Comments on: Michael Steele: Nation’s Economic Collapse Is All The Democrats’ Fault http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/ Firedoglake weblog Sat, 18 Feb 2012 01:45:14 -0600 hourly 1 http://wordpress.org/?v=3.1.2 By: DrinkDaKoolAid http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1825227 DrinkDaKoolAid Mon, 09 Feb 2009 19:03:39 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1825227 <p>Let me get this right. You think that the CRA was signed to help banks make safer and more secure loans???? Not to be insulting but if you read it with your eyes open you will understand what this really says. <a href="http://www.fdic.gov/regulations/laws/rules/6500-2515.html" rel="nofollow">http://www.fdic.gov/regulation.....-2515.html</a> Well then again our Govt. knows how to help banks make money right? So the CRA was for what exactly if not to force banks to give riskier loans? I feel as if I am kicking a dead horse. Banks and brokers etc are the most to blame but like a child, if you say its ok to make risky loans when you are watching then what makes us believe they will not do it when we are not watching? And they did! And Freddie and Fannie didn’t just buy from banks subject to CRA, they bought from everyone in the business, and everyone structured their loans according to what Freddie and Fannie would buy up. <a href="http://www.federalreserve.gov/boarddocs/surveys/craloansurvey/summary2000.pdf" rel="nofollow">Reports show CRA special lending programs are 44% not profitable 14% marginally profitable 42% profitable.</a></p> Let me get this right. You think that the CRA was signed to help banks make safer and more secure loans???? Not to be insulting but if you read it with your eyes open you will understand what this really says. http://www.fdic.gov/regulation…..-2515.html Well then again our Govt. knows how to help banks make money right? So the CRA was for what exactly if not to force banks to give riskier loans? I feel as if I am kicking a dead horse. Banks and brokers etc are the most to blame but like a child, if you say its ok to make risky loans when you are watching then what makes us believe they will not do it when we are not watching? And they did! And Freddie and Fannie didn’t just buy from banks subject to CRA, they bought from everyone in the business, and everyone structured their loans according to what Freddie and Fannie would buy up. Reports show CRA special lending programs are 44% not profitable 14% marginally profitable 42% profitable.

]]> By: lokywoky http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824820 lokywoky Mon, 09 Feb 2009 08:41:42 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824820 <p>The CRA does NOT do what you say. If anything - it is the only sector of the mortgage market that is reasonably healthy.</p> <p>What it did was require that banks actually lend money in the neighborhoods they were situated in. The CRA provided financial training for first-time home-buyers, including how to manage a budget, how to keep their credit up, and also pre-qualified them for loans based on a 33% of take-home pay limitation. The default rate of these loans is currently - in this current environment, less than 1.3%. These loans are not sub-prime, nor are they ARMs or any other nutty kind of fraud either. They are fixed-rate 30-year mortgages. I believe that they are held by the originating banks or sold to Fannie/Freddie - but also are not part of the derivatives market.</p> <p>IMHO, this kind of monetary training should be mandatory for anyone buying a first-time home.</p> <p>In any case - the CRA loans have always out-performed regular loans, and are still doing so. Most of the people who are now losing their homes should be so lucky as to have one of these (which they mostly don’t) and if they did - we probably wouldn’t be in the shape we’re in financially.</p> <p>So….stop drinking the koolaid and get your facts straight. You are basically spouting discredited and debunked Republican talking points - which as all of the smart people know, are lies repeated over and over until people like you believe them. But that still does not make them true.</p> The CRA does NOT do what you say. If anything – it is the only sector of the mortgage market that is reasonably healthy.

What it did was require that banks actually lend money in the neighborhoods they were situated in. The CRA provided financial training for first-time home-buyers, including how to manage a budget, how to keep their credit up, and also pre-qualified them for loans based on a 33% of take-home pay limitation. The default rate of these loans is currently – in this current environment, less than 1.3%. These loans are not sub-prime, nor are they ARMs or any other nutty kind of fraud either. They are fixed-rate 30-year mortgages. I believe that they are held by the originating banks or sold to Fannie/Freddie – but also are not part of the derivatives market.

