The Stock Market has Declined ever since the Democrats won the House!

[deanrd]

The stock market has declined since September 17.

Not that facts matter.

well "technically" he's correct. the stock market *has* fallen ever since they took the house.

however, it was falling before that so it's not a very "telling" statement on its own.

Democrats won’t actually take the house until January 3.

 

[g5000]

Please tell us what Lehman Brothers, Merrill Lynch, Bear Stearns, Goldman Sachs, AIG, JP Morgan, and Morgan Stanley had to do with the CRA.

You are an ignorant ass.

New Study Finds CRA 'Clearly' Did Lead To Risky Lending | Investor's Business Daily

Democrats and the media insist the Community Reinvestment Act, the anti-redlining law beefed up by President Clinton, had nothing to do with the subprime mortgage crisis and recession.

But a new study by the respected National Bureau of Economic Research finds, "Yes, it did. We find that adherence to that act led to riskier lending by banks." Added NBER: "There is a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam. Moreover, the effects are larger for loans made within CRA tracts," or predominantly low-income and minority areas.

To satisfy CRA examiners, "flexible" lending by large banks rose an average 5% and those loans defaulted about 15% more often, the 43-page study found.

It passed a law requiring the government-backed agencies to "assist insured depository institutions to meet their obligations under the (CRA)." The goal was to help banks meet lending quotas by buying their CRA loans.

But they had to loosen underwriting standards to do it. And that's what they did. "We want your CRA loans because they help us meet our housing goals," Fannie Vice Chair Jamie Gorelick beseeched lenders gathered at a banking conference in 2000, just after HUD hiked the mortgage giant's affordable housing quotas to 50% and pressed it to buy more CRA-eligible loans to help meet those new targets. "We will buy them from your portfolios or package them into securities."

Read on.......


-----------------

Mac, you are a tool. Your little sheep are little tools.

Oh my goodness! I got my Christmas present after all! The retarded owl decided to make a public fool of himself despite the spoiler!

Woo hoo!


Hey dumbshit. None of the broker-dealers I listed, nor AIG, were subject to the CRA.

The CRA had fuck-all to do with their collapse.

First, the CRA did not require nor encourage banks to make the toxic loans which brought down the system.

Second, most of the toxic loans were made by entities which were not even subject to the CRA. Lehman Brothers, Bear Stearns, etc.

In fact, Lehman Brothers bought their own mortgage brokerage supply chain to keep the flow of toxic mortgages coming with which to stuff their CDOs.


You are just a parroting retard who knows NOTHING about the crash. You just parrot what you are told to parrot, and bleev what you are told to bleev.

 

[deanrd]

What did the market do under democrat rule between 2007 to 2010?

Go ahead libs.

Tell me.

Ignoramus, President Bush (a Republican) left the office in Jan 2009.

Except at the very beginning when Bush and the GOP handed their mess over to Obama the stock market grew in almost his entire eight years. It’s incredible.
Not only are Democrats better at managing the economy but the black guy is better than any Republican. Oh God how they hate that.

 

[g5000]

CRA Thought Experiment - The Big Picture

In reality, the precise opposite of what a CRA-induced collapse should have looked like is what occurred. The 345 mortgage brokers that imploded were non-banks, not covered by the CRA legislation. The vast majority of CRA covered banks are actually healthy.

The biggest foreclosure areas aren’t Harlem or Chicago’s South side or DC slums or inner city Philly; Rather, it hs been non-CRA regions — the Sand States — such as southern California, Las Vegas, Arizona, and South Florida. The closest thing to an inner city foreclosure story is Detroit — and maybe the bankruptcy of GM and Chrysler actually had something to do with that.

 

[g5000]

What did the market do under democrat rule between 2007 to 2010?

Go ahead libs.

Tell me.

Ignoramus, President Bush (a Republican) left the office in Jan 2009.

Except at the very beginning when Bush and the GOP handed their mess over to Obama the stock market grew in almost his entire eight years. It’s incredible.
Not only are Democrats better at managing the economy but the black guy is better than any Republican. Oh God how they hate that.

 

[deanrd]

You know that if the economy had crashed just three months later Republicans would’ve blamed everything on Obama. But because Obama saved the economy the worst they could do was try to take credit for it. Something we all know is laughable.

They did the same thing with Osama bin Laden. They let him go and stopped looking for him and when Obama took him down they tried to credit snatch from Obama.

