Who do you support for Governor in Pe...

Since: May 12

Chambersburg, PA

#51871 Aug 15, 2013
Bush did it wrote:
<quoted text>
..........
..........
Short version:
1977 - Democratic President Jimmy Carter Passes "Community Reinvestment Act," or CRA, designed to encourage banks to reach out to low income communities by offering loans to minorities and the poor.
.
.
1995 - Democratic President Bill Clinton revises CRA by making banks meet a quota for a certain number of low-income loans.
He also increases punishment for banks that don’t loan enough money to low-income borrowers.
This forces banks to write lots of loans that they would not otherwise have written, because the government is forcing them to.
.
.
1999 - Democratic President Bill Clinton signs and endorses the "Gramm-Leach-Bliley Act," or GLBA, designed to make banks profitable in good economic times, as well as poor economic times.
The bill allows consumer banks (think checking accounts, savings accounts, etc..) to merge with insurance companies and investment companies, so they all can make money.
BUT for a bank to qualify to be a part of the program, you had to have a high CRA score, meaning that you had to have a lot of loans written to low income people.
The government was effectively telling banks that if they wanted to be allowed to make money off of the investments of the rich, that they had to also be lending money to the poor.
Nice in theory, but look where it has gotten us.
Now we are a nation with a bunch of people losing homes they never could afford, and a bunch of banks collapsing because nobody can pay them back!
Thanks Democrats!
Why can't you just be HONEST?
Don't your party's stated principles mean ANYTHING?
More blame-shifting from the wingnuts. The CRA did not cause the housing crisis. That favorite rightwing strawman has been thoroughly debunked.

Try again.

Since: May 12

Chambersburg, PA

#51872 Aug 15, 2013
Fannie, Freddie, and the CRA are Not Responsible for the Financial Crisis

The second explanation, one pushed by free market advocates, is that government involvement in housing markets to encourage home ownership caused the financial market problems. In this story of the crisis, the Community Reinvestment Act, Fannie and Freddie, Democrats promoting home ownership, and the middle and low income households that received home loans they couldn't afford are cast as the villains. Had government stepped out of the way and pursued laissez-faire policies, the crisis would not have happened.

However, the evidence does not support the second explanation. First, with respect to the CRA, the main culprits in the crisis were private sector financial institutions that were not subject to the requirements of the CRA. In the story being pushed by free market advocates, the CRA forced banks to make loans to unqualified, low-income households. When those loans blew up, it caused the financial crisis. But the largest players in the subprime market were private sector firms that were not subject to the CRA's rules and regulations. For example, "Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics." The largest losses had nothing to do with banks covered by the CRA.

Second, even if the banks themselves were subject to the CRA, not all loans that they made were covered by these rules. Even in banks where the CRA applied, most of the problems were in loans that did not fall under the CRA's jurisdiction.

Third, the CRA has been in existence since 1977. If the CRA was responsible, why didn't the crisis occur sooner? The timing simply doesn't match up.

Fourth, the CRA only applies to domestic firms, but the crisis occurred in many countries. If the CRA is the problem, why did countries that had nothing like the CRA experience similar problems?

Fifth, even if this story had any validity, both parties promoted an "ownership society," so blaming Democrats alone is about politics, not reality.

http://www.cbsnews.com/8301-505123_162-397415...

Since: May 12

Chambersburg, PA

#51873 Aug 15, 2013
Did Affordable Housing Legislation Contribute to the
Subprime Securities Boom?

Revised August 2012
FEDERAL RESERVE BANK OF ST. LOUIS

Abstract
No. In this paper we use a regression discontinuity approach to investigate whether
aff ordable housing policies infuenced origination or aff ected prices of subprime mort-
gages.

We use merged loan-level data on non-prime securitized mortgages with individual-
and neighborhood-level data for California and Florida.

We found no evidence that
lenders increased subprime originations or altered pricing around the discrete eligibil-
ity cutoff s for the Government Sponsored Enterprises'(GSEs) aff ordable housing goals
or the Community Reinvestment Act. Although the GSEs may have played a role in
the crisis, our results indicate that it was not due to their a ffordable housing mandates.

http://research.stlouisfed.org/wp/2012/2012-0...

Since: May 12

Chambersburg, PA

#51874 Aug 15, 2013
CRA Did Not Cause the Foreclosure Crisis

The claim that the Community Reinvestment Act (CRA) led to the foreclosure crisis is a falsehood that persists despite irrefutable evidence to the contrary and repeated attempts to correct the misperception.

