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:
Toodle-OOOOO :wink:
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 CRA encouraged the relaxing of “outdated” risk-management protocols and underwriting obligations by lending institutions.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: