“The CRA (Community Reinvestment Act) was used by those in the Democratic Party who cudgeled the bankers and mortgage companies to bring parity to sub prime mortgage seekers by lowering their underwriting standards to fulfill what the Socialist Democrats call “economic justice” (a Marxist concept). Thus the bankers were told by Bill Clinton in the waning days of his administration to bring sub prime mortgages up to 50% of the mortgage production at banks etc. or face the federal gov’t in court.”

Habu do you have a source for this nonsense? I don’t think so. You seem totally unclear on what the CRA does. The CRA does not list specific criteria for evaluating the performance of financial institutions, it does not mandate, it encourages through granting approval for applications for banking mergers, acquisitions or branching.

Second, you seem to forget, or have never discovered, that the CRA was massively deregulated by the Office of Thrift Supervision in 2005, despite Democratic protests. Honestly. Look it up for yourself. (The FDIC further loosened the reins, and the power, of the CRA on Sept. of 2005)

Check out the actual law Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 on FDIC.gov.

HabU:
“The banks , not wanting to get into a litigation fight with Uncle Sam and additionally would make money went along. But they DID NOT initiate the sub prime movement, they were told to do so or else.”

False. Where do you get this stuff? CRA or “Uncle Sam” did not create Sub prime mortages and then bundle them as securities. Private companies like Conutry Wide and Lehman Bros. did. It is abosultely crazy to claim that a device as complicated as a sup prime mortgage or NINJA loan was created by “Uncle Sam”. You don’t know what you’re talking about. When, where? If you honestly look, you’ll only find private companies.

If Uncle Sam really did this, then when? Under Bush or Clinton. Gotcha!

Habu:

“Those mortgages were then sold to Freddie and Fannie. That is a stone cold fact. ”

True, but Fannie and Freddie did not originate the bad loans, correct? Once you admit that, you have to reexamine the other points you made. Good luck and good night.

I just do teeth. And I know when someone aint got any.

I know you don’t mind if I don’t do any of those.
I want to be an individual and your shop worn three choices just doesn’t begin to cover my world.

Tell ya what, you travel every continent on the globe, make several million dollars and retire at 59, fight on three continents, get elected at brokerage school as the number one graduate among over 200 other brokers from around the country, manage over 400 accounts with a value of hundreds of millions of dollars, be a Marine and covert courier for the CIA and then come back to me with you very trite saying. Then I might deign to engage you in a colloque. Otherwise to pay you any attention to you is a waste of my time. Otherwise just go bother someone else. Have a nice day.

Yeah, I’d hit the Royal Exchange at five and mix with the financial types and look for women. Then home . The about 10PM down to Union Street which was always alive and would see many of the same folks who were at the Royal Exchange. Hook-up, racke-em up.

A great town back then, except maybe the Zodiac killer menacing the population.

I suppose you could have gone all the way to Goober Peedee or as I did become a member of the Todd River Yacht Club out at Alice Springs.

I must admit I liked NZ better.

Lead, follow, or get out of the way.