Republicans try to kill Consumer Financial Protection agency before it even starts

[thereisnospoon]

Why is it the right thinks the business world is populated by saints?

That's hardly the point. There are already tons of laws geared toward consumer protection.

 

[KissMy]

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

 

[Bfgrn]

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

WHY is it that I always have to argue FACTS with you right wingers? The financial crisis was a rich mans crime. It had nothing to do with lending "money to poor people who really did not deserve it"

The subprime borrowers were mostly rich people. The subprime lenders were private entities outside government guidelines. And the majority of people foreclosed on were rich people.

SO...I will give a chance to restate your argument. But please don't make me school you on the financial crisis. Do the research before you reopen your pie hole.

 

[Steelplate]

Bfgrn....

It doesn't matter how much you "school" them. It doesn't matter how many chances you give them to restate their arguments. They have their mind made up. They are the victim of the biggest Marketing Campaign in the history of the world.

That's all this is. Don't trust Government... Trust the Conglomerate. Don't trust Fairness and reason... Trust PROFIT.

Just a cursory look at what the right wing wants looks like this...

1. No corporate taxes.
2. Ban minimum wage
3. Ban SS, Medicare and Welfare
4. Reduce income taxes on the wealthy even more
5. Eliminate Estate Taxes
6. Reduce government's size to the bare minimum
7. Privatize former government entities into "for Profit" ones.

Why can't they see that this is, in effect, a Hostile takeover of our country by Corporations. Why in God's Name would they even remotely think that this is a good idea? Do they really think that the Conglomerate cares if they have enough money to live on when they can now manufacture and sell globally? They don't need us anymore.

 

[The Rabbi]

Bfgrn....

It doesn't matter how much you "school" them. It doesn't matter how many chances you give them to restate their arguments. They have their mind made up. They are the victim of the biggest Marketing Campaign in the history of the world.

That's all this is. Don't trust Government... Trust the Conglomerate. Don't trust Fairness and reason... Trust PROFIT.

Just a cursory look at what the right wing wants looks like this...

1. No corporate taxes.
2. Ban minimum wage
3. Ban SS, Medicare and Welfare
4. Reduce income taxes on the wealthy even more
5. Eliminate Estate Taxes
6. Reduce government's size to the bare minimum
7. Privatize former government entities into "for Profit" ones.

Why can't they see that this is, in effect, a Hostile takeover of our country by Corporations. Why in God's Name would they even remotely think that this is a good idea? Do they really think that the Conglomerate cares if they have enough money to live on when they can now manufacture and sell globally? They don't need us anymore.

As opposed to the Leftist program:
Ban private enterprise.
Make everyone a slave of the gov't.

Why anyone thinks that's a good idea is beyond me.

 

[Bfgrn]

Bfgrn....

It doesn't matter how much you "school" them. It doesn't matter how many chances you give them to restate their arguments. They have their mind made up. They are the victim of the biggest Marketing Campaign in the history of the world.

That's all this is. Don't trust Government... Trust the Conglomerate. Don't trust Fairness and reason... Trust PROFIT.

Just a cursory look at what the right wing wants looks like this...

1. No corporate taxes.
2. Ban minimum wage
3. Ban SS, Medicare and Welfare
4. Reduce income taxes on the wealthy even more
5. Eliminate Estate Taxes
6. Reduce government's size to the bare minimum
7. Privatize former government entities into "for Profit" ones.

Why can't they see that this is, in effect, a Hostile takeover of our country by Corporations. Why in God's Name would they even remotely think that this is a good idea? Do they really think that the Conglomerate cares if they have enough money to live on when they can now manufacture and sell globally? They don't need us anymore.

As opposed to the Leftist program:
Ban private enterprise.
Make everyone a slave of the gov't.

Why anyone thinks that's a good idea is beyond me.

View the polarized mind of Rabbi "Monica for the elite"... key words that the polarized mind uses:
Ban
slave
everyone

 

[The Rabbi]

Bfgrn....

