Barack Obama, our next President

Full story: Hampton Roads Daily Press

"The road ahead will be long. Our climb will be steep," Obama cautioned. Young and charismatic but with little experience on the national level, Obama smashed through racial barriers and easily defeated ...
Comments
881,261 - 881,280 of 1,101,930 Comments Last updated 7 min ago
sonicfilter

Indianapolis, IN

#959508 Aug 4, 2013
Sonicilter Spammer wrote:
<quoted text>
Do you thin you are making your life better by posting propaganda?
It didn't work too well for the NAZI Party, did it?
Community Reinvestment Act had nothing to do with subprime crisis

Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.

The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it’s even more ridiculous when you consider that most subprime loans were made by firms that aren’t subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations. As former Fed Governor Ned Gramlich said in an August, 2007, speech shortly before he passed away:“In the subprime market where we badly need supervision, a majority of loans are made with very little supervision. It is like a city with a murder law, but no cops on the beat.”

Not surprisingly given the higher degree of supervision, loans made under the CRA program were made in a more responsible way than other subprime loans. CRA loans carried lower rates than other subprime loans and were less likely to end up securitized into the mortgage-backed securities that have caused so many losses, according to a recent study by the law firm Traiger & Hinckley (PDF file here).

Finally, keep in mind that the Bush administration has been weakening CRA enforcement and the law’s reach since the day it took office. The CRA was at its strongest in the 1990s, under the Clinton administration, a period when subprime loans performed quite well. It was only after the Bush administration cut back on CRA enforcement that problems arose, a timing issue which should stop those blaming the law dead in their tracks. The Federal Reserve, too, did nothing but encourage the wild west of lending in recent years. It wasn’t until the middle of 2007 that the Fed decided it was time to crack down on abusive pratices in the subprime lending market. Oops.

http://www.businessweek.com/investing/insight...

Since: Dec 08

Location hidden

#959509 Aug 4, 2013
RealDave wrote:
<quoted text> So, can you back up your claim or not? Show me were the method of calculating the unemployment rate was changed.
It is not what you read...

it's what you want to believe...

Who is the caretaker of the 'knowledge' in the USA REalDave?

I can guarantee you its not Fox news...

Since: Dec 08

Location hidden

#959510 Aug 4, 2013
sonicfilter wrote:
<quoted text>
Community Reinvestment Act had nothing to do with subprime crisis
Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.
The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it’s even more ridiculous when you consider that most subprime loans were made by firms that aren’t subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations. As former Fed Governor Ned Gramlich said in an August, 2007, speech shortly before he passed away:“In the subprime market where we badly need supervision, a majority of loans are made with very little supervision. It is like a city with a murder law, but no cops on the beat.”
Not surprisingly given the higher degree of supervision, loans made under the CRA program were made in a more responsible way than other subprime loans. CRA loans carried lower rates than other subprime loans and were less likely to end up securitized into the mortgage-backed securities that have caused so many losses, according to a recent study by the law firm Traiger & Hinckley (PDF file here).
Finally, keep in mind that the Bush administration has been weakening CRA enforcement and the law’s reach since the day it took office. The CRA was at its strongest in the 1990s, under the Clinton administration, a period when subprime loans performed quite well. It was only after the Bush administration cut back on CRA enforcement that problems arose, a timing issue which should stop those blaming the law dead in their tracks. The Federal Reserve, too, did nothing but encourage the wild west of lending in recent years. It wasn’t until the middle of 2007 that the Fed decided it was time to crack down on abusive pratices in the subprime lending market. Oops.
http://www.businessweek.com/investing/insight...
Pressman works (d) for Christian Science Monitor...

“My Life Is A Shell Game”

Since: May 07

Lapeer, MI

#959511 Aug 4, 2013
killtaker wrote:
It does not pay to be a liar...
"Tawana Brawley, the woman who falsely accused six white men, including police officers, of having raped her, was served with a court order earlier this year to settle a hefty defamation suit against her. This week she made her first payment."
http://www.thegatewaypundit.com/2013/08/tawan...
The Magic Negro's Trayvon Trash are bad enough but The Poverty Pimp Twins have their Two-Faced Tawana's, too.

Recall Brother Alvin's 'Jena 6' protest? Just as phony as Tawana's Twat-assault. Blacks in the town complained about those Trayvon punks and yet Brotha Al continues to build his career as America's ugliest racist pig on phony sh it all the time.

Since: Dec 08

Location hidden

#959512 Aug 4, 2013
Obamacare event draws one...

"Lynn Duvall was the sole volunteer at the Centreville OFA event."

http://www.politico.com/story/2013/08/obamaca...

