Prof SOWELL on BWARNEY FWANK

[Toro]

All you need to know about the housing disaster and its causes is right here..........beyond sobering I might add!!! Boatloads of statistics to back up the assertions too..............
Once you read it, all doubts will be removed.....unless you are a mental case. Truth be told........politically, it was a stroke of genius by liberals.........a permanent game changer for the black vote. Fcukking brilliant...........

It is just plain bald faced fact that millions of Americans paid a song for a downpayment on a house they knew damn fcukking well they couldnt afford. And of course the banks played ball.......or be accussed by the Barney Franks of the world for being racist lending institutions. Fannie/Freddie is the greatest fraud ever perpetuated upon the American people...........

Federal bank regulators began using the 1977 Community Reinvestment Act (CRA) to press for racial equality. The issue was the statistical difference in approval rates, not a claim that most blacks could not get mortgage loans. New regulations required that the banks not just look for qualified buyers, but make a requisite number of loans to low and moderate income buyers (quotas). Then, when legislation was proposed in 1999 to permit banks to diversify into selling investment securities, the Clinton White House urged "banks given unsatisfactory ratings under the CRA be prohibited from enjoying the new diversification privileges." The Congress happily obliged. Another factor was HUD's beginning legal action in 1993 against mortgage bankers that declined a higher percentage of minority applicants. HUD also set a 42% target for Freddie Mac and Fannie Mae (FM & FM) to buy mortgages for people whose income were less than an area's median. Banks, sensing that FM & FM were implicitly guaranteed, where only too happy to not only issue these mortgages, but to buy FM & FM debt as well.

Meanwhile, when I purchased my first home, the bank damn near came into my bedroom to check under my pillow for credit verification..........vs people who just signed on the dotted line and were in their house almost the next day!! Are you fcukking kidding me............OF COURSE CRA directly facilitated the housing collapse. Only the hopelessly duped think otherwise

I take back my earlier post about Sowell being a hack.

So if you read the book, could you please present data backing up his argument.

These are the questions.

If the CRA caused the housing crisis, why didn't home prices rise fastest in the CRA redlined areas?

Why wasn't there greater rates of default in redlined areas?

Why didn't home prices fall faster in those areas?

Why did home prices rise fastest in the areas which have historically experienced housing booms and busts, i.e. Florida, California, Arizona?

Why were the biggest rates of default in the suburbs?

And how could the CRA cause the housing crisis when 24 of the top 25 subprime lenders weren't CRA lenders?

There were housing bubbles in many different countries. How did the CRA cause the housing bubbles in Spain? Ireland? Canada? Greece? Portugal? Singapore? South Africa? Australia? China? All those countries experienced a greater housing bubble than America.

All the data is referenced in the link I posted earlier.

This is what I mean believing in the efficacy of the free market. If you believe in the efficacy of the market, then the biggest price movements should have been in the places which saw the biggest increase in demand for mortgages, and thus the biggest collapses in home prices. That should have been CRA mortgages, right? Yet, none of this happened. The biggest home price movements were in the suburbs in the sunbelt, which did not qualify for CRA loans, and they were the areas that collapsed the hardest. How do you reconcile this if the CRA caused the financial crisis?

I await your answer.

 

[gautama]

All you need to know about the housing disaster and its causes is right here..........beyond sobering I might add!!! Boatloads of statistics to back up the assertions too..............
Once you read it, all doubts will be removed.....unless you are a mental case. Truth be told........politically, it was a stroke of genius by liberals.........a permanent game changer for the black vote. Fcukking brilliant...........

It is just plain bald faced fact that millions of Americans paid a song for a downpayment on a house they knew damn fcukking well they couldnt afford. And of course the banks played ball.......or be accussed by the Barney Franks of the world for being racist lending institutions. Fannie/Freddie is the greatest fraud ever perpetuated upon the American people...........

Federal bank regulators began using the 1977 Community Reinvestment Act (CRA) to press for racial equality. The issue was the statistical difference in approval rates, not a claim that most blacks could not get mortgage loans. New regulations required that the banks not just look for qualified buyers, but make a requisite number of loans to low and moderate income buyers (quotas). Then, when legislation was proposed in 1999 to permit banks to diversify into selling investment securities, the Clinton White House urged "banks given unsatisfactory ratings under the CRA be prohibited from enjoying the new diversification privileges." The Congress happily obliged. Another factor was HUD's beginning legal action in 1993 against mortgage bankers that declined a higher percentage of minority applicants. HUD also set a 42% target for Freddie Mac and Fannie Mae (FM & FM) to buy mortgages for people whose income were less than an area's median. Banks, sensing that FM & FM were implicitly guaranteed, where only too happy to not only issue these mortgages, but to buy FM & FM debt as well.

