Posted on 10/08/2008 7:39:47 PM PDT by nomad
Today while at the gym (local budget one) they had an "urban station" on.Now usually I listen to my MP3 player with headphones but today I forgot them.Well can you imagine my surprise and shock when I heard a commercial plugging home sales under none other than the CRA,thats the Community Reinvestment Act.They mentioned it several times as the source of the sales/loans for the homes in question.Are they still issuing sub-prime loans?
yes
yeah they are.
And did any of the bailout go to more sub-prime loans?
Maybe they are selling the same “foreclosed” homes to new sub prime low life, and the circle goes round and round.
But don`t you see,this is the perfect lead in to how the rats are at the bottom of this whole economic meltdown.Either way,it must be stopped,if only for the most basic principle,”Fool me once,shame on you.Fool me twice,shame on me.”
Hey you may be right. There was one I heard today....something about HOPE. I wasn’t paying enough attention to really give any details other than to have the same response you did.
Also, we got an offer for a consolidation loan from Countrywide, just day before yesterday. Seems they want to get as much paper, good or bad...ours would be good, into these bundles as they can.
Also I have noticed that offers for credit cards is on the move again.
I really do think you are onto something!
N.B. The CRA applies only to commercial banks and not to the retail mortgage lenders that were the main subprime offenders.
How is it that places like ACORN could FORCE banks to make these sub prime loans? Commercial banks don’t make mortgage loans.
I don’t know but I am concerned about the ads etc. I have been hearing and I think it is worth looking into.
How can a bank that has gone bankrupt (countrywide) be making offers for a consolidation loan, whicy btw they gave a Nov. 16 deadline for.
I have heard several appealing to people...woe is poor little you. Call and let us help you...blah blah blah. How can they do this when there is no money flowing??
I was afraid of that.
Rest assured, they will fool us twice, thrice and quatro. It is not that we don't care, you, I and all the other Freepers. It is just that none of us has the combined resources to anything about anything. We are all just plain worn out, we will still work hard at trying, but while our attention is on one catastrophe that we have to clean up, they are off destroying something else that will only come to light much later, then we have to clean that one up also.
It reminds me of when one of my friends was married to this louse. She was successful in her Real Estate and saved a lot of money, yet her husband was off spending in area's she knew nothing about until it was too late and she had to dig into her account to pay this off, all the while he was off to another project. He had her down to about 98 lbs and a nervous wreck. Finally she divorced the bum. He was her CONGRESS.
When we had Reagan and Newt there was a renewed spirited energy. The Rino's got rid of Newt and it has fallen into a congressional hellhole with NO ONE at the watch. They all sold out. By design? I don't know.
All I know is I don't know nothing. I am tired of fighting, but for my grandchildren I would simply give up trying to fight the Democrat and Rino enemy.
I hear you. And I so understand how you feel. But I am going to fight however I can. For two reasons. The first is because when I was 20 and the likes of these jerks were up and coming, I was being a responsible American, working, raising my family etc., but I wasn’t near as responsible as I thought I was, because I let the demons that were born in the 60’s slip right by me and turn up in the 80’s as full fledged, educated, elite adults with an agenda to destroy the country that I love so much.
I fight to aleviate my guilt, but I also fight for my grandchildren. It so saddens me to think of the childhood I had in this country. A childhood they or their children will never know. We blew it big time, and we gotta do everything possible to fix it. If we fail, we fail, but we can’t fail carrying a white flag, we just can’t.
You made me smile, remember Ronald Reagan. *sigh*
Remember how after so many years of America being bashed from every quarter, how Ronald Reagan made us feel proud to be Americans again? How he made us believe in the shining city on the hill. I remember how my heart swelled listening to him talk. I remember how safe I felt under his watch, and I remember the hope I had for the future. Unfortunately God only made one Ronald Reagan. *sigh*
They didn’t. I’ll say it again: the CRA has nothing to do with the subprime crisis. The CRA applies to commercial banks only. Subprime lenders were not regulated by the CRA—that was the problem.
