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...Big Lenders to finance overly risky loans under some euphemism about some perceived "fairness" or other. The Big Lending industry fails, and Big Government steps in with a euphemistic "bailout" that saves the day (ala Mighty Mouse). Now Big Government agents want, once again, to coerce the lenders into making the same risky loans that caused all the problems in the beginning. What a country! (ala Jakov Smirnoff). |
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Again, she focuses on the aspect of the housing bubble's burst on the one area that had very little impact on the implosion. If nothing else, Bachmann is relentless in her single-minded and wrongheaded focus. |
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I guess it's no use trying to point out the truth: this story has already gone into the books with "Al Gore says he invented the internet" and the Clinton death list.
The rest of us laugh at the picture of bankers on their knees with guns pointed at their heads. "No, no! Please! Please don't make us loan these people money!" |
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...learn the truth before you presume to point it out. Learn about what the coercive power of the state is, and learn what any business entity really is, then get back to your posts.
Unfortunately for KA, she is beyond seeking for any truth. She just wants to spout vitriol against her perceived enemies. |
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Its obvious that Barney is living in his altered reality whereby the nasty wall street types caused all this. (wall st. types that LOVE to donate to democrats no less!)
Liberals tap dance on the edge of their own twisted reality...and in the eyes of Bwaney...he's in the right....100% of the time....
Want to see change?????
Fannie and Freddie need to be abolished.....
Lending institutions need to hold their own notes....
You will see true market forces at work........ |
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All one needs to do is read this legislative act, as it was modified, by the Clinton administration.
Like Holocaust deniers, those who refuse to believe the housing "CRISIS" was ostensibly caused by this act as well as greed in the financial industry, are a reality of our times. Indeed, it was this sector which is at ground zero of our economic downturn in '07 and '08.
This attached article warned of (9 years ago) the impending crises borne out of this legislation. It also pegged the little known organization, ACORN, for what it is. To not recognize nor acknowledge this is further myopic flatulence.
http://www.city-journal.org/html/10_1_the_trillion_dollar.h tml
Too bad those on the Left cannot erase this article from the archives. Too bad Howard Zinn is unable to rewrite this story for those who deny reality.
Tsk, tsk...
And now, we see the same 'ol, same 'ol from the guy who enjoys running his male prostitution ring out of his apartment. Barney Frank is a first class fool, hoping to keep his high risk lending practices alive and ever destructive. |
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Take an Econ class before you think.
Vlad
They are Quasi Govt entities. Unless you are the 50% that doesn't pay taxes, you are on the hook for the billions they already lost. Barney's ex-lover ran Freddie into the ground. (talk about strange bedfellows).You okay with losing more of your money?
Oh I am sorry. I was letting reality get in the way of loaning money to people with no means to pay it back. Back to stupid economics... |
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"Want to see change?????
Fannie and Freddie need to be abolished.....
Lending institutions need to hold their own notes....
You will see true market forces at work........"
From what I understand banks that held their own mortgages and followed their own guidelines for lending have faired quite well. The government needs to stay out of this. The housing market will recover and if they stop intervening pehaps it will be stronger and better. Everyone cannot own a home, that is reality. Lets go back to some basics. |
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"Learn about what the coercive power of the state is, and learn what any business entity really is, then get back to your posts."
You guys seem to honestly believe that relatively few mortgages to poor people caused this.
Clarityseeker, did you know that people who got loans under the Community Reinvestment Act have been paying off those mortgages at a BETTER rate than the average of all mortgage holders?
Pete, get in touch with the reality that banks were turning somersaults to get more mortgages. When they discovered they could create $9 million worth of paper from a $300K mortgage, and then have it declared "risk-free," they began begging for more mortgages. With no influence from the government, they dropped qualifications from "income + money down" to "income + no money down" to "no income + no money down." This is all part of the historical record. |
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also refuse to insure single family dwellings in neighborhoods where the number of owner occupied houses is less than 70%?
It seems that this rule, concerning the number of owner occupied homes should be applied to all mortgages not just those for condominiums. |
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continue his pattern of stupidity as long as he is re-elected! The real pity is that once again we, the American taxpayer, will have to bail out the losers can't a hut much less a condo. And we continue to be afflicted with Frank and his kind!
