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Posted by: dunkirk 1 year, 2 months ago
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dunkirk1 year, 2 months ago
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Signed by carter?? In the 70's?? Hmmmm AND since then we;ve had Rayg8n, Bush I and Dumya. So what your saying is after 20 years of REPUBLICAN rule they seemed incapable of changing it?? But wait you say it was a DEM Congress blocking it?? Hmmmm but we;ve had Repuiblicna control of Congress since 92 thats 14 years. Oh but CLinton was Pesident?? Dam that leaves us with 6 years of REPUBLICNA DOMINATED government and they couldnt address it?? AND you say they fought it in 2003,2004 and 2005?? When the REpublicans dominatesd the govt and the bill couldnt make its way OUT OF A REPUBLICAN CONTROLLED COMMITTEE?? ROFLMAO
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dunkirk1 year, 2 months ago
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ROFLMAO, exactly how did Dems stifle reforms in a REPUBLICAN controlled congress?? please be specific, the REPUBLICNAS HAD the majority which means they had more votes and controlled the committees. It would seem the stifling being done was by teh REPUBLICANS in quashing oversight.
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Endoscopy1 year, 2 months ago
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Poor dunkirk forgot Clinton who put it on steroids.
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Signed by carter in 1977 for minorities only. Updated to everybody in 1992 by Clinton. Updates went into effect in 1995. At that point there were $48 billion in sub prime loans. Then it skyrocketed to $1 trillion today.
What happened in 2003, 2005, and 2006?
Democrats went to the wall to defend Fannie and Freddy.
Why couldn't the Republicans do anything. Threat of filibuster kills anything in the senate.
So liberals thank your senators for stopping this bad (in their eyes) legislation. Thank them for the mess we are in now.-
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djn3nunez31 year, 2 months ago
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Not surprisingly given the higher degree of supervision, loans made under the CRA program were made in a more responsible way than other subprime loans. CRA loans carried lower rates than other subprime loans and were less likely to end up securitized into the mortgage-backed securities that have caused so many losses, according to a recent study by the law firm Traiger & Hinckley (PDF file here).
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Finally, keep in mind that the Bush administration has been weakening CRA enforcement and the law’s reach since the day it took office. The CRA was at its strongest in the 1990s, under the Clinton administration, a period when subprime loans performed quite well. It was only after the Bush administration cut back on CRA enforcement that problems arose, a timing issue which should stop those blaming the law dead in their tracks. The Federal Reserve, too, did nothing but encourage the wild west of lending in recent years. It wasn’t until the middle of 2007 that the Fed decided it was time to crack down on abusive pratices in the subprime lending market. Oops.
http://www.businessweek.com/investing/insights/blo...-
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hyperbola1 year, 2 months ago
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That information has been available for awhile now, but the sock puppets prefer to scream about other things.
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The fact of the matter is that the bad debts at Fanny and Freddy are less than half of the size of the $700 trillion bailout. The real problem is the ponzi scheme leveraging (and not only in housing) done by Wall Street in unregulated "investment" banks, insurance businesses and hedge funds. At Lehmann Bros. for example, the leveraging was over 30-fold, i.e. they were gambling with debts over 30-fold greater than their capital.
The real problems are not F and F but things like the growth of "credit default swaps" at AIG from $1 trillion in 2001 to $62 trillion in 2008. -
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Endoscopy1 year, 2 months ago
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ROTFLMAO
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That act is where the sub prime loans came from. The rules were lax ALL the time. Always trying to blame Republicans when it is a Democrat fault. Compassionate loans are a Democrat process not a Republican one. CRA did away with the rules except that banks were graded for the CRA rating if they wanted to expand and open branches.
Conservative NEVER have thought that compassion belongs in finance, only liberals. Why can't you take the heat when your side makes a mistake. That is right, liberals never do anything wrong.
The CRA was enhanced by Clinton and went into effect in 1995. In 2000 Clinton asked Congress to reform Fannie Mae and Freddy Mac. Bush has called for reform since 2001. 17 times in 2008 alone.
http://gatewaypundit.blogspot.com/2008/09/bush-cal...
Read it and weep. There are several sites with similar information. Of course that makes the liberals in the wrong so they will just say it is a lie. Clinton has said the problem was caused by Democrats.
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