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Sandhusker..You Might Owe Me An Apology...

Mike

Well-known member
I was also called a moron.

Read this thread and make your decision:

http://ranchers.net/forum/viewtopic.php?t=24194&highlight=cra

From one of your latest posts:
ACORN Housing Corporation (AHC) was instrumental in its passage of the Community Reinvestment Act (CRA) which has plagued the mortgage markets since 1977. The U.S. Congress through the CRA compelled banks and lending institutions to make loans to “communities of color” disregarding sound economic and risk guidelines. CRA encouraged the relaxing of “outdated” risk-management protocols and underwriting obligations by lending institutions. In the name of ending discrimination, no longer were “communities of color” required to provide verification of income, employment, credit history, ability to pay homeowner bills, or down payment. In response, many banks and mortgage groups bundled trillions of dollars of “subprime” loans and sold them to investors here and abroad. It is these bundled Community Reinvestment Act mortgages, doomed to fail, that are today causing financial strain in U.S. and global financial markets.

In short, a Democrat Congress and President demanded that banks change the rules of good banking and open the Pandora’s Box of mortgage defaults and foreclosures now coming to a head. This home-parity concept of the radical left was mobilized by ACORN resulting in a purchase of a property without any credit, income, employment, and a zero down payment.

Toodle-OOOOO :wink:
 
A

Anonymous

Guest
I listened to some of the speeches in the House last night debating this bill- and it was made clear by the Repubs speaking that there was NO money directed toward ACORN- but they never mentioned La Raza, so old McBusch may have got some stuck in for them :roll:

Really funny watching the "fiscal conservatives" (Republicans) crying and whining to get $700 Billion of taxpayer funds for their buddies on Wall Street- and the Dems all coming in opposing it (anyway last night) for numerous reasons (oversight, constitutional, exec pay, no law changes to correct the base problem, no guarantees of repay, etc. etc.)...

Except after Bush's reign, I've come to realize that with the new Republican agenda- the party does not represent "fiscal conservative" anymore... :( :(
 

Mike

Well-known member
Oldtimer said:
I listened to some of the speeches in the House last night debating this bill- and it was made clear by the Repubs speaking that there was NO money directed toward ACORN- but they never mentioned La Raza, so old McBusch may have got some stuck in for them :roll:

Really funny watching the "fiscal conservatives" (Republicans) crying and whining to get $700 Billion of taxpayer funds for their buddies on Wall Street- and the Dems all coming in opposing it (anyway last night) for numerous reasons (oversight, constitutional, exec pay, no law changes to correct the base problem, no guarantees of repay, etc. etc.)...

Except after Bush's reign, I've come to realize that with the new Republican agenda- the party does not represent "fiscal conservative" anymore... :( :(

You are TOTALLY missing the point, but that doesn't surprise me either. :roll:

This meltdown was caused by "Affirmative Action", plain and simple!!!!

Just do a little thinking.....................

Which party has been pushing "Affirmative Action" for the past 30-40 years?
 

Sandhusker

Well-known member
Mike said:
I was also called a moron.

Read this thread and make your decision:

http://ranchers.net/forum/viewtopic.php?t=24194&highlight=cra

From one of your latest posts:
ACORN Housing Corporation (AHC) was instrumental in its passage of the Community Reinvestment Act (CRA) which has plagued the mortgage markets since 1977. The U.S. Congress through the CRA compelled banks and lending institutions to make loans to “communities of color” disregarding sound economic and risk guidelines. CRA encouraged the relaxing of “outdated” risk-management protocols and underwriting obligations by lending institutions. In the name of ending discrimination, no longer were “communities of color” required to provide verification of income, employment, credit history, ability to pay homeowner bills, or down payment. In response, many banks and mortgage groups bundled trillions of dollars of “subprime” loans and sold them to investors here and abroad. It is these bundled Community Reinvestment Act mortgages, doomed to fail, that are today causing financial strain in U.S. and global financial markets.

In short, a Democrat Congress and President demanded that banks change the rules of good banking and open the Pandora’s Box of mortgage defaults and foreclosures now coming to a head. This home-parity concept of the radical left was mobilized by ACORN resulting in a purchase of a property without any credit, income, employment, and a zero down payment.

Toodle-OOOOO :wink:

You are right and I stand corrected.
 
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