Was Frank ever castigated at all for his role in the Fannie & Freddie debacle? This is the trouble, a clunker like this keeps getting re-elected because he has bought his post on the backs of Americans other than his constuency! |
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"This is the trouble, a clunker like this keeps getting re-elected because he has bought his post on the backs of Americans other than his constuency!"
Could you explain that? What is that the people who vote for Barney Frank every two years haven't been told? |
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....we could hook Barney up with Michael Jackson's doctor....? |
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explanation, then it becomes patently clear that you simply don't have the intellect to grasp it! Again, typical of your kind, no originality! But keep on echoing those key words you find on your 3x5 index card you share with the other drooling drones who blog here.
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"Could you explain that? What is that the people who vote for Barney Frank every two years haven't been told?
Perhaps I can. People like Barney Frank are called "representatives" for a reason. I have the same complaint about the people that keep gracing us all with Nancy Pelosi. However, complain is all I can do about representatives from another district. |
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"Clarityseeker, did you know that people who got loans under the Community Reinvestment Act have been paying off those mortgages at a BETTER rate than the average of all mortgage holders?"
SOURCE?
SOURCE?
SOURCE?
SOURCE?
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"Vladie if you require an
explanation, then it becomes patently clear that you simply don't have the intellect to grasp it!"
I read you. Loud and clear. |
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"People like Barney Frank are called "representatives" for a reason."
Sorry, but that doesn't "explain" Retired Lady's remark, "a clunker like this keeps getting re-elected because he has bought his post on the backs of Americans other than his constuency!"
Retired Lady has explained that I'm too stupid to understand and she won't assist me. Maybe you can. |
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If you talk nice, maybe I'll give you some True Facts. I haven't seen any evidence that you're worth the trouble. If I had a nickel for every time I've stopped to document the things I say here, only to be greeted with silence or insults, I'd be posting from my private estate on Mars.
On several occasions, I've posted here, "Ooops, you're right and I'm wrong." Not a single conservative has ever said that to me, when I provide objective data. So go ahead, call me an evader, but you have to give me some indication that you're serious. |
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I could prove the sun revolves around the moon, but you are not worth it.....
....it's like a broken record..... |
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your snivelling is tiresome.
Apparently your feet are being held to the fire in posting on this site.
No wonder you voted for Obama---you want justice.
You are looking for everything you deserve, restitution, reparations....
I could really give a rat's rear end what you do.
I did not address you----rather the reverse---now, in some effeminate manner you counter with your little girly, "I won't show you mine, 'til you show me yours."
You're pathetic.
Now....go complain to soemone else with that whiny tone. |
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vladischmear estrogoner
"Clarityseeker, did you know that people who got loans under the Community Reinvestment Act have been paying off those mortgages at a BETTER rate than the average of all mortgage holders?"
SOURCE?
SOURCE?
SOURCE?
SOURCE?
*** And then you say you weren't addressing me?
*** If I provide proof of my statement on poor people's mortgage, will you say, "Yes, Vlad, you were right"? |
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"I could prove the sun revolves around the moon, but you are not worth it.....
....it's like a broken record....."
I'm sure it sounds that way to you, since I've beaten you like a drum until I got bored. |
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I have never seen you post "Ooops, you're right and I'm wrong." to a conservative.
Prove you have, and I will believe you. |
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You're probably not worth providing the proof to either....none of us are....
This guys never proves anything. By his own admission (at 1:12), he just sits around beating until he gets tired..... |
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your snivelling is tiresome.
Apparently your feet are being held to the fire in posting on this site.
No wonder you voted for Obama---you want justice.
You are looking for everything you deserve, restitution, reparations....
I could really give a rat's rear end what you do.
I did not address you----rather the reverse---now, in some effeminate manner you counter with your little girly, "I won't show you mine, 'til you show me yours."
You're pathetic.
Now....go complain to soemone else with that whiny tone. |
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You're right, of course; I am unworthy in Vlad's eyestalks of the effort needed...
