and it NOTHING to do with the Republican owners of American companies to kill off thousands or jobs only to ship these jobs to other countries where labor is cheap and taxes are low ????? They bloody gave the country away to India !!!!!!
Any lawyer could argue on a banks behave that the issuance of such mortgages would hurt banks. Giving people mortgages they can't afford is just dumb and any bank could have argued this on a state and federal level.
It's not about race, it's about money. If you make 27k a year (before taxes) and are trying to buy a 257k house I would discriminate against you too. It doesn't make sense to blame one party because both parties could have paid attention.
The Equal Credit Opportunity Act was instated to protect people from being discriminated against in credit transactions on the basis of race, color, religion, national origin, sex, marital status, or age. The CRA mandates that any FDIC insured bank meet "the credit needs of its entire community in a manner consistent with SAFE and SOUND operations." Banks had the power to guard themselves against the unfettered issuance of sub-prime mortgages.
Let's keep in mind that the banks employ lobbyists and pay candidates, too. The idea that banks were forced into anything they didn't at least tacitly agree to is preposterous. What caused all of this is people and businesses living beyond their means. Government is simply a mirror of us. Considering where we've been for the last eight years -- ok, 20 years -- we have only ourselves to blame.
I have to admit, "forcing" banks to anything makes one a bit skeptical. Common sense is so far gone nowdays, imagine explaining to someone 40K per year income can support a 350K house. And the salesman explains it all on paper, what ever happened to common sense?
For years we've accepted a kind of "truth" that I suspect grew out of the New Age/positive thinking movement. Salesmen of every ilk have been empowered to create reality. That kind of positive thinking only works within a reasonable circle: the farthest reach of your comfort zone. This means we believe whatever line of bull is tossed at us if it's within that circle. It's good we're pulling that circle in. It's bad it happened so quickly and painfully. Our new truth looks more like common sense.
Amazing video. I suppose you want people to believe the video without checking the sources cited. If they do, they'll find that the '95 changes were criticized by Cato as being too much regulation, i.e. "micromanagement". And you conveniently ignore the 2005 Republican changes that expanded the CRA to larger banks and greatly deregulated the existing ones. Oh, and the CRA is about ensuring loans are based solely upon the ABILITY of a person to pay the loan back, NOT where they LIVE. I call BS.
I think you've summed this up in a very understandable way. Too bad that most of the people on the other side have'tunnel vision' & do not really want to hear the complete truth. I wish everyone would take the time to educate themselves before pulling the lever on November 4.
This is what I've been trying to explain to all my liberal friends, (yes, I do have liberal friends)now all I have to do is email them this video. Awsome!
and it NOTHING to do with the Republican owners of American companies to kill off thousands or jobs only to ship these jobs to other countries where labor is cheap and taxes are low ????? They bloody gave the country away to India !!!!!!
MasterMark123 3 years ago
try watching the video you seem to feel the need to comment on FIRST.
chachieb 3 years ago
By regulating the lending industry.
1Beauty1 3 years ago
Any lawyer could argue on a banks behave that the issuance of such mortgages would hurt banks. Giving people mortgages they can't afford is just dumb and any bank could have argued this on a state and federal level.
It's not about race, it's about money. If you make 27k a year (before taxes) and are trying to buy a 257k house I would discriminate against you too. It doesn't make sense to blame one party because both parties could have paid attention.
1Beauty1 3 years ago
The Equal Credit Opportunity Act was instated to protect people from being discriminated against in credit transactions on the basis of race, color, religion, national origin, sex, marital status, or age. The CRA mandates that any FDIC insured bank meet "the credit needs of its entire community in a manner consistent with SAFE and SOUND operations." Banks had the power to guard themselves against the unfettered issuance of sub-prime mortgages.
1Beauty1 3 years ago
Let's keep in mind that the banks employ lobbyists and pay candidates, too. The idea that banks were forced into anything they didn't at least tacitly agree to is preposterous. What caused all of this is people and businesses living beyond their means. Government is simply a mirror of us. Considering where we've been for the last eight years -- ok, 20 years -- we have only ourselves to blame.
bweathe 3 years ago
I have to admit, "forcing" banks to anything makes one a bit skeptical. Common sense is so far gone nowdays, imagine explaining to someone 40K per year income can support a 350K house. And the salesman explains it all on paper, what ever happened to common sense?
chachieb 3 years ago
For years we've accepted a kind of "truth" that I suspect grew out of the New Age/positive thinking movement. Salesmen of every ilk have been empowered to create reality. That kind of positive thinking only works within a reasonable circle: the farthest reach of your comfort zone. This means we believe whatever line of bull is tossed at us if it's within that circle. It's good we're pulling that circle in. It's bad it happened so quickly and painfully. Our new truth looks more like common sense.
bweathe 3 years ago
Shakedown of banks to pressure bank managers to give loans to the unqualified. Another ACORN project. Good work, Obama.
snowcloud 3 years ago
Amazing video. I suppose you want people to believe the video without checking the sources cited. If they do, they'll find that the '95 changes were criticized by Cato as being too much regulation, i.e. "micromanagement". And you conveniently ignore the 2005 Republican changes that expanded the CRA to larger banks and greatly deregulated the existing ones. Oh, and the CRA is about ensuring loans are based solely upon the ABILITY of a person to pay the loan back, NOT where they LIVE. I call BS.
vmshaxor 3 years ago
I'll look into it, if you are right I'll be more than happy to take the video down.
chachieb 3 years ago
I think you've summed this up in a very understandable way. Too bad that most of the people on the other side have'tunnel vision' & do not really want to hear the complete truth. I wish everyone would take the time to educate themselves before pulling the lever on November 4.
trudimine 3 years ago
Outstanding job... you've really wrapped up the facts in a nice neat package! 10 minutes to save the country!
johnnyk0hl 3 years ago
This is what I've been trying to explain to all my liberal friends, (yes, I do have liberal friends)now all I have to do is email them this video. Awsome!
loveyhalbert 3 years ago
Great video piece!So true!
stratman1967 3 years ago 3