It doesn't matter how much you "school" them. It doesn't matter how many chances you give them to restate their arguments. They have their mind made up. They are the victim of the biggest Marketing Campaign in the history of the world.

That's all this is. Don't trust Government... Trust the Conglomerate. Don't trust Fairness and reason... Trust PROFIT.

Just a cursory look at what the right wing wants looks like this...

1. No corporate taxes.
2. Ban minimum wage
3. Ban SS, Medicare and Welfare
4. Reduce income taxes on the wealthy even more
5. Eliminate Estate Taxes
6. Reduce government's size to the bare minimum
7. Privatize former government entities into "for Profit" ones.

Why can't they see that this is, in effect, a Hostile takeover of our country by Corporations. Why in God's Name would they even remotely think that this is a good idea? Do they really think that the Conglomerate cares if they have enough money to live on when they can now manufacture and sell globally? They don't need us anymore.

As opposed to the Leftist program:
Ban private enterprise.
Make everyone a slave of the gov't.

Why anyone thinks that's a good idea is beyond me.

View the polarized mind of Rabbi "Monica for the elite"... key words that the polarized mind uses:
Ban
slave
everyone

Great response. Not.

The truth is that leftists think people are stupid and need to be controlled.
[ame=http://www.youtube.com/watch?v=Xqp0eXfpiWU]YouTube - ‪Congressman John Dingell: Control The People‬‏[/ame]

That they are unable to look at two proposals and figure out which one is more advantageous for them. And that they are helpless without government telling them what to do.

The Conservative position is that people are basically smart and well able to fend for themselves. We saw this difference in the floods of Katrina vs the floods in Iowa that happened right after. IN Katrina generations of welfare cases waited around for gov't to "do something" for them. In Iowa communities organized to help each other.
That's the difference.

 

[KissMy]

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

WHY is it that I always have to argue FACTS with you right wingers? The financial crisis was a rich mans crime. It had nothing to do with lending "money to poor people who really did not deserve it"

The subprime borrowers were mostly rich people. The subprime lenders were private entities outside government guidelines. And the majority of people foreclosed on were rich people.

SO...I will give a chance to restate your argument. But please don't make me school you on the financial crisis. Do the research before you reopen your pie hole.

SHUT YOUR STUPID PIE HOLE RETARD!!!

 

[Nic_Driver]

Do you nderstands derivatives?

Silly question. You don't understand jack shit.

Do you have any facts or just silly insults?

Every post of yours is filled with class war envy and outright bullshit. What more proof do you want?

So that's a no then.

Maybe a BB isn't the best place for you? A blog is a better place for opinion, opinion doesn't work in a debate type format.

 

[thereisnospoon]

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

WHY is it that I always have to argue FACTS with you right wingers? The financial crisis was a rich mans crime. It had nothing to do with lending "money to poor people who really did not deserve it"

The subprime borrowers were mostly rich people. The subprime lenders were private entities outside government guidelines. And the majority of people foreclosed on were rich people.

SO...I will give a chance to restate your argument. But please don't make me school you on the financial crisis. Do the research before you reopen your pie hole.

Ok, since you are so convinced that the financial crisis is a rich man's crime then you won't mind posting examples of those crimes, the charges and the disposition of each case.
You will also provide examples of wealthy people who were subprime borrowers.
Also you will define for us the term "sub prime".
BTW, companies such as Countrywide Lending, Great Western, Beneficial Finance, The Money Store, etc, all examples sub prime lenders or purchasers of sub prime loans from main stream banks. These institutions were certainly not unregulated private entities.
Look genius along with FHA, VA and Fannie/Freddie, the federal government created the sub prime market and forced it upon the banks so as to create an avenue for otherwise unqualified borrowers to get loans. This was all done under threat to banks by the federal government. That threat to the banks was being investigated for "red lining".
Do you know what therm describes?
Oh and to further educate you....Most of those foreclosures for upper income people were due to adjustable rate mortgages and Interest only loans which allowed credit worthy individuals to purchase more house. These loans were popular during the housing bubble because the borrower had up to 5 years to sell the home at a nice profit, collect the equity and pay off the loan. Many people did very well with these. When the real estate market tanked, people were stuck with homes than when the fixed rate term ended, they could not afford the new monthly payment.
These loans were NOT sub prime.
Ya know there sunshine, it would pay for you to do a little research before you trip over your keyboard.
Don't bother arguing, I have all the links I need to present the facts. Just give the word and the facts will set you free of ignorance.