But Vlad is still the only jerk in his circle... |
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Would require Frank, Dodd, Biden, et al, to retain information. That is a bridge too far for them all! |
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Lets see;
110 billion in losses for Fannie and Freddie in 2008. This doesnt include write-downs of subprimes). 78 million taxpayers (the 55%);
110,000,000,000 / 78,000,000= $1,400 per taxpayer.
Guess I didn't need to take a vacation this year afterall. I can just pay for their stupid business decisions instead...And this is just the bill for last year. |
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Diane,
I recently moved and was in the process of buying a new house last june, July, Aug. Right when the Shyte was starting to hit the fan.
I went through a mortgage broker who went to his usual suspects.....large banks, many already burning from the effects of foreclosures. Not a mortgage to find, anywhere....and finally when one was found...they approached the mortgage and loaded it with stipulations that I was not able to ..or did not want to meet. This went on for 4 weeks.
Enter a ocal community bank. 10 Branches. 80 Years in business. Mortgage applied for, processed, approved within 10 working days.
They hold their own notes....which means my mortgage did not get sold.
My loan officers explanation........."we didn't participate in making risky loans when we could, because our policies dictate sound decision making."
You are 100% correct.....instead of social engineering to get "everyone into a home"......people sometimes need to be told the cold hard truth......
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I have to hand it to the moonbats posting on here.......they are the few souls who wade into all things economy and economics and are brave enough to show their stupidity.
Well, I guess since CRA is mentioned liberals can stick their hoofs in to the pool a bit.......
Please liberal sheep....go spend time on the Malkin, Krauthammer, Will, Coulter articles where you can blather on incessantly about them and practice your liberal tactics of Alinsky and character assassination. |
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Sorry....
That would be "LOCAL" bank.
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"Guess I didn't need to take a vacation this year afterall. I can just pay for their stupid business decisions instead...And this is just the bill for last year."
When did I say they didn't make a lot of stupid business decisions? |
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Economic Development Finance, by Karl F. Seidman, (2004) page 195:
Table 9.3 summarizes the results for home mortgage, home improvement, and small business loans. The results show that CRA-related lending is profitable for over 80% of banks across all three loan types with at least half of lenders reporting that CRA loans are at least as profitable as non-CRA loans. ... Almost all lenders (96%) report that CRA small business loans are profitable with 86% indicating that these loans generate equal or higher returns than non-CRA loans. |
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Wait, that was about small business loans, not mortgages, right?
Let's ask Ned Gramlich, formerly on the board of the Fed: ""banks have made many low- and moderate-income mortgages to fulfill their CRA obligations, they have found default rates pleasantly low, and they generally charge low mortgages rates. Thirty years later, CRA has become very good business." (2007)
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"Nehemiah Homes, a long-running [CRA] initiative to build homes and sell them to the working poor in subprime areas of New York’s outer boroughs, has a repayment rate that lenders in Greenwich, Conn., would envy. In 27 years, there have been fewer than 10 defaults on the project’s 3,900 homes. That’s a rate of 0.25 percent."
[You know you can just google the text to find the source - I'm not going to clutter Town Hall's creaky interface with http links)
[Of course, you can always just say I made it all up.] |
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Wasn't looking here, but look at what those Maoists at Business Week said:
"Community Reinvestment Act had nothing to do with subprime crisis." |
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It appears that BO is well on his way to break the Banks, FNMA and Freddie Mac,....again.
I will paraphrase the two-pronged definition of “credit worthiness”: 1) the ABILITY to pay; 2) the WILLINGNESS to pay. Apparently BO doesn’t give a rat’s butt as to anyone‘s “credit worthiness“. Hey, redistribute that wealth even if you have to dole out your Tax $$$ to the same people 2xs???. **See below….!
BO and Barney Flintstone Fwank just never learn. The problem may be two-fold: 1) their thinking processes may be negatively impacted by their apparent, very LOW, inner cranium density, OR, 2) apathy prevails since “we the people” are the incessant bailers.
“Redistribution of wealth” = the obliteration of our economy, our hard-earned savings, our US Constitution, our Bill of Rights, our Country, our National Security...and the dragging of every single thing that makes this Country great.....down, down, down to the devil’s place, while at the same time, giving all Americans the little finger because neither BO or Barney think we deserve the best!
