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- Jun 13, 2009
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You're so full of shit you can't even keep your story straight.It wasn't smartass at all. If you want to understand the impact of policies, you need to know what those policies were. And I listed some.
Of course. So in the 40 years prior, redlining was llegal. It's almost like we said that already!
No, it didn't. It mandated that banks make loans based on objective criteria, not geography.
More bullshit and lies.
Sec. 802.
(a) The Congress finds that
(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
(b) It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
The purpose was for banks to "serve" their area. That means in poor areas they had to be much more accomodating.
You really don't know much, do you?
Nothing in the above says anything about "being more accomodating". That's just you making up your usual nonsense.
If democrats and government are so concerned about the wealth gap, Why did they introduce and pass CAPPS?