You have been elected to Senate. You have been asked to write a bill.

[Moonglow]

Some legal and financial experts note that CRA regulated loans tend to be safe and profitable, and that subprime excesses came mainly from institutions not regulated by the CRA. In the February 2008 House hearing, law professor Michael S. Barr, a Treasury Department official under President Clinton,[67][113] stated that a Federal Reserve survey showed that affected institutions considered CRA loans profitable and not overly risky.
http://en.wikipedia.org/wiki/Community_Reinvestment_Act#Relation_to_2008_financial_crisis
67
67.^ a b Statement by President Bill Clinton at the Signing of the Financial Modernization Bill, U.S. Treasury Department Office of Public Affairs, November 12, 1999.113^ Description of Michael S. Barr, Nonresident Senior Fellow, Brookings Institute.

[Moonglow]

Where is your evidence? The prior postings demonstrate that things were as I implied them to be; the feds provided the guidelines and the financial entities under their control complied. Those not did as they saw fit and created the mess.

where is your proof the the US government forced banks to make bad loans?

[The Troll]

it was not the sole problem, but there is no denying that it WAS part of this mess....WAY too many bad loans was made and hence, came foreclosures....no money down loans, there was homes made available where no prop taxes was included for the first five years....Variable Rate Loans was introduced to attract and entice home ownerships..all of this was spurred on by CRA, to raise the percentage of minority home ownership....btw, we had Fed - Oversite Committees that was supposed to be watching over this...what happened?

I got to say one thing Henry.  Moonglow, just like a broadside salvo from the battleship Missouri, he sure blew you out of the water on the government causing the realestate bubble.  Don't you think is about time to say uncle  

The Troll   

[Moonglow]

Like my Papa(born in 1897) used to say, " God damned Jew bankers, they'd kill ya just to take your property".

[Henry Hawk]

http://www.youtube.com/watch?v=ivmL-lXNy64  from Affirmative action's mouth..

and Barney Frank says..... http://www.youtube.com/watch?v=XVIAGWtCD10

and another video, explaining govs involvement... http://www.youtube.com/watch?v=RYz1rbB5V1s&feature=related

[Palehorse]

where is your proof the the US government forced banks to make bad loans?

I never said they did. . . Henry is saying it and I am not.

[Palehorse]

http://www.youtube.com/watch?v=ivmL-lXNy64  from Affirmative action's mouth..

and Barney Frank says..... http://www.youtube.com/watch?v=XVIAGWtCD10

and another video, explaining govs involvement... http://www.youtube.com/watch?v=RYz1rbB5V1s&feature=related

You tube???

[Henry Hawk]

You tube???

yeah, real actual video of actual people actually saying something is pretty bad evidence, huh?.....the evidence being stated directly from a persons mouth....my bad.

[Palehorse]

I am going to liquidate all my material belongings, purchase land paying cash in some deserted wilderness area of British Columbia, and arm myself to the teeth; shooting anyone who dares encroach upon my property.

It appears to be the only way I can escape this delusional hysteria so many in this country seem hell bent on pursuing. 

You idiots can go ahead and let this country collapse, watch millions die cold, sick, and hungry on its city's streets and alleyways, and live within the draconian laws you so desperately want.

I'll content myself with leaving the place until you've all shriveled up and died while incarcerated for violation of some of the very draconian laws you squealed for. . . Those that don't will be goose-stepping in the employ of the Russian army; the new rulers of the United States of Amerika. . .

[The Troll]

http://www.youtube.com/watch?v=ivmL-lXNy64 from Affirmative action's mouth.. and Barney Frank says..... http://www.youtube.com/watch?v=XVIAGWtCD10 and another video, explaining govs involvement... http://www.youtube.com/watch?v=RYz1rbB5V1s&feature=related

  I tried to watch your YouTubes.  When it comes from Fox New Network and Republican shills, it turns me off.  The Republican have lied so much, I would believe a thing the said, if their tongue's was notarized.  Just look at the vote on trying to regulate the banks and the stockmarket.  100% of the Republicans voted NO.  The Republican Party is in the pocket of the Supercapitialist.  Money, Money.

   I tell you one thing, the smart banks didn't loans to people who made $30,000 a year, a loan to buy a $500,000 house or a person who didn't have a job a loan to buy any house.  I sold my dad's home a year and a half ago, you should have seen the credit check of the couple that bought the house.  It was a small town bank.  I seen all of the paper work and I had to sign most of it.  I even sign a paper saying my dad didn't owe anyone any money.

