Obama Urges Banks to Make Home Loans to People With Weak Credit... Again??

[tooAlive]

Apparently Obama wants banks to do exactly the same thing that cause the housing crash in the first place.

Can you Democrats spin this into a positive light?

Obama administration pushes banks to make home loans to people with weaker credit - The Washington Post

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

 

[Truthmatters]

CRA did not cause this you fool.

 

[Truthmatters]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
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]

The banks would not have written SO MUCH subprime which was NOT covered by CRA becuase they could use thier self hired and trained brokers to sell ANYTHING they told them to sell.

No Broker license to get in the way.


The only people these brokers were beholden to were the banks.


IF they had been licensed like in the opast they would have told the Banks "I cant sell that becuase I will lose my license and in turn lose my carreer".


The Bush SEC gave the banks all the parts of GLBact 1999 that they wanted and held back all the shit the banks hated.

 

[LordBrownTrout]

We've been down this path but I'm confident we'll do it again. O is just setting the foundation.

 

[Truthmatters]

Now tell me do the bank brokers NOW have to have a license?


YEAP they do.

What was the DATE that was implimented?

 

[Katzndogz]

obama wants another CRA created crash. Enough damage wasn't done first time around.

 

[TakeAStepBack]

We'll do it again because there is no actual capital left. People are leveraged to the point where borrowing is the only option. This is what caused the 2007 bubble/burst in the first place, coupled with extremely low artifical interest rates.

When interest rates go up again, as is inevitable, does anyone want to play "guess what happens next"?

 

[Truthmatters]

Timing and Temporary Exemption
As adopted, Regulation R provides banks with a transitional exemption until the first day of their first fiscal year commencing after Sept. 30, 2008. This will give banks time to make any necessary changes in their systems and compliance programs and should ensure that banks have time to come into compliance with the Exchange Act provisions relating to the broker definition. This exemptive rule will become effective on the date that the Commission's current order expires, Sept. 28, 2007.



september 30 2008


Guess what date Bush stood in front of the nation and said we were about to get raped?

 

[Truthmatters]

[ame=http://www.youtube.com/watch?v=T6bmEv2-rFA]President Bush's speech on the financial crisis 9/24/08 (1) - YouTube[/ame]



september 24 2008

 

[Truthmatters]

gee what a cowinkydink huh?

 

[tooAlive]

CRA did not cause this you fool.

So let me get this straight.

You think giving people with bad credit loans to buy houses they can't afford is a good idea?

 

[TakeAStepBack]

[ame=http://www.youtube.com/watch?v=KONpt9a6HrI&playnext=1&list=PL097D773C80E5EBAA&feature=results_video]Ron Paul: "This real-estate bubble will burst, as all bubbles do" (part 3) - YouTube[/ame]

9/6/2001, C-SPAN

 

[Truthmatters]

How many sub primes loans were written ?

how many were the CRA law invoilved in?


You see you lying scum the facts do not back your lies

 

[tooAlive]

CRA did not cause this you fool.

So let me get this straight.

You think giving people with bad credit loans to buy houses they can't afford is a good idea?

your mind cant get strait its liquid sewage circling the drain

Yeah, I figured you weren't going to answer that.

 

[Truthmatters]

the situation IS NOT the same now becuase of LAWS on the brokers which are not in place you liars.


You FAILED to see the last crash coming no matter how many times people like me told you all the details of why BEFORE it happened.


Why would ANYONE think you know how to predict ANYTHING correctly?

 

[Publius1787]

9/6/2001, C-SPAN

The Financial Crisis had Democrats written all over it. Watch as they deny the undeniable. The CRA was their pet project to buy votes and Fannie/Freddie was the vehicle that made it possible.

[ame=http://www.youtube.com/watch?v=IyqYY72PeRM]Democrats in their own words Covering up Fannie Mae, Freddie Mac scandal - YouTube[/ame]

 

[Truthmatters]

So let me get this straight.

You think giving people with bad credit loans to buy houses they can't afford is a good idea?

your mind cant get strait its liquid sewage circling the drain

Yeah, I figured you weren't going to answer that.

How many sub prime were written?

how many did CRA require to be written?


I did answer you your just so dishonest and or stupid you cant see it

 

[Truthmatters]

How many of you right wingers saw this mess coming?


NONE

 

[Truthmatters]

There were people like me and uscitizen who warned you for years it was coming.


You called us all osrts of stupid names for it.

Then we turned out to be perfectly correct in our predictions.


You lying scum NEVER admitted it.

You people dont have an honest bone in your bodies.


You also cant seem to predict anything correctly