An implausible candidate's story

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General Robert E Lee wrote:

<quoted text>
Whem they (gov't)lowered the credit grades for federally approved loans down to the mid 500 level, the banks had no choice but to grant the loans, but knew people with scores that low, as a whole, would never pay it back and would in fact go bankrupt. That practice started the whole "portfolio" sell off business, the "sub prime mortgage" business, as well as inflated home prices to cover their losses. Result - BOOM!

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Wall Street Government wrote:

<quoted text> The government didn't, the federal reserve did.
Rates are lower now than they were in 2003 & 2004, why aren't they loaning money?
It's as stupid an assumption as the government is forcing a store to hold black friday sale.

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WELFARE BUM PRESIDENT wrote:

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Billy ringworm is back!!! WOW, the OWS bowel movement must be almost Kaput. I guess they got him a tolit seat to put over the sewer drain and he got outta dodge quick as he prefers spewing shit not only on topix but on old ladies lawns.

joe the plumber wrote:

i think its about time obama sits down on the whitehouse lawn with herman cain,marine corp pat, and figure out which one is really african american.

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Marine Corp Pat wrote:

I love the fact that we were able to witness in real time the rise and fall of a token Minstrelsy buffoon.
And it was how hard he fell that makes it that much more enjoyable. The women coming forward… the sexual deviant behavior… harassment and assaults… the pathetically embarrassing lack of a response on Libya…
It was beautiful. Another one bites the dust… Newt is next, LOL.
Oh yeah… Herman Cain 2012 my ass, LOL.

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OneRyder wrote:

Any repub that supports this fool has lowered bar to levels only seen with Sarah Palin.
This man seems to think it's ok to not know alot of things, like China having nukes, as long as he surrounds himself with "advisers".
1 - That's not much leadership, just following.
2 - He's a corrupt or biased adviser away from bad decision making for this country.

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Wall Street Government wrote:

<quoted text>How did Clinton or anyone else "force" banks to make bad loans?

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General Robert E Lee wrote:

<quoted text>
The federal reserve is a governmment agency, and this agency did not come up with this program on it's own.

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dont snow me wrote:

<quoted text>
So glad you asked:
The Government-Created Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
by Thomas J. DiLorenzo
The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria.
The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various "neighborhood organizations," as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act.
So-called "community groups" like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA "protest" is issued by a "community group." This can cost banks great sums of money, and the "community groups" understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities.

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Marine Corp Pat wrote:

I love the fact that we were able to witness in real time the rise and fall of a token Minstrelsy buffoon.
And it was how hard he fell that makes it that much more enjoyable. The women coming forward… the sexual deviant behavior… harassment and assaults… the pathetically embarrassing lack of a response on Libya…
It was beautiful. Another one bites the dust… Newt is next, LOL.
Oh yeah… Herman Cain 2012 my ass, LOL.

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dont snow me wrote:

<quoted text>
So glad you asked:
The Government-Created Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
by Thomas J. DiLorenzo
The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria.
The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various "neighborhood organizations," as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act.
So-called "community groups" like ACORN benefit themselves from the CRA through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA "protest" is issued by a "community group." This can cost banks great sums of money, and the "community groups" understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities.

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tidy catz wrote:

<quoted text>
No one FORCES a bank to make a loan to ANYONE. Not now, not ever. Lenders found a loophole to process, bundle sell bad loans and they knew FULL-WELL those loans would go belly up. Some on Wall Street even sounded the alarm, trying to bring this practice to the attention of those in charge of the big investment houses, but no warnings were ever heeded because too much money was changing hands.
Most Americans by now know the truth about the mortgage scandal that nearly destroyed this country's economy, as well as economies around the world. And the bankers got away with it. They'll try again.

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Wall Street Government wrote:

<quoted text> Sounds as though Thomas is full of shit and he admits it in his own words "The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria".
The CRA was an an act that repealed the practice of "redlining" by lenders.
It required lenders to loan money if it was to recieve a "charter" a requirment for any bank to start or expand and who regulates it, to ALL of the surrounding community and not just a select few.
Not all lenders or banks are under federal jurisdiction, so Thomas's assertion the ALL banks are under the CRA umbrella is B.S.
The act was immplemmented for loans to be made on credit worthiness and not on geographic location or race.
Even if your assumptions are true, some lenders would have fought back?
Name one case, that a lender was sued by ACORN or anyone else "forcing them to loan money?
If your assumptions are true, why aren't they loaning money now?
There are plenty of people and businesses that should qualify under the act now.

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tidy catz wrote:

<quoted text>
No one FORCES a bank to make a loan to ANYONE. Not now, not ever. Lenders found a loophole to process, bundle sell bad loans and they knew FULL-WELL those loans would go belly up. Some on Wall Street even sounded the alarm, trying to bring this practice to the attention of those in charge of the big investment houses, but no warnings were ever heeded because too much money was changing hands.
Most Americans by now know the truth about the mortgage scandal that nearly destroyed this country's economy, as well as economies around the world. And the bankers got away with it. They'll try again.