Barack Obama, our next President

"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 ... Full Story
Lily Boca Raton FL

Boca Raton, FL

#959802 Aug 5, 2013
LCN Llin wrote:
<quoted text>
Loved the film.
"One cut of the film includes bloopers from a deleted scene, played during the closing credits: Sellers, lying on a gurney, tries in vain to recite the "message" given by the gang leader (one of the gang members is played by future Allman Brothers band bassist Oteil Burbridge), which includes quite a bit of swearing, with a straight face. Sellers ends up flubbing the lines and laughing instead"
http://en.wikipedia.org/wiki/Being_There
Visited the "Biltmore Estate"
Post more films
I loved it too!
Yeah

Honolulu, HI

#959803 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>I see you trying drop the subject by using the Pseudo Liberals deflection tactic by spinning what we have been dicussing about the CRA and No I am Democrat but to you I guess I a right winger and doesnt sound good for you to say that because I am Not the Devoted Pseudo Liberal Leftist Extremist Democrat that is out to destroy the US that these Pseudo Liberal Democrats as they call themselves have evolved into and what to head towards & Closer to Communism and everything from FDR & LBJ align with Communism which I and others want nothing to do with.
Again son, its' YOUR claim. It's YOUR opinion.

I can't do anything about that.

Now if you want to go ranting off on FDR and LBJ..... fine.

The topic you made a point of was CRA... in case you forgot!

Since: Aug 11

Location hidden

#959804 Aug 5, 2013
Realtime wrote:
<quoted text>Is this post of yours written in some sort of code that only idiots can make sense out of?
I would say it proves you are an Idiot, a Useful one the the Pseudo Liberal Democrats need.

Since: Aug 11

Location hidden

#959805 Aug 5, 2013
Yeah wrote:
<quoted text>Again son, its' YOUR claim. It's YOUR opinion.
I can't do anything about that.
Now if you want to go ranting off on FDR and LBJ..... fine.
The topic you made a point of was CRA... in case you forgot!
again

The Federal Reserve Bank of Dallas had it right when it said—in a paper pointedly entitled "Red Lining or Red Herring?"—"the CRA may not be needed in today's financial environment to ensure all segments of our economy enjoy access to credit." True, some households—those with a history of credit problems, for instance, or those buying homes in neighborhoods where re-selling them might be difficult—may not qualify for loans at all, and some may have to pay higher interest rates, in reflection of higher risk. But higher rates in such situations are balanced by lower house prices. This is not a conspiracy against the poor; it's how markets measure risk and work to make credit available.

http://www.city-journal.org/html/10_1_the_tri...
LCN Llin

United States

#959806 Aug 5, 2013
RealDave wrote:
<quoted text>
Galt slings more slurs.
Is that all you right whiners got?
Galt's world is filled with republicans destroying republicans and he is in denial.
Yeah

Honolulu, HI

#959807 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>you posting Left Wing Nonsense.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
http://www.city-journal.org/html/10_1_the_tri...
From your author 8 years later. Even this article supports the FRB findings REGARDLESS of what you claim....

http://www.marketwatch.com/story/community-re...

"Lending leverage
Community Reinvestment Act may gain new prominence
Stories You Might Like

By Ruth Mantell, MarketWatch

WASHINGTON (MarketWatch)-- As the market evolves during the financial crisis, the Community Reinvestment Act may achieve new prominence among consumers, regulators and institutions.

The law, which encourages federally regulated banks and thrifts to provide credit to low- and moderate-income communities, has come under pressure from conservative critics who claim it fostered irresponsible lending and led, at least in part, to the subprime mortgage meltdown. But the law's defenders say the CRA has done just the opposite and that if more institutions had been subject its provisions the subprime crisis might have been averted.

Since the act stipulates that regulators look at an institution's CRA performance when considering a request to expand, as the banking industry consolidates and credit markets thaw it's likely that more attention will be paid to CRA, said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies.

CRA's importance going forward will depend on regulators, said Howard Husock, director of the Manhattan Institute's social entrepreneurship initiative.

"It could be a significant element of how banks are judged, and thus CRA-type loans would be encouraged," Husock said....

... Controversial lending law

Not all good borrowers fit into a lender's cookie-cutter model, and the 1977 CRA was crafted to make sure that good borrowers who had been redlined could get good loans.

A major criticism is that the CRA fueled loans to risky subprime borrowers, with regulators pushing banks to ignore sound underwriting -- a combination that contributed to the widespread housing market weakness. Husock said good CRA ratings were "coin of the realm" for banks that wanted to expand.

