Posted by Tud on October 1, 2008, 12:57 pm
spunky hussein tuna...
> Tud wrote:
>> I didn't watch the whole thing so I didn't get that impression, but I
>> could see where one would. You didn't argue about the Community
>> Reinvestment Act, or much else, so I figure you didn't feel it necessary
>> or actually saw the connection.
> OK, I will. The Community Reinvestment Act (or it's logical antecedent)
> was enacted (I know that's the right phrasin, but it's always looked and
> sounded funny to me) in 1977. The purpose of the bill was to end the
> practice of banks taking deposits from neighborhoods but refusing to
> reinvest that money back in the neighborhood. That's all. It has nothing
> whatsoever to do with the current crisis. 80% of the subprime loans that
> precipitated the current crisis were written by organizations that are
> either not subject to the Community Reinvestment Act or are not subject to
> any routine checks regarding CRA compliance.
<snip, but I actually did read it all>
> OK, that a strong enough argument against the notion that the Community
> Reinvestment Act is the cause of the current economic tsimmis? (insert
> some sort of smiley face here, please)
Thanks for the info, although I'm not quite convinced yet. Having said
that, I currently don't have the information I need to back up my
reservations. I'll do some googling (cause if it's on the internet it must
be true) and get back to you if I find anything.
I liked the RMA analogy.
--
Tud
SENS BS#111 LFS#32 FLF MISFIT Vermort AH#115
http://ah115.com
Sisyphus rides a Triumph
Posted by Sarge on October 1, 2008, 11:33 pm
On Oct 1, 9:42 pm, spunky hussein tuna
> Rand McNally wrote:
> > spunky hussein tuna wrote:
> >> Tud wrote:
> >>> I didn't watch the whole thing so...
<snippage>
> --
> spunky hussein Simplifyin' tuna
Good explainathon up there. What you missed was the part about the
amendments to the Community Reinvestment Act in 1995 by Congress
(Barney Frank, D-MA, and a whole slew with "D"s in their titles,
et.al.) that took away _all_ restrictions, putting the onus on the big
lenders to lend to ANYBODY, regardless of income or ability-to-pay,
and giving the right to ACORN and the other looney groups to hold guns
to the heads of lenders under threats of lawsuits claiming
"discrimination," that really opened the floodgates.
It's not a racial issue, tho the people it was originally intended to
"help" are floundering, too. MISuse, by all those "flip this house"
opportunistas probably constitute the bulk of the defaults you
explained so well.
--Sarge, 109, Fla.
Posted by Jim Keegan on October 2, 2008, 8:34 am
On Oct 1, 9:42 pm, spunky hussein tuna
> Rand McNally wrote:
> > spunky hussein tuna wrote:
> >> Tud wrote:
> >>> I didn't watch the whole thing so...
<snippage>
> --
> spunky hussein Simplifyin' tuna
Good explainathon up there. What you missed was the part about the
amendments to the Community Reinvestment Act in 1995 by Congress
(Barney Frank, D-MA, and a whole slew with "D"s in their titles,
et.al.) that took away _all_ restrictions, putting the onus on the big
lenders to lend to ANYBODY, regardless of income or ability-to-pay,
and giving the right to ACORN and the other looney groups to hold guns
to the heads of lenders under threats of lawsuits claiming
"discrimination," that really opened the floodgates.
It's not a racial issue, tho the people it was originally intended to
"help" are floundering, too. MISuse, by all those "flip this house"
opportunistas probably constitute the bulk of the defaults you
explained so well.
--Sarge, 109, Fla.
Interesting videos...........very
http://www.nakedemperornews.com/
Posted by AH#104 on October 2, 2008, 9:45 am
>spacecriter sed:
>Steve Irving sed:
>Sarge sed:
>spunky hussein tuna sed:
>Rand McNally sed:
Not picking on any *one* of you, *you* collectively have taken this to
the point where I have to ask...
Which one of you predicted this back in '95.... I can't seem to find the
post.
Everyone's got an opinion in *hindsight*.... isn't that special.
cluck, cluck, cluck. bunch of old women hanging out the laundry on the
line.
Anybody ridin' or wrenchin' out there?
I haven't. But I did pick up a couple of new helmets and Scala Q2
communication devices. Haven't tried either one yet.
ASSHOLE#104 Len
Posted by kickstart on October 2, 2008, 10:10 am
> Which one of you predicted this back in '95.... I can't seem to find the
> post.
> Everyone's got an opinion in *hindsight*.... isn't that special.
> Haven't tried either one yet.
> ASSHOLE#104 Len
I did.
nother beer Shirley
kickstart
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>> I didn't watch the whole thing so I didn't get that impression, but I
>> could see where one would. You didn't argue about the Community
>> Reinvestment Act, or much else, so I figure you didn't feel it necessary
>> or actually saw the connection.
> OK, I will. The Community Reinvestment Act (or it's logical antecedent)
> was enacted (I know that's the right phrasin, but it's always looked and
> sounded funny to me) in 1977. The purpose of the bill was to end the
> practice of banks taking deposits from neighborhoods but refusing to
> reinvest that money back in the neighborhood. That's all. It has nothing
> whatsoever to do with the current crisis. 80% of the subprime loans that
> precipitated the current crisis were written by organizations that are
> either not subject to the Community Reinvestment Act or are not subject to
> any routine checks regarding CRA compliance.