 

[Theowl32]

Please tell us what Lehman Brothers, Merrill Lynch, Bear Stearns, Goldman Sachs, AIG, JP Morgan, and Morgan Stanley had to do with the CRA.

You are an ignorant ass.

New Study Finds CRA 'Clearly' Did Lead To Risky Lending | Investor's Business Daily

Democrats and the media insist the Community Reinvestment Act, the anti-redlining law beefed up by President Clinton, had nothing to do with the subprime mortgage crisis and recession.

But a new study by the respected National Bureau of Economic Research finds, "Yes, it did. We find that adherence to that act led to riskier lending by banks." Added NBER: "There is a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam. Moreover, the effects are larger for loans made within CRA tracts," or predominantly low-income and minority areas.

To satisfy CRA examiners, "flexible" lending by large banks rose an average 5% and those loans defaulted about 15% more often, the 43-page study found.

It passed a law requiring the government-backed agencies to "assist insured depository institutions to meet their obligations under the (CRA)." The goal was to help banks meet lending quotas by buying their CRA loans.

But they had to loosen underwriting standards to do it. And that's what they did. "We want your CRA loans because they help us meet our housing goals," Fannie Vice Chair Jamie Gorelick beseeched lenders gathered at a banking conference in 2000, just after HUD hiked the mortgage giant's affordable housing quotas to 50% and pressed it to buy more CRA-eligible loans to help meet those new targets. "We will buy them from your portfolios or package them into securities."

Read on.......


-----------------

Mac, you are a tool. Your little sheep are little tools.

And you completely ignored everything I wrote.

What happened when a mortgage was written?

And why?

I don't know if Rush has covered that.
.

Rush? What the fuck are you taking about? Holy shit you are a pathetic fucking liberal bumper sticker.

From 2001-2007, Fannie and Freddie bought roughly half of all CRA home loans, most carrying subprime features.


Lenders not subject to the CRA, such as subprime giant Countrywide Financial, still fell under its spell. Regulated by HUD, Countrywide and other lenders agreed to sign contracts with the government supporting such lending under threat of being brought under CRA rules.


"Countrywide can potentially help you meet your CRA goals by offering both whole loan and mortgage-backed securities that are eligible for CRA credit," the lender advertised to banks.


Housing analysts say the CRA is the central thread running through the subprime scandal — from banks and subprime lenders to Fannie and Freddie to even Wall Street firms that took most of the heat for the crisis.

While the 1977 law was passed 30 years before the crisis, it underwent a major overhaul just 10 years earlier. Starting in 1995, banks were measured on their use of innovative and flexible" lending standards, which included reduced down payments and credit requirements.


Banks that didn't meet Clinton's tough new numerical lending targets were denied merger plans, among other penalties. CRA shakedown groups like Acorn held hostage the merger plans of banks like Citibank and Washington Mutual until they pledged more loans to credit-poor minorities.

WaMu CEO Kerry Killinger has blamed the CRA for his bank's overexposure to risky loans. He said he wanted to tighten lending requirements, but "such measures would have presented other issues such as the company's CRA rating and its commitment to serving its (low-income and minority) customers and communities."


Other large banks have reported serious delinquency rates on CRA home loans. Bank of America's 2009 10-K states: "Our CRA portfolio comprised 6% of the total residential mortgage balances, but 17% of nonperforming residential mortgage loans."


Under Clinton's revised CRA, moreover, banks for the first time earned CRA credit for purchasing subprime securities.


A wave of these securitizations began in 1997, which also happens to mark the start of the housing bubble.

CRA “Clearly Did” Lead To Risky Loans
New study concludes that the Community Reinvestment Act 'clearly' did lead to risky lending - AEI
Read the bold faced Mac. Your commie networks are doing bad things to you. Stop watching cnn loser.


Keep thinking it had nothing to do with the housing crisis and risky lending Mac. You do this for a living? Not to mention the bi-partisan issue that also had nothing to with Bush in regards to the Commodity Futures Modernization Act, passed in Dec, 2000.

 

[Theowl32]

Please tell us what Lehman Brothers, Merrill Lynch, Bear Stearns, Goldman Sachs, AIG, JP Morgan, and Morgan Stanley had to do with the CRA.

Awww, you've ruined the surprise.

I was looking forward to the retarded owl making a public fool of himself some more.

Ignorance is one thing, but when he tries to intimidate with ignorance, it reaches a new level of funny.
.

You are one dumb ass if you think you went anywhere debating me you piece of shit.

Go to the race card. You have nothing here asshole.

Also, are you or are you not acknowledging what the economy did under democrat controlled Congress?

