander]

lemme guess, you are too slow witted to multi-qoute?.......

I'm not surprised you have no answer and you dodge and weave. I guess the US will be getting that in Congress over the next two years. As has been seen since 2008, that's all you guys have....

What am I "dodging and weaving"? I told you - get the government out of the way and the economy will fix itself. Are you drinking tonight?

 

[Dr Grump]

No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this earth!
Ronald Reagan

Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan

Government's first duty is to protect the people, not run their lives.
Ronald Reagan

If we ever forget that we are One Nation Under God, then we will be a nation gone under.
Ronald Reagan

Government is like a baby. An alimentary canal with a big appetite at one end and no sense of responsibility at the other.
Ronald Reagan

Man is not free unless government is limited.
Ronald Reagan

Government does not solve problems; it subsidizes them.
Ronald Reagan

GET THE FUCK OUT OF THE WAY!!!!

That's your answer? Sheeettt...the US is in a lot more trouble than I thought with the cons running Congress. I know you guys are the party of 'no'. I didn't know you were the part of "not only don't I know, but I'll quote one of the worst presidents in history as my mantra"....

...the US really is screwed....

 

[Dr Grump]

lemme guess, you are too slow witted to multi-qoute?.......

I'm not surprised you have no answer and you dodge and weave. I guess the US will be getting that in Congress over the next two years. As has been seen since 2008, that's all you guys have....

What am I "dodging and weaving"? I told you - get the government out of the way and the economy will fix itself. Are you drinking tonight?

Right. And I asked how it will 'fix' itself. Specifics.

It's day time down here......

 

[Saikron]

Revere, please man. Tell me you are clear about whether or not banks were forced to give bad loans.

Please tell me that you understand now.

 

[Avorysuds]

Well? Whats the plan?

Economy is still not moving and unemployment is still near 10%. What is Congress going to do about it?

Does anyone really think that Gridlock is the answer?

When did you swing from "the economy is growing, conservatives just wana hate on a black man" to "the economy is still not moving"?


Oh, it was the day after Republicans took over the house... It's all their fault.