Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
@ Britpat- Look, I realize that if you sit around letting Limbaugh and Hannity do your thinking for you, you probably start believeing all sorts of BS.
But let's look at what the Banking Industry itself said about CRA.
CRA is not to Blame for the Mortgage Meltdown
It's time to stop the scapegoating: According to a study by the Federal Reserve, 94% of high-cost loans originated during the housing boom had nothing to do with Community Reinvestment Act goals. Lending to poor didn't spur crisis -Fed's Kroszner
The Comptroller of the Currency. John C. Dugan, agrees: "CRA [the Community Reinvestment Act] is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace. Indeed, the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA. A recent study of 2006 Home Mortgage Disclosure Act data showed that banks subject to CRA and their affiliates originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas."**
CRA was effective long before the subprime market existed. CRA was passed in 1977 to correct the longstanding problem of redlining the lack of lending in low and moderate income communities and in communities of color. CRA has been on the books for three decades, while the lending practices that created this crisis didnt exist until the past five years.
Most subprime lenders werent covered under CRA. The predominant players in the subprime market mortgage brokers, mortgage companies and the Wall Street investment banks that provided the financing arent covered under CRA. Finance company affiliates of major banks also participated heavily, but are only included in CRA to the extent their bank parents choose them to be. In fact, many banks shifted the most risky lending the loans at the root cause of this current crisis -- to affiliates to escape CRA requirements and regulatory oversight.
Wall Street created the demand for riskier loans. The subprime market is the result of loans made without regard to the borrowers ability to repay the loan and with little or no documentation of income. Lenders chose to engage in risky underwriting practices because Wall Street was eager for high-interest investments, not because of CRA.
Regulatory oversight and accountability was missing. The lack of regulation in the subprime market made it easy for subprime lenders to undercut responsible lending. Because lenders used artificially low initial payments and passed the loans onto investors while hiding the disastrous consequences coming down the line, many borrowers found themselves in loans that were ultimately unaffordable. In many communities, particularly communities of color, subprime lenders were often the only ones serving the community. Had regulators leveled the playing field through common sense underwriting requirements and more vigorously enforced CRA requirements instead of allowing a race to the bottom, this crisis would have been averted.
So let's stop blaming poor people for the greed of rich people.
The real failure of Obama is that he didn't have the Justice Department go after these crooks full throttle.
Loaning a quarter-million $$ to no income people isn't a problem? Who knew?
@ Britpat- Look, I realize that if you sit around letting Limbaugh and Hannity do your thinking for you, you probably start believeing all sorts of BS.
But let's look at what the Banking Industry itself said about CRA.
CRA is not to Blame for the Mortgage Meltdown
. . .According to a study by the Federal Reserve, . . . . . . . . .
The Comptroller of the Currency. John C. Dugan, agrees: . . . .
So let's stop blaming poor people for the greed of rich people.
The real failure of Obama is that he didn't have the Justice Department go after these crooks full throttle.
Do you lack reading comprehension skills? DO you need someone to help you with the big words?
CRA wasn't the problem. Those weren't the loans that failed. It was the sub-prime mortgage mess that failed miserably, so a few hedge fund managers could stuff their pockets.
Nope... Not what my argument is at all...Leftists may not be nearly as disconnected as they are said to be.It seems that no matter who we put in office there are going to be issues. Perhaps the key is to recognize the system for what it is and to work at adjusting people's minds accordingly to what best fits into such since the system itself 'cannot' be changed...
In other words, it doesn't matter what truth is or what works and doesn't work, just brainwash people to accept whatever the government dishes out.
I think you've distilled the essense of servility into a single sentence.
Do you lack reading comprehension skills? DO you need someone to help you with the big words?
CRA wasn't the problem. Those weren't the loans that failed. It was the sub-prime mortgage mess that failed miserably, so a few hedge fund managers could stuff their pockets.
We read your government propaganda.
No one was impressed.
Um, it seems that there should be an order to things. To a point there must be a type of brainwashing/mind control. It has always been so and those who don't believe have not been paying enough attention to the movements that have been taking place since the beginning. Not everyone has the ability or the condition to question authority. Not everyone should question authority. Those who are given the wisdom to question parts of authority should do so with the understanding that it is not given to the majority contrary to common belief. Hence, why the support for religion and catalyst methods be continued...
We read your government propaganda.
No one was impressed.
Well, you keep an eye out for those black helicopters, we'll be out here fixing the real problems.
Um, it seems that there should be an order to things. To a point there must be a type of brainwashing/mind control. It has always been so and those who don't believe have not been paying enough attention to the movements that have been taking place since the beginning. Not everyone has the ability or the condition to question authority. Not everyone should question authority. Those who are given the wisdom to question parts of authority should do so with the understanding that it is not given to the majority contrary to common belief. Hence, why the support for religion and catalyst methods be continued...