I really cannot tell.

 

[sartre play]

Greed did it, greed is not confined to any one political party. I may think one party does a better job, but in the end greed always rules.

 

[rightwinger]

The Trump economy has turned into a disaster

Worst week since the Great Depression

 

[g5000]

Please tell us what Lehman Brothers, Merrill Lynch, Bear Stearns, Goldman Sachs, AIG, JP Morgan, and Morgan Stanley had to do with the CRA.

You are an ignorant ass.

New Study Finds CRA 'Clearly' Did Lead To Risky Lending | Investor's Business Daily

Democrats and the media insist the Community Reinvestment Act, the anti-redlining law beefed up by President Clinton, had nothing to do with the subprime mortgage crisis and recession.

But a new study by the respected National Bureau of Economic Research finds, "Yes, it did. We find that adherence to that act led to riskier lending by banks." Added NBER: "There is a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam. Moreover, the effects are larger for loans made within CRA tracts," or predominantly low-income and minority areas.

To satisfy CRA examiners, "flexible" lending by large banks rose an average 5% and those loans defaulted about 15% more often, the 43-page study found.

It passed a law requiring the government-backed agencies to "assist insured depository institutions to meet their obligations under the (CRA)." The goal was to help banks meet lending quotas by buying their CRA loans.

But they had to loosen underwriting standards to do it. And that's what they did. "We want your CRA loans because they help us meet our housing goals," Fannie Vice Chair Jamie Gorelick beseeched lenders gathered at a banking conference in 2000, just after HUD hiked the mortgage giant's affordable housing quotas to 50% and pressed it to buy more CRA-eligible loans to help meet those new targets. "We will buy them from your portfolios or package them into securities."

Read on.......


-----------------

Mac, you are a tool. Your little sheep are little tools.

And you completely ignored everything I wrote.

What happened when a mortgage was written?

And why?

I don't know if Rush has covered that.
.

Rush? What the fuck are you taking about? Holy shit you are a pathetic fucking liberal bumper sticker.

From 2001-2007, Fannie and Freddie bought roughly half of all CRA home loans, most carrying subprime features.


Lenders not subject to the CRA, such as subprime giant Countrywide Financial, still fell under its spell. Regulated by HUD, Countrywide and other lenders agreed to sign contracts with the government supporting such lending under threat of being brought under CRA rules.


"Countrywide can potentially help you meet your CRA goals by offering both whole loan and mortgage-backed securities that are eligible for CRA credit," the lender advertised to banks.


Housing analysts say the CRA is the central thread running through the subprime scandal — from banks and subprime lenders to Fannie and Freddie to even Wall Street firms that took most of the heat for the crisis.

While the 1977 law was passed 30 years before the crisis, it underwent a major overhaul just 10 years earlier. Starting in 1995, banks were measured on their use of innovative and flexible" lending standards, which included reduced down payments and credit requirements.


Banks that didn't meet Clinton's tough new numerical lending targets were denied merger plans, among other penalties. CRA shakedown groups like Acorn held hostage the merger plans of banks like Citibank and Washington Mutual until they pledged more loans to credit-poor minorities.

WaMu CEO Kerry Killinger has blamed the CRA for his bank's overexposure to risky loans. He said he wanted to tighten lending requirements, but "such measures would have presented other issues such as the company's CRA rating and its commitment to serving its (low-income and minority) customers and communities."


Other large banks have reported serious delinquency rates on CRA home loans. Bank of America's 2009 10-K states: "Our CRA portfolio comprised 6% of the total residential mortgage balances, but 17% of nonperforming residential mortgage loans."


Under Clinton's revised CRA, moreover, banks for the first time earned CRA credit for purchasing subprime securities.


A wave of these securitizations began in 1997, which also happens to mark the start of the housing bubble.

CRA “Clearly Did” Lead To Risky Loans
New study concludes that the Community Reinvestment Act 'clearly' did lead to risky lending - AEI
Read the bold faced Mac. Your commie networks are doing bad things to you. Stop watching cnn loser.


Keep thinking it had nothing to do with the housing crisis and risky lending Mac. You do this for a living? Not to mention the bi-partisan issue that also had nothing to with Bush in regards to the Commodity Futures Modernization Act, passed in Dec, 2000.

The AEI is a hack pseudocon organization. That CRA "study" was debunked before the ink was even dry on it.

Idiot.