Meanwhile, when I purchased my first home, the bank damn near came into my bedroom to check under my pillow for credit verification..........vs people who just signed on the dotted line and were in their house almost the next day!! Are you fcukking kidding me............OF COURSE CRA directly facilitated the housing collapse. Only the hopelessly duped think otherwise

I take back my earlier post about Sowell being a hack.

So if you read the book, could you please present data backing up his argument.

These are the questions.

If the CRA caused the housing crisis, why didn't home prices rise fastest in the CRA redlined areas?

Why wasn't there greater rates of default in redlined areas?

Why didn't home prices fall faster in those areas?

Why did home prices rise fastest in the areas which have historically experienced housing booms and busts, i.e. Florida, California, Arizona?

Why were the biggest rates of default in the suburbs?

And how could the CRA cause the housing crisis when 24 of the top 25 subprime lenders weren't CRA lenders?

There were housing bubbles in many different countries. How did the CRA cause the housing bubbles in Spain? Ireland? Canada? Greece? Portugal? Singapore? South Africa? Australia? China? All those countries experienced a greater housing bubble than America.

All the data is referenced in the link I posted earlier.

This is what I mean believing in the efficacy of the free market. If you believe in the efficacy of the market, then the biggest price movements should have been in the places which saw the biggest increase in demand for mortgages, and thus the biggest collapses in home prices. That should have been CRA mortgages, right? Yet, none of this happened. The biggest home price movements were in the suburbs in the sunbelt, which did not qualify for CRA loans, and they were the areas that collapsed the hardest. How do you reconcile this if the CRA caused the financial crisis?

I await your answer.

ToroSHIT,

Read AquaAthena's excerpts (from Sowell's article, supplied by me):


"I believe there has been more alarm raised about potential unsafty and unsoundness [of Fannie Mae and Freddie Mac than, in fact, exists."--Barney Frank---September 25th, 2003

The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do NOT see.: --Barney Frank---September 10th, 2003

:"I want to roll the dice a little bit more in this situation towards subsidized housing."--Barney Frank---September 25th, 2003[/b]"

What the fuck is their even any necessity for your phoney "empirical data" which is invariably SUBSEQUENTLY given as an ARSE-COVERING obfuscation, and distortion a la vintage Bwarney-Farney Fwanky-Wanky OUTRIGHT LIES "explaining" thisa and thata of the above away when the INCRIMINATING PUKE ISSUING FROM THE QUEER CLOWN'S VERY OWN ORIFICE CONDEMNS HIM/IT ??????

THERE ISN'T ANYTHING ELSE THAT IS NECESSARY.......... EVERYTHING FLOWS FROM THOSE THREE QUOTES BY BWARNEY FWANKS.

TAKE IT OR LEAVE IT !!!

 

[Toro]

What the fuck is their even any necessity for your phoney "empirical data" which is invariably SUBSEQUENTLY given as an ARSE-COVERING obfuscation, and distortion a la vintage Bwarney-Farney Fwanky-Wanky OUTRIGHT LIES "explaining" thisa and thata of the above away when the INCRIMINATING PUKE ISSUING FROM THE QUEER CLOWN'S VERY OWN ORIFICE CONDEMNS HIM/IT ??????

rofl

 

[8537]

So if I understand Sowell's argument (and I do), he's saying that:

1. Nondepository institutions were by far the largest offenders, owned 24 of the 25 largest loan originator places, have higher default rates than depository institutions

2. The areas outside of locales addressed by the CRA had the highest price runups and higher default rates.

3. CRA institutions that sold to Fm and FM could only sell conforming loans to them....

But somehow, the CRA caused this? Not the misaligned incentives of private-sector loan securitization?

OK then.

