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Posted by: Ratskii 1 year, 2 months ago
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Ratskii1 year, 2 months ago
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DL,
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Sigh, usual ignorant ranting. CRA loans are not what caused the economic melt down. They have a better record for repayment than most of the other mortgage loans out there.
I have no idea whether or not Palin or you are racist, but your claim that the democratic party is racist ignores history since 1948 (look up what Truman and Humphrey did to make civil rights for minorities one of the cornerstones of the democratic party). If you don't believe that white voting for McCain are necessarily racist (and I don't), how can you make the claim that blacks voting for Obama are racist? Do you really believe that you can isolate someone elses motives that way when they make no statements indicating racism?-
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Endoscopy1 year, 2 months ago
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Try again. That one is getting worn out. You are going on the lies that Raines made to cover up what was happening. Why did the Government have to bail out them if there was no problem. The rest of the banking industry was frogged marched down the path of sub prime loans by the CRA. What happened when Clinton and Bush asked for Reforms? Democrats were outraged that the Clinton and the Republicans would attack their precious GSE's that were the compassionate part of finance.
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All of those sub prime loans that went into foreclosure caused the bubble to housing price to burst. Too many extra homes on the market after the prices went up way too fast because of the extra homes being sold under CRA. Down came the house of cards that the Democrats caused to be built. 30% plus off of ALL mortgages worth on the papers that are backed by the loans. Crash. Bankrupt banks since their net worth in real estate mortgages took that hit. Money gone.
http://mysite.verizon.net/vodkajim/housingbubble/
Thanks Democrats.-
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miklkit1 year, 2 months ago
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BU**SH**!! Nobody frog marched anyone anywhere. You republicons went down that path of your own free will. You were pushing those sub prime rates as hard as you could. I was getting 2 - 6 letters a day for a while there trying to get me into that cesspool. They've almost stopped now. There are whole blocks of houses out there that are empty. 2 stories with swimming pools. Those aren't CRA's. Good people took those loans because the banks said it was ok. Now all of that trust is gone.
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Endoscopy1 year, 2 months ago
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OK what do you call it when an organization that creates mortgages has to have a high enough CRA rating if they want to expand? In an industry where it is expand or die.
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What do you call that? Coercion, big pressure, do it or else. etc.
Take your pick and place it in place of frog marched. The pressure was to give out some bad loans as a cost of doing business in order to expand. The foreclosures they were able to handle. The problem of the housing cost bubble bursting from it is what brought the house of card down. On the books a mortgage is worth the resale price of the property. 30% drop and that much effective money is gone from the institution holding the loans. It was not the foreclosures that were the problem but the effect they had on house prices.
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lfergie8121 year, 2 months ago
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Your blaming Democrats for the problem is ludicrous. The problem started when people ( Republican and Democrat) wanted to get rich in the housing bubble and the PRESENT CEOs of the lending industry let them have unsecured loans on houses they could not afford. People speculating on the market without secure loans such as those that borrowed on their home by equity line loans. I could not tell you how many solicitations I get in the mail even today for easy loans. "You have been approved for a loan for $80,000. Sign here"
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The 1999 Gramm-Leach-Bliley bill was pushed through by Senate Financial Chairman Phil Gramm (McCain's financial adviser now) and it was passed by a vote of 90 to 8 in the senate. Now who is at fault for the bill? The banking lobbyist that has paid every senator both Dem. or Rep. with their hand out. That is why we need to insist on removing all lobbyist from Washington including Rick Davis and Phil Gramm who are working for McCain and yes those also working for Obama if they have their hands in lobbyist's pockets.
I feel that another reason for the problem is where people bought homes they could afford at the time and the sharp increase in the cost of living, including fuel, destroyed the family budget and made the home unaffordable.-
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lfergie8121 year, 2 months ago
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"The chairman of the Senate Banking Committee, Texas Republican Phil Gramm, himself collected more than $1.5 million in cash from the three industries during the last five years: $496,610 from the insurance industry, $760,404 from the securities industry and $407,956 from banks."
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http://www.wsws.org/articles/1999/nov1999/bank-n01...
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