 

[g5000]

In your own link, retarded owl:

One starting point is the early 2009 research of two Federal Reserve economists, Neil Bhutta and Glenn B. Canner, also summarized in this Randy Kroszner speech. On the first question Kroszner summarizes research by the Federal Reserve, the latest being from 2000, arguing that “lending to lower-income individuals and communities has been nearly as profitable and performed similarly to other types of lending done by CRA-covered institutions.” The CRA didn’t cause changes to banks’ portfolios, but instead required them to find better opportunities. More on this in a minute.

What about the second question? Here the Bhutta/Canner research notes that only SIX PERCENT of higher-priced loans (their proxy for subprime loans) were extended by CRA-covered lenders to lower-income borrowers or CRA neighborhoods. 94 percent of these loans were either made by non-traditional banks not covered by the CRA (the “shadow banking system”), or not counted towards CRA credits.

(Which is what I have been telling you cranks for months now-Max)

As Kroszner noted, “the very small share of all higher-priced loan originations that can reasonably be attributed to the CRA makes it hard to imagine how this law could have contributed in any meaningful way to the current subprime crisis.”

(Again: Makes the same point I made repeatedly- ON SHEER LOAN VOLUME ALONE, the theory has absolutely NO PLAUSIBILITY. IT’S A JOKE.)

How did those loans do? Here the research compared the performance of subprime and alt-A loans in neighborhoods right above and right below the CRA’s income threshold, and found that there was no difference in how the loans performed. Hence the idea that a CRA-driven subprime bubble isn’t found in the data. (The FCIC’s final report, starting at page 219, has more on this and other research.)

(That’s ANOTHER point I made: the default metrics for these loans aren’t bad at all)

 

[g5000]

I am frankly astonished there are still retards out there parroting the long-debunked bullshit about the CRA.

 

[otto105]

Ever think about the FACT. That the Stock Market has been on a steep decline ever since the Democrats won the House in the last midterm elections!

Makes you kind of wanting to say Hmm

Just like drumpf so many misstaements or outrigfht lies in one simpliton post.

Fact the market closed higher the day after the election on Nov 7th.
Fact the all-time high was hit Oct 3rd at 26,952 and has been declining since.

Fact the steep declines occured after Dec 3rd when dear drumpfster started pushing shutdown talk, more trade war with China and his idiotic tweeter war with the Fed.


Stop passing the buck flake.

 

[Theowl32]

The left are actually trying to cling to their utter bullshit studies and trying to convince us that these politicians did not want to ARTIFICIALLY BOOST HOMEOWNERS during their tenures. Of course that did not lead to any problems of course.



The libs are so fucking pathetic. I will admit the republicans shared a role, but not what Bush did.



PLEASE WATCH AT 2:00 where he admits to LOAN AFFIRMATIVE ACTION that would not have been available otherwise. PLEASE, do yourselves a favor and educate yourselves. These fucking liberals are nothing but fucking liars.

People, do not buy their crap. They are now saying risky loans and pressure the rewriting of the Community Reinvestment Act, which put all sorts of pressure on banks to lend (subject to penalties) did not contribute a thing.

Do not believe them folks.

 

[WaitingFor2020]

What did the market do under democrat rule between 2007 to 2010?

Go ahead libs.

Tell me.

Ignoramus, President Bush (a Republican) left the office in Jan 2009.

What


Did


The economy


Do


From 2007 to 2010.....pelosi and the democrats had power of the House during that time.

Republicans recaptured the House in 2010, the Senate in 2014.

Your little graph does not show what happened from 2007 to 2010, doesn't show it.

You of course blame Buuuuuush for the collapse in 2008. Yet none of you explain who signed the Commodity Futures Modernization Act.

None of you fucking care what happened when clinton rewrote the Community Reinvestment Act.

You pathetic ignorant morons.

Those acts/bills had nothing to do with the collapse of 2008. It was a mortgage meltdown, remember?

What Was the Subprime Mortgage Crisis and How Did it Happen?
.
.

 

[Mac1958]

Please tell us what Lehman Brothers, Merrill Lynch, Bear Stearns, Goldman Sachs, AIG, JP Morgan, and Morgan Stanley had to do with the CRA.

You are an ignorant ass.

New Study Finds CRA 'Clearly' Did Lead To Risky Lending | Investor's Business Daily

Democrats and the media insist the Community Reinvestment Act, the anti-redlining law beefed up by President Clinton, had nothing to do with the subprime mortgage crisis and recession.