Here are some facts about CRA that show clearly it did not cause the current crisis.
...
Summary

There is clear evidence that CRA covered only a small fraction of mortgage lending, including risky subprime lending and mortgage-backed securities, in the years leading up to the foreclosure crisis. Further, CRA loans are less likely to default than loans by less-regulated lenders.

The lesson from this evidence is that sustainable homeownership depends on the quality of the loan product. CRA promoted safe and sound lending to low-income borrowers, but the law failed to keep pace with changes in mortgage lending, such as the rise of the secondary market and independent mortgage companies. Less-scrupulous lenders were able to exploit the uneven playing field during the housing boom. Preventing another crisis requires policies that promote constructive lending and are universally applied.

- See more at: http://webcache.googleusercontent.com/search...

Since: May 12

Chambersburg, PA

#51875 Aug 15, 2013
Blaming the CRA for the financial crisis caused by Republican de-regulation of the financial markets is just another classic example of the right shifting blame to Democrats for a crisis caused by their disastrous policies.

And I thought conservatives were big on taking responsibility. Yet you and the rest of the right continues to blame President Obama for things Bush did.

Why can't you take responsibly for the things that your policies caused? Why do you insist on shifting blame to Obama for them?

Why can't you just be HONEST? Don't your party's stated principles mean ANYTHING?

Since: Jul 12

Portland, Oregon

#51876 Aug 15, 2013
I have always said racial hating tea bags should uphold their forum civic duty and vote. This is all they have, ha ha ha ahhhhh dumb asses.

Since: Jul 12

Portland, Oregon

#51879 Aug 15, 2013
Quit abusing that Limbaugh nut juice dumb ass tax that ass taxi. Your addicted

Since: Jul 12

Portland, Oregon

#51881 Aug 15, 2013
Ha ha ha ha ha ha. Ha ha ha ha ha

Since: Jul 12

Portland, Oregon

#51883 Aug 15, 2013
Really, you think? Your a cut and paste professional dumb ass. Please proceed

Since: Jul 12

Portland, Oregon

#51885 Aug 15, 2013
Take that to the racial hating tea bag rally tax that ass taxi. Wah wah wah lil lady
dbar

Perkasie, PA

#51891 Aug 16, 2013
useful idiot wrote:
<quoted text>
..........
It's funny that so many liberals get offended when someone deems them a 'socialist' or 'communist'.
They don't realize that Lenin referred to American progressives, left-liberals and social democrats as "useful idiots".
So many of them are just pawns, completely ignorant of the inevitable end results of their agenda.
too bad many of the right wing use terms they do not understand.
and they quote people saying things when they did not.

http://en.wikipedia.org/wiki/Useful_idiot

"Despite often being attributed to Lenin, in 1987, Grant Harris, senior reference librarian at the Library of Congress, declared that "We have not been able to identify this phrase among [Lenin's] published works."

so many of the right wing are pawns,completely ignorant of history.
S Palin

West Mifflin, PA

#51896 Aug 16, 2013
"At age 76 when you most need it, you are not eligible for cancer treatment" under Affordable Care Act". Sarah Palin- June 12,2012 while on Fox News until she got canned for being "stupid" !!
LMAO!

here ya go

http://www.politifact.com/oregon/statements/2...
dbar

Perkasie, PA

#51897 Aug 16, 2013
crookmessiah wrote:
<quoted text>
..........
quick!!!!
who said this!!
..........
“We are here to do big things — and we can do this without Congress,” Obama told his staff at a meeting, according to the aide.
One expert, however, challenged the lawfulness of Obama’s eager plans.
Read more: http://dailycaller.com/2013/08/15/obama-worki...
or

who said this

“There’s no reason why on the street today a citizen should be carrying loaded weapons.”
Roger the Man LOL

Clearfield, PA

#51900 Aug 16, 2013
spatchcocked dbar wrote:
dbar
..........
quick!!!!
who said this!!
..........
"These Negroes, they're getting pretty uppity these days and that's a problem for us since they've got something now they never had before, the political pull to back up their uppityness.
Now we've got to do something about this, we've got to give them a little something, just enough to quiet them down, not enough to make a difference.
For if we don't move at all, then their allies will line up against us and there'll be no way of stopping them, we'll lose the filibuster and there'll be no way of putting a brake on all sorts of wild legislation.
It'll be Reconstruction all over again."
http://www.huffingtonpost.com/the-relentless-...
OH NO! You used a racist "Negroes" word. Now Dan the Man will start a file on you.
dbar