Excuse my language, but to quote the race baiter Congressman Meeks “I`m p*ssed off”!
It has nothing to do with helping minorities. It is about gaining the support of certain types in society that you can put on your side of the political map, and it is about control and power.
ok help me out here. The way I understand it is that this mortgage mess is due to people having mortgages they cannot afford and now they are being foreclosed. They got these mortgages from commercial banks which were forced to make these types of loans because of ......what??
I think most of all of this is BY DESIGN. THEY want the minorities to remain ignorant, so they will remain in office. They want us to continue to work hard and pay taxes, then they raise taxes so that we will have to work harder just to make up for the last tax raise. This is the way they control us, keep us in line and if we object we are called all sorts of names. Racist, homophobes, war mongers, etc. until just the risk of being called something like that will keep us in line.
Believe me I am with you on what you say. What do we do?
This is EXACTLY why the $700 billion is a sham that won’t fix anything, becuase it doesn’t address the underlying cause of the problem which is - specifically - that Democrats used the law and the “mantra” of “affordable housing” to put as many poor people in homes as they could, and put just as many of these people’s votes in their pockets as they could!
It amounts to little more than Democrats bankrupting the country to buy special interest votes!
The next time you hear Barack Obama talk about “affordable education”, “affordable healthcare” or any other social program he wants to see put in place, remember how the call for “affordable housing” got us into this mess!
“Affordable __________” is nothing more than socialist code language for ripping off the taxpayer to put deadbeats into homes, colleges and hospitals so Democrats can point to “how much they deserve your vote because they truly care about the underprivileged.”
Meanwhile, those of us who work our asses off to pay for our own homes and to put our own kids through college, have just been served with a $700 billion tab to pay for deadbeats who never should have been able to get a home loan in the first place!
The housing collapse was brought about because all this easy money was floating around waiting for groups like Acorn to force banks into making risky loans (the same Acorn Obama represented in lawsuits to force banks to pony up money for these deadbeats!)
So home prices were artificially inflated by government interference in the housing market. So builders built more houses until supply began outstripping demand.
Suddenly, it became a buyers market and people began seeing that the real worth of their homes was being defined by market forces and not by government via subsidies through cheap, easy loans. Now the housing market has crashed and home values have been decimated.
So the next time you hear any Democrat talking about “affordable” anything, remember what “affordable” means to them: taking money from YOU and giving it to their deadbeat constituents!
I understand. Contrary to what we’ve all been hearing, CRA loans are well-regulated and have a low default rate. Subprime loans are NOT regulated by the CRA—that’s why they were bad.
Ever heard of the viking kitties?
I don't think you should be so hard on yourself as to the creeps that grew up from the 60's and are now running our country. You probably said to yourself then, that one day one of the "HIPPIE CREEPS" will be president of the United States, and low and behold it happened, clintoon and his ilk.
You did not do this, nor did I, and I will not take any quilt over this. I and you worked hard at our jobs, saved, paid our bills as agreed, raised our children correctly.
This all has to go back to Lyndon Johnson and from there forward it just got progressively worse, cause they could get by with it, for we were all too busy working to pay attention to what they were doing to us in their backrooms.
My rant is of no consequence, we all have this same rant and that is all we get to do except pay taxes and bail out the minorities, and the circle goes round and round and passed onto our children. My children are even beginning to sound like me now, lol. They used to get tired of my rant, now they are doing it. Oh my, what have I done?
You don`t mind if I play MY race card,do you?You see,two can play that game,eh,trollie?Words of advice;Don`t fool yourself into believing your own propaganda,we do fight back.
But you see,I have a special burden to carry.I used to be a Democrat till I saw the light,they say converts are the most fired up since THEY KNOW the other side,they used to be one.BTW,Clintoon really did it for me,though I did vote for Reagan,former Reagan Democrat here.
Congress must change some rules, or in 10 yrs we will be right back where we are today.
