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Thread: U.S. Jobless Rate Unexpectedly Declines to 8.6%

  1. #521
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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Grant View Post
    In 1977, when the CRA was established those were the rules. However over time there were other challenges against lending money according top the ability to repay the loan.

    This is one such successful challenge forcing banks to lend money not according to their ability to repay the loan but on the color of their skin or ethnic background.

    Scroll down and you´ll see the name of a well known "community organizer",

    Civil Rights Litigation Clearinghouse
    CRA was *always* intended to address redlining. No change there. The mission was always to expand home ownership in traditionally underserved neighborhoods. And of course forcing banks to lend to people who couldn't repay the loans would be counterproductive to that goal. That's why it didn't happen.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Gill View Post
    Banks were graded on the number of low income loans they made.
    Yes? Do you have a cite for that proposition?

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Grant View Post
    In 1977, when the CRA was established those were the rules. However over time there were other challenges against lending money according top the ability to repay the loan.

    This is one such successful challenge forcing banks to lend money not according to their ability to repay the loan but on the color of their skin or ethnic background.

    Scroll down and you´ll see the name of a well known "community organizer",

    Civil Rights Litigation Clearinghouse


    Source
    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: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by AdamT View Post
    CRA was *always* intended to address redlining. No change there. The mission was always to expand home ownership in traditionally underserved neighborhoods. And of course forcing banks to lend to people who couldn't repay the loans would be counterproductive to that goal. That's why it didn't happen.
    In fact it did happen, and repeatedly. You can do the research if you´re interested in the subject but here´s a start.

    LiveLeak.com - Obama: Giving loans to people that cant afford them A good Idea!

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Grant View Post
    In fact it did happen, and repeatedly. You can do the research if you´re interested in the subject but here´s a start.

    LiveLeak.com - Obama: Giving loans to people that cant afford them A good Idea!
    Another link to a right wing blog, and I can't even make out what they're trying to say.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Gill View Post
    Actually, banks were forced to give loans to many people that should never have gotten home loans.
    Really? Can you provide a link to that?

    and not one that simply links to having outlawed redlining. That is another issue altogether.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by AdamT View Post
    Another link to a right wing blog, and I can't even make out what they're trying to say.
    What difference does it make which "wing" it is? You can watch the video to see what BHO has to say about the situation.


    Here is the historical rationale.

    When the door is locked to buying a home

    And here´s an example of how they have learned nothing.

    Mary Kissel: Justice's New War Against Lenders - WSJ.com

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Grant View Post
    In fact it did happen, and repeatedly. You can do the research if you´re interested in the subject but here´s a start.

    LiveLeak.com - Obama: Giving loans to people that cant afford them A good Idea!
    If you believe the mission (or goal) of the CRA was to give loans to people who could not afford them, there is plenty of data available to present a valid argument on the subject.

    Such as this.

    Our study suggests that without the CRA, the subprime crisis and related spike in
    foreclosures might have negatively impacted even more borrowers and neighborhoods.
    Compared to other lenders in their assessment areas, CRA Banks were less likely to make a high
    cost loan, charged less for the high cost loans that were made, and were substantially more likely
    to eschew the secondary market and hold high cost and other loans in portfolio.
    Moreover,
    branch availability is a key element of CRA compliance, and foreclosure rates were lower in
    metropolitan areas with proportionately greater numbers of bank branches.
    Prior to the foreclosure crisis, some had suggested that the boom in subprime mortgage
    lending, by easing access to credit for LMI borrowers, rendered the CRA irrelevant or obsolete.16
    However, the demise of subprime lending, even if only temporary, and the lower proportion of
    high cost loans made by CRA Banks even when the subprime market was thriving, suggest that
    the CRA still has a vital role to play.

    Of course, CRA Banks, even in their own assessment areas, have a relatively small
    portion of the mortgage market. In the 15 metropolitan areas analyzed, the CRA Bank market
    share of all loan originations was less than 25 percent, limiting the law’s impact on the subprime
    crisis.
    Because the vast majority of mortgage lending is done by other entities, some have
    suggested extending CRA-like obligations to other lenders as a way of limiting the volume of
    high cost loans and the problems associated with them. While extending the CRA to bank
    affiliates and subsidiaries that lend in the bank’s community may have some merit, we believe
    that the presence of local brick and mortar branches was as important a reason for CRA Banks’
    better performance than fear of a less than satisfactory CRA evaluation.

    Branches demonstrate a bank’s commitment to and investment in a community. The ongoing
    interaction between bankers and residents that occurs at a deposit-taking branch provides
    insight into credit needs that may enable banks to make more reliable assessments of borrowers’
    creditworthiness and to avoid making loans that are likely to default. In addition, by providing
    borrowers with a convenient location at which to apply for mortgage loans, branches may serve
    as a magnet for attracting creditworthy borrowers. Without a branch nexus, it is doubtful
    whether the same benefits can be realized for other lenders.
    Last edited by Kushinator; 12-06-11 at 08:26 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: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Grant View Post
    In fact it did happen, and repeatedly. You can do the research if you´re interested in the subject but here´s a start.

    LiveLeak.com - Obama: Giving loans to people that cant afford them A good Idea!
    This was happening long before Obama took office. In case you don't remember, the housing bubble burst in 2007. Who was in office at that time?
    Last edited by danarhea; 12-06-11 at 08:30 PM.
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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by AdamT View Post
    Another link to a right wing blog, and I can't even make out what they're trying to say.
    LiveLeak is a right wing blog?
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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