“My Life Is A Shell Game”

Since: May 07

Lapeer, MI

#959513 Aug 4, 2013
frontporchreactionary wrote:
<quoted text> When will George Zimmerman make his first payment to society for keeping him out of prison for the murder of a young, black male?
When Tawana Brawley makes her last payment.

HAHAHAHAHAHAHAHAHAHAHAHA....

Since: Dec 08

Location hidden

#959514 Aug 4, 2013
Nothing to see here...

"Shocker: Gun Crimes Decline as Gun Sales Surge in Virginia"

http://www.jammiewf.com/2013/shocker-gun-crim...

Since: Dec 08

Location hidden

#959515 Aug 4, 2013
Hide and go seek...

Liberals saving Hilary's butt...

"...Feds are changing the names of Benghazi survivors and dispersing them throughout the country"

http://hotair.com/archives/2013/08/02/trey-go...

Since: Aug 11

Location hidden

#959516 Aug 4, 2013
Yeah wrote:
<quoted text>Yes, your position is consistent... regardless of what's provided to you.
You don't point out facts, you point out sources that agree with your position. So, yes, you are consistent.
You claims democrats are twisting things. Yet, I have yet to see you go to a source and prove them wrong... like the FRB.
Instead, you provide links to AEI and wikipedia that point to on where.
From this perspective only, you're factual.
That is right I am consistent so are the facts but what is really nice about Wikipedia is that Wikipedia gives you the links & references to the source where the information came from and was referenced from .

Since: Dec 08

Location hidden

#959517 Aug 4, 2013
You will do anything to win an election when you are a Democrat...

"Minstrel show: Ariz. Democrat releases photo of himself with darkened, more Hispanic face"

http://dailycaller.com/2013/08/04/minstrel-sh...
sonicfilter

Indianapolis, IN

#959520 Aug 4, 2013
killtaker wrote:
You will do anything to win an election when you are a Democrat...
"Minstrel show: Ariz. Democrat releases photo of himself with darkened, more Hispanic face"
http://dailycaller.com/2013/08/04/minstrel-sh...
Minstrel show....

Right Wing Media Continues to Drag Out Black Conservatives to Attack Obama's Speech on Race

http://videocafe.crooksandliars.com/heather/r...

“My Life Is A Shell Game”

Since: May 07

Lapeer, MI

#959521 Aug 4, 2013
killtaker wrote:
You will do anything to win an election when you are a Democrat...
"Minstrel show: Ariz. Democrat releases photo of himself with darkened, more Hispanic face"
http://dailycaller.com/2013/08/04/minstrel-sh...
Why...he..he - he looks like George Zimmerman! A white Hispanic!

“My Life Is A Shell Game”

Since: May 07

Lapeer, MI

#959522 Aug 4, 2013
killtaker wrote:
Obamacare event draws one...
"Lynn Duvall was the sole volunteer at the Centreville OFA event."
http://www.politico.com/story/2013/08/obamaca...
Didn't Jesus say that the Stupid will always be amongst you?
Yeah

Mililani, HI

#959523 Aug 4, 2013
Anonymous of Indy wrote:
<quoted text>That is right I am consistent so are the facts but what is really nice about Wikipedia is that Wikipedia gives you the links & references to the source where the information came from and was referenced from .
Well obviously that's not true since I proved it. Besides even they say you shouldn't take them as definitive.

Since: Aug 11

Location hidden

#959524 Aug 4, 2013
Yeah wrote:
<quoted text>You provided your opinions. I can't twist that since it's personal to you.
OTOH, all you provided were assessments and guess by others. Are they links? Yes indeed? Are they the opinions of the authors? Yes indeed. Does it match to what actually happened?
No.
You have provided the Pseudo Liberals Democrats version and opinions of flawed CRA and not the Democrats version which I have provided the links that which explained what the legislative changes did to the CRA under the Clinton Adminstration & how those changes created all those bad mortgages loans which the banks knew they were bad mortgages loans to begin with that they were creating and why the banks sold them as soon as they were created because they knew what the Clinton Adminstration was mandating the banks to by making risky mortgage loans to people who the banks knew who could not afford those homes & mortgages and would loose money because of the inference of the Federal Government and Clinton Adminstration's HUD which was overseeing the creation of these bad mortgage loans and knew it was wrong and all you got to do is ask countries in Europe that bought these US Mortgage Backed Securities proved they were bad and Greece was one of them.

Since: Aug 11

Location hidden

#959525 Aug 4, 2013
Yeah wrote:
<quoted text> Well obviously that's not true since I proved it. Besides even they say you shouldn't take them as definitive.
we know that isnt true another poster confirmed that, spin & deflect.

