Who would you Vote for?

[wolfc70]

Originally Posted by dark_isz

Cuba, you didn't provide the requested sources. I would like to see the legislation that forces banks to lend to those with risky credit.

http://www.nypost.com/php/pfriendly/...rus_133375.htm


This is what really happened. I work for a financial institution, and I have seen the CRA programs at work. Very scary, if you make the loans, you may be able to sell them. If you do not make the loans, ACORN and other "organizations" are knocking on your door with law suits claiming that you are discriminating against certain sectors of the population. Yes, lets force financials to make bad loans, that way everyone can own a home they can not afford, or otherwise would not qualify for.

The Republicans tried to stop this in 2003, 2005, and 2007 and each time the Dems stopped it. Why? Because for a long time the sub prime mortgage market was a massive cash cow.
I probably would have voted for Hillary, but Obama is just way to far to the left for me to even consider. Now that ACORN is under fire here in WI for massive voter fraud, I simply can not vote for their former lawyer.

[Juan1]

CRA only applies to depository banks (WaMu, BOA, Wells Fargo, etc...). The majority of subprime loans weren't made by depository banks. Sorry folks, but CRA and ACORN aren't the cause of our mess. Most bad loans were made because subprime loans were over valued, so lenders got greedy. Add the lack of capital requirements and interest rates that have been held too low, and you have an economy that was ready to blow up as soon as a sector went bad.

As a long time political junkie, I think we finally have 2 great candidates to choose from.

As an aside, this poll indicates what I have long thought: The motorcycle riding community is more conservative than most of the country.

[Jadon01]

I'm getting tired of having to vote for the lessor of two evils...

[Jman]

OldFast007...I feel like what you wrote was very good food for thought -thank you. No accountability is a huge problem in this country. If there are no consequences for wrongful behavior then you get lots and lots of wrongful behavior - simple cause and effect.

[Oblisk]

FactCheck.org

a non profit non biast resorse for both candidates polociys learn what there going to do and make an informed desision excuse my typos i am pressed for time in typing this

[wolfc70]

Originally Posted by Juan1

CRA only applies to depository banks (WaMu, BOA, Wells Fargo, etc...). The majority of subprime loans weren't made by depository banks. Sorry folks, but CRA and ACORN aren't the cause of our mess.

Um, depository banks are the only form of financial (CU's included) that can make loans, and are FDIC insured. Investment banks can not make loans to the general public. Investment banks have to follow SEC and FINRA guidelines. Even mortgage brokerage houses have to follow Truth In Lending Acts to lend money, which allows them to borrow money from the Fed or other central banks. The sub prime market was on the heals of depository financials, pushed through by legislation. Fannie Mae, Freddie Mac, Ginnie Mae, all bought these loans from the deposit banks. This enabled the banks to keep making sub prime loans to keep the local legislators off the financials back. If the legislators had never pushed the CRA progams though, or forced them so heavily, the depository financials never would have made so many questionable loans.

I am not saying that greed did not get ahold of some CEO's at the larger depository institutions. It did, and those institutions are either hurting, or being taken over by the FDIC.

[mdr]

Originally Posted by wolfc70

Um, depository banks are the only form of financial (CU's included) that can make loans, and are FDIC insured. Investment banks can not make loans to the general public. <snip>

I think you're mistaken. While buying my last car my insurance company asked me if I wanted to take out a car loan with them. This is possible because of the deregulation that happened when Senator Phil Gramm sponsored and passed a bill ( Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia) to repeal Glass-Stegal (which used to prevent such things and limited activity like this to depository banks). Gramm was/is McCain's senior economic policy advisor. Many folks are pointing the finger of blame for enabling the "meltdown" at this piece of legislation. To be fair there are some notable Dems who praised and voted for this bill also. Just saying there is plenty of blame to go around on this one.

[wolfc70]

Originally Posted by mdr

I think you're mistaken. While buying my last car my insurance company asked me if I wanted to take out a car loan with them. This is possible because of the deregulation that happened when Senator Phil Gramm sponsored and passed a bill ( Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia) to repeal Glass-Stegal (which used to prevent such things and limited activity like this to depository banks). Gramm was/is McCain's senior economic policy advisor. Many folks are pointing the finger of blame for enabling the \\\\"meltdown\\\\" at this piece of legislation. To be fair there are some notable Dems who praised and voted for this bill also. Just saying there is plenty of blame to go around on this one.

There is more than enough blame to go around!
Your insurance company is just a broker for the actual lender (sometimes called Boutique Lending). The Bank Holding Act is still in place, which prohibits corporations outside of the banking or finance industry from entering retail and/or commercial banking, which includes underwriting/holding loans. The GLBA only allows a financial institution to offer insurance and other services. The GLBA also allows depository and investment banks to consolidate, as long as the lending institution has a good CRA rating.

[Rizzer]

I think Obama is a good man but I fear the bad guys will test him. Not so much the case with John. I will support the winner either way.

[Juan1]

Originally Posted by wolfc70

Um, depository banks are the only form of financial (CU's included) that can make loans, and are FDIC insured. Investment banks can not make loans to the general public. Investment banks have to follow SEC and FINRA guidelines. Even mortgage brokerage houses have to follow Truth In Lending Acts to lend money, which allows them to borrow money from the Fed or other central banks. The sub prime market was on the heals of depository financials, pushed through by legislation. Fannie Mae, Freddie Mac, Ginnie Mae, all bought these loans from the deposit banks. This enabled the banks to keep making sub prime loans to keep the local legislators off the financials back. If the legislators had never pushed the CRA progams though, or forced them so heavily, the depository financials never would have made so many questionable loans.

I am not saying that greed did not get ahold of some CEO's at the larger depository institutions. It did, and those institutions are either hurting, or being taken over by the FDIC.

50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision; another 30% were made by banks or thrifts which are not subject to routine supervision or examinations. How was this caused by CRA?

What about "No Money Down" Mortgages (0% down payments)? Were they required by the CRA?

Explain the shift in Loan to value from 80% to 120%: What was it in the Act that changed this traditional lending requirement?

How exactly did legislation force Moody's, S&Ps and Fitch to rate junk paper as Triple A?

Subprime loans were not made to meet regulations, they were made for profit.

When JP Morgan Chase has memos circulating between employees illustrating how to get questionable loans approved, like this one, I have to think GREED, not CRA is to blame.