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Thread: Job growth cools slightly, recovery grinds on [W:225]

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by danarhea View Post
    I strongly disagree. Without regulation, it would be completely legal for BoA to defraud Fannie and Freddie the way they did.
    Yeah, no. CRA regulatory compliance became more important than any other regulatory compliance, other areas were overlooked if the CRA numbers were good.
    Im for strong regulatory controls. I am not for increasing systemic risk for a social agenda.

    Without a place to dump toxic loans, they never would have been made in the first place. Government regulation was hand in hand with incentivizing the risk.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by pbrauer View Post
    I'm not making excuses, I'm just stating FACTS. Excuses are not needed, just read my sig. LMMFAO.Besides, we arent a socialist country, it not the president job to create jobs. we are a capitalist country.
    We are living in neither a socialist nor a capitalist country, we are living in a Predatory country. One only has to look at the explosion in the share of national income of the .1% while the rest are being left behind to see who the predators are.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    I don't think my country is predatory.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by danarhea View Post
    The banksters were writing those mortgages, then dumping the toxic
    stuff onto Fannie and Freddie. Bank of America was just fined billions for doing just that.
    Dude remove the Conservative moniker from your avatar.

    HUD and CRA were given regulatory control over banks in the early 90s to stop "redlining". In 1992 Fannie Mae pledged a trillion dollars to the new up and comming secondary market of sub-prime lending.

    3 basic tennnts of a good lendee.

    Can he pay ? ( does he have the Income)
    Will he pay ( credit history )
    Can I make him pay if he refuses to pay ? ( Collateral )

    Those three tennants define " redlining " and those three things were ignored from the early 90s to 2008 as banks under threat of Govt mandates lowered their standards and created loans especially for low income, bad credit, questionable income history lendees.

    Eric Holder went after those banks including Wells Fargo because they refused to lower their lending standards that had kept them solvent for a 100 years.

    If a banks had done that, refused to offer up free and easy credit then we would not be discussing the sub prime collpase today, but you criticize them for standing firm on principles that eould have prevented all of this.

    You cant mandate affirmitive action liberal policies in the market. It undermines the basic structure of our free market economy and causes bubbles and eventual collapses.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by Bronson View Post
    You were debunked like 5 posts ago yet you continue to grasp onto a laughable talking point from 2008 when Democrats were in full CYA mode
    It is simply a matter of fact. CRA loans were less likely to default.

    It's embarrassing
    Your lack of understanding and persistent foot-dragging is embarrassing.

    A new study concludes that the CRA CLEARLY did lead to riskier lending. It's beyond refute. That's why there was no Subprime Mortgage Market before the CRA genius. Strong lending practices were in place for a reason. It was Government Regulation that softened them, hence the seed of the 2008 Financial Crisis was the CRA. It was the root cause that created a market that never would have existed otherwise.
    Did you happen to read the study? Of course not! Did you examine the econometric methods employed? Of course not! In fact, it is far more likely you just did a quick google search without considering what you were getting into. While this research does show statistical significance in the amount of risky lending around the time of CRA examinations, it does not take into consideration the magnitude of overall CRA lending. In fact, only 6% of all high priced loans were originated from CRA institutions. The other 94% fell outside of CRA jurisdiction. Secondly, this paper does not explain the existence of the parallel real estate bubble that emerged in the U.S., a.k.a. the commercial real estate bubble. Do you honestly expect us to believe that CRA mandates forced banks to make risky commercial real estate loans?

    You fail, and fail miserably.
    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: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by OpportunityCost View Post
    Yeah, no. CRA regulatory compliance became more important than any other regulatory compliance, other areas were overlooked if the CRA numbers were good.
    Im for strong regulatory controls. I am not for increasing systemic risk for a social agenda.

    Without a place to dump toxic loans, they never would have been made in the first place. Government regulation was hand in hand with incentivizing the risk.
    CRA loans only made up 6% of the entire high priced loan market.

    What about the commercial bubble?
    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: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by Kushinator View Post
    CRA loans only made up 6% of the entire high priced loan market.


    What about the commercial bubble?
    LOL....

    ITS NOT CRA loans, its the regulatory power given to CRA and HUD in the early 90s to force banks to cater to a low income, bad credit lendees and the GSEs massive origination of those loans gaurantedd by the American Tax Payer.

    By the time it was too late almost 75% of all sub-prime loans were held by Govt controlled institutions.

    And the liberal response to this Democrate mandated bubble ?

    Spend like there is no tomorrow and raise taxes

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    It was affirmitive action lending and it tanked the economy.

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by nota bene View Post
    I don't think my country is predatory.
    Its not, thats just a low information voters ignorance of a sytemic policy under this administration that let the banks and forced the Corporations and Bussiness's to hold on to their capital.

    We get to look forward to 2% growth for the concieavable future because the Democrats are so "smart"

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    Re: Job growth cools slightly, recovery grinds on [W:225]

    Quote Originally Posted by Fenton View Post
    LOL....

    ITS NOT CRA loans, its the regulatory power given to CRA and HUD in the early 90s to force banks to cater to a low income, bad credit lendees and the GSEs massive origination of those loans gaurantedd by the American Tax Payer.

    By the time it was too late almost 75% of all sub-prime loans were held by Govt controlled institutions.

    And the liberal response to this Democrate mandated bubble ?

    Spend like there is no tomorrow and raise taxes
    A rather small subset of all subprime loans were CRA related (not to mention the default rate for CRA loans was lower than other non-CRA loans of similar risk). I notice you failed to mention the commercial housing bubble.

    Fail!
    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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