**"Obama's Home Rescue Plan
No Credit Check. No one Refused.
If you're Employed You Receive Help."
mortgagelate.net/obamarefinance
"Obama Mortgage Refinancing Program May Expand, Lockhart Says"
By Dawn Kopecki and Jody Shenn….go to:
http://www.bloomberg.com/apps/news?pid=20601103&sid=avAvJac s7UcU
Read it and weep. Government is considering refinancing mortgages @ 125%, loan to value ratio. Well folks, the prospective mortgagors will, again, NOT HAVE A DOG IN THE RACE: all the dogs belong to the tax-payers. At 125%, loan to value ratio, please be advised that WE THE PEOPLE ARE NOT ALL CREATED EQUAL. We paid our mortgages, they didn’t pay theirs, but, they will get a below market interest rate, “no credit check“; “no one refused”. |
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"We paid our mortgages, they didn’t pay theirs, but, they will get a below market interest rate."
OK, so it's not fair. But what would you rather have next door, neighbors, or an empty house with official documents tacked to the front door? |
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I'd rather an empty house than one occupied by the kind of folks that really should keep renting until they get their credit straightened out. |
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"You're right, of course; I am unworthy in Vlad's eyestalks of the effort needed...
But Vlad is still the only jerk in his circle..."
So I stepped up to the plate and documented what I said. Isn't the silence deafening?
Next time somebody demands that I back something up, I'm sure you'll stand with me when I point out that Town Hall conservatives aren't worth the trouble. |
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http://www.city-journal.org/2008/eon1030hh.html
BadaBing.....Like that |
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Just released an important book,
"Revisiting the CRA: Perspectives on the Future of the Community Reinvestment Act"
that assembles 20 essays and research papers by some of the nation's best thinkers on CRA, fair lending and banking regulation.
This publication puts into perspective, and,
at 188 pages, the authors ask important questions about CRA's role in the current mortgage crisis, as well as CRA's potential for forming the basis for an expanded regulatory regime that would more adequately supervise the mortgage industry and hopefully prevent recurrence of similar crises in the future. Everyone involved in leadership roles in the industry should regard this book as required reading--not just as a source for expert and thoughtful discussion about the current crisis, but also for a glimpse at proposals for the future direction of expanded CRA and fair-lending regulation. |
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Can be found here:
http://www.bos.frb.org/commdev/cra/index.htm |
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Thank you for demonstrating what I said in the first place, it's not worth providing documentation to right-wing mouth breathers.
Your U.S. News link did not in any way challenge anything that I showed in my four or five links.
I'm going to save the link to this entire thread as proof of the utter lack of integrity of Town Hall conservatives. |
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Clarityseeker, thanks for the link to the Federal Reserve collection of essays on the Community Reinvestment Act.
Right in the introduction: "We also address the critics of the act who have pinned the blame for the subprime mortgage crisis on the CRA. There is no empirical evidence to support the claim that the CRA is responsible for the crisis, as
several authors in the volume make clear."
Looking foward to more of your documentation for my side of the argument. |
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http://www.city-journal.org/2008/eon1030hh.html
Anyone with half a brain can look down and see that I do not place entire blame on this legislation.
Very clearly I pointed to greedy financiers as well.
The comments about the Federal Reserves of Boston and San Francisco publishing a just-released book of essays on this subject further shows that I am fairhanded in my persective on this issue.
The city-journal article is NOT one to be ignored.
Not only the one printed last year-----NOR the one published in the Winer of 2000 which warned of the very events that have plagued the housing sector.
Another publication (showing CRA as a cause of the housing crisis) worthy of review:
http://www.usnews.com/blogs/capital-commerce/2009/03/17/yes -the-community-reinvestment-act-really-did-help-cause-the-h ousing-crisis.html |
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"Another publication (showing CRA as a cause of the housing crisis) worthy of review."
That story shows that a bank was pressured to make loans to low-income people, but didn't. That hardly proves that CRA caused the housing crisis, it shows that CRA did try to get loans to poor people, which nobody has denied.
The fact remains, we have a ton of statistics showing that ALL CRA mortgages were but a fraction of all sub-prime mortgages. |
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