iusbvision.wordpress.com— Look at what some fellow bloggers have dug up while researching Obama’s legal career. Looks like a typical ACORN lawsuit to get banks to hand out bad loans.
Oct 1, 2008View in Crawl 4
What am I saying? WE ALL WILL BE POOR since we have absolutely no one to represent us. Say, would that mean we don't have to pay taxes any more. You know, no taxation without representation?
140Suffolk: There is no law the requires banks to hand out bad loans.BECoole: If you're talking about the Community Reinvestment Act you are talking about equal access. There are no quotas. Check out what the Chairman of the Federal Reserve Ben Bernake had to say about the CRA in March 2007:<a class="user" href="http://www.federalreserve.gov/newsevents/speech/Bernanke20070330a.htm">http://www.federalreserve.gov/newsevents/speech/Be ...</a>The debate surrounding the passage of the CRA was contentious, with critics charging that the law would distort credit markets, create unnecessary regulatory burden, and lead to unsound lending. Partly in response to these concerns, the Congress included little prescriptive detail in the law. Instead, the CRA simply directs the banking regulatory agencies to ensure that banks serve the credit needs of their local communities in a safe and sound manner. In effect, the agencies were left with considerable discretion and flexibility to modify the rules in light of changes in the economy and in financial markets (Garwood and Smith, 1993). At times, this discretion has been the source of some uncertainty on the part of regulated institutions concerned with compliance. However, the flexibility has proved valuable in allowing the CRA to remain relevant despite rapid economic and financial change and widely differing economic circumstances among neighborhoods.The Evolution of the CRAFor more than a decade after its enactment, the CRA was a rather low-profile banking regulation, one that set minimal compliance requirements for depository institutions and attracted limited supervisory attention from the bank regulatory agencies.8 By the late 1980s, however, the issues surrounding access to credit were attracting renewed interest. In response to this interest, the Congress included in the Financial Institution Reform and Recovery Act of 1989 (FIRREA) an amendment to the CRA statute to require public disclosure of institutions' ratings and performance evaluations. FIRREA also expanded data collection and made public certain data reported under the HMDA. With the requisite data becoming available, advocacy groups, researchers, and other analysts began to perform more-sophisticated, quantitative analyses of banks' records in meeting the credit needs of their communities.
140Suffolk:Banks weren't forced by the government to give out bad loans. There is no law forcing banks to give out bad loans. As you quoted from my quote "advocacy groups" advocated. Deregulation of banking standards by the government allowed banks to irrationally give loans to people who couldn't afford them, because while the housing bubble lasted investment banks made money like crazy from credit swaps. Greed fueled the flames of the housing bubble.
chimpy ?you are so lost in partisan hatred, you cannot see the folly you are pushing.the GOP leadership was not doing anything like the sincere form of 'collectivism' we are seeing today.even so, this doesn't mean one would ignore the poor policy of the Obama - Democratic Partisan spend, tax, game plan which resembles the oppressive socialism proven to be a disaster.
racism?if only you knew the color of the skin of the folks posting on this website.your foolish stereotyping only reveals NETANT is the true racist.simply pathetic.the posters angry juvenile response is clear, they cannot handle a bit of factual evidence they are backing poor representation and disastrous policy.
tasineOct 2, 2008
What am I saying? WE ALL WILL BE POOR since we have absolutely no one to represent us. Say, would that mean we don't have to pay taxes any more. You know, no taxation without representation?
Closed AccountOct 2, 2008
The only mechanism banks were given for doing this was through subprime loans. Wealthy, credit-worthy blacks weren't having trouble getting loans.
Closed AccountOct 3, 2008
Starting in the 70s but increasing from the mid 90s govt regulations FORCED banks to give out loans to minorities that did NOT qualify.If you're interested, read this<a class="user" href="http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm?page=0">http://www.nypost.com/seven/02052008/postopinion/o ...</a>And this<a class="user" href="http://www.zombietime.com/zomblog/?p=60">http://www.zombietime.com/zomblog/?p=60</a>
joand315Oct 3, 2008
140Suffolk: There is no law the requires banks to hand out bad loans.BECoole: If you're talking about the Community Reinvestment Act you are talking about equal access. There are no quotas. Check out what the Chairman of the Federal Reserve Ben Bernake had to say about the CRA in March 2007:<a class="user" href="http://www.federalreserve.gov/newsevents/speech/Bernanke20070330a.htm">http://www.federalreserve.gov/newsevents/speech/Be ...</a>The debate surrounding the passage of the CRA was contentious, with critics charging that the law would distort credit markets, create unnecessary regulatory burden, and lead to unsound lending. Partly in response to these concerns, the Congress included little prescriptive detail in the law. Instead, the CRA simply directs the banking regulatory agencies to ensure that banks serve the credit needs of their local communities in a safe and sound manner. In effect, the agencies were left with considerable discretion and flexibility to modify the rules in light of changes in the economy and in financial markets (Garwood and Smith, 1993). At times, this discretion has been the source of some uncertainty on the part of regulated institutions concerned with compliance. However, the flexibility has proved valuable in allowing the CRA to remain relevant despite rapid economic and financial change and widely differing economic circumstances among neighborhoods.The Evolution of the CRAFor more than a decade after its enactment, the CRA was a rather low-profile banking regulation, one that set minimal compliance requirements for depository institutions and attracted limited supervisory attention from the bank regulatory agencies.8 By the late 1980s, however, the issues surrounding access to credit were attracting renewed interest. In response to this interest, the Congress included in the Financial Institution Reform and Recovery Act of 1989 (FIRREA) an amendment to the CRA statute to require public disclosure of institutions' ratings and performance evaluations. FIRREA also expanded data collection and made public certain data reported under the HMDA. With the requisite data becoming available, advocacy groups, researchers, and other analysts began to perform more-sophisticated, quantitative analyses of banks' records in meeting the credit needs of their communities.
joand315Oct 6, 2008
140Suffolk:Banks weren't forced by the government to give out bad loans. There is no law forcing banks to give out bad loans. As you quoted from my quote "advocacy groups" advocated. Deregulation of banking standards by the government allowed banks to irrationally give loans to people who couldn't afford them, because while the housing bubble lasted investment banks made money like crazy from credit swaps. Greed fueled the flames of the housing bubble.
supercandyFeb 28, 2009
chimpy ?you are so lost in partisan hatred, you cannot see the folly you are pushing.the GOP leadership was not doing anything like the sincere form of 'collectivism' we are seeing today.even so, this doesn't mean one would ignore the poor policy of the Obama - Democratic Partisan spend, tax, game plan which resembles the oppressive socialism proven to be a disaster.
supercandyFeb 28, 2009
racism?if only you knew the color of the skin of the folks posting on this website.your foolish stereotyping only reveals NETANT is the true racist.simply pathetic.the posters angry juvenile response is clear, they cannot handle a bit of factual evidence they are backing poor representation and disastrous policy.
supercandyFeb 28, 2009
have you even payed attention to the article?or the current state of CITI?
Closed AccountMar 27, 2009
More on the CRA and how it led to this crisis:<a class="user" href="http://www.vdare.com/sailer/090215_cra.htm" rel="nofollow">http://www.vdare.com/sailer/090215_cra.htm</a>