 

[MaggieMae]

So if I understand Sowell's argument (and I do), he's saying that:

1. Nondepository institutions were by far the largest offenders, owned 24 of the 25 largest loan originator places, have higher default rates than depository institutions

2. The areas outside of locales addressed by the CRA had the highest price runups and higher default rates.

3. CRA institutions that sold to Fm and FM could only sell conforming loans to them....

But somehow, the CRA caused this? Not the misaligned incentives of private-sector loan securitization?

OK then.

Sometimes it's just so laughable the way the bank-loving cons manage to twist figures to justify their positions that I can only shake my head and try to put it into an amusing perspective. There's an episode of "Curb Your Enthusiasm" where Larry David lends a friend $10,000 because he's in financial trouble, only to find out a few weeks later the friend plans to throw a private party at a posh LA restaurant, which will cost about $10,000. When Larry confronts him, the friend says "Well that $10,000 you loaned me isn't going to pay for the party; that's a different $10,000. I paid off the debt I needed the $10,000 from you for. See?"

 

[gautama]

So if I understand Sowell's argument (and I do), he's saying that:

1. Nondepository institutions were by far the largest offenders, owned 24 of the 25 largest loan originator places, have higher default rates than depository institutions

2. The areas outside of locales addressed by the CRA had the highest price runups and higher default rates.

3. CRA institutions that sold to Fm and FM could only sell conforming loans to them....

But somehow, the CRA caused this? Not the misaligned incentives of private-sector loan securitization?

OK then.

Sometimes it's just so laughable the way the bank-loving cons manage to twist figures to justify their positions that I can only shake my head and try to put it into an amusing perspective. There's an episode of "Curb Your Enthusiasm" where Larry David lends a friend $10,000 because he's in financial trouble, only to find out a few weeks later the friend plans to throw a private party at a posh LA restaurant, which will cost about $10,000. When Larry confronts him, the friend says "Well that $10,000 you loaned me isn't going to pay for the party; that's a different $10,000. I paid off the debt I needed the $10,000 from you for. See?"

One doesn't have to go into convoluted pretzel-like logic laden stories when DEM CORRUPTION IS SO RIFE AND COMMON PLACE IT'S NO LONGER THE NEWS:

Starting with the EXPOSED MONUMENTAL FRAUD MARXIST Obambos' relative the COMMIE RAPIST and MURDERER known as the "AFRICAN STALIN" in Africa, ODINGA....head of the Commie "Orange Democratic Party of Kenya" which raped, and slaughtered over 100,000 Kikuyu women and children (google or wikipedia for verification). And the LIEberrhoidal Messiah Obambo visited this MONSTER just prior to his Presidential Campaign and photo-oped smiling, arm-in-arm at PSYCHO ODINGA's Rally....and later at the his KENYAN COMMIE FAMILY GATHERING.....again, with ODINGA and the other COMMIE relatives. Then we have OBAMBO's association with the MURDEROUS HOMICIDAL MANIAC Bill Avery the UNREPENTANT Commie/Terrorist from whose home OBAMBI launched his Senatorial Career. We have the Black Racist Whackjob Wright FIASCO where OBAMBI was a TWENTY YEAR TENURED STUDENT of PSYCHO WRIGHT'S CATHEDRAL OF HATRED who in the words of OBAMBO was his: "Pastor, friend and Mentor"

You want some of the other lesser corruptions? Howzabout DEM's Jefferson REFRIGERATOR as a HIDDEN DEPOSIT BOX from FBI scrutiny to the tune of HUNDREDS of THOUSANDS of Felonious dollars.....or that notorious Washington DC Mayor Berry.....who gets re-elected.....or ALCEE HASTINGS convicted of fraud and then RE-ELECTED....or RANGEL the corrupt arsehole.....RE-ELECTED.....etc., etc. etc.

The KEY FACTOR HERE is NOT just the DEMS' CRIMES OF THEFT & CORRUPTION........THESE ARE LITERALLY TOO MANY TO LIST.

THE KEY FACTOR THAT IS EXPOSED HERE IS THAT WITH DEMS ONE GOES TO CRIME AND CORRUPTION LEVELS HIGHER TO THE ULTIMATE CORRUPTION OF THE DEMS......AND THAT IS STARTING WITH THE EXPOSED MONUMENTAL FRAUD, MARXIST OBAMBO.....THESE DEM ARSEHOLES GET ELECTED.....AND RE-ELECTED WITH THEIR CRIMES ON PUBLIC DISPLAY !!!!

