New study confirms economy was destroyed by Democrat policies

[AceRothstein]

But PC is loony, but imo in a fun way, and she's not uncivil

She's econchick, who was loony in a non-fun way and quite uncivil. Some have hypothesized that both were LGS creations.

I don't know who LGS is/was.

ladygunslinger, one of the nastiest posters around.

 

[SassyIrishLass]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

ah yes this old story, which means you are a sock of somebody. Neat!

Thanks for youj input....weak as it was anyway.

im not wasting my time on something we have already covered..
Im sure you know what i mean. hows that Iraqi road?

Keywords being "what WE have covered", because you claim it means nothing to me

 

[bendog]

But PC is loony, but imo in a fun way, and she's not uncivil

She's econchick, who was loony in a non-fun way and quite uncivil. Some have hypothesized that both were LGS creations.

I don't know who LGS is/was.

ladygunslinger, one of the nastiest posters around.

Oh yeah, her.

 

[bripat9643]

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagencyCRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

FRB Did the Community Reinvestment Act CRA contribute to foreclosures and the financial crisis And is the CRA being reformed

The government agency charged with enforcing the CRA determined that it didn't cause any problems? Only the terminally gullible would swallow that.

The CRA never ever forced banks to make loans that were outside the scope of sound banking practices. Bankers, lenders, and any other financial institutions that made and sold financially unsound mortgages did so of their own volition,

and did so almost always for no other reason than greed.

That is utter bullshit. There wouldn't have been any point to the CRA if that was the case. Banks already made all the loans they could following sound banking practices. the regulators put huge pressure on banks to mean quotas for various ethnic categories or otherwise have their requests to allow mergers denied.

 

[Plasmaball]

But PC is loony, but imo in a fun way, and she's not uncivil

She's econchick, who was loony in a non-fun way and quite uncivil. Some have hypothesized that both were LGS creations.

I don't know who LGS is/was.

ladygunslinger, one of the nastiest posters around.

Oh yeah, her.

econchick! there we go!
yeah she made this thread and then trolled it in the same fashion.

 

[ClosedCaption]

Evaluating sources is correct procedure. The Congress was Republican for those twelve years, and Clinton and Bush happily went along with the stupidity.

Got owned on page one...Nice

 

[bripat9643]

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagencyCRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

FRB Did the Community Reinvestment Act CRA contribute to foreclosures and the financial crisis And is the CRA being reformed

The government agency charged with enforcing the CRA determined that it didn't cause any problems? Only the terminally gullible would swallow that.

I certainly trust the Federal Reserve Board over EC, SIL or you.

Who is EC and SIL?

Anyone who trusts the Federal Reserve Board is a sucker.

 

[BlindBoo]

There wouldn't have been any point to the CRA if that was the case. Banks already made all the loans they could following sound banking practices.

Does the practice of redlining mean anything to you?

 

[SuperDemocrat]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

But Obama said otherwise....it can't be true.

 

[bripat9643]

There wouldn't have been any point to the CRA if that was the case. Banks already made all the loans they could following sound banking practices.

Does the practice of redlining mean anything to you?

Yes, it's Marxist propaganda conceived for the purpose of compelling banks to grant mortgages to people who can't pay them.

 

[SassyIrishLass]

There wouldn't have been any point to the CRA if that was the case. Banks already made all the loans they could following sound banking practices.

Does the practice of redlining mean anything to you?

Yes, it's Marxist propaganda conceived for the purpose of compelling banks to grant mortgages to people who can't pay them.

Back on 2007 a couple bought a home in our subdivision, it was a $325,000 home and if they made 60K a year between the two I would be shocked, in 2009 that home was taken back by the lender. The bank knew, they knew and everyone else knew they could never meet those payments, so why did it happen?

 

[BlindBoo]

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagencyCRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

FRB Did the Community Reinvestment Act CRA contribute to foreclosures and the financial crisis And is the CRA being reformed

The government agency charged with enforcing the CRA determined that it didn't cause any problems? Only the terminally gullible would swallow that.

I certainly trust the Federal Reserve Board over EC, SIL or you.

Who is EC and SIL?

Anyone who trusts the Federal Reserve Board is a sucker.

There is a link to their analysis and data. I have yet to see anyone who make the ridiculous claim that the CRA caused the world's economy to crumble post any type of facts or analysis. Furthermore, of the 7 governors on the board how many were appointed by Democrats v Republicans?

 

[BlindBoo]

Yes, it's Marxist propaganda

Hahaha good one. But in reality it's the practice of denying or limiting financial services to certain neighborhoods based on racial or ethnic composition without regard to the residents' qualifications or creditworthiness.

 

[bripat9643]

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagencyCRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

FRB Did the Community Reinvestment Act CRA contribute to foreclosures and the financial crisis And is the CRA being reformed

The government agency charged with enforcing the CRA determined that it didn't cause any problems? Only the terminally gullible would swallow that.

I certainly trust the Federal Reserve Board over EC, SIL or you.

Who is EC and SIL?

Anyone who trusts the Federal Reserve Board is a sucker.

There is a link to their analysis and data. I have yet to see anyone who make the ridiculous claim that the CRA caused the world's economy to crumble post any type of facts or analysis. Furthermore, of the 7 governors on the board how many were appointed by Democrats v Republicans?

What difference does it make which party picked them? They're all hacks who were selected to promote government policy. The last thing they are going to do is criticize the government.

 

[bripat9643]

Yes, it's Marxist propaganda

Hahaha good one. But in reality it's the practice of denying or limiting financial services to certain neighborhoods based on racial or ethnic composition without regard to the residents' qualifications or creditworthiness.

Of course, it never happened. Credit is granted based on a person's credit worthiness. The fact that a lot of people with bad credit live in certain neighborhoods is not the fault of the banks, nor Is it any big surprise. The whole campaign against so-called "redlining" was just another Marxist campaign to destroy capitalism, and it almost worked.

 

[SassyIrishLass]

Evaluating sources is correct procedure. The Congress was Republican for those twelve years, and Clinton and Bush happily went along with the stupidity.

Got owned on page one...Nice

Says you....who are you anyway?

 

[rdean]

From time to time a new member will PM and ask "I love your work... You are in total control of the Liberals here... Can you send me a link to a post which you feel truly demonstrates the fear that the Left has of you?".

So I dig around and send whatever comes first.

For the New members, the below post is a CLASSIC example of what happens when American Principle is unapologetically and consistently advanced... TOTAL, UNMITIGATED DOMINATION!

Keys now is ranting.

Put the thread and troll in the flame zone, please.

That's it? That's TOTAL, UNMITIGATED DOMINATION!????
Wow, you're a legend in your own mind.

 

[bodecea]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

Who says that the "National Bureau of Economic Research" is widely respected? You?

 

[BlindBoo]

The bank knew, they knew and everyone else knew they could never meet those payments, so why did it happen?

Zero down, no credit check and an ARM. After 2 years the first adjustment comes and boom!

Not related to the CRA.

 

[Faun]

GFY, you dems were warned your policies were going to cause an implosion...guess what dumb ass, they did

Democrat policies didn't cause the meltdown.

Yeah they did, now shush

You have the right to be wrong as often as you like.

You're extremely annoying, I've thought that since I started commenting here

Your inability to debate issues on the facts is what makes me seem annoying.

Now again, correct me if I'm wrong but did you not include a link to the study your propagandist article was citing? Because I don't see a link either in your post or the link to the propaganda in your post.

Help me out here.

The NBER article does exist, though you have to pay to download it.

Did the Community Reinvestment Act CRA Lead to Risky Lending