I have to say that I find your attitude utterly reprehesible and vile.
You would make an excellent concentration camp commandant.
Perhaps 'we' really don't want to have such a 'free' country as 'we' are allowing ours to become...
We read your government propaganda.
No one was impressed.
Well, you keep an eye out for those black helicopters, we'll be out here fixing the real problems.
You and your ilk are the real problem.
Well, you keep an eye out for those black helicopters, we'll be out here fixing the real problems.
You and your ilk are the real problem.
I have an ilk?
No, guy, the thing is, the CRA was a sensible law. the real problem the GOP has is that it seems to be so in love with the 1% that own half of everything and still want more. We didn't get into this mess because a poor family got a decent roof over their heads.
We got into this mess because of greed of those who had plenty, and screwed it up for the rest of us.
If Obama really wanted it closed, the GOP could not have stopped him. He had a super majority Congress.Link to back this assertion?If you remember Republicans blocked any attempt to close Gitmo.Obama is following the plan Bush already had in motion for Iraq. Nothing new there. Except now we have a third war.Our troops are pulling out of Iraq.(less than 30,000 I believe).
Gitmo isn't Obama's fault all the blame goes on the Senate. Bush had no plan to pull out of Iraq just a lot of bs after Obama won.
The U.S.-Iraq Status of Forces Agreement (official name: "Agreement Between the United States of America and the Republic of Iraq On the Withdrawal of United States Forces from Iraq and the Organization of Their Activities during Their Temporary Presence in Iraq") is a status of forces agreement (SOFA) between Iraq and the United States. It establishes that U.S. combat forces will withdraw from Iraqi cities by June 30, 2009, and all U.S. forces will be completely out of Iraq by December 31, 2011, subject to possible further negotiations which could delay withdrawal and a referendum scheduled for mid-2009 in Iraq which may require U.S. forces to completely leave by the middle of 2010.
You and your ilk are the real problem.
I have an ilk?
No, guy, the thing is, the CRA was a sensible law. the real problem the GOP has is that it seems to be so in love with the 1% that own half of everything and still want more. We didn't get into this mess because a poor family got a decent roof over their heads.
We got into this mess because of greed of those who had plenty, and screwed it up for the rest of us.
We kinda DID get into this mess in part because of poor people getting roofs over their heads in the sense of nominal "ownership" when they didn't have the means TO "own." So they got subsidized loans for which they didn't really have a basis to get 'credit." They got that "credit" anyway, and a lot of crap was built on that foundation of sand.
The same folks could STILL have had roofs over their heads without the false provision of "ownership."
Bad things happen when PC runs amok.
[We kinda DID get into this mess in part because of poor people getting roofs over their heads in the sense of nominal "ownership" when they didn't have the means TO "own." So they got subsidized loans for which they didn't really have a basis to get 'credit." They got that "credit" anyway, and a lot of crap was built on that foundation of sand.
The same folks could STILL have had roofs over their heads without the false provision of "ownership."
Bad things happen when PC runs amok.
Again, this bubble wasn't caused by poor people buying one house on Baltic Avenue, it was caused by rich yuppies buying McMansions on Park Place.
Again, this bubble wasn't caused by poor people buying one house on Baltic Avenue, it was caused by rich yuppies buying McMansions on Park Place.
Both are wrong. The end-consumer, poor or rich, did not structure securitization. They did not take the incentive for the banks to make sensible loans they could manage away, and give every incentive for mortgage-brokers to get consumers to sign agreements they couldn't pay. Securitization itself is the problem. It is the result of an unholy alliance between GSEs and Wall Street. Community banks should own a majority of the loans they issue, just as consumers should pay a down payment of at least 15% on their mortgages.
You and your ilk are the real problem.
I have an ilk?
No, guy, the thing is, the CRA was a sensible law. the real problem the GOP has is that it seems to be so in love with the 1% that own half of everything and still want more. We didn't get into this mess because a poor family got a decent roof over their heads.
We got into this mess because of greed of those who had plenty, and screwed it up for the rest of us.
We kinda DID get into this mess in part because of poor people getting roofs over their heads in the sense of nominal "ownership" when they didn't have the means TO "own." So they got subsidized loans for which they didn't really have a basis to get 'credit." They got that "credit" anyway, and a lot of crap was built on that foundation of sand.
The same folks could STILL have had roofs over their heads without the false provision of "ownership."
Bad things happen when PC runs amok.
Obama Not Perfect But Better than What We have Had
you think he is better than Clinton?......Bill at least had some leadership qualities.....
