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

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

    Quote Originally Posted by Goldenboy219 View Post
    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.
    Yes, I understand the rationale and I posted it. That´s why Obama said it seemed like a good idea in theory, but in practice it was a huge failure. That´s the video on the"right wing" site.

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

    Quote Originally Posted by danarhea View Post
    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?
    Perhaps you should read the thread and the history of what went wrong before commenting.

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

    Quote Originally Posted by Grant View Post
    Yes, I understand the rationale and I posted it. That´s why Obama said it seemed like a good idea in theory, but in practice it was a huge failure. That´s the video on the"right wing" site.
    Your source is about as weak as it gets. There is plenty of data out there, but for some reason those who make the argument "the CRA caused the mortgage crisis" can only bring opinions to the table.
    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
    Yes, I understand the rationale and I posted it. That´s why Obama said it seemed like a good idea in theory, but in practice it was a huge failure. That´s the video on the"right wing" site.
    The video is typical out of context right wing BS. Of course it's correct to say that there's nothing intrinsically wrong with a subprime loan, which is nothing more than a loan offered at a higher than prime rate. That is, IF the lender does due diligence to insure that the borrower has the ability to repay, as required under the CRA (but often not done by non-CRA lenders).

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

    Quote Originally Posted by danarhea View Post
    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?
    Um... let me think.. that would have been 2007, and the WH was occupied by.. by.. can't think of any Democrat who was in the WH at that time. It couldn't possibly have been a Republican, though. A Republican POTUS would never, ever allow such a thing to happen.

    of course not.
    "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%

    In contrast, McClatchy is as mainstream as they come and Fed has absolutely no dog in the CRA fight.
    Lets see if this dog will hunt: Most mainstream print sources lean left. "Mainstream" news sources have been notoriously biased over and over.

    Part 2. The fed has no dog in the CRA fight.

    bwahahahahaha

    What, do you suppose is the long term impact on the banking market stemming from CRA? Who do you think has the most to lose or gain from from more government meddling into the home lending market? Good god, you cannot possibly believe what you typed. The Fed has everything to lose by more banks being unstable. The fed is covering for policy implemented from the top. Nothing more, nothing less.

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

    Without reading the thread, the housing bubble began crumbling in 2006 as the credit crisis began, before Obama was in the White House, before Democrats ran the Congress, before the economy collapsed entirely...


    Record foreclosures hit mortgage lenders

    Updated 3/30/2007 2:05 PM

    The reason many mortgage lenders are in trouble became alarmingly clear Tuesday. The Mortgage Bankers Association said more than 2.1 million Americans with a home loan missed at least one payment at the end of last year — and the rate of new foreclosures hit a record.

    The problem is most severe for borrowers with scuffed credit and adjustable-rate mortgages. More than 14% of them were behind on their payments. And the worst is yet to come, the MBA said. At least $300 billion in subprime ARMs will reset this year to higher interest rates. Those borrowers face higher payments and a harder time refinancing.

    Blindsided by the number of loans that have already gone bad, more than two dozen lenders have gone out of business or been purchased. New Century Financial, the nation's second-largest subprime lender, has quit making loans and is edging toward bankruptcy protection.

    More...


    And to think, this entire disaster could have been averted if only Republicans had passed much needed oversight.

    That wasn't too partisan, was it?
    Last edited by Sheik Yerbuti; 12-06-11 at 11:27 PM.

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

    Quote Originally Posted by OpportunityCost View Post
    What, do you suppose is the long term impact on the banking market stemming from CRA?
    Minimal...



    Fed’s Kroszner: Don’t Blame CRA

    Federal Reserve governor Randall Kroszner, a conservative economist on leave from a teaching post at the University of Chicago Booth Graduate School of Business, says the Community Reinvestment Act isn’t to blame for the subprime mess, despite some accusations to the contrary.

    “First, only a small portion of subprime mortgage originations are related to the CRA. Second, CRA- related loans appear to perform comparably to other types of subprime loans. Taken together… we believe that the available evidence runs counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis,” he said in a speech today in Washington.

    [...]

    Fed economists found that about 60% of higher-priced loan originations — the technical definition of subrpime — went to middle- or higher-income borrowers or neighborhoods who aren’t targeted by CRA. More than 20% of the higher-priced loans were extended to lower-income borrowers or borrowers in lower-income areas by institutions that aren’t banks — and aren’t covered by CRA.

    The “striking result,” Kroszner said: “Only 6% of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas, the local geographies that are the primary focus for CRA evaluation purposes.”

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

    Quote Originally Posted by danarhea View Post

    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?
    The housing bubble burst began in 2006... Democrats hadn't even taken over the Congress yet.

    Record foreclosures hit mortgage lenders

    Why do you think righties blame Barney Frank?

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

    Quote Originally Posted by Sheik Yerbuti View Post
    Why do you think righties blame Barney Frank?
    He is a democrat.
    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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