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Thread: Occupy Wall Street protesters refuse to leave for park cleaning

  1. #201
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    Re: Occupy Wall Street protesters refuse to leave for park cleaning

    Quote Originally Posted by Thunder View Post
    cite it.


    .........
    Oh god for get it. I linked it to wiki. It included what the cops said about it. It said there was an agreement btwn he city of New York and USS Steel.

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    Re: Occupy Wall Street protesters refuse to leave for park cleaning

    Quote Originally Posted by LaMidRighter View Post
    The word is COMPELLED, not FORCED. Sure the DOJ didn't grab a bankers pen and physically FORCE them to sign off on the loans but the COMPELLED them by threat of de-accreditation and possible criminal and other civil charges if the unqualified loans weren't issued. The DOJ might as well have FORCED the lenders to do so.
    Read the actual regulation instead of political positions in regards to the matter. The act states that access to credit should be provided in equal standards. It does not say ANYWHERE that banks should make risky loans to minority borrowers (this was done at full discretion of the banks)! Yes it pushed banks to lend more to minority borrowers, but it never has been used to force banks to lend to minority borrowers who ARE NOT credit worthy.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Occupy Wall Street protesters refuse to leave for park cleaning

    Quote Originally Posted by Goldenboy219 View Post
    Read the actual regulation instead of political positions in regards to the matter. The act states that access to credit should be provided in equal standards. It does not say ANYWHERE that banks should make risky loans to minority borrowers (this was done at full discretion of the banks)! Yes it pushed banks to lend more to minority borrowers, but it never has been used to force banks to lend to minority borrowers who ARE NOT credit worthy.
    The Nature and the Origin of the Subprime Mortgage Crisis Learn it, live it, love it.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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    Re: Occupy Wall Street protesters refuse to leave for park cleaning

    Quote Originally Posted by LaMidRighter View Post
    Nothing in this article refutes what i previously stated. Fan/Fred are in the business of buying mortgages that are rated AAA; blame the mis-pricing/mis-rating on the quantitative researchers who are paid handsomely to analyze both debt and the risks associated.

    Like i stated before, your comments are intended to excuse the private sector of failing to price securities correctly. BTW, the CRA does not call for subprime mortgages.
    Last edited by Kushinator; 10-16-11 at 02:19 PM.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Occupy Wall Street protesters refuse to leave for park cleaning

    Quote Originally Posted by Goldenboy219 View Post
    Nothing in this article refutes what i previously stated. Fan/Fred are in the business of buying mortgages that are rated AAA; blame the mis-pricing/mis-rating on the quantitative researchers who are paid handsomely to analyze both debt and the risks associated.

    Like i stated before, your comments are intended to excuse the private sector of failing to price securities correctly. BTW, the CRA does not call for subprime mortgages.
    You said no one was forced to make bad loans, the "perfectly qualified" applicants defaulted along with the speculators etc. I don't know what else you would need. I've even gone as far as to say prior that the derivitaves market was the cause but I explicitly stated where the origin was. Don't know what else to tell you.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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    Re: Occupy Wall Street protesters refuse to leave for park cleaning

    Quote Originally Posted by LaMidRighter View Post
    You said no one was forced to make bad loans
    To which you replied:

    Quote Originally Posted by LaMidRighter View Post
    The Clinton justice department interpreted provisions of the CRA and selectively applied it to threats of force.
    Which completely disregards the CRA in and of itself. It is/was legal to deny a minority or someone living in a high poverty area a loan because they are/were at high risk of default. What is illegal is to deny a minority or someone living in a high poverty area a loan, but then give a different applicant a loan when both applicants have the same credit rating, income, collateral, etc.... This is what the DOJ was "threatening against", which is well within their authority.

    However, the DOJ never threatened any financial institution to make "bad loans".

    FWIW, CRA originated loans (prime and subprime) were less likely to default compared to non-CRA originated loans.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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