Page 22 of 29 FirstFirst ... 122021222324 ... LastLast
Results 211 to 220 of 289

Thread: U.S. sues S&P over subprime ratings

  1. #211
    Sage
    KevinKohler's Avatar
    Join Date
    Oct 2011
    Location
    CT
    Last Seen
    Yesterday @ 09:31 PM
    Gender
    Lean
    Undisclosed
    Posts
    15,981
    Blog Entries
    1

    Re: U.S. sues S&P over subprime ratings

    Sub-prime mortgages were the TIP of the iceburg that sank this titanic.

    The first, in a looooong line of dominoes, if you will.

    What crashed the entire modern world, what required billions in bailouts, were the TRILLIONS in bets hedged on those loans. IE, dirivatives. People bet money they didn't have, that these loans would be payed off. The loans were not payed off. The people didn't have the money to cover their losses. This is why they needed to be bailed out. You have to understand, we are talking about more money than is in actual "existence". Not just as printed money...but EXISTING money. The amounts wagered exceeded the total amount of liquidated assests of every man, woman, and child in the US, and much of the world. In other words, they were betting in make believe dollars, but with the intention of getting real pay outs. If any of this sounds familiar, it's because the very same thing caused problems prior to the great depression. In essence, our "roaring 90s" finally came to it's inevitable end.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  2. #212
    Sage
    Fenton's Avatar
    Join Date
    Nov 2012
    Last Seen
    Yesterday @ 11:25 PM
    Gender
    Lean
    Conservative
    Posts
    26,304

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Hard Truth View Post
    I know that is what you think, but it still has not been proven by you or anyone lese that complying with the CRA requires lowering lending standards. This is a HUD statement that Fenton posted that seems much more credible "Mortgage industry participants appear to have been drawn to encourage borrowers to take on these riskier loans due to the high profits associated with originating these loans and packaging them for sale to investors."

    Business people seek the highest possible profits, corporation are required to do so by charter. So why is it easier to believe that anti-discrimination laws are the cause of the problem rather than profit seekers using loopholes in the law.

    That is a problem I have with conservatives in general, they tend to consider the most powerless people (the poor and minorities) to be incredibly powerful and malicious and they assume that all attempts to help the needy by ending discrimaination are the cause of all problems rather than the age-old universal human tendency to act greedily when given an opportunity (such as a loophole in the law).
    Thats not all I posted. Please try to continue using some integrity and NOT parse information that just suites your agenda.

    I posted far more data, actual cuts from HUD and the GSEs explanations AND congressional hearings that showed groups like ACORN pushing the lowering of the GSEs lending standards.

  3. #213
    Sage

    Join Date
    Dec 2011
    Location
    Florida
    Last Seen
    Today @ 03:36 AM
    Gender
    Lean
    Liberal
    Posts
    23,373

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Fenton View Post
    All the greed, corruption and laziness in the world couldn't prior to the 90s force banks to lower their lending standards.

    So, it had to be institutionalized. Regulated through Govt programs that started off with good intentions but were corrupted by politicians.

    Stopping racism/discrimination is a good thing but letting a powerful agency extend draconian measures to a industry that relies on "discrimination" to function without going bankrupt is what the CRA and HUD reformers of the 90s are guilty of.

    CRA had been around since 1977. What politian(s) forced major changes and forced a quota system on the GSEs and private lenders using the backing and enforcment of those agencies ?
    It would be much more accurate to say that the banks (and you) are now using that as an excuse for their predatory behavior. The "aim" of the CRA was to simply outlaw "red-lining" of inner city areas causing borrowers there to be unable to get loans no matter wnat thier qualifications. CRA loans did not modify qualifications. That was later when the banks no longer had to care about qualifications since they intended to sell them off. What does that have to do with the CRA program at all?
    Not one bank was forced to make even one subprime loan and I dare you to prove it. Forced means by court order by the way. Don't you think bankers have lawyers either?

