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NY Post: The Real Scandal (Mortgage Meltdown)
The New York Post ^ | February 5, 2008 | STAN LIEBOWITZ

Posted on 09/15/2008 8:38:53 PM PDT by Orbiting_Rosie's_Head

PERHAPS the greatest scandal of the mortgage crisis is that it is a direct result of an intentional loosening of underwriting standards - done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.

(Excerpt) Read more at nypost.com ...


TOPICS: Crime/Corruption; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: acorn; affirmativeadvantage; banks; cra; crime; discrimination; economy; fraud; housingbubble; meltdown; mortgage; robberbarons; subprime
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An older article from Feb., but appropriate in light of The Obamessiah's and other Dem's blaming of Bush for the Fiasco. Follow the money back through time to the Community Reinvestment Act and its relationship to the Gramm-Leach-Bliley Act

Better yet, Google Jimmy Carter Community Reinvestment Act, or ACORN Community Reinvestment Act.

1 posted on 09/15/2008 8:38:54 PM PDT by Orbiting_Rosie's_Head
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To: Orbiting_Rosie's_Head
Better yet, Google Jimmy Carter Community Reinvestment Act, or ACORN Community Reinvestment Act.

Or, more importantly, Bill Clinton's amendment to it in 1994.

2 posted on 09/15/2008 8:43:25 PM PDT by Cementjungle
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To: Orbiting_Rosie's_Head
FANNIE-GATE

POST HERE

3 posted on 09/15/2008 8:44:52 PM PDT by paul in cape
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To: Orbiting_Rosie's_Head

bookmark for later.


4 posted on 09/15/2008 8:48:44 PM PDT by IrishCatholic (No local communist or socialist party chapter? Join the Democrats, it's the same thing.)
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To: Orbiting_Rosie's_Head
The real scandal my friends is that everyone is spinning blame and no one gives a tuppenny damn about actually fixing the bleeding problem! Guess what? You can blame whoever the heck you like from a soup line. Good luck with that!
5 posted on 09/15/2008 8:49:03 PM PDT by JasonC
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To: Orbiting_Rosie's_Head

Where is John Galt? Is Atlas shrugging?


6 posted on 09/15/2008 8:50:43 PM PDT by GOPPachyderm
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To: Orbiting_Rosie's_Head

” intentional loosening of underwriting standards - done in the name of ending discrimination,”

Yes..


7 posted on 09/15/2008 8:51:31 PM PDT by HereInTheHeartland (Help fight the left's anointed candidate, contribute and work for McCain/Palin..)
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To: Orbiting_Rosie's_Head
At the crisis' core are loans that were made with virtually nonexistent underwriting standards - no verification of income or assets; little consideration of the applicant's ability to make payments; no down payment.

And at the core of the core are the dems of Freddie and Fannie..

8 posted on 09/15/2008 8:52:13 PM PDT by GOPJ (Am I the only person tired of bailing out multimillionaires with tax dollars?)
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To: Orbiting_Rosie's_Head

Does anybody know how Biden and McCain voted on the CRA and or G-L-B?


9 posted on 09/15/2008 8:52:25 PM PDT by JrsyJack
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To: JasonC

You fix the system by taking the pipe dreamers off the case and rewriting the rules so they jive with reality.


10 posted on 09/15/2008 8:53:31 PM PDT by GOPJ (Am I the only person tired of bailing out multimillionaires with tax dollars?)
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To: Orbiting_Rosie's_Head
In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining" - claims that banks discriminated against minorities in mortgage lending.

No wonder B. Hussein Obama is blaming this mess on Bush. I'm sure he wants to deflect attention away from ACORN's role.

11 posted on 09/15/2008 8:53:59 PM PDT by Shannon
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To: Orbiting_Rosie's_Head

http://banking.senate.gov/public/

http://banking.senate.gov/public/index.cfm?FuseAction=Articles.Detail&Article_id=626fa0c4-fca8-4bbc-9d8f-153744f69523&Month=2&Year=2007

Senator Dodd, number one recipient of lobby funds from FNMA since 1989 (with Obama being #2)

Feb, 2007

“For many years, the battle so many of us fought was to make credit available to neighborhoods that had been redlined, or to people, particularly minorities, who felt the sting of rejection regardless of their creditworthiness.

