10-08-2008, 12:42 PM | #1 |
Member
Join Date: Jan 2006
Location: SLC
Posts: 441
|
Community Reinvestment Act to blame? Please.
Responsible lending to minorities & the underprivleged:
http://www.nytimes.com/2008/09/27/ny...in&oref=slogin Creation of grotesquely irresponsible financing products for mortgages (ARM, interest only loans, etc) - financial institutions, not Barney Frank. http://bigpicture.typepad.com/commen...erstandin.html (And I won't even address the coffee insults. Shame!) |
10-09-2008, 06:32 AM | #2 | |
Senior Member
Join Date: Nov 2007
Posts: 2,326
|
Who were those 'grotesquely
Quote:
The same people who say they were duped by the banks and mortgage companies on something pretty straightforward, are now expected to become intelligent when voting for president? Same folks. Same results. Disaster. I hope I'm wrong.
__________________
Ohbama - The Original Bridge to Nowhere |
|
10-09-2008, 01:49 PM | #3 | ||
Member
Join Date: Feb 2007
Location: Minnesota
Posts: 283
|
Quote:
I only read to where he wrote Quote:
Miami, FL is an affluent, non-minority region? When did he last visit Miami? 1950? According to the 2000 census, Miami is 65.8% hispanic and 22.3% black - a total of 88.1% of the residents are minority, without even counting other, smaller minorities. Compare that, say, with Minneapolis (the city in Minnesota with the largest minority concentration) - 7.6% hispanic and 18.0% black for a total of 25.6% minority. Phoenix is at 39.2% (34.1% + 5.1%), Las Vegas is at 34.0% (23.6% + 10.4%), and San Diego at 33.3% (25.4% + 7.9%). |
||
10-10-2008, 01:26 AM | #4 | |
Senior Member
Join Date: Nov 2007
Posts: 2,326
|
You forgot the 'undocumented'
Quote:
__________________
Ohbama - The Original Bridge to Nowhere |
|
10-10-2008, 04:07 AM | #5 | |
Member
Join Date: Jan 2006
Location: SLC
Posts: 441
|
Quote:
As near as I can tell, the conservative explanation of the problem goes something like this: 1. Barney Frank & Co pushed lenders to lend to minorities via the Community Reinvestment Act. 2. Said lenders, due to pressure from the Community Reinvestment Act, created fundamentally unhealthy financial "products". The resulting toxic mortgages weren't really the fault of the lenders, who were merely trying to comply with the CRA by whatever means they could. Does anyone really believe this simplistic explanation? It's like Glenn Beck today saying the $700B bailout hasn't put a dent in inter-bank lending because the magnitude of the effort has created fear among the institutions. It's called "de-leveraging", Glenn - the banks are desperately hording capital/cash to improve their balance sheets. |
|
Bookmarks |
|
|