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Thread: 3M chief warns Obama over business regulation

  1. #61
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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.
    Of course not. It's the only thing the republicans have to blame the democrats. Lies.
    "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 apdst View Post
    So, banks could still, "redline", customers that they didn't think could pay for the loan?
    Yes they could. And the smart ones did.. They were only 6% of the subprime loans anyway.
    "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 USA_1 View Post
    .................................Don't you at least try to find out the facts before you make stupid comments?
    Ever hear of a banks, "CRA compliance record? Which was taken into account by government regulators when the banks tried to expand?
    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
    Of course not. It's the only thing the republicans have to blame the democrats. Lies.
    Ok, tell us, using an actual link this time, what was the purpose of the community re-investment 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.

  5. #65
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    So, banks could still, "redline", customers that they didn't think could pay for the loan?
    oh dear....loan qualifications didn't CHANGE.........redlining was discriminating, not enforcing loan policy.

    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 liblady View Post
    oh dear....loan qualifications didn't CHANGE.........redlining was discriminating, not enforcing loan policy.
    Right and CRA made redlining illegal. Shall we keep going?
    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.

  7. #67
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    Ok, tell us, using an actual link this time, what was the purpose of the community re-investment act?
    why? it's clear you have a simplistic view of what actually happened.

    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 apdst View Post
    Ok, tell us, using an actual link this time, what was the purpose of the community re-investment act?
    To reduce discrimination against people that are qualified yet disqualified due to race or ethnicity.
    The Community Reinvestment Act of 1977 seeks to address discrimination in loans made to individuals and businesses from low and moderate-income neighborhoods.[7] The Act mandates that all banking institutions that receive FDIC insurance be evaluated by Federal banking agencies to determine if the bank offers credit (in a manner consistent with safe and sound operation as per Section 802(b) and Section 804(1)) in all communities in which they are chartered to do business.[3] The law does not list specific criteria for evaluating the performance of financial institutions. Rather, it directs that the evaluation process should accommodate the situation and context of each individual institution. Federal regulations dictate agency conduct in evaluating a bank's compliance in five performance areas, comprising twelve assessment factors. This examination culminates in a rating and a written report that becomes part of the supervisory record for that bank.[8]

    The law, however, emphasizes that an institution's CRA activities should be undertaken in a safe and sound manner, and does not require institutions to make high-risk loans that may bring losses to the institution.[3][4] An institution's CRA compliance record is taken into account by the banking regulatory agencies when the institution seeks to expand through merger, acquisition or branching. The law does not mandate any other penalties for non-compliance with the CRA.[6][9
    ]Wikipedia
    It doesn't matter how much proof I give, you will still try to spread the lies.
    Last edited by USA_1; 02-28-11 at 06:42 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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    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.

  10. #70
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    Re: 3M chief warns Obama over business regulation

    Quote Originally Posted by apdst View Post
    Right and CRA made redlining illegal. Shall we keep going?
    what cra did, and continues to do, is make it illegal to discrimate against borrowers based on race or income level. (redlining)

    now, what that means is that a black person with the same qualifications as white person would have to be given a loan if the white person was given that same loan. period.

    in NO WAY did CRA force banks to make bad loans. if it did, then why aren't they still making bad loans? seriously??

    Originally Posted by johnny_rebson:

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


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