  I spent over an hour at the title loan office.  I know it for a fact.

The Troll

[me]

  I tried to watch your YouTubes.  When it comes from Fox New Network and Republican shills, it turns me off.  The Republican have lied so much, I would believe a thing the said, if their tongue's was notarized.  Just look at the vote on trying to regulate the banks and the stockmarket.  100% of the Republicans voted NO.  The Republican Party is in the pocket of the Supercapitialist.  Money, Money.

   I tell you one thing, the smart banks didn't loans to people who made $30,000 a year, a loan to buy a $500,000 house or a person who didn't have a job a loan to buy any house.  I sold my dad's home a year and a half ago, you should have seen the credit check of the couple that bought the house.  It was a small town bank.  I seen all of the paper work and I had to sign most of it.  I even sign a paper saying my dad didn't owe anyone any money.

I spent over an hour at the title loan office.  I know it for a fact.

The Troll

You spend that much time at the title office with most any closing and longer with others.  They bought with a conforming loan which does have strict rules.  There is a huge difference between a conforming and a nonconforming mortgage loan.

[LOsborne]

it was not the sole problem, but there is no denying that it WAS part of this mess....WAY too many bad loans was made and hence, came foreclosures....no money down loans, there was homes made available where no prop taxes was included for the first five years....Variable Rate Loans was introduced to attract and entice home ownerships..all of this was spurred on by CRA, to raise the percentage of minority home ownership....btw, we had Fed -  Oversite Committees that was supposed to be watching over this...what happened?

Henry, I have no idea where you are getting these ideas, but eleven years ago I was compliance officer for a bank. We did not make mortgage loans under the CRA where we had any doubt of the borrower's ability to pay, because the last thing we wanted were a bunch of repossessed houses in bad neighborhoods on the books. Use your head. We made loans in former red-lined neighborhoods, but only when the money was solid. And we required a down-payment. And we had no control over property taxes. (Where the hell did that come from anyway? Banks don't set property taxes.)

Furthermore, the 5- and 7-year ARMS came into being for the convenience of the "flippers" -- those real estate players who would buy a house, hold it a year, then sell it for more than they had in it. A lot of those folks did get caught when the bubble burst, but not because they had bought a super-expensive house for next to nothing. They got caught because they bought a bunch of houses, and there was suddenly no market for them.

The CRA was a pain in the ass because it required MUCH MORE documentation of borrowers in questionable neighborhoods, not because it tossed out cash like a flower girl at Donald Trump's last wedding.

I can't help believing you just knee-jerked at the title of the Act. Or you listened to a knee-jerker. Because you never read the act. Wudja like me to recite it?

[Moonglow]

I never said they did. . . Henry is saying it and I am not.

Sorry

[me]

Henry, I have no idea where you are getting these ideas, but eleven years ago I was compliance officer for a bank. We did not make mortgage loans under the CRA where we had any doubt of the borrower's ability to pay, because the last thing we wanted were a bunch of repossessed houses in bad neighborhoods on the books. Use your head. We made loans in former red-lined neighborhoods, but only when the money was solid. And we required a down-payment. And we had no control over property taxes. (Where the hell did that come from anyway? Banks don't set property taxes.)

Furthermore, the 5- and 7-year ARMS came into being for the convenience of the "flippers" -- those real estate players who would buy a house, hold it a year, then sell it for more than they had in it. A lot of those folks did get caught when the bubble burst, but not because they had bought a super-expensive house for next to nothing. They got caught because they bought a bunch of houses, and there was suddenly no market for them.

The CRA was a pain in the ass because it required MUCH MORE documentation of borrowers in questionable neighborhoods, not because it tossed out cash like a flower girl at Donald Trump's last wedding.

I can't help believing you just knee-jerked at the title of the Act. Or you listened to a knee-jerker. Because you never read the act. Wudja like me to recite it?

Banks did not do the risky no doc loans, mortgage brokers did and they went through the noncomplying branches of the large mortgage companies like National City, Countrywide, Wells Fargo, and GMAC. 

[LOsborne]

Banks did not do the risky no doc loans, mortgage brokers did and they went through the noncomplying branches of the large mortgage companies like National City, Countrywide, Wells Fargo, and GMAC. 

Right. And they weren't regulated by the CRA. Let's hang 'em.