Skip to comments.CRA to Blame for Mortgage Mess? (How Government created the problem that they now must solve)
Posted on 09/19/2008 7:16:55 PM PDT by Eric Blair 2084
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“I [heart] red-lining”
“So we have blamed Clinton and are heading towards blaming Johnson.
What did we do in the last 8 years to stop any of this from happening?”
Nothing. We made it worse by deregulating more.
Post #39 - Very well stated. Spot on.
The reason why most lay people are understandably confused is because this is really complicated and involves 30 years of public policy. It’s a long story.
All I am saying is that it is too simplistic to simply use the MSM populist argument that “Greedy lenders caused this.”
It should be clear that you can create all kinds of red tape to hide what you see in front of your own 2 eyes for the past 6 years(personally) but you can only fool everyone for so long. Yeah technically the wording for CRA’s make it so that they aren’t directly looked at but it’s the repercussions of legislation like this that lead to secondary results. Quit hiding behind red tape. That’s exactly the problem with the Democratic party. They lead you on a chase that takes forever for the common man to figure out.
NOW, look at ACORN. Yes, ACORN. I personally was trying to get a loan after years of struggling as a freelancer trying to prove my income,which I did, and was looking into ACORN before I knew what was going on. My loan agent told me that I couldn’t get an ACORN loan. He said “if you weren’t white and made a little less money then I could get you a loan like that”. So don’t hide behind this crap. The CRA set the standard and the rest followed by competing with these banks who were Mandated to give a certain amount of loans to the undeserving. As I have understood also, banks were given a CRA credit score?
Either way....this type of legislation IS WRONG!
Even if you try and hide behind this not being responsible for the crisis we are in. I know better though. My brand new neighborhood had many foreclosures a year later and Section 8 housing following right beside it.
Thanks a lot. Spent the last 7 years of my life working double time to get out of a bad neighborhood to end up right back in one. I’m not the only one either. I’ve talked to many parents across Arlington and Ft. Worth and it is the same there.
This falsehood that ‘we would have seen the results in Vegas’? What is this? a Jedi mind trick. Look around. It’s everywhere.
The bad news??
"REPUBLICAN" President George W. Bush committed $440 BILLION to the CRA back in 2002, setting up NOT ONLY the titanic financial disaster we're now facing between Bush's $700 billion TARP boondoggle and 0bama's $787 billion 'Stimulus Package', but the leftist Presidency of one B. Hussein 0bama-Soetoro.
CRA doesn’t stand for”Community Reinvestment Act”,it stands for”Community Redistribution Act”!
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