  4. #214
    Pragmatist
    AlabamaPaul's Avatar
    Join Date
    Jan 2013
    Location
    Alabama
    Last Seen
    12-08-17 @ 11:17 AM
    Gender
    Lean
    Liberal
    Posts
    8,834

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by iguanaman View Post
    It would be much more accurate to say that the banks (and you) are now using that as an excuse for their predatory behavior. The "aim" of the CRA was to simply outlaw "red-lining" of inner city areas causing borrowers there to be unable to get loans no matter wnat thier qualifications. CRA loans did not modify qualifications. That was later when the banks no longer had to care about qualifications since they intended to sell them off. What does that have to do with the CRA program at all?
    Not one bank was forced to make even one subprime loan and I dare you to prove it. Forced means by court order by the way. Don't you think bankers have lawyers either?
    The aim of the CRA was to achieve affirmative action in home lending, and if banks didn't play "within the perceived rules", they were taken to court...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  5. #215
    Traveler

    Jack Hays's Avatar
    Join Date
    Jan 2013
    Location
    Williamsburg, Virginia
    Last Seen
    Yesterday @ 04:55 PM
    Gender
    Lean
    Independent
    Posts
    54,867
    Blog Entries
    2

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by AlabamaPaul View Post
    The aim of the CRA was to achieve affirmative action in home lending, and if banks didn't play "within the perceived rules", they were taken to court...
    Good evening, AP. I see you're working in your sweet spot this evening.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  6. #216
    Pragmatist
    AlabamaPaul's Avatar
    Join Date
    Jan 2013
    Location
    Alabama
    Last Seen
    12-08-17 @ 11:17 AM
    Gender
    Lean
    Liberal
    Posts
    8,834

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by Jack Hays View Post
    Good evening, AP. I see you're working in your sweet spot this evening.
    Just attempting to find a worthwhile discussion. Good evening 2m...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  7. #217
    Sage

    Join Date
    Dec 2011
    Location
    Florida
    Last Seen
    Today @ 03:36 AM
    Gender
    Lean
    Liberal
    Posts
    23,373

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by AlabamaPaul View Post
    The aim of the CRA was to achieve affirmative action in home lending, and if banks didn't play "within the perceived rules", they were taken to court...
    Just how many times were they taken to court after GW Bush was in office? CRA loans did not modify quaifications anyway. Subprime loans did not qualify as CRA loans. That's why Bush's Minority Housing Initiative had nothing to do with the CRA. The no money down home loan was invented under Bush.

    HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)

  8. #218
    Traveler

    Jack Hays's Avatar
    Join Date
    Jan 2013
    Location
    Williamsburg, Virginia
    Last Seen
    Yesterday @ 04:55 PM
    Gender
    Lean
    Independent
    Posts
    54,867
    Blog Entries
    2

    Re: U.S. sues S&P over subprime ratings

    Quote Originally Posted by iguanaman View Post
    Just how many times were they taken to court after GW Bush was in office? CRA loans did not modify quaifications anyway. Subprime loans did not qualify as CRA loans. That's why Bush's Minority Housing Initiative had nothing to do with the CRA. The no money down home loan was invented under Bush.
    There seems to be a lack of consensus on that point.

    New Study Finds CRA 'Clearly' - Investors.com
    news.investors.com IBD Editorials Perspective
    Dec 20, 2012 Lenders not subject to the CRA, such as subprime giant Countrywide Financial, still fell under its spell. Regulated by HUD, Countrywide and ...

    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  9. #219
    Traveler

    Jack Hays's Avatar
    Join Date
    Jan 2013
    Location
    Williamsburg, Virginia
    Last Seen
    Yesterday @ 04:55 PM
    Gender
    Lean
    Independent
    Posts
    54,867
    Blog Entries
    2

    Re: U.S. sues S&P over subprime ratings

    Sometimes the links just don't post properly.

    New Study Finds CRA 'Clearly' - Investors.com
    news.investors.com IBD Editorials Perspective
    Dec 20, 2012 Lenders not subject to the CRA, such as subprime giant Countrywide Financial, still fell under its spell. Regulated by HUD, Countrywide and ...
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  10. #220
    Traveler

    Jack Hays's Avatar
    Join Date
    Jan 2013
    Location
    Williamsburg, Virginia
    Last Seen
    Yesterday @ 04:55 PM
    Gender
    Lean
    Independent
    Posts
    54,867
    Blog Entries
    2
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

Page 22 of 29 FirstFirst ... 122021222324 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •