The little talked about Community Reinvestment Act the start of a housing bubble - GoFuckYourself.com

IllTestYourGirls · 09-26-2008, 05:40 PM

Welcome to the world of subprime

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

https://youtube.com/watch?v=H5tZc8oH--o

tony286 · 09-26-2008, 06:16 PM

only 25 percent of subprime mortgages fall under cra. Deregulation pushed by phil gramm caused this. CRA was passed in 1977, gramm got deregulation pushed thru 1999. The reason the law Glass-Spiegel Act was created after the depression so this didnt happen. Gramm got this taken away and thats why we had this. Gramm was rewarded for this he is now vice chairman of a bank.

IllTestYourGirls · 09-26-2008, 06:49 PM

Quote:

Originally Posted by tony404

only 25 percent of subprime mortgages fall under cra. Deregulation pushed by phil gramm caused this. CRA was passed in 1977, gramm got deregulation pushed thru 1999. The reason the law Glass-Spiegel Act was created after the depression so this didnt happen. Gramm got this taken away and thats why we had this. Gramm was rewarded for this he is now vice chairman of a bank.

So its Clintons fault for not vetoing a bad bill?

pocketkangaroo · 09-26-2008, 06:50 PM

Quote:

Originally Posted by IllTestYourGirls

So its Clintons fault for not vetoing a bad bill?

In a way yes. A lot of people responsible for this mess. Politicians in both parties sat with their thumbs up their ass while mortgage brokers and financial institutions raped consumers in this country.

tony286 · 09-26-2008, 06:52 PM

http://www.motherjones.com/news/feat...sure-phil.html

IllTestYourGirls · 09-26-2008, 06:58 PM

Quote:

Originally Posted by pocketkangaroo

In a way yes. A lot of people responsible for this mess. Politicians in both parties sat with their thumbs up their ass while mortgage brokers and financial institutions raped consumers in this country.

Ya thats kinda what Im getting at. We forget that BOTH dems and reps have advisers that have very very close ties to banking. Many of which are getting billions right now. And the fed is always harping at the president to do what is in the best interest of the fed.

EonBlue · 09-26-2008, 07:51 PM

https://youtube.com/watch?v=H5tZc8oH--o

seeric · 09-26-2008, 07:56 PM

i didnt read the link, but wasnt that carter's baby?

slapass · 09-26-2008, 07:56 PM

Give me a break. It says you have to lend in your community. Not that you have to make bad loans.

DaddyHalbucks · 09-26-2008, 08:20 PM

Quote:

Originally Posted by slapass

Give me a break. It says you have to lend in your community. Not that you have to make bad loans.

Oh yea?

Lend or get sued!

This means... you lend when you shouldn't

tony286 · 09-26-2008, 08:22 PM

Quote:

Originally Posted by slapass

Give me a break. It says you have to lend in your community. Not that you have to make bad loans.

Yeah or bundle those loans so fucking cares if they pay because your not holding them and trade them like junk bonds.

slapass · 09-27-2008, 12:52 AM

Quote:

Originally Posted by DaddyHalbucks

Oh yea?

Lend or get sued!

This means... you lend when you shouldn't

Bullshit and you know it. it was designed to avoid redlining so yeah if you are avoiding certain areas then you get in trouble. This is one of stupidest excuses for this problem I have seen but nice try.

nation-x · 09-27-2008, 08:55 AM

What about the subprime mortagages... who were they given to? According to the Wall Street Journal as much as 60% of these loans were given to people who qualified for prime mortgages. WSJ speculates that alot of these loans were given to speculators...

I am not saying that Democrats didn't have anything to do with it... because they created the conditions that allowed the Bush Administration to actually cause this problem when they raised the cap on leveraging to 40X from 10X.

So... let's keep it real... everyone shares in the blame...

09-26-2008, 05:40 PM	#1
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	The little talked about Community Reinvestment Act the start of a housing bubble Welcome to the world of subprime http://en.wikipedia.org/wiki/Community_Reinvestment_Act https://youtube.com/watch?v=H5tZc8oH--o __________________

09-26-2008, 06:16 PM	#2
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	only 25 percent of subprime mortgages fall under cra. Deregulation pushed by phil gramm caused this. CRA was passed in 1977, gramm got deregulation pushed thru 1999. The reason the law Glass-Spiegel Act was created after the depression so this didnt happen. Gramm got this taken away and thats why we had this. Gramm was rewarded for this he is now vice chairman of a bank. Last edited by tony299; 09-26-2008 at 06:17 PM..

09-27-2008, 08:55 AM	#13
nation-x Confirmed User Industry Role: Join Date: Mar 2004 Location: Rock Hill, SC Posts: 5,370	What about the subprime mortagages... who were they given to? According to the Wall Street Journal as much as 60% of these loans were given to people who qualified for prime mortgages. WSJ speculates that alot of these loans were given to speculators... I am not saying that Democrats didn't have anything to do with it... because they created the conditions that allowed the Bush Administration to actually cause this problem when they raised the cap on leveraging to 40X from 10X. So... let's keep it real... everyone shares in the blame... Last edited by nation-x; 09-27-2008 at 08:56 AM..

09-26-2008, 06:52 PM	#5
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	http://www.motherjones.com/news/feat...sure-phil.html

09-26-2008, 07:51 PM	#7
EonBlue Apocalypse Industry Role: Join Date: May 2007 Location: Limbo Posts: 3,043	https://youtube.com/watch?v=H5tZc8oH--o

09-26-2008, 07:56 PM	#8
seeric .......... Industry Role: Join Date: Aug 2004 Location: .......... Posts: 41,917	i didnt read the link, but wasnt that carter's baby?

09-26-2008, 07:56 PM	#9
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,622	Give me a break. It says you have to lend in your community. Not that you have to make bad loans.