Obama To Forces Banks To Loan To Blacks In Ghettos

[Tank]

Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas.

A Renewed Crackdown on Redlining - BusinessWeek

 

[Truthmatters]

Well the SEC should have implimented the protections written into Gramm leach bialey instead of stalling them for nearly a decade

 

[Tank]

Banks are not racist, banks want to make money, the only reason banks would not want to loan to blacks is because history has shown they would lose money

 

[Truthmatters]

Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007


Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

 

[Truthmatters]

I know the truth hurts so you cant bring yourself to face them by answering huh?

 

[peach174]

What part of you can't be poor and own a house don't they get?
You can't keep up with repairs let alone anything else like property tax and insurance.

 

[Tank]

Look Truth, I understand the laws of loaning money, It's just that banks have learned that blacks don't pay back their loans.

 

[IanC]

remember when Obama first got in and he wanted to reform credit cards? he was pissed at people who actually paid off their cards every month and didnt have to pay interest so he considered making them pay a fee. called them 'freeloaders'. typical of the govt punishing responsibility and rewarding irresponsibility.

our society is not better off when banks are forced to make loans to people who cant or wont pay them back. insurance companies are allowed to make young and/or poor drivers pay more until they show they are responsible drivers. borrowers should have higher interest, smaller loans until they demonstrate their ability to repay on time. and bringing back higher down payments for mortgages is also a good way to separate the wheat from the chaff.

 

[editec]

Little banks are no less VICTIMS of the BANSTERS GRIFT than average citizens are.

 

[Truthseeker420]

That is kind of a racist and ignorant way of phrasing a comment obout redlining. But you don''t want to enforce the law against redlining?

 

[Titties McGee]

Look Truth, I understand the laws of loaning money, It's just that banks have learned that blacks don't pay back their loans.

That's a well known fact!

 

[Truthseeker420]

Look Truth, I understand the laws of loaning money, It's just that banks have learned that blacks don't pay back their loans.

That's a well known fact!

Do you have a link?

 

[Titties McGee]

Look Truth, I understand the laws of loaning money, It's just that banks have learned that blacks don't pay back their loans.

That's a well known fact!

Do you have a link?

I have lots of links.

 

[Mr Liberty]

That is kind of a racist and ignorant way of phrasing a comment obout redlining. But you don''t want to enforce the law against redlining?

It has nothing to do with racism. It is wrong to force banks to give out mortgages to people, who are poor and can't pay it back. It is too risky. That's why banks don't want to loan to poor people.
The problem is they are poor. Fix that problem first, then go talk to the bank.

 

[Granny]

Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas.

A Renewed Crackdown on Redlining - BusinessWeek

Lessons are apparently never learned. Isn't this one of the major factors that brought down the housing industry and banking entities in the first place?? All those loans to people who couldn't make the mortgage payments in the first place ... that thing called "leveling out the playing field?"

The big picture here is the desire to destroy all American financial, industrial, structural, transportation, environmental entities and moral character that have always defined this country.

 

[Ernie S.]

Let the games resume!

 

[Trajan]

Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas.

A Renewed Crackdown on Redlining - BusinessWeek

hello, meet the sub-prime market, for Christs sake, have we not learned a thing?


Its a matter of being RISK - CREDIT worthy...all of the whining in the world will not change that.........we still have not seen the bottom of the last housing crack u.

BUT alas, of course the re-election means the admin. has got to pay some heavy freight to keep those votes in those the urban areas becasue these folks have been pounded especially hard too by the admins lack of performance....so, here we are...

just as a general note, if anyone in gov. would allow this to get started again, well, the house is the stupidest branch/arm of the gov. so I would expect that, lets hope the 'adults' in the sneate don't buy off on any nonsense.

in case anyone missed it-

The 1977 Community Reinvestment Act (CRA) requires banks to make loans in all the areas they serve, not just the wealthy ones. A Bloomberg analysis found the percentage of banks earning negative ratings from regulators on CRA exams has risen from 1.45 percent in 2007 to more than 6 percent in the first quarter of this year.

gee, lets parse the the corollary here;

-requirement
-the bubble
-the time frame
-the bubble bursts
-negative ratings

 

[High_Gravity]

Can I barrow $50,000?