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Thread: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan

  1. #21
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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by Top Cat View Post
    Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

    I can see it now. The bank manager holding a gun to his head and making him take that money.

    And here we have The Tea Party version of fiscal responsibility and accountability in action.

    Just when you thought you'd seen it all.
    First, it's a legal case... according to the lawyer it's ANYONE and EVERYONE's fault but his clients. You thought the lawyer would as part of a settlement admit his client was at fault? That's beyond naive. Second, you make it sound as does your ( *ahem*) Breaking News source that Graves made the statement the bank should have known... etc.etc. Yet, in the article:

    Simon Bloom, the attorney for Graves and Rogers, argued in a court filing that the default was the bank's fault because it lent the pair the money knowing full well they couldn't pay.
    Ahh... so it was the LAWYER who stated that, not a Tea Party Representative. So other than a Tea Party hit job piece... what else ya got?
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    I wonder if the loan would have been made if he hadn't been a Congressman.

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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by Polotick View Post
    I wonder if the loan would have been made if he hadn't been a Congressman.
    Not sure... but I'd be willing to bet "Congressman" pulls at least a little weight and pretige to a bank lending money.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by Ockham View Post
    Not sure... but I'd be willing to bet "Congressman" pulls at least a little weight and pretige to a bank lending money.
    I completely agree.

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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Not the first time or last time you see the hypocrisy of the Tea Party. Take Bachmann... Mrs Tea Party, who is also a welfare queen and lobbied for millions in stimulus money, a stimulus plan she was against.. And considering the Tea Party is suppose to be against waste and pork, then it is amazing the amount of government projects that they have been actively seeking for their districts...
    PeteEU

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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by The Barbarian View Post
    Not going to tie this to anyone .... but it's clear that pressure was put on these banks to make loans that shouldn't have been made ..

    What the CRA does, in effect, is compel banks to seek the permission of community activists to get regulatory approval for bank expansions and mergers. Often this means striking a deal with activist groups such as ACORN or unions like the Service Employees International Union (SEIU) and agreeing to allocate credit to poor and minority areas that are underserved.
    In short, the CRA encourages banks to make loans they would not ordinarily make. What's more, these agreements often require that banks offer no-money-down mortgages and remove caps on how much debt a borrower can take on. All of this is done in the name of "financial democracy."
    This looks like misinformation some 'conservative' radio talk show host fed you, surely you can do much better. Please show proof of this crap!!!


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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by The Barbarian View Post
    What would you call Charles Rangel ??? He is after all a congressman to is he not ? So your same theory applies?
    See my comments to this end. Government and individuals are not really the same.

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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by Ockham View Post

    Ahh... so it was the LAWYER who stated that, not a Tea Party Representative. So other than a Tea Party hit job piece... what else ya got?
    Really? So let me see if I understand this? Your attorney makes a statement on your behalf, that you don't personally refute, and it doesn't represent your position? Really?

    Sounds like a rope a dope spin from a RW apologist to me.

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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    Quote Originally Posted by The Barbarian View Post
    Not going to tie this to anyone ….... but it's clear that pressure was put on these banks to make loans that shouldn't have been made ..

    What the CRA does, in effect, is compel banks to seek the permission of community activists to get regulatory approval for bank expansions and mergers. Often this means striking a deal with activist groups such as ACORN or unions like the Service Employees International Union (SEIU) and agreeing to allocate credit to poor and minority areas that are underserved.
    In short, the CRA encourages banks to make loans they would not ordinarily make. What's more, these agreements often require that banks offer no-money-down mortgages and remove caps on how much debt a borrower can take on. All of this is done in the name of "financial democracy."
    And what punishment do the banks get for having a poor CRA score?

    Secondly why did/does Texas generally escape the housing bubble, and why have Texas banks not gone under anywhere near the national average over the last few years?

    If the CRA is all powerfull Texas should have as much a problem with mortgages and banks going under?

    The CRA is an idiotic bogeyman. The CRA was minor factor in the housing crisis, and in the creation of subprime loans. The majority of Subprime originators were not subject to the CRA

    In other words people want to blame the government for something private industry wanted to dom, and did with reckless abandon, whereever possible. It was not possible in Texas, as Texas has strict mortgage regulations and Texas does not have a mortgage default crisis. California did not have strict mortgage regulations, allowing the banks to make whatever types of loans they wanted, the banks did (then sold the loans)
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    Re: Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Lo

    I think it's legitimate to question a congress person for such things.
    I don't think it means anything significant with regards to the Tea Party.
    I also agree that banks of course bear significant responsibility in who they lend to, and how much, etc.
    Quote Originally Posted by Lord Tammerlain View Post
    In other words people want to blame the government for something .....
    ...California did not have strict mortgage regulations, allowing the banks to make whatever types of loans they wanted, the banks did (then sold the loans)
    Government not regulating what it has both agreed to regulate, and has seen catastrophic results of not regulating in the past (see prior bubbles related to banking), may be termed a problem with government, right? Government did both. It failed at regulation and it added fuel to the fire with housing policy, government backed lending, etc. That was my impression anyway. (not differntiating between federal and state here).
    Last edited by Mach; 08-11-11 at 04:23 PM.

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