Perkasie, PA

#51902 Aug 16, 2013
spatchcocked dbar wrote:
dbar
..........
quick!!!!
who said this!!
..........
"These Negroes, they're getting pretty uppity these days and that's a problem for us since they've got something now they never had before, the political pull to back up their uppityness.
Now we've got to do something about this, we've got to give them a little something, just enough to quiet them down, not enough to make a difference.
For if we don't move at all, then their allies will line up against us and there'll be no way of stopping them, we'll lose the filibuster and there'll be no way of putting a brake on all sorts of wild legislation.
It'll be Reconstruction all over again."
http://www.huffingtonpost.com/the-relentless-...
well at least the right wing is not claiming Lenin said it.
Roger the Man LOL

Clearfield, PA

#51903 Aug 16, 2013
bobby6464 wrote:
Quit abusing that Limbaugh nut juice dumb ass tax that ass taxi. Your addicted


Should he sip it slowly like you do with the black nut juice, Miss Bobby Teabag?
Roger the Man LOL

Clearfield, PA

#51904 Aug 16, 2013
spatchcocked dbar wrote:
I'll Be a One-Term President If I Don't Fix This Economy In Three Years;
I Will Be Held "Accountable"
LOL
Roger the Man LOL

Clearfield, PA

#51905 Aug 16, 2013
bobby6464 wrote:
I have always said racial hating tea bags should uphold their forum civic duty and vote. This is all they have, ha ha ha ahhhhh dumb asses.
Yep, Miss Bobby Teabag, we know, you always say it. Over and over and over again. Your vocabulary is very limited, to teabags, and nut juice.
Roger the Man LOL

Clearfield, PA

#51907 Aug 16, 2013
crookmessiah wrote:
‘We can do this without Congress’:
Obama working to unilaterally impose tax on cell phones
President Barack Obama is looking to unilaterally impose a $5-per-year tax on all cellphone users to avoid asking a recalcitrant Congress for funding.
The Washington Post first reported the story Tuesday.
The Federal Communications Commission, an independent agency headed by three Obama appointees, would collect the tax, tacking on an additional charge to devices already subject to local, state and federal fees, along with sales taxes.
Read more: http://dailycaller.com/2013/08/15/obama-worki...


What will Obama want to tax next? I bet it will be how many times you wipe your ass. Its coming people. He already has access to all your electronic devices that transmit messages. Cameras will be mandatory in every room in your home and car. Hey, then Obama can tax the cameras. He has to raise revenue to pay for all these free give-a-ways to the lazy. When will these liberal idiots realize that Obama is tearing our country apart, and he is doing one hell of a job. But, the credit doesn't belong to Obama...it belongs to those who continue to support him like Dan the Man and bobby6464.
dbar

Perkasie, PA

#51908 Aug 16, 2013
spatchcocked dbar wrote:
<quoted text>
..........
“There’s no reason why on the street today a citizen should be carrying loaded weapons,”
said California Gov. Ronald Reagan in May 1967,
after two dozen Black Panther Party members walked into the California Statehouse carrying rifles to protest a gun-control bill.
Reagan said guns were “a ridiculous way to solve problems that have to be solved among people of good will.”
..........
Reagan's decision to cross over to the GOP didn't come as much of a surprise.
"I didn't leave the Democratic Party," he famously said.
"The party left me."
Read more: http://www.time.com/time/specials/packages/ar... #ixzz2c9jNx04c
http://en.wikipedia.org/wiki/Ronald_Reagan

" Originally a member of the Democratic Party, his positions began shifting rightward in the 1950s, and he switched to the Republican Party in 1962."

and five years later he objected to people carrying loaded guns.

so republican st ronnie objected to only black guys carrying weapons?
or all people carrying loaded weapons.
which is it?

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.

Hanover Discussions

Title Updated Last By Comments
Snyder's of Hanover (Aug '09) 12 hr Show me state fool 5,864
News Heroin sentence 12 years (Jun '10) Jun 24 gab 93
Review: Happy Nails Jun 14 Beachgirl 1
Snyder lance May '15 Torts 3
Review: Dean's Auto Plaza (Sep '13) May '15 Scott123 10
News 12-time DUI repeater gets up to 7 years in prison (Sep '08) Apr '15 Trista Biddle 23
News Half Pint Creamery plans second ice cream shop Mar '15 Fannie Pak 2
More from around the web

Hanover People Search

Addresses and phone numbers for FREE

Personal Finance

Hanover Mortgages