 

[8537]

So if I understand Sowell's argument (and I do), he's saying that:

1. Nondepository institutions were by far the largest offenders, owned 24 of the 25 largest loan originator places, have higher default rates than depository institutions

2. The areas outside of locales addressed by the CRA had the highest price runups and higher default rates.

3. CRA institutions that sold to Fm and FM could only sell conforming loans to them....

But somehow, the CRA caused this? Not the misaligned incentives of private-sector loan securitization?

OK then.

Sometimes it's just so laughable the way the bank-loving cons manage to twist figures to justify their positions that I can only shake my head and try to put it into an amusing perspective. There's an episode of "Curb Your Enthusiasm" where Larry David lends a friend $10,000 because he's in financial trouble, only to find out a few weeks later the friend plans to throw a private party at a posh LA restaurant, which will cost about $10,000. When Larry confronts him, the friend says "Well that $10,000 you loaned me isn't going to pay for the party; that's a different $10,000. I paid off the debt I needed the $10,000 from you for. See?"

One doesn't have to go into convoluted pretzel-like logic laden stories when DEM CORRUPTION IS SO RIFE AND COMMON plACE IT'S NO LONGER THE NEWS:

Starting with the EXPOSED MONUMENTAL FRAUD Obambos' relative the COMMIE RAPIST and MURDERER known as the "AFRICAN STALIN" in Africa, ODINGA....head of the Commie "Orange Democratic Party of Kenya" which raped, and slaughtered over 100,000 Kikuyu women and children (google or wikipedia for verification). And the LIEberrhoidal Messiah Obambo visited this MONSTER just prior to his Presidential Campaign and photo-oped smiling, arm-in-arm at PSYCHO ODINGA's Rally....and later at the his KENYAN COMMIE FAMILY GATHERING.....again, with ODINGA and the other COMMIE relatives. Then we have OBAMBO's association with Bill Avery the UNREPENTANT Commie/Terrorist from whose home OBAMBI launched his Senatorial Career. We have the Black Racist Whackjob Wright FIASCO where OBAMBI was a TENURED STUDENT of PSYCHO WRIGHT who in the words of OBAMBO was his: "Pastor, friend and Mentor"....you want some of the other corruptions? Howzabout DEM's Jefferson REFRIGERATOR as a HIDDEN DEPOSIT BOX from FBI scrutiny to the tune of HUNDREDS of THOUSANDS of Felonious dollars.....or that notorious Washington DC Mayor Berry.....who gets re-elected.....or ALCEE HASTINGS convicted of fraud and then RE-ELECTED....or RANGEL the corrupt arsehole.....RE-ELECTED.....etc., etc. etc.

The KEY FACTOR HERE is NOT just the DEMS' CRIMES OF THEFT & CORRUPTION........THESE ARE LITERALLY TOO MANY TO LIST.

THE KEY FACTOR THAT IS EXPOSED HERE IS THAT WITH DEMS ONE GOES TO THE ULTIMATE CORRUPTION OF THE DEMS......AND THAT IS STARTING WITH THE EXPOSED MONUMENTAL FRAUD, MARXIST OBAMBO.....THESE DEM ARSEHOLES GET ELECTED.....AND RE-ELECTED WITH THEIR CRIMES ON PUBLIC DISPAY !!!!

^someone needs a new keyboard...and a new meme.

Did you have anything relevant to the topic you'd like to contribute? Or were you just pounding on your computer in rage because a black man won the last election?

 

[gautama]

What the fuck is their even any necessity for your phoney "empirical data" which is invariably SUBSEQUENTLY given as an ARSE-COVERING obfuscation, and distortion a la vintage Bwarney-Farney Fwanky-Wanky OUTRIGHT LIES "explaining" thisa and thata of the above away when the INCRIMINATING PUKE ISSUING FROM THE QUEER CLOWN'S VERY OWN ORIFICE CONDEMNS HIM/IT ??????

rofl

The joke is on you, you Obamarrhoidal LIEbturd idiot.....you tried to obfuscate and distort the TRUTH about your idols Bwarney Fwank and Chris Dodd with irrelevant BULLSHIT and didn't succeed......not with the independents and the rational people.