 

[Bfgrn]

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

WHY is it that I always have to argue FACTS with you right wingers? The financial crisis was a rich mans crime. It had nothing to do with lending "money to poor people who really did not deserve it"

The subprime borrowers were mostly rich people. The subprime lenders were private entities outside government guidelines. And the majority of people foreclosed on were rich people.

SO...I will give a chance to restate your argument. But please don't make me school you on the financial crisis. Do the research before you reopen your pie hole.

SHUT YOUR STUPID PIE HOLE RETARD!!!

Your link:

Subprime lenders target minorities
Study finds African-American, Hispanics pay higher loan rates than whites with similar incomes
May 1, 2002: 3:30 PM EDT

We know predatory lenders targeted minorities and especially the elderly. There was a clear and constant group who called out those practices all the way back to the late '90's. They even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

Acorn Led Financial Sector With Warnings on Lending

ForeclosureS.com - ACORN - Progress in the Fight Against Predatory Lending

Your information is A) dated well before the huge spike in subprime lending B) Fed economists found that about 60% of higher-priced loan originations — the technical definition of subrpime — went to middle- or higher-income borrowers. C) You dated data has nothing about foreclosure rates.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a large segment of buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from their mortgages, leaving people who bought homes to live in with lower values on their house and neighborhood.


WSJ - Fed’s Kroszner: Don’t Blame CRA

WSJ - Fed’s Kroszner: Don’t Blame CRA - The Sequel

Reuters - UPDATE 2-Lending to poor didn't spur crisis

Don't Blame the Community Reinvestment Act

Business Insider - Here's Why Fannie And Freddie Are Not At Fault For The Housing Bubble

Center for Responsible Lending - CRA is not to Blame for the Mortgage Meltdown

Don't blame Fannie and Freddie

Private sector loans, not Fannie or Freddie, triggered crisis

Biggest Defaulters on Mortgages Are the Rich

The Millionaire Foreclosure Club

Foreclosure double standard: Why the rich get away with defaulting

More Rich People Default On Mortgages

The rich bail faster on mortgages

Biggest Defaulters on Mortgages Are the Rich

Rich Borrowers More Likely to Default on Mortgage

Foreclosures & Walking Away: 60 Minutes Eyes an ‘Epidemic’

Speculation By Investors Largely Cause Of Foreclosure Crisis

How the Foreclosure Crisis Started: Investors, Speculators, Mortgage Fraud & Lax Lending Standards


"Eighty percent of Republicans are just Democrats that don't know what's going on"
Robert F. Kennedy Jr.

 

[KissMy]

Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

WHY is it that I always have to argue FACTS with you right wingers? The financial crisis was a rich mans crime. It had nothing to do with lending "money to poor people who really did not deserve it"

The subprime borrowers were mostly rich people. The subprime lenders were private entities outside government guidelines. And the majority of people foreclosed on were rich people.

SO...I will give a chance to restate your argument. But please don't make me school you on the financial crisis. Do the research before you reopen your pie hole.

SHUT YOUR STUPID PIE HOLE RETARD!!!

Your link:

Subprime lenders target minorities
Study finds African-American, Hispanics pay higher loan rates than whites with similar incomes
May 1, 2002: 3:30 PM EDT

We know predatory lenders targeted minorities and especially the elderly. There was a clear and constant group who called out those practices all the way back to the late '90's. They even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

Acorn Led Financial Sector With Warnings on Lending

ForeclosureS.com - ACORN - Progress in the Fight Against Predatory Lending

Your information is A) dated well before the huge spike in subprime lending B) Fed economists found that about 60% of higher-priced loan originations — the technical definition of subrpime — went to middle- or higher-income borrowers. C) You dated data has nothing about foreclosure rates.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a large segment of buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from their mortgages, leaving people who bought homes to live in with lower values on their house and neighborhood.


