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Thread: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

  1. #81
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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by SheWolf View Post
    Threatened banks with what? Fines, jail, ?
    Yes! All of the above.

    http://www.bos.frb.org/commdev/commaff/closingt.pdf

    The Boston Fed still used the study to produce a manual for mortgage lenders that said: "discrimination may be observed when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower–income minority applicants."

    So what were some of the "outdated" criteria?

    Credit History: Lack of credit history should not be seen as a negative factor.... In reviewing past credit problems, lenders should be willing to consider extenuating circumstances. For lower–income applicants in particular, unforeseen expenses can have a disproportionate effect on an otherwise positive credit record. In these instances, paying off past bad debts or establishing a regular repayment schedule with creditors may demonstrate a willingness and ability to resolve debts....

    Down Payment and Closing Costs: Accumulating enough savings to cover the various costs associated with a mortgage loan is often a significant barrier to homeownership by lower-income applicants. Lenders may wish to allow gifts, grants, or loans from relatives, nonprofit organizations, or municipal agencies to cover part of these costs. . . .

    Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

    Accepting these new criteria was hardly voluntary. The Fed warned the banks:

    "Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Harry Guerrilla View Post
    You're just scapegoating.
    We pay for lots of people's mistakes, we have a social safety net and all sorts of other social programs.
    Not hearing any gripes about those "bailouts."

    Blaming one group of people is totally irrational and intellectually dishonest.

    Want to know how the wealthy became wealthier?
    Look at the stock market graph from the recession.
    They bought low and got wealthier as it rose back up.
    yep, we pounced on the discounts when others were bailing out

    its doing really well now



  3. #83
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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Higgins86 View Post
    well of course your going to say that your rich!
    rich is often a state of mind. If you concede you won't ever be rich you will never be.

    but I have no duty to pay for your existence nor do I expect you to pay for mine



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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Reg View Post
    The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract);[1]

    Equal Credit Opportunity Act - Wikipedia, the free encyclopedia

    That's not even relevant to discussing the housing crisis. It was also enacted in 1974, and the housing market has gone up and down many, many times since 1974.

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by TurtleDude View Post
    rich is often a state of mind. If you concede you won't ever be rich you will never be.

    but I have no duty to pay for your existence nor do I expect you to pay for mine
    I dont expect anyone to pay for my existence because I was raised in a good family and had a decent upbringing and had a good chance at life! Me and my wife work full-time and pay our taxes and save most of our money much like yourself. However it seems unlike you I was brought up a Christain and if my time in Iraq taught me anything it was that you need to help those less fourtunate than yourself. Not everyone is dealt a good hand and some hard working people get hit with some bad luck, they need our help to get back on their feet and get back to work and if raising taxes will help the poor by taking from the rich than im all for it! “It is easier for a camel to pass through the eye of a needle than for a rich man to enter the Kingdom of Heaven (Luke 18:25)”

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by SheWolf View Post
    The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract);[1]

    Equal Credit Opportunity Act - Wikipedia, the free encyclopedia

    That's not even relevant to discussing the housing crisis. It was also enacted in 1974, and the housing market has gone up and down many, many times since 1974.
    It's relevant. As with any legislation, agency rules enacted after the fact under its auspices can and do have effects.

    Government crashed the housing market.

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Higgins86 View Post
    I dont expect anyone to pay for my existence because I was raised in a good family and had a decent upbringing and had a good chance at life! Me and my wife work full-time and pay our taxes and save most of our money much like yourself. However it seems unlike you I was brought up a Christain and if my time in Iraq taught me anything it was that you need to help those less fourtunate than yourself. Not everyone is dealt a good hand and some hard working people get hit with some bad luck, they need our help to get back on their feet and get back to work and if raising taxes will help the poor by taking from the rich than im all for it! “It is easier for a camel to pass through the eye of a needle than for a rich man to enter the Kingdom of Heaven (Luke 18:25)”
    I don't buy into biblical BS especially when people try to twist it to justify socialism

    I also note that many leftwingers assume that only government coerced redistribution of wealth is charity when it is people like me who spend far more on real charity than rich liberals who normally give money to elect other socialists or to "think tanks" that advocate more socialism rather than to entities that Actually help the poor

    keep your myths to yourself. supporting a socialist government isn't going to get you into heaven.



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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by TurtleDude View Post
    I don't buy into biblical BS especially when people try to twist it to justify socialism

    I also note that many leftwingers assume that only government coerced redistribution of wealth is charity when it is people like me who spend far more on real charity than rich liberals who normally give money to elect other socialists or to "think tanks" that advocate more socialism rather than to entities that Actually help the poor

    keep your myths to yourself. supporting a socialist government isn't going to get you into heaven.

    lol who said anything about socalism? You guys love to throw that word out to scare the masses away, some of us are not that naive! Alos let us not forget income tax for the rich was at his highest during Americas boom, funny that!

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Higgins86 View Post
    lol who said anything about socalism? You guys love to throw that word out to scare the masses away, some of us are not that naive! Alos let us not forget income tax for the rich was at his highest during Americas boom, funny that!
    Nobody paid it. Ask Ron Howard if Andy Griffith or Don Knotts were in the 90% tax bracket.

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    and warren buffet says the same about today "How many folks in that bracket are really paying 35%"

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