Author Topic: Old Article explaining just how the CRA was used  (Read 1267 times)

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Offline Weisshaupt

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Old Article explaining just how the CRA was used
« on: March 02, 2016, 09:18:00 AM »
http://www.city-journal.org/html/10_1_the_trillion_dollar.html

Not only did they give out bad loans, NACA and ACORN required political indoctrination and activism for liberal causes in order to get a loan.

Offline Libertas

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Re: Old Article explaining just how the CRA was used
« Reply #1 on: March 02, 2016, 11:35:59 AM »
Old news...literally, date on this is 2000, but it is right.  I was in banking back in the 90's and I called this one bad news on day one and it went nuclear since then.  It was initially conceived to make banks stop red-lining neighborhoods...when in fact they were red-lining the people who didn't have a job or any means of repaying a loan...that most of them lived in the sh*t neighborhoods should not have ever been the fricken concern of any meddling government asshole!  So, they made banks sh*tcan their so-called "unfair" and downright "racist" risk assessment scoring process for these bums, then made them deal with the community pimps and extortionists (some called this trash "community organizers", "community advocates", "community leaders", "rights advocates" and "legal advocates") and made them eat billions of tits-up loans...all so the politicians could crow about how much they helped and loved these folks (whose condition and status changed not a whit!) and so all the parasites mentioned above could f**k the ultimate payer of this scheme - the taxpayer - out of those billions.  It is not a mistake that the current occupant of the White House came from the ranks of the extortionists...or that he fired up the taxpayer theft ten-fold once he got his punk ass in the big chair.

And oh, might I add?  This is one of the first generation post-Reagan schemes to go butt-ass-wild that the E-GOP refused to fight one iota!  Just one of the many hills they abandoned to the enemy...and we're supposed to trust any politician those assholes offer up?

 ::doublebird::

We'll solve this the only way it was ever going to be solved...with running, screaming, crying, bleeding and dying...

Plan accordingly...
We are now where The Founders were when they faced despotism.

Online Pandora

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Re: Old Article explaining just how the CRA was used
« Reply #2 on: March 02, 2016, 03:02:29 PM »
Burns me up, the idea of NINJA loans.  Twenty-one years ago when we bought our house we had great credit ratings,  solid work histories, and a 10 percent deposit, the minimum required, but it put us in the dock for the stinkin' PMI.

And I had to provide a written explanation for why I missed one -- ONE -- payment to JC Penney 'cause the bill got lost due to the move from NJ to CA.
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

"Let us assume for the moment everything you say about me is true. That just makes your problem bigger, doesn't it?"

Offline Libertas

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Re: Old Article explaining just how the CRA was used
« Reply #3 on: March 03, 2016, 07:05:41 AM »
Yeah, that PMI is a joke too.  I structured my primary loan at the limit and made up the difference with a HEQ loan to avoid it.  I figure if the banks are stupid enough to become the pawns of statists I'll be damned if I am going to foot the bill for their insurance!  Crap goes south the taxpayers are gonna bail em out anyway, that is the corrupt bargain the statists gave the banks and the banks didn't bat an eyelash!  They can all burn as afar as I care.  And the only, ONLY reason creditors come down on you is if you have good credit...they know you'll pay...the single mom with 6 kids on welfare and the little black, brown, yellow and red folk get a letter like that and it's off to Shapiro, Cochran, the community whores and politicians to make it stop.  The world is an effed up place and too many people let it happen.  But we, the hard-working, the play-by-the-rules and pay-our-debts crowd, we are the suckers, the dupes that keep this charade marching on.  That isn't going to last much longer...
We are now where The Founders were when they faced despotism.