 

[gautama]

Sometimes it's just so laughable the way the bank-loving cons manage to twist figures to justify their positions that I can only shake my head and try to put it into an amusing perspective. There's an episode of "Curb Your Enthusiasm" where Larry David lends a friend $10,000 because he's in financial trouble, only to find out a few weeks later the friend plans to throw a private party at a posh LA restaurant, which will cost about $10,000. When Larry confronts him, the friend says "Well that $10,000 you loaned me isn't going to pay for the party; that's a different $10,000. I paid off the debt I needed the $10,000 from you for. See?"

One doesn't have to go into convoluted pretzel-like logic laden stories when DEM CORRUPTION IS SO RIFE AND COMMON plACE IT'S NO LONGER THE NEWS:

Starting with the EXPOSED MONUMENTAL FRAUD Obambos' relative the COMMIE RAPIST and MURDERER known as the "AFRICAN STALIN" in Africa, ODINGA....head of the Commie "Orange Democratic Party of Kenya" which raped, and slaughtered over 100,000 Kikuyu women and children (google or wikipedia for verification). And the LIEberrhoidal Messiah Obambo visited this MONSTER just prior to his Presidential Campaign and photo-oped smiling, arm-in-arm at PSYCHO ODINGA's Rally....and later at the his KENYAN COMMIE FAMILY GATHERING.....again, with ODINGA and the other COMMIE relatives. Then we have OBAMBO's association with Bill Avery the UNREPENTANT Commie/Terrorist from whose home OBAMBI launched his Senatorial Career. We have the Black Racist Whackjob Wright FIASCO where OBAMBI was a TENURED STUDENT of PSYCHO WRIGHT who in the words of OBAMBO was his: "Pastor, friend and Mentor"....you want some of the other corruptions? Howzabout DEM's Jefferson REFRIGERATOR as a HIDDEN DEPOSIT BOX from FBI scrutiny to the tune of HUNDREDS of THOUSANDS of Felonious dollars.....or that notorious Washington DC Mayor Berry.....who gets re-elected.....or ALCEE HASTINGS convicted of fraud and then RE-ELECTED....or RANGEL the corrupt arsehole.....RE-ELECTED.....etc., etc. etc.

The KEY FACTOR HERE is NOT just the DEMS' CRIMES OF THEFT & CORRUPTION........THESE ARE LITERALLY TOO MANY TO LIST.

THE KEY FACTOR THAT IS EXPOSED HERE IS THAT WITH DEMS ONE GOES TO THE ULTIMATE CORRUPTION OF THE DEMS......AND THAT IS STARTING WITH THE EXPOSED MONUMENTAL FRAUD, MARXIST OBAMBO.....THESE DEM ARSEHOLES GET ELECTED.....AND RE-ELECTED WITH THEIR CRIMES ON PUBLIC DISPAY !!!!

^someone needs a new keyboard...and a new meme.

Did you have anything relevant to the topic you'd like to contribute? Or were you just pounding on your computer in rage because a black man won the last election?

ShittyDgits,

Relevant topic ?

Apparently you don't have the ability to read......my post WAS IN RESPONSE to the topic by Obamarrhoidal LIEbturd hag MuggieMae.

Next, IDIOT......if you think the CORRUPTION and the CRIMES listed regarding your FUEHRER OBAMBO and just SOME of his Obamarrhoidal LIEBturd stooges is NOT RELEVANT then that merely underlines your LITERALLY INSANE ATTITUDE & PERSPECTIVE towards Politics WHERE CORRUPTION & CRIME IS ALWAYS EXTREMELY RELEVANT !!!!

And, the IRONY is that you are TOTALLY OBLIVIOUS of how much of an IDIOT you are portraying yourself to be.......and actually are.

 

[8537]

One doesn't have to go into convoluted pretzel-like logic laden stories when DEM CORRUPTION IS SO RIFE AND COMMON plACE IT'S NO LONGER THE NEWS:

Starting with the EXPOSED MONUMENTAL FRAUD Obambos' relative the COMMIE RAPIST and MURDERER known as the "AFRICAN STALIN" in Africa, ODINGA....head of the Commie "Orange Democratic Party of Kenya" which raped, and slaughtered over 100,000 Kikuyu women and children (google or wikipedia for verification). And the LIEberrhoidal Messiah Obambo visited this MONSTER just prior to his Presidential Campaign and photo-oped smiling, arm-in-arm at PSYCHO ODINGA's Rally....and later at the his KENYAN COMMIE FAMILY GATHERING.....again, with ODINGA and the other COMMIE relatives. Then we have OBAMBO's association with Bill Avery the UNREPENTANT Commie/Terrorist from whose home OBAMBI launched his Senatorial Career. We have the Black Racist Whackjob Wright FIASCO where OBAMBI was a TENURED STUDENT of PSYCHO WRIGHT who in the words of OBAMBO was his: "Pastor, friend and Mentor"....you want some of the other corruptions? Howzabout DEM's Jefferson REFRIGERATOR as a HIDDEN DEPOSIT BOX from FBI scrutiny to the tune of HUNDREDS of THOUSANDS of Felonious dollars.....or that notorious Washington DC Mayor Berry.....who gets re-elected.....or ALCEE HASTINGS convicted of fraud and then RE-ELECTED....or RANGEL the corrupt arsehole.....RE-ELECTED.....etc., etc. etc.

The KEY FACTOR HERE is NOT just the DEMS' CRIMES OF THEFT & CORRUPTION........THESE ARE LITERALLY TOO MANY TO LIST.

THE KEY FACTOR THAT IS EXPOSED HERE IS THAT WITH DEMS ONE GOES TO THE ULTIMATE CORRUPTION OF THE DEMS......AND THAT IS STARTING WITH THE EXPOSED MONUMENTAL FRAUD, MARXIST OBAMBO.....THESE DEM ARSEHOLES GET ELECTED.....AND RE-ELECTED WITH THEIR CRIMES ON PUBLIC DISPAY !!!!

^someone needs a new keyboard...and a new meme.

Did you have anything relevant to the topic you'd like to contribute? Or were you just pounding on your computer in rage because a black man won the last election?

ShittyDgits,

Relevant topic ?

Apparently you don't have the ability to read......my post WAS IN RESPONSE to the topic by Obamarrhoidal LIEbturd hag MuggieMae.

his/her post was about the banking crisis and the CRA. Your response was a screed of caps-locks and debunked rightwing talking points.

Next, IDIOT......if you think the CORRUPTION and the CRIMES listed regarding your FUEHRER OBAMBO and just SOME of his Obamarrhoidal LIEBturd stooges is NOT RELEVANT then that merely underlines your LITERALLY INSANE ATTITUDE & PERSPECTIVE towards Politics WHERE CORRUPTION & CRIME IS ALWAYS EXTREMELY RELEVANT !!!!

i think the ravings of rightwing lunatics are not relevant. That's why your posts aren't relative, though they do provide significant comic relief (If you can get past the broken English and caps lock key)

And, the IRONY is that you are TOTALLY OBLIVIOUS of how much of an IDIOT you are portraying yourself to be.......and actually are.

Yes, I'm the idiot and your "posts" display signs of superior intelligence and strong critical thinking skills.

 

[BlindBoo]

All you need to know about the housing disaster and its causes is right here..........beyond sobering I might add!!! Boatloads of statistics to back up the assertions too..............
Once you read it, all doubts will be removed.....unless you are a mental case. Truth be told........politically, it was a stroke of genius by liberals.........a permanent game changer for the black vote. Fcukking brilliant...........

It is just plain bald faced fact that millions of Americans paid a song for a downpayment on a house they knew damn fcukking well they couldnt afford. And of course the banks played ball.......or be accussed by the Barney Franks of the world for being racist lending institutions. Fannie/Freddie is the greatest fraud ever perpetuated upon the American people...........

Federal bank regulators began using the 1977 Community Reinvestment Act (CRA) to press for racial equality. The issue was the statistical difference in approval rates, not a claim that most blacks could not get mortgage loans. New regulations required that the banks not just look for qualified buyers, but make a requisite number of loans to low and moderate income buyers (quotas). Then, when legislation was proposed in 1999 to permit banks to diversify into selling investment securities, the Clinton White House urged "banks given unsatisfactory ratings under the CRA be prohibited from enjoying the new diversification privileges." The Congress happily obliged. Another factor was HUD's beginning legal action in 1993 against mortgage bankers that declined a higher percentage of minority applicants. HUD also set a 42% target for Freddie Mac and Fannie Mae (FM & FM) to buy mortgages for people whose income were less than an area's median. Banks, sensing that FM & FM were implicitly guaranteed, where only too happy to not only issue these mortgages, but to buy FM & FM debt as well.

