Posted on 02/22/2009 8:09:48 AM PST by No One Special
bump
The democrats mandated BY LAW that lending institutions give out worthless mortgages to people with no ability to ever re-pay these loans: The CRA Act of 1996, brought to full toxic fruition with the criminal corruption of Fannie Mae and Freddie Mac by Rahm Emanuel, Jamie Gorelik, Franklin Raines, Chris Dodd, Barney Frank, and the rest of the as yet Unindicted.
Can you say ACORN and Jesse Jackson shake-down of financial institutions when it came to so-called red lining? IMHO no one should be paying 31% of their pay to a mortgage company. If you have kids you cannot afford to have almost 1/3 of your salary going for a mortgage payment.
Insane. So a loan issued on perhaps 200% [exaggeration!] of the homeowner’s lied-about income must now be reduced to 31% of his actual income? And who makes up the difference?
When one of my kids worked as an ED for a Habitat affiliate, she discovered that most of the “homeowners” had 100% government income (a no-no in the Habitat guidelines). Interestingly enough, these people were frequently in default, even though the mortgage payment was low and, obviously, their government income was quite regular.
She insisted that people have actual income to get homes and this improved the repayment stats considerably.
what’s happening here...is that now that ACORN has a line-item practically in ‘Bama’s stimulus package...they don’t NEED CRA any longer...this Sh*& Su$%*!!!
Back in the old days, when dinosaurs ruled the Earth and I bought my first house, I STARTED by adding up my pre-tax income, then calculating 30% of that and THEN shopping around for a house that sold for a price whose financing would be within that number and I could therefore afford.
The World has totally flipped on its axis since then which also explains the extinction of the less adaptable dinosaurs due to the resulting climate changes.
The guy that stares back at you when you shave every morning.
As long as they look busy. That’s what they get paid for, right? Bustling around and looking busy about “the people’s business”.
As in “somebody needs to do something”.
It is time for this country, the real Americans in it to just do the equivalent of declaring bankruptcy. Invest no, none, dollars in the stock market, maximize deductions and minimize withholding, start keeping value in forms other than deposits and paper, and to make every effort to be tied to no debt that can be subsumed by the government. This train wreck is inevitable. Obama has already said that he’s going to raise taxes and give it to those who don’t do or deserve $hit. The upper limits of what he’s promising now may be above your level of concern now, but that will change. His goal is equalization of wealth. Then he’s on to retribution.....
Silly me!
“Also keep in mind that banks were given CRA ratings. A low CRA rating basically labeled the bank as racist. “
Fool you once, my luck, fool you twice your fault. (Barney Frank is LHAO)
Excellent post. Thanks.
bttt
The only problem I see with your post is the fact that only one of the bailed out banks ever applied for CRA credits.
Closing the barn door...
"Gentlemen, we've got to do something to protect our phoney-baloney jobs."
I don't understand? CRA credit? I was talking about CRA rating. Banks don't apply for a CRA rating. CRA ratings are given to them by the federal government.
CRA Rating search:
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