John McCain on the Community Reinvestment Act
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This proliferation of toxic loan products in the early 2000s was not a product of the CRA. All the subprime loans that were made in 2005 and 2006 (the peak year of the housing bubble) only 6 percent were extended by CRA-covered lender to lower-income borrowers or neighborhoods in the communities for which CRA had a responsibility.
cruzc09 1 month ago
this shows you how bogus john mccain is. he says stuff that is not true.
exbronco1980 1 year ago
This isn't socialism you numbnut.
aznpker101 3 years ago
It also emphasizes credit worthiness. Realtors offered homes to people with dubious credit and got their 6% for the sale. The bank immediately sold the mortage, for a profit, and it continued to pass along as a financial instrument making money for each entity along the way. When the bubble burst, those left holding the worthless paper cried foul and sought to shift the blame and thus get repaid for their greed. Particularly speculators who were flipping homes for profit.
NuBN247 3 years ago
All of you Politicians have been bought by the Japanese of the Trilateral Commission of the New World of the founding Father of David Rockerfeller's accession of Hilter's Third Rite!
icudid2 3 years ago
skwrrl70: Absolutely! In fact, CRA was intended to help prevent 'redlining' the process of not giving loans regardless of their creditworthiness to people in certain areas. CRA encouraged but did not MANDATE that banks make such loans based on sound accounting principles and contained no punitive provision. It was pure greed, speculation and corruptin that caused the current financial crisis and simply absurd to blame low income families for the ills of the rich.
NuBN247 3 years ago
If you read the community reinvestment act it rates institutions on meeting the needs of the community, emphasizing lowing income lending.
Josh9420 3 years ago
"Lending to lower income families" is NOT equivalent to CRA loans. CRA was a compliance program which forbid discriminating against credit-worthy borrowers on the basis of their race or the neighborhood where they sought to purchase.
"some people predicted ..." i.e., i wasn't the racist, but you know what happens when you lend to poor non-whites, shrug.
More proof that McCain has no integrity left. A crying shame. In 2000 I might have voted for him. Now it's for anyone but him.
skwrrl70 3 years ago
haha. Notice how govt. officals will say "oh yea, some people predicted this, and we'll look into it..." when the shit hits the fan. But while they're throwing the shit its all, "oh, im looking out for the little guy! I'm making sure banks don't descriminate against you." While the real agenda was to rip people off, collect they're money and run. Sticking the rest of us who do make money to foot the bill.
Twiggy269 3 years ago