In response to this injustice, and after years of hard work by people like Reverend Jackson, Hilary Shelton, and many, many others, we passed the Community Reinvestment Act and the Fair Housing Act, so that credit to buy a home or build a business would be available to all Americans.

As a result, we have seen homeownership grow. Every one of us has spoken about homeownership – how it provides stability and a chance to build wealth for the vast majority of Americans. It is the most valuable asset that most of us own. Our homes provide us with a financial cushion on which we can draw to send our children to college, pay for unexpected health care expenses, or finance a secure retirement.

To the extent that the creation of the subprime market has added to this flow of credit in a positive and constructive way, in a way that helps build wealth – I welcome the development.”

Chris Dodd, Chairman Senate Banking Committee and grateful receipient of a preferential Countrywide mortgage


12 posted on 09/15/2008 8:54:39 PM PDT by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: GOPJ
There isn't anyone in the room who isn't a pipe dreamer! You are all stark raving mad with partisan ideological spin and useless floods of unadulterate crap! Got it?

If you want to play partisan blame, you can play it from the bottom of an African cesspool with AK-47s and casual murder in broad daylight. Got it? Or you can call a bleeding time out and save the burning building you are bawling and squabbling over.

13 posted on 09/15/2008 9:01:47 PM PDT by JasonC
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To: Cementjungle
We need many people to research this. BO is blamming Gramm for the debacle, but the orginal GLBA passed the Senate on a near party-line vote (Hollings voted yea) that scaled back the CRA. However, BJ threatened a veto, the bill was rewritten (to strengthen CRA), and it sailed through 90-8. I want to know who was the behind the rewrite, what, if any amendments there were, and what the real story is.

Icky People

Senate Votes to Drop Barriers Between Nation's Financial Industries

I couldn't find a follow-up on the NYT piece about the second 90-8 vote.

14 posted on 09/15/2008 9:04:34 PM PDT by Orbiting_Rosie's_Head (argh)
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To: JasonC

Dude, take your meds.....


15 posted on 09/15/2008 9:08:32 PM PDT by Kozak (Anti Shahada: There is no god named Allah, and Muhammed is a false prophet)
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To: JasonC

I knew God had to have a boss , but I never dreamed that it was JasonC.


16 posted on 09/15/2008 9:09:05 PM PDT by editor-surveyor ( If Obama had Palin's resume and experience Obama would be qualified to be VP too.)
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To: JasonC
The real scandal my friends is that everyone is spinning blame and no one gives a tuppenny damn about actually fixing the bleeding problem! Guess what? You can blame whoever the heck you like from a soup line. Good luck with that!

The first step in fixing a problem is to properly identify it, lest you heap more folly.

17 posted on 09/15/2008 9:09:26 PM PDT by Orbiting_Rosie's_Head (argh)
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To: JasonC
The real scandal my friends is that everyone is spinning blame and no one gives a tuppenny damn about actually fixing the bleeding problem! Guess what? You can blame whoever the heck you like from a soup line. Good luck with that!

It's usually a good idea to figure out what caused the "bleeding problem" before deciding how to fix the "bleeding problem". Flailing your arms about no one doing anything to "fix" the problem is of little value. IMHO, of course.

18 posted on 09/15/2008 9:10:35 PM PDT by Prokopton
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To: JasonC

Thank you Jimmy C!


19 posted on 09/15/2008 9:11:10 PM PDT by editor-surveyor ( If Obama had Palin's resume and experience Obama would be qualified to be VP too.)
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To: JasonC

What on earth are you talking about.


20 posted on 09/15/2008 9:11:19 PM PDT by GOPJ (Am I the only person tired of bailing out multimillionaires with tax dollars?)
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