But despite the incentives, there's evidence that CRA-covered lenders did not, in fact, throw all caution to the wind. Analysts recently found that borrowers with subprime loans were three to five times as likely to go into default as those who got "affordable mortgages," such as CRA-related loans, through a program designed to expand homeownership...."
LCN Llin

United States

#959808 Aug 5, 2013
Lily Boca Raton FL wrote:
<quoted text>
I loved it too!
Excellent film.
Anthony W

New York, NY

#959809 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>you posting Left Wing Nonsense.
The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
http://www.city-journal.org/html/10_1_the_tri...
I disagreed with this 2008 Fortune article and I still disagree now. Imagine, the government and its social engineering causing the collapse? No way Jose.

The CRA forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?

According to one enforcement agency,“discrimination exists when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants.” Note that these “arbitrary or outdated criteria” include most of the essentials of responsible lending: income level, income verification, credit history and savings history–the very factors lenders are now being criticized for ignoring.

The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government. This setup created an easy, artificial profit opportunity for lenders to wrap up bundles of subprime loans and sell them to a government-backed buyer whose primary mandate was to “promote homeownership,” not to apply sound lending standards.

Of course, lenders not only sold billions of dollars in suspect loans to Fannie Mae and Freddie Mac, contributing to their present debacle, they also retained some subprime loans themselves and sold others to Wall Street–leading to the huge banking losses we have been witnessing for months. Is this, then, a free market failure? Again, no.

In a free market, lending large amounts of money to low-income, low-credit borrowers with no down payment would quickly prove disastrous. But the Federal Reserve Board’s inflationary policy of artificially low interest rates made investing in subprime loans extraordinarily profitable.

http://www.forbes.com/2008/07/18/fannie-fredd...

Acorns anyone?
LCN Llin

United States

#959811 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>I would say it proves you are an Idiot, a Useful one the the Pseudo Liberal Democrats need.
Republicans are with President Obama and you are with teabaggers?

In an attempt to break through the political impasse in Egypt, U.S. Sens. John McCain and Lindsey Graham are expected to arrive in Cairo on Monday to meet with Egypt's interim leaders.

The two Republican senators will meet with interim President Adly Mansour, Defense Minister Gen. Abdel Fattah al-Sisi and interim Foreign Minister Nabil Fahmy, said Egyptian foreign affairs spokesman Badr Abdelatty.

McCain and Graham are making the trip at U.S. President Barack Obama's request.

“Come Home America!”

Since: Nov 11

Claymont, Delaware 19809

#959812 Aug 5, 2013
fetch almighty wrote:
<quoted text> Insurance providers aren't required to provide maternity benefits in all health plans. Maybe if you are 'planning' on having a baby you should make sure you have Maternity benefits--of course what's a liberal to do? plan? not likely. Under Obamacare, an estimated 8.7 million women will maybe obtain maternity coverage if they sign up and pay more-if not too bad. O'bamaabortion is what is being pushed, you will no longer worry need to worry about that pesky maternity care.
Obamacare doesn't fund abortions like Romneycare in Massachusetts does(Romney's abortion-on-demand companies like Steri-Cycle made millions in profits, but maternity care is covered now under Obamacare---a very pro-choice/anti-abortion policy at the heart of Obamacare.
Yeah

Honolulu, HI

#959813 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>again
The Federal Reserve Bank of Dallas had it right when it said—in a paper pointedly entitled "Red Lining or Red Herring?"—"the CRA may not be needed in today's financial environment to ensure all segments of our economy enjoy access to credit." True, some households—those with a history of credit problems, for instance, or those buying homes in neighborhoods where re-selling them might be difficult—may not qualify for loans at all, and some may have to pay higher interest rates, in reflection of higher risk. But higher rates in such situations are balanced by lower house prices. This is not a conspiracy against the poor; it's how markets measure risk and work to make credit available.
http://www.city-journal.org/html/10_1_the_tri...
What do mean 'again?'

You point was CRA was the cause of the financial disaster.

Now you're changing the subject....

... duck, dodge and dancing away from the issue.
lily boca raton fl

Boca Raton, FL

#959815 Aug 5, 2013
LCN Llin wrote:
<quoted text>
Excellent film.
WASHINGTON (The Borowitz Report)—As House Republicans began their five-week summer vacation, their leader, House Speaker John Boehner, urged them to rest up for “the many symbolic and meaningless votes that lie ahead.”
Mr. Boehner, while congratulating his colleagues on having voted to repeal Obamacare forty times, reminded his fellow-Republicans that their work is “far from over.”
I want you to come back from vacation rested and refreshed, because we’ve got another year of futile, time-wasting votes to cast,” he said.“Only the strong will survive.”
According to Mr. Boehner, this year’s gruelling schedule of fake-repeal votes had been the G.O.P.’s “most physically punishing ever.”
Noting that the exhausting ordeal of frequent, pointless Obamacare votes had transformed his fellow House Republicans into hollowed-out husks of their former selves, the Speaker observed,“Purely symbolic voting may be even more exhausting than actual work.”
“It’s true that voting to repeal Obamacare has cost the American taxpayer over fifty million dollars,” he said.“But that’s nothing compared to the toll it’s taken on us.”
For his part, Mr. Boehner said he intends to spend August at the beach, as he always does, fruitlessly trying to change the rules of volleyball.
neanderthal

Oklahoma City, OK

#959816 Aug 5, 2013
Realtime wrote:
<quoted text>Is this post of yours written in some sort of code that only idiots can make sense out of?
Hairy, acting like you have an education, and Liberal is no way to go through life.

Since: Aug 11

Location hidden

#959817 Aug 5, 2013
Yeah wrote:
<quoted text>Again son, its' YOUR claim. It's YOUR opinion.
I can't do anything about that.
Now if you want to go ranting off on FDR and LBJ..... fine.
The topic you made a point of was CRA... in case you forgot!
The Federal Reserve Bank of Dallas "Red Lining or Red Herring"

http://www.dallasfed.org/assets/documents/res...
Realtime

Deltona, FL

#959818 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>I would say it proves you are an Idiot, a Useful one the the Pseudo Liberal Democrats need.
Maybe you should change your screen name to Pseudo__the name suits you to a T. Pretending to be something you're not!
neanderthal

Oklahoma City, OK

#959819 Aug 5, 2013
Yeah wrote:
<quoted text>From your author 8 years later. Even this article supports the FRB findings REGARDLESS of what you claim....
http://www.marketwatch.com/story/community-re...
"Lending leverage
Community Reinvestment Act may gain new prominence
Stories You Might Like
By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch)-- As the market evolves during the financial crisis, the Community Reinvestment Act may achieve new prominence among consumers, regulators and institutions.
The law, which encourages federally regulated banks and thrifts to provide credit to low- and moderate-income communities, has come under pressure from conservative critics who claim it fostered irresponsible lending and led, at least in part, to the subprime mortgage meltdown. But the law's defenders say the CRA has done just the opposite and that if more institutions had been subject its provisions the subprime crisis might have been averted.
Since the act stipulates that regulators look at an institution's CRA performance when considering a request to expand, as the banking industry consolidates and credit markets thaw it's likely that more attention will be paid to CRA, said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies.
CRA's importance going forward will depend on regulators, said Howard Husock, director of the Manhattan Institute's social entrepreneurship initiative.
"It could be a significant element of how banks are judged, and thus CRA-type loans would be encouraged," Husock said....
... Controversial lending law
Not all good borrowers fit into a lender's cookie-cutter model, and the 1977 CRA was crafted to make sure that good borrowers who had been redlined could get good loans.
A major criticism is that the CRA fueled loans to risky subprime borrowers, with regulators pushing banks to ignore sound underwriting -- a combination that contributed to the widespread housing market weakness. Husock said good CRA ratings were "coin of the realm" for banks that wanted to expand.
But despite the incentives, there's evidence that CRA-covered lenders did not, in fact, throw all caution to the wind. Analysts recently found that borrowers with subprime loans were three to five times as likely to go into default as those who got "affordable mortgages," such as CRA-related loans, through a program designed to expand homeownership...."
How good are your cave art interpretation skills?

Since: Aug 11

Location hidden

#959820 Aug 5, 2013
Yeah wrote:
<quoted text>What do mean 'again?'
You point was CRA was the cause of the financial disaster.
Now you're changing the subject....
... duck, dodge and dancing away from the issue.
CRA did its you that has been spinning & deflecting nobody else and everybody is seeing it and I will post the article again that is clear as day along with the FRB link too about the CRA.

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities
Howard Husock

The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.

Nevertheless, until recently, the CRA didn't matter all that much. During the seventies and eighties, CRA enforcement was perfunctory. Regulators asked banks to demonstrate that they were trying to reach their entire "assessment area" by advertising in minority-oriented newspapers or by sending their executives to serve on the boards of local community groups. The Clinton administration changed this state of affairs dramatically. Ignoring the sweeping transformation of the banking industry since the CRA was passed, the Clinton Treasury Department's 1995 regulations made getting a satisfactory CRA rating much harder. The new regulations de-emphasized subjective assessment measures in favor of strictly numerical ones. Bank examiners would use federal home-loan data, broken down by neighborhood, income group, and race, to rate banks on performance. There would be no more A's for effort. Only results—specific loans, specific levels of service—would count. Where and to whom have home loans been made? Have banks invested in all neighborhoods within their assessment area? Do they operate branches in those neighborhoods?

http://www.city-journal.org/html/10_1_the_tri...