But a new study by the respected National Bureau of Economic Research finds, "Yes, it did. We find that adherence to that act led to riskier lending by banks." Added NBER: "There is a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam. Moreover, the effects are larger for loans made within CRA tracts," or predominantly low-income and minority areas.

To satisfy CRA examiners, "flexible" lending by large banks rose an average 5% and those loans defaulted about 15% more often, the 43-page study found.

It passed a law requiring the government-backed agencies to "assist insured depository institutions to meet their obligations under the (CRA)." The goal was to help banks meet lending quotas by buying their CRA loans.

But they had to loosen underwriting standards to do it. And that's what they did. "We want your CRA loans because they help us meet our housing goals," Fannie Vice Chair Jamie Gorelick beseeched lenders gathered at a banking conference in 2000, just after HUD hiked the mortgage giant's affordable housing quotas to 50% and pressed it to buy more CRA-eligible loans to help meet those new targets. "We will buy them from your portfolios or package them into securities."

Read on.......


-----------------

Mac, you are a tool. Your little sheep are little tools.

And you completely ignored everything I wrote.

What happened when a mortgage was written?

And why?

I don't know if Rush has covered that.
.

Rush? What the fuck are you taking about? Holy shit you are a pathetic fucking liberal bumper sticker.

From 2001-2007, Fannie and Freddie bought roughly half of all CRA home loans, most carrying subprime features.


Lenders not subject to the CRA, such as subprime giant Countrywide Financial, still fell under its spell. Regulated by HUD, Countrywide and other lenders agreed to sign contracts with the government supporting such lending under threat of being brought under CRA rules.


"Countrywide can potentially help you meet your CRA goals by offering both whole loan and mortgage-backed securities that are eligible for CRA credit," the lender advertised to banks.


Housing analysts say the CRA is the central thread running through the subprime scandal — from banks and subprime lenders to Fannie and Freddie to even Wall Street firms that took most of the heat for the crisis.

While the 1977 law was passed 30 years before the crisis, it underwent a major overhaul just 10 years earlier. Starting in 1995, banks were measured on their use of innovative and flexible" lending standards, which included reduced down payments and credit requirements.


Banks that didn't meet Clinton's tough new numerical lending targets were denied merger plans, among other penalties. CRA shakedown groups like Acorn held hostage the merger plans of banks like Citibank and Washington Mutual until they pledged more loans to credit-poor minorities.

WaMu CEO Kerry Killinger has blamed the CRA for his bank's overexposure to risky loans. He said he wanted to tighten lending requirements, but "such measures would have presented other issues such as the company's CRA rating and its commitment to serving its (low-income and minority) customers and communities."


Other large banks have reported serious delinquency rates on CRA home loans. Bank of America's 2009 10-K states: "Our CRA portfolio comprised 6% of the total residential mortgage balances, but 17% of nonperforming residential mortgage loans."


Under Clinton's revised CRA, moreover, banks for the first time earned CRA credit for purchasing subprime securities.


A wave of these securitizations began in 1997, which also happens to mark the start of the housing bubble.

CRA “Clearly Did” Lead To Risky Loans
New study concludes that the Community Reinvestment Act 'clearly' did lead to risky lending - AEI
Read the bold faced Mac. Your commie networks are doing bad things to you. Stop watching cnn loser.


Keep thinking it had nothing to do with the housing crisis and risky lending Mac. You do this for a living? Not to mention the bi-partisan issue that also had nothing to with Bush in regards to the Commodity Futures Modernization Act, passed in Dec, 2000.

Of course it had to do with risky lending.

The mortgage companies knew they'd have that shit mortgage off their books, after fees, by noon the next day.

Those shit mortgages went into shit CMOs and even shittier CDOs.

Then AIG insured the whole mess with no reserve requirements and cleared the books.

Then those shit securities were given AAA ratings and sold to "clients" by "fiduciaries".

Then it all came down.

But you don't know that, because Rush doesn't cover it.
.

 

[WaitingFor2020]

The stock market has declined since September 17.

Not that facts matter.

The tards don't notice things until they are told to notice them, and then only within a very carefully crafted frame.

Just like they have not noticed Trump's record spending and doubling of the deficit.

Once the Democrats take the House, the tards will suddenly notice there is a lot of spending going on!

I have good reasons for calling them retards.

If Fox isn't talking about it, they don't know it.
And Fox doesn't talk about Trump's spending and deficit problems.
It's that simple. "Sad."
.
.
.

 

[Mac1958]

I am frankly astonished there are still retards out there parroting the long-debunked bullshit about the CRA.