1. Short Selling is gambling and the Naked Short Selling should be illegal...and Short Sells should have rules.
2. The UpTick Rule needs to be reinstated.
3. All home loans should have substantial down payments, so the homeowner has an investment and won’t walk so easily.
4. Sub primes, arms are usually variable mortgages that the interest rate rises, and should not be used by families, because FIXED RATE mortgages are all you should ever have.
Most ‘credit lines’ are variables....dangerous. When economy had inflation up went the monthly mortgage amount.
5. SEC MUST get rid of the exemption given to the five big banks of $40 to $1..meaning they could loan $40 for every $1 in CAPITAL RESERVE...that’s why they went down quickly..Those banks were Bear Stearns, Merrill Lynch, Lehman...AND still operating are Morgan Stanley and Goldman Sachs. The Banks requested that exemption and it was granted...must be rescinded, if not already...write email to SEC.
Mark to market rule was adjusted for accounting problem already, so we’ll see how it works out...as they try to sell those toxic MBS’s. The stock purchase for taxpayers may make banks start lending again, and isn’t that the reason for the Rescue Plan in first place.
6. NEW REGULATIONS FOR THE BANKS that are consistent with 21st century banking practices.
7. OUR GOV’T MUST HOLD ACCOUNTABLE AS A CRIMINAL ACTs THE MISUSE OF TAXPAYER DOLLARS...as was the case with the SPA VACATIONS of executives last week. Those greedy buzzheads must pay back every penny they spent on that meeting lie.
We must write our Congressman/woman and give this list of NECESSARY REFORMS TO BE DONE IMMEDIATELY, if not sooner.
A quick dogpile search found this,
http://govloans.gov/govloans_en.portal
http://mygovernmentresources.com
Lyndon Johnson did it for me. His GREAT SOCIETY, well look how great it is now, in the slums.
No quilt, hard to see clearly with all the gauzed lenses or the halogen lights (aka as the liberal media) in our eyes.
Peace be with you and may GOD forgive and bless us,you, I and all honorable Freepers.
Those links are not new. Those are the types of things that have been going on for years.
Paulson has not yet decided exactly how this money is going to be spent yet there are people out there in a world where there is no credit making claims like these:
http://www.johnhopebryant.com/john_hope_bryant_/2008/08/mortgage-hope-c.html
http://www.operationhope.org/smdev/hotline.php?id=1427
This one just bought the bankrupt Countrywide. This web page is likely not current but look what it was up to prior to the fall.
http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_mortgage
Now if this gets one of these pooooorrrrrr people that are already in a mess, into a bigger mess, are we going to have to pay for that as well??
http://www.lewrockwell.com/dilorenzo/dilorenzo125.html
Here's what CRA opponents were saying about the law during debate over it in 1977:
"Before the Act was passed, there were severe shortages of credit available to low- and moderate-income neighborhoods. In their 1961 report, the U.S. Commission on Civil Rights found that African-American borrowers were often required to make higher down payments and adopt faster repayment schedules. The commission also documented blanket refusals to lend in particular areas (redlining).[16] Contributory factors in the shortage of direct lending in low- and moderate-income communities were a limited secondary market for mortgages, informational problems to do with the lack of credit evaluations for lower-income borrowers, and lack of coordination among credit agencies.[4][7][13]
In Congressional debate on the Act, critics charged that the law would "distort credit markets, create unnecessary regulatory burden, lead to unsound lending, and cause the governmental agencies charged with implementing the law to allocate credit." Partly in response to these concerns, Congress included little prescriptive detail and simply directs the banking regulatory agencies to ensure that banks and savings associations serve the credit needs of their local communities in a safe and sound manner.[13][7] Community groups only slowly organized to take advantage of their right under the Act to complain about law enforcement of the regulations.[17]
(Cited from Wikipedia on the CRA)
Looks like the act's critics were proven right. BTW, DCmissourian apparently got his claims that the CRA wasn't responsible for this from the same Wiki article farther down the page, but there are plenty of citations in that article that also blame the CRA.
No,I believe DC was a troll sent to help keep this under raps,no way am I going to allow that.
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