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

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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 Mach View Post
    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.


    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).
    The CRA was a program to limit the amount of discrimination banks had when dealing with minority communities. The CRA would then "score" the bank" and that score could be used in determining if a bank could expand, merge or buyout other banks. It could not force banks to make bad loans. It certainly did not do so in Texas. Banks when the housing bubble got in full swing would have lent to a congressment with a horrible project, or to people with no income, no job and no visible means of being able to pay back the mortgage. Nothing in the CRA stated the banks would have to lend to such people. The banks wanted to lend because they could make money from doing so ( then sell the mortgage so they wouldnt have to worry about it failing).

    Is/was the CRA a stupid program, probably, but it was not the cause of the housing crisis, poor regulation of the banks was far higher issue. If more states had regulations like Texas the housing crisis would have been far smaller, despite Texas being subject to the CRA, just like California
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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
    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?
    Really.


    Quote Originally Posted by Top Cat View Post
    Sounds like a rope a dope spin from a RW apologist to me.
    Doesn't change the fact your article, it's placement in the wrong forum and the content is a misinformation hit piece.
    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 Top Cat View Post
    He's more than an "individual". He's a Congressman. A leader of the movement. Huge difference here.




    No.
    Does Charlie Rangel propose raising taxes? What about Tim Geithner? Al Franken? Are they leaders?

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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
    One person a party does not make. But, as I indicated above, he's a congressman who is essentially a leader is he not?
    He's not the only teabagger who can't handle his own finances

    Hardliners in debt talks have debt problems of their own – CNN Political Ticker - CNN.com Blogs
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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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.
    You make a good point. Are you consistent with someone you makes 30K a year who took out a $500K mortgage is also responsible for his/her actions.

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

    Hey, how about we make a small trip back in time. 1992, bank kiting scandal.

    Few names you might recognize followed by the number of checks they bounced. Oh yeah, source : Business | The List: Bickering House Hurts Itself -- Final True Confession Tells Little About Scandal | Seattle Times Newspaper

    Richard J. Durbin, D, 12
    Barbara Boxer, D, 143
    Maxine Waters, D, 5
    Henry A. Waxman, D, 434.
    John Jr. CONYERS, D, 273
    Steny H. Hoyer, D, 3

    So...what does that say about Dem leadership?
    If you truly want to go down to the mud and be really partisan and affiliate that guy with the entire movement, well there you go and there are some serious leadership names in the above list.

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

    The arguement goes that it's only the "right" that demands personal accountability not the "left" so it's understandable those on the list above would write bad checks.

    It's just like the excuses when a Dem gets caught with their pants down. eh, they aren't the ones argueing that cheating is wrong.

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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 1Perry View Post

    It's just like the excuses when a Dem gets caught with their pants down. eh, they aren't the ones argueing that cheating is wrong.
    No it's not. Money and morality are not 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 washunut View Post
    You make a good point. Are you consistent with someone you makes 30K a year who took out a $500K mortgage is also responsible for his/her actions.
    Sure. And in obvious cases such as this, it takes two to tango. The bank's stupidity shouldn't be rewarded either.

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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
    Sure. And in obvious cases such as this, it takes two to tango. The bank's stupidity shouldn't be rewarded either.
    The bank is not rewarded in this scenario. In a foreclosure, both the person taking out the mortgage as well as the bank lose. As a matter of fact the home owner most times probably takes less of a hit.

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