It's all they have. It's all they know.
.

 

[Theowl32]

Please tell us what Lehman Brothers, Merrill Lynch, Bear Stearns, Goldman Sachs, AIG, JP Morgan, and Morgan Stanley had to do with the CRA.

You are an ignorant ass.

New Study Finds CRA 'Clearly' Did Lead To Risky Lending | Investor's Business Daily

Democrats and the media insist the Community Reinvestment Act, the anti-redlining law beefed up by President Clinton, had nothing to do with the subprime mortgage crisis and recession.

But a new study by the respected National Bureau of Economic Research finds, "Yes, it did. We find that adherence to that act led to riskier lending by banks." Added NBER: "There is a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam. Moreover, the effects are larger for loans made within CRA tracts," or predominantly low-income and minority areas.

To satisfy CRA examiners, "flexible" lending by large banks rose an average 5% and those loans defaulted about 15% more often, the 43-page study found.

It passed a law requiring the government-backed agencies to "assist insured depository institutions to meet their obligations under the (CRA)." The goal was to help banks meet lending quotas by buying their CRA loans.

But they had to loosen underwriting standards to do it. And that's what they did. "We want your CRA loans because they help us meet our housing goals," Fannie Vice Chair Jamie Gorelick beseeched lenders gathered at a banking conference in 2000, just after HUD hiked the mortgage giant's affordable housing quotas to 50% and pressed it to buy more CRA-eligible loans to help meet those new targets. "We will buy them from your portfolios or package them into securities."

Read on.......


-----------------

Mac, you are a tool. Your little sheep are little tools.

And you completely ignored everything I wrote.

What happened when a mortgage was written?

And why?

I don't know if Rush has covered that.
.

Rush? What the fuck are you taking about? Holy shit you are a pathetic fucking liberal bumper sticker.

From 2001-2007, Fannie and Freddie bought roughly half of all CRA home loans, most carrying subprime features.


Lenders not subject to the CRA, such as subprime giant Countrywide Financial, still fell under its spell. Regulated by HUD, Countrywide and other lenders agreed to sign contracts with the government supporting such lending under threat of being brought under CRA rules.


"Countrywide can potentially help you meet your CRA goals by offering both whole loan and mortgage-backed securities that are eligible for CRA credit," the lender advertised to banks.


Housing analysts say the CRA is the central thread running through the subprime scandal — from banks and subprime lenders to Fannie and Freddie to even Wall Street firms that took most of the heat for the crisis.

While the 1977 law was passed 30 years before the crisis, it underwent a major overhaul just 10 years earlier. Starting in 1995, banks were measured on their use of innovative and flexible" lending standards, which included reduced down payments and credit requirements.


Banks that didn't meet Clinton's tough new numerical lending targets were denied merger plans, among other penalties. CRA shakedown groups like Acorn held hostage the merger plans of banks like Citibank and Washington Mutual until they pledged more loans to credit-poor minorities.

WaMu CEO Kerry Killinger has blamed the CRA for his bank's overexposure to risky loans. He said he wanted to tighten lending requirements, but "such measures would have presented other issues such as the company's CRA rating and its commitment to serving its (low-income and minority) customers and communities."


Other large banks have reported serious delinquency rates on CRA home loans. Bank of America's 2009 10-K states: "Our CRA portfolio comprised 6% of the total residential mortgage balances, but 17% of nonperforming residential mortgage loans."


Under Clinton's revised CRA, moreover, banks for the first time earned CRA credit for purchasing subprime securities.


A wave of these securitizations began in 1997, which also happens to mark the start of the housing bubble.

CRA “Clearly Did” Lead To Risky Loans
New study concludes that the Community Reinvestment Act 'clearly' did lead to risky lending - AEI
Read the bold faced Mac. Your commie networks are doing bad things to you. Stop watching cnn loser.


Keep thinking it had nothing to do with the housing crisis and risky lending Mac. You do this for a living? Not to mention the bi-partisan issue that also had nothing to with Bush in regards to the Commodity Futures Modernization Act, passed in Dec, 2000.

Of course it had to do with risky lending.

The mortgage companies knew they'd have that shit mortgage off their books, after fees, by noon the next day.

Those shit mortgages went into shit CMOs and even shittier CDOs.

Then AIG insured the whole mess with no reserve requirements and cleared the books.

Then those shit securities were given AAA ratings and sold to "clients" by "fiduciaries".

Then it all came down.

But you don't know that, because Rush doesn't cover it.
.

Holy shit