Economy in the tank

1. The push to extend mortgages to less qualified buyers was amplified by the Home Mortgage Disclosure Act (HMDA), passed in 1975 and expanded in 1991 to require lenders to report rejection rates by race. Lenders were put on notice that their lending practices would be examined for evidence of bias, with violators facing the possibility of fines as high as $500,000.

2. A related problem began with the Community Reinvestment Act (CRA) of 1977. If lenders wanted to expand their lending, they had to balance their loans to financially secure buyers with loans to buyers who did not meet the conventional mortgage criteria.

BS like this needs to stop…and obama claims the market is too free and unregulated????
 
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68L71 said:
1. The push to extend mortgages to less qualified buyers was amplified by the Home Mortgage Disclosure Act (HMDA), passed in 1975 and expanded in 1991 to require lenders to report rejection rates by race. Lenders were put on notice that their lending practices would be examined for evidence of bias, with violators facing the possibility of fines as high as $500,000.

2. A related problem began with the Community Reinvestment Act (CRA) of 1977. If lenders wanted to expand their lending, they had to balance their loans to financially secure buyers with loans to buyers who did not meet the conventional mortgage criteria.

BS like this needs to stop…and obama claims the market is too free and unregulated????
Click to expand...

NOT JUST THE Community Reinvestment Act, CRA, but then it got exanded and tinkered with along the way by various liberal Do Mo Craps, and so the last go round was with Klinton in the 90's, and that was the final straw.....

the history of it is all over the internet, do a search.....damn sure not hearing of it over the airwaves....liberals can't stand the light of day or the truth....

:clobbered::devil::cussing:
 
Isn't it funny that the very people who are responsible for this chaos, are the ones that are "constructing the bailout". Watch this video:

[ame]http://www.youtube.com/watch?v=cMnSp4qEXNM[/ame]
 
mrvette said:
NOT JUST THE Community Reinvestment Act, CRA, but then it got exanded and tinkered with along the way by various liberal Do Mo Craps, and so the last go round was with Klinton in the 90's, and that was the final straw.....

the history of it is all over the internet, do a search.....damn sure not hearing of it over the airwaves....liberals can't stand the light of day or the truth....

:clobbered::devil::cussing:
Click to expand...


I realize there is more to it, I am sure you saw my other thread. I used those two points to illustrate how backwards the system is. It's that way for more than just housing, many other BS "initiatives" out there.

Thanks for posting that video Dep.
 
JPhil said:
And more to it than will ever be allowed to be known by the public.
Click to expand...

Most of it is out on the internet.....and I lived a lot of it....I think I commented here about that already....

:shocking::hunter::beer:
 
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