WSJ - Fed’s Kroszner: Don’t Blame CRA

WSJ - Fed’s Kroszner: Don’t Blame CRA - The Sequel

Reuters - UPDATE 2-Lending to poor didn't spur crisis

Don't Blame the Community Reinvestment Act

Business Insider - Here's Why Fannie And Freddie Are Not At Fault For The Housing Bubble

Center for Responsible Lending - CRA is not to Blame for the Mortgage Meltdown

Don't blame Fannie and Freddie

Private sector loans, not Fannie or Freddie, triggered crisis

Biggest Defaulters on Mortgages Are the Rich

The Millionaire Foreclosure Club

Foreclosure double standard: Why the rich get away with defaulting

More Rich People Default On Mortgages

The rich bail faster on mortgages

Biggest Defaulters on Mortgages Are the Rich

Rich Borrowers More Likely to Default on Mortgage

Foreclosures & Walking Away: 60 Minutes Eyes an ‘Epidemic’

Speculation By Investors Largely Cause Of Foreclosure Crisis

How the Foreclosure Crisis Started: Investors, Speculators, Mortgage Fraud & Lax Lending Standards


"Eighty percent of Republicans are just Democrats that don't know what's going on"
Robert F. Kennedy Jr.

I clicked on 4 of your off topic links & they were all about the CRA. That is not the topic of discussion & lends nothing to it. I am not wasting my holiday with you spinning lies & bullshit. You are still wrong & are still lying about it.

The foreclosure rates are also highest among the lower income class just as the subprime lending rates are the highest among the lower class. My argument is still valid & your's never was.

Real estate flippers were just speculators who would accept any crazy high interest loan terms because they figured they would flip the house before they had to make many high interest payments.

The borrowers are the sharks & the investors were the prey. They borrowers had nothing to prey upon. Had the SEC, FDIC or the Fed been allowed to protect the investors as they had since the Securities Act of 1933 there would have been no subprime money to lend & no crisis would have happened.

 

[Bfgrn]

SHUT YOUR STUPID PIE HOLE RETARD!!!

Your link:

Subprime lenders target minorities
Study finds African-American, Hispanics pay higher loan rates than whites with similar incomes
May 1, 2002: 3:30 PM EDT

We know predatory lenders targeted minorities and especially the elderly. There was a clear and constant group who called out those practices all the way back to the late '90's. They even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

Acorn Led Financial Sector With Warnings on Lending

ForeclosureS.com - ACORN - Progress in the Fight Against Predatory Lending

Your information is A) dated well before the huge spike in subprime lending B) Fed economists found that about 60% of higher-priced loan originations — the technical definition of subrpime — went to middle- or higher-income borrowers. C) You dated data has nothing about foreclosure rates.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a large segment of buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from their mortgages, leaving people who bought homes to live in with lower values on their house and neighborhood.


WSJ - Fed’s Kroszner: Don’t Blame CRA

WSJ - Fed’s Kroszner: Don’t Blame CRA - The Sequel

Reuters - UPDATE 2-Lending to poor didn't spur crisis

Don't Blame the Community Reinvestment Act

Business Insider - Here's Why Fannie And Freddie Are Not At Fault For The Housing Bubble

Center for Responsible Lending - CRA is not to Blame for the Mortgage Meltdown

Don't blame Fannie and Freddie

Private sector loans, not Fannie or Freddie, triggered crisis

Biggest Defaulters on Mortgages Are the Rich

The Millionaire Foreclosure Club

Foreclosure double standard: Why the rich get away with defaulting

More Rich People Default On Mortgages

The rich bail faster on mortgages

Biggest Defaulters on Mortgages Are the Rich

Rich Borrowers More Likely to Default on Mortgage

Foreclosures & Walking Away: 60 Minutes Eyes an ‘Epidemic’

Speculation By Investors Largely Cause Of Foreclosure Crisis

How the Foreclosure Crisis Started: Investors, Speculators, Mortgage Fraud & Lax Lending Standards


"Eighty percent of Republicans are just Democrats that don't know what's going on"
Robert F. Kennedy Jr.

I clicked on 4 of your off topic links & they were all about the CRA. That is not the topic of discussion & lends nothing to it. I am not wasting my holiday with you spinning lies & bullshit. You are still wrong & are still lying about it.

The foreclosure rates are also highest among the lower income class just as the subprime lending rates are the highest among the lower class. My argument is still valid & your's never was.

Real estate flippers were just speculators who would accept any crazy high interest loan terms because they figured they would flip the house before they had to make many high interest payments.

The borrowers are the sharks & the investors were the prey. They borrowers had nothing to prey upon. Had the SEC, FDIC or the Fed been allowed to protect the investors as they had since the Securities Act of 1933 there would have been no subprime money to lend & no crisis would have happened.

You can't admit you are wrong, why am I not surprised. I just gave you PROOF the financial crisis was not caused by low and middle income families buying a home. It was not caused by dead beat poor people. You 'touched' on the truth when you mentioned speculators. They were never going to live in the home, so the only thing they looked at were the early short term costs. When the values tanked, they walked away...in droves.

I was covering all of northern Florida selling construction equipment for my company when the bottom fell out, the state of Florida was one of the hardest hit because half of the new home were being bought by wealthy people speculating.

I suggest you click on all the links and learn what really happened. I accept your apology in advance.

 

[eflatminor]

How can we afford this new agency?
As if we didn't have enough in this area already.
More and more government is not the answer.

If allowed to do it's job, the reduction in interest on credit cards will be enough to fund the agency.

That is the single dumbest thing I've heard in some time. Not exactly a member of MENSA are ya?

 

[Dot Com]

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

 

[Dot Com]

Stupid people...like hard working Americans who don't have a law degree or a team of lawyers to go over a scurrilous contract?

If the last financial crisis taught us anything...corporations and banks cannot regulate themselves. We need MORE not less government regulations and stiffer enforcement.

You say people must suffer the consequences. Not ONE of the elite Wall Street thieves was arrested or prosecuted.

Arrested for what? Giving a bunch of rich peoples money to poor people who really did not deserve it?

The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.

Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

WHY is it that I always have to argue FACTS with you right wingers? The financial crisis was a rich mans crime. It had nothing to do with lending "money to poor people who really did not deserve it"

The subprime borrowers were mostly rich people. The subprime lenders were private entities outside government guidelines. And the majority of people foreclosed on were rich people.

SO...I will give a chance to restate your argument. But please don't make me school you on the financial crisis. Do the research before you reopen your pie hole.

Agreed. Self- regulation was a disaster: Greenspan Concedes Error on Regulation - NYTimes.com

“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.

Now 82, Mr. Greenspan came in for one of the harshest grillings of his life, as Democratic lawmakers asked him time and again whether he had been wrong, why he had been wrong and whether he was sorry.

Critics, including many economists, now blame the former Fed chairman for the financial crisis that is tipping the economy into a potentially deep recession. Mr. Greenspan’s critics say that he encouraged the bubble in housing prices by keeping interest rates too low for too long and that he failed to rein in the explosive growth of risky and often fraudulent mortgage lending.

 

[The Rabbi]

Greenspan trying to deflect attention from his failures.

Attention: Businesspeople respond to incentives given. If they can make money taking great risk they will do so. Especially if there really is no risk because they know the gov't will bail them out if they screw up really badly. That was the lesson from the S&L crisis and others since. Citibank has been bailed out 3 times already.
Don't blame businesses for acting rationally. Blame gov't for setting these incentives.