Meanwhile, when I purchased my first home, the bank damn near came into my bedroom to check under my pillow for credit verification..........vs people who just signed on the dotted line and were in their house almost the next day!! Are you fcukking kidding me............OF COURSE CRA directly facilitated the housing collapse. Only the hopelessly duped think otherwise

Again check the number of CRA loan forclosurers and you will find that they were not the source of the housing collaspe. It was the investor class that toppled the housing market not the fucking poor people.

 

[BlindBoo]

So if I understand Sowell's argument (and I do), he's saying that:

1. Nondepository institutions were by far the largest offenders, owned 24 of the 25 largest loan originator places, have higher default rates than depository institutions

2. The areas outside of locales addressed by the CRA had the highest price runups and higher default rates.

3. CRA institutions that sold to Fm and FM could only sell conforming loans to them....

But somehow, the CRA caused this? Not the misaligned incentives of private-sector loan securitization?

OK then.

Sometimes it's just so laughable the way the bank-loving cons manage to twist figures to justify their positions that I can only shake my head and try to put it into an amusing perspective. There's an episode of "Curb Your Enthusiasm" where Larry David lends a friend $10,000 because he's in financial trouble, only to find out a few weeks later the friend plans to throw a private party at a posh LA restaurant, which will cost about $10,000. When Larry confronts him, the friend says "Well that $10,000 you loaned me isn't going to pay for the party; that's a different $10,000. I paid off the debt I needed the $10,000 from you for. See?"

One doesn't have to go into convoluted pretzel-like logic laden stories when DEM CORRUPTION IS SO RIFE AND COMMON PLACE IT'S NO LONGER THE NEWS:

Starting with the EXPOSED MONUMENTAL FRAUD MARXIST Obambos' relative the COMMIE RAPIST and MURDERER known as the "AFRICAN STALIN" in Africa, ODINGA....head of the Commie "Orange Democratic Party of Kenya" which raped, and slaughtered over 100,000 Kikuyu women and children (google or wikipedia for verification). And the LIEberrhoidal Messiah Obambo visited this MONSTER just prior to his Presidential Campaign and photo-oped smiling, arm-in-arm at PSYCHO ODINGA's Rally....and later at the his KENYAN COMMIE FAMILY GATHERING.....again, with ODINGA and the other COMMIE relatives. Then we have OBAMBO's association with the MURDEROUS HOMICIDAL MANIAC Bill Avery the UNREPENTANT Commie/Terrorist from whose home OBAMBI launched his Senatorial Career. We have the Black Racist Whackjob Wright FIASCO where OBAMBI was a TWENTY YEAR TENURED STUDENT of PSYCHO WRIGHT'S CATHEDRAL OF HATRED who in the words of OBAMBO was his: "Pastor, friend and Mentor"

You want some of the other lesser corruptions? Howzabout DEM's Jefferson REFRIGERATOR as a HIDDEN DEPOSIT BOX from FBI scrutiny to the tune of HUNDREDS of THOUSANDS of Felonious dollars.....or that notorious Washington DC Mayor Berry.....who gets re-elected.....or ALCEE HASTINGS convicted of fraud and then RE-ELECTED....or RANGEL the corrupt arsehole.....RE-ELECTED.....etc., etc. etc.

The KEY FACTOR HERE is NOT just the DEMS' CRIMES OF THEFT & CORRUPTION........THESE ARE LITERALLY TOO MANY TO LIST.

THE KEY FACTOR THAT IS EXPOSED HERE IS THAT WITH DEMS ONE GOES TO CRIME AND CORRUPTION LEVELS HIGHER TO THE ULTIMATE CORRUPTION OF THE DEMS......AND THAT IS STARTING WITH THE EXPOSED MONUMENTAL FRAUD, MARXIST OBAMBO.....THESE DEM ARSEHOLES GET ELECTED.....AND RE-ELECTED WITH THEIR CRIMES ON PUBLIC DISPLAY !!!!

 

[Toro]

The joke is on you, you Obamarrhoidal LIEbturd idiot.....you tried to obfuscate and distort the TRUTH about your idols Bwarney Fwank and Chris Dodd with irrelevant BULLSHIT and didn't succeed......not with the independents and the rational people.

I dun need no fancy numbers n sstitics. Let's jus git our pitchferks an torches. Let's jus take this to th street! Yee-ha!