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Thread: Russia says intercepted US drone over Crimea: arms group[W:157]

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    Re: Russia says intercepted US drone over Crimea: arms group

    Quote Originally Posted by Dittohead not! View Post
    It's not about loans to minorities, but about loans to people who could not afford them. If Fannie and Freddy are the problem, why didn't the housing crash happen sooner? Both programs were in place decades before the housing crash.
    This is the case here and it says "African American', and lists barrack Obama, who was part of ACORN then, as one of the lawyers. Buycks-Roberson v. Citibank Fed. Sav. Bank | Civil Rights Litigation Clearinghouse

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    Re: Russia says intercepted US drone over Crimea: arms group

    Quote Originally Posted by Grant View Post
    This is the case here and it says "African American', and lists barrack Obama, who was part of ACORN then, as one of the lawyers. Buycks-Roberson v. Citibank Fed. Sav. Bank | Civil Rights Litigation Clearinghouse
    Correct, it was about not discriminating against African Americans, but the housing crash was not due to giving loans to African Americans.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: Russia says intercepted US drone over Crimea: arms group

    Quote Originally Posted by Dittohead not! View Post
    The link is between the mortgage lenders who made loans to people who couldn't afford them, then sold the paper to Fannie and freddy as good loans. The reason that worked is lack of government oversight, not government programs.
    You do understand that the government was using Freddie as a quasi government guarantor while the regulation of the Cloward/Piven backed CRA serves as the hammer to get the banks to loan money they never would have otherwise right.
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    Re: Russia says intercepted US drone over Crimea: arms group

    Quote Originally Posted by Dittohead not! View Post
    Correct, it was about not discriminating against African Americans, but the housing crash was not due to giving loans to African Americans.
    The point was that neither the government or the courts should be deciding who gets loans and who doesn't. It is not their money. And we know that Fanny Mae and Freddy Mac was corrupt and dishonest, as was inevitable. What often starts out as a good idea by a government with good intentions inevitably becomes corrupt and expensive. I know of no case where this wasn't the outcome. It's just another case of the Law Of Unintended Consequences, as well as an abuse of power..

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    Re: Russia says intercepted US drone over Crimea: arms group

    Quote Originally Posted by Grant View Post
    The point was that neither the government or the courts should be deciding who gets loans and who doesn't. It is not their money. And we know that Fanny Mae and Freddy Mac was corrupt and dishonest, as was inevitable. What often starts out as a good idea by a government with good intentions inevitably becomes corrupt and expensive. I know of no case where this wasn't the outcome. It's just another case of the Law Of Unintended Consequences, as well as an abuse of power..
    The problem is that the government wasn't deciding who shouldn't get loans. The lenders were giving loans to people (black and white) who simply didn't have the resources to make the payments. They were making loans with payments that didn't even keep up the interest payments, some with "balloon" payments down the road. No one was looking down the road more than a couple of years, as the expectation was that the house would accrue value faster than the rate of inflation. Some people made money on the idea, too. It worked as long as housing prices kept soaring.

    Here's the choice: Buy a $100,000 house you can actually afford, or a $300,000 house you can't afford. Due to creative financing, the mortgage payments are roughly the same. You have a much nicer house to live in, and expect it to gain, say, 15% a year in value. 15% of 100,000 is $15,000, but the second house will gain $45,000. Sell it before the balloon payments kick in, and you walk away with the cash. Lots of middle class Americans made money doing just that.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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