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Thread: 3M chief warns Obama over business regulation

  1. #51
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by USA_1 View Post
    It ain't gonna happen. They need those lies to rewrite history and if they say the lies long enough some people will start to believe them..
    So, CRA didn't have anything to do with it?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    So, CRA didn't have anything to do with it?
    Only 6% of the subprimes were CRA. So no it didn't.

    http://www.responsiblelending.org/mo...-meltdown.html

    The Comptroller of the Currency. John C. Dugan, agrees: "CRA [the Community Reinvestment Act] is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace. Indeed, the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA. A recent study of 2006 Home Mortgage Disclosure Act data showed that banks subject to CRA and their affiliates originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas."
    This is getting old. We prove something........then you hear misinformation on Fox and pass it on as fact.
    Last edited by USA_1; 02-28-11 at 06:24 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  3. #53
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    How is it false? The government dropped Glass-Steigal, then forced banks to conform to the new regulations.

    BTW, I'm not Jesus; just a regular guy. I understand how you could get confused.
    This Glass Steigal?
    The bill that ultimately repealed the Glass Steigal Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 5444 vote in the Senate[
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  4. #54
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    How is it false? The government dropped Glass-Steigal, then forced banks to conform to the new regulations.

    BTW, I'm not Jesus; just a regular guy. I understand how you could get confused.
    lol.....ok. (i should have known, jesus can spell)

    no, no, no.......the govt NEVER forced banks to make bad loans. show me the reg that requires THAT.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by USA_1 View Post
    Only 6% of the defaulted subprimes were CRA. So no it didn't.

    CRA is not to Blame for the Mortgage Meltdown
    Do you even know what CRA is? It's not as if banks could just ignore a congressional act.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by USA_1 View Post
    This Glass Steigal?
    The bill that ultimately repealed the Glass Steigal Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[
    The government, right?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by liblady View Post
    lol.....ok. (i should have known, jesus can spell)

    no, no, no.......the govt NEVER forced banks to make bad loans. show me the reg that requires THAT.
    So, when CRA was passed and became the law of the land, banks had the option to ignore it and do what they wanted?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    Do you even know what CRA is? It's not as if banks could just ignore a congressional act.
    i work for a bank.........cra didn't force banks to make bad loans.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  9. #59
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    So, when CRA was passed and became the law of the land, banks had the option to ignore it and do what they wanted?
    The Comptroller of the Currency. John C. Dugan, agrees: "CRA [the Community Reinvestment Act] is not the culprit behind the subprime mortgage lending abuses, or the broader credit quality issues in the marketplace. Indeed, the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA. A recent study of 2006 Home Mortgage Disclosure Act data showed that banks subject to CRA and their affiliates originated or purchased only six percent of the reported high cost loans made to lower-income borrowers within their CRA assessment areas."
    .................................Don't you at least try to find out the facts before you make stupid comments?
    Last edited by USA_1; 02-28-11 at 06:28 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by liblady View Post
    i work for a bank.........cra didn't force banks to make bad loans.
    So, banks could still, "redline", customers that they didn't think could pay for the loan?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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