“Bill Clinton could have ”

Since: May 10

Prevented this

#959526 Aug 4, 2013
frontporchreactionary wrote:
<quoted text>"There is so much bad in this report that it is hard to find any silver lining," said Morgan Keegan analyst Kevin Giddis.
Economists surveyed by Briefing.com had forecast a loss of 200,000 jobs in the month. October's monthly job loss total was less than September's revised loss of 284,000. Payroll cuts in August were revised up to 127,000, which means more than half of this year's job losses have occurred in the last three months.
September had the largest monthly job loss total since November 2001, the last month of the previous recession and just two months after the Sept. 11 terrorist attacks.
With 1,179,000 cuts, the economy has lost more than a million jobs in a year for the first time since 2001 - the last time the economy was in a recession. With most economic indicators signaling even more difficult times ahead, job losses will likely deepen and continue through at least the first half of 2009."
http://money.cnn.com/2008/11/07/news/economy/...
OMG OMG a liberal finally admits that Clinton left Bush a recession...IMO it is amazing GW Bush could hold it together as long as he did.

Since: Dec 08

Location hidden

#959527 Aug 4, 2013
OMG...

Detroit gets a new $444M hockey rink...

http://money.cnn.com/2013/07/26/news/economy/...

“Bill Clinton could have ”

Since: May 10

Prevented this

#959528 Aug 4, 2013
sonicfilter wrote:
The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.
http://www.federalreserve.gov/faqs/banking_12...
The Professor: Yes, Community Reinvestment Act to blame for mortgage crisis.
Even in 2007, just prior to the bankruptcy of Fannie Mae and Freddie Mac, Federal Reserve Chairman Ben Bernanke was suggesting to further increase the percentage of CRA loans purchased by Fannie and Freddie in order to help banks fulfill their CRA obligations. The Federal Reserve is one of the four federal regulators involved in enforcing the Community Reinvestment Act.

In 1989, the CRA ratings were first made publicly available. And in 1995, President Clinton made the CRA ratings available on a public website. With better public access to CRA ratings, community activist groups started pressurizing banks to make more of these unsafe loans.

But prior to 1992, the banks that made CRA loans had to accept the risk of those loans. Fannie Mae and Freddie Mac would not purchase these loans because the loans didn't meet their guidelines. However, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 changed this by requiring Fannie and Freddie to purchase CRA loans.

The CRA also resulted in lowering the lending standards in the banking industry. Not only did banks need to comply with the CRA for their expansion and growth but they also needed to compete with non-banking mortgage companies, like Countrywide. These independent mortgage companies lowered their lending standards to become more competitive with banks, as long as Fannie and Freddie would purchase these loans and these mortgage companies didn't have to carry the loans on their balance sheets.

Several reform ideas and proposals are being considered to solve the current housing crisis that is holding back economic recovery. Repealing the CRA (currently the regulation is not justified) or decoupling the government-sponsored enterprises such as Fannie and Freddie from the CRA (similar to the regulatory system in place prior to 1992) are two alternatives to prevent another housing market meltdown.

CLINTON screwed Monica AND America!!!

http://articles.sun-sentinel.com/2011-10-14/n...
NJ raider 1

Elizabeth, NJ

#959529 Aug 4, 2013
killtaker wrote:
You will do anything to win an election when you are a Democrat...
"Minstrel show: Ariz. Democrat releases photo of himself with darkened, more Hispanic face"
http://dailycaller.com/2013/08/04/minstrel-sh...
Ironic because, Romney tried pulling that off during a presidential campaign. Is he a democrat? I could've sworn he was a republican leader or, are y'all in the habit of running initiates of the lower ranks?

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Chicago Discussions

Title Updated Last By Comments
BARACK OBAMA BIRTH CERTIFICATE: Suit contesting... (Jan '09) 5 min Scrutiny 177,542
Messianic Jews say they are persecuted in Israel (Jun '08) 15 min JOEL 69,095
Once slow-moving threat, global warming speeds ... (Dec '08) 18 min truth-facts 46,388
ISIS Plans to Blow Up an Entire American City a... 38 min Lawrence Wolf 66
Ill. House Approves Legalizing Same-Sex Civil U... (Dec '10) 48 min KiMare 49,518
ruth ann hall's son 1 hr EYES EVERWHERE 1
Who is MICHAEL LA VAUGHN ROBINSON 2 hr Check Facts 1
Topix Chitown Regulars (Aug '09) 4 hr RACE 97,985
•••
•••

Chicago Jobs

•••
Enter and win $5000
•••
•••

Chicago People Search

Addresses and phone numbers for FREE

•••

Chicago News, Events & Info

Click for news, events and info in Chicago
•••

Personal Finance

Mortgages [ See current mortgage rates ]
•••