"Red Lining or Red Herring?"

http://www.dallasfed.org/assets/documents/res...
Yeah

Honolulu, HI

#959821 Aug 5, 2013
Anthony W wrote:
<quoted text>I disagreed with this 2008 Fortune article and I still disagree now. Imagine, the government and its social engineering causing the collapse? No way Jose.
The CRA forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination?
According to one enforcement agency,“discrimination exists when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants.” Note that these “arbitrary or outdated criteria” include most of the essentials of responsible lending: income level, income verification, credit history and savings history–the very factors lenders are now being criticized for ignoring.
The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government. This setup created an easy, artificial profit opportunity for lenders to wrap up bundles of subprime loans and sell them to a government-backed buyer whose primary mandate was to “promote homeownership,” not to apply sound lending standards.
Of course, lenders not only sold billions of dollars in suspect loans to Fannie Mae and Freddie Mac, contributing to their present debacle, they also retained some subprime loans themselves and sold others to Wall Street–leading to the huge banking losses we have been witnessing for months. Is this, then, a free market failure? Again, no.
In a free market, lending large amounts of money to low-income, low-credit borrowers with no down payment would quickly prove disastrous. But the Federal Reserve Board’s inflationary policy of artificially low interest rates made investing in subprime loans extraordinarily profitable.
http://www.forbes.com/2008/07/18/fannie-fredd...
Acorns anyone?
lol! Another idiot who thinks banks are being forced to make bad loans.

Cons are such cons, they even con themselves!
LCN Llin

United States

#959822 Aug 5, 2013
lily boca raton fl wrote:
<quoted text>
WASHINGTON (The Borowitz Report)—As House Republicans began their five-week summer vacation, their leader, House Speaker John Boehner, urged them to rest up for “the many symbolic and meaningless votes that lie ahead.”
Mr. Boehner, while congratulating his colleagues on having voted to repeal Obamacare forty times, reminded his fellow-Republicans that their work is “far from over.”
I want you to come back from vacation rested and refreshed, because we’ve got another year of futile, time-wasting votes to cast,” he said.“Only the strong will survive.”
According to Mr. Boehner, this year’s gruelling schedule of fake-repeal votes had been the G.O.P.’s “most physically punishing ever.”
Noting that the exhausting ordeal of frequent, pointless Obamacare votes had transformed his fellow House Republicans into hollowed-out husks of their former selves, the Speaker observed,“Purely symbolic voting may be even more exhausting than actual work.”
“It’s true that voting to repeal Obamacare has cost the American taxpayer over fifty million dollars,” he said.“But that’s nothing compared to the toll it’s taken on us.”
For his part, Mr. Boehner said he intends to spend August at the beach, as he always does, fruitlessly trying to change the rules of volleyball.
a favorite
Yeah

Honolulu, HI

#959824 Aug 5, 2013
Anonymous of Indy wrote:
<quoted text>
The Federal Reserve Bank of Dallas "Red Lining or Red Herring"
http://www.dallasfed.org/assets/documents/res...
The article doesn't cover a thing about being the cause of the financial meltdown.

So it's really pointless.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

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) 35 min WelbyMD 180,965
Song Titles Only (group/artist in parenthesis m... (Mar '10) 57 min _Zoey_ 7,856
Israeli troops begin Gaza pullout as Hamas decl... (Jan '09) 58 min Mandela 68,801
Messianic Jews say they are persecuted in Israel (Jun '08) 1 hr Eric 70,629
Once slow-moving threat, global warming speeds ... (Dec '08) 1 hr ritedownthemiddle 48,595
4 injured in separate Thanksgiving Day shootings 1 hr reality is a crutch 1
EverGreen Belgrade 1 hr servonazis 19
Chicago Dating
Find my Match

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 ]

NFL Latest News

Updated 6:07 pm PST

Yahoo! Sports 6:07PM
Lions, Eagles serve up Thanksgiving Day routs
Bleacher Report12:15 AM
Marc Trestman-Jay Cutler Partnership Is Still Failing the Chicago Bears
NBC Sports12:30 AM
Lions begin crucial homestand with win over Bears - NBC Sports
NFL 5:57 AM
Marc Trestman on loss to Lions: 'I'm looking inside'
NBC Sports 7:26 AM
Griffin's departure from starting lineup could be temporary