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few of these sub-prime predatory loans were made by CRA backed institutions, most were made by these big mortgage companies like countrywide which are now bankrupt. And most of the mortgage defaults were people who re-financed, not firts time homebuyers. It was this whole system of commercial banks making these predatory loans and selling the mortagages to investment banks and investment banks selling the mortgages in derivatives to global investors. Now this whole derviative bubble burst and all these global investors have AIG in case they loose money. It was awful greed and corrpution on wall street that caused this mess. Instead of giving trillions of dollars to investment banks to kep donig the same things they have been doing, how about giving the money to homeowners to elimenate mortgages?
To a degree, I feel the same way; except I had suggested that the government buy up the mortgages, and then the homeowner would make payments directly to the treasury through their banks, at 30% of income.
Revisionist historic previous plenty? Please perform a little analyzing. you're particularly misinformed. The monetary fall down become the effect of repeal of Glass-Steagall (a Republican act that Clinton become silly sufficient to sign into regulation) that deregulated the monetary industry, transforming into the full spinoff and CDO markets. The community Reinvestment Act never forced a single monetary business enterprise to make a loan, it did no longer ensue. What it did do is relax the abilities (greater deregulation) that banks use to require for loans. And a handful of massive banks (be conscious that national very almost no small community banks engaged in this) observed the prospect to learn from the unregulated tens of millions available and lost their gamble. Fannie and Freddie have been mere indicators of the repeal of Glass Steagall, no longer the reason..
The government, under Clinton's administration, twisted arms to make the mortgage companies loan to people who did not qualify. The applications were filled with lies and income was not verified. This is what the democrats do in Washington. They give and give to the very poor and then drop them like a hot potato when the news gets bad. That is what is happening now. Obama wants to do the same, give and give to the poor, then raise the taxes so high that it will trickle down to the poor and place more burdens on them. The costs of everything will go up when taxes are raised as much as Obama has to raise them now with all this wasteful spending. We will pay, all of us. The very rich will find a way around it. NAACP intends to file lawsuits against mortgage companies because of the fraud in lending to people that could not pay. They actually need to file against the government. If anybody. Everybody is responsible for their own mistakes.
"Sub-prime predatory loans." Has anyone witnessed in real life these "sub-prime predatory loans" hunting down innocent victims? Victims, who were living their peaceful lives, minding their own business when suddenly were viciously attacked by a "sub-prime mortgage lender" who jumped out of no where and forced a "sub-prime loan" upon them. Sounds like the making of a National Geographic documentary. Sleek and stealthy "sub-prime mortgage lenders" stalking in the high weeds of the inner city. Innocent would be victims milling about their business in the streets. Suddenly, out of no where and attack. Victims scrambling. Chaos. Mayhem. Carnage. And then, it happens. The stealthy "sub-prime mortgage lender" spots the weak and feeble. Closes in on the victim. Lunges. A cloud of dust ensues. And then... The "sub-prime mortgage lender" emerges from the cloud with it's poor innocent victim. Throat in mouth, signing mortgage papers on a new house the victim is being forced to buy...
What you are failing to mention is that a lot of pressure was put on these banks by organizations like Acorn, and CRA to make bad loans. Then the government passed laws to allow Freddie and Fannie to buy back this bad paper thereby providing incentive to continue the practices. Then it became a battle for business. Once one business started, the other jumped on board, otherwise they would risk being put out of business by the Competition. You either participated, or you were left behind and dying in the weeds. This whole economic "crisis" started when the government got involved in setting our lending practices.
You can't use an opinion site to back up a factual claim. Martin Eakes who is the CEO for "The Responsible Lending Center" is a democrat. Look it up. He was at the Democrat national convention to give a speech. Your source isn't valid due to biased political views.
The center for responsible lending is like to republicans like Fox News is to democrats. This is a left leaning organization and of course they will protect the CRA. I can find other reports to show otherwise.
CRA doesn't do anything that talk radio claims it does either. It is nothing more than the same thing right-wingers did after September 11, 2001..... pennsylvania the whole thing to blame Democrats. The CRA doesn't force banks to give loans to people without checking their credit history. It doesn't force banks to give loans to people who cannot afford them. And it definitely did not allow banks to consolidate nearly all asset related services, or make Credit Default Swaps exempt from government regulation and oversight.
While there are a lot of factors that lead up to this mess, the addendums to the CRA and the results of passing such law did help a lot.
People must be going back and watching all those FOX News programs they Tivo'd last year but never had the time to watch. (Because they're newly unemployed perhaps?)