IMHO, this kind of monetary training should be mandatory for anyone buying a first-time home.

In any case – the CRA loans have always out-performed regular loans, and are still doing so. Most of the people who are now losing their homes should be so lucky as to have one of these (which they mostly don’t) and if they did – we probably wouldn’t be in the shape we’re in financially.

So….stop drinking the koolaid and get your facts straight. You are basically spouting discredited and debunked Republican talking points – which as all of the smart people know, are lies repeated over and over until people like you believe them. But that still does not make them true.

]]> By: secularhuman http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824792 secularhuman Mon, 09 Feb 2009 07:52:24 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824792 <p>I think somebody’s already had enough kool-aid.</p> I think somebody’s already had enough kool-aid.

]]> By: DrinkDaKoolAid http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824493 DrinkDaKoolAid Mon, 09 Feb 2009 01:21:31 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824493 <p>The propaganda machine is not the RNC. its the whole government! Have you ever heard of CRA Community Reinvestment Act 1977? This is the bill that Jimmy Carter and the Democratic Party rammed down banks throats requiring them to give risky loans to low income and under qualified applicants or they would not qualify for FDIC insurance. Bush 1 added to it in the 80’s requiring more regulation. In the 90’s Bill Clinton expanded this to increase the amounts of risky loans and ordered Fannie Mae and Freddie Mac to buy up 10’s of Billions worth of these risky loans from the banks. It was actually part of their mission. During this period some not all but some republicans fought for less regulation over the GSE’s meaning stop requiring them to make these risky loans and check thier financial stability. Then Bush sells us this BS bailout and now Obama with his payback for getting elected. Face it our government has failed us, we are a Republic not a democracy. Republicans over spent this past 8 years but thats not what caused this! Community action groups have blackmailed and bribed our government into playing mommy and daddy to all of us. Being poor or a minority does not mean banks have to take risky loans. Our government needs to stay the hell out of our wallets. When I want to donate to a charity I will do it on my terms and to whom or what I want. We need to turn the lever and flush all these politicians Republican and Democrat alike. Elect officials that have a sense of responsability to our country and not to our pocketbooks. Look it up, do some research or keep drinking the KoolAid. I want a change but lets see this for what it is and why.</p> The propaganda machine is not the RNC. its the whole government! Have you ever heard of CRA Community Reinvestment Act 1977? This is the bill that Jimmy Carter and the Democratic Party rammed down banks throats requiring them to give risky loans to low income and under qualified applicants or they would not qualify for FDIC insurance. Bush 1 added to it in the 80’s requiring more regulation. In the 90’s Bill Clinton expanded this to increase the amounts of risky loans and ordered Fannie Mae and Freddie Mac to buy up 10’s of Billions worth of these risky loans from the banks. It was actually part of their mission. During this period some not all but some republicans fought for less regulation over the GSE’s meaning stop requiring them to make these risky loans and check thier financial stability. Then Bush sells us this BS bailout and now Obama with his payback for getting elected. Face it our government has failed us, we are a Republic not a democracy. Republicans over spent this past 8 years but thats not what caused this! Community action groups have blackmailed and bribed our government into playing mommy and daddy to all of us. Being poor or a minority does not mean banks have to take risky loans. Our government needs to stay the hell out of our wallets. When I want to donate to a charity I will do it on my terms and to whom or what I want. We need to turn the lever and flush all these politicians Republican and Democrat alike. Elect officials that have a sense of responsability to our country and not to our pocketbooks. Look it up, do some research or keep drinking the KoolAid. I want a change but lets see this for what it is and why.

]]> By: waynec http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824451 waynec Mon, 09 Feb 2009 00:26:01 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824451 <p>One more scotch and I’m gonna….<br /> G’nite all</p> One more scotch and I’m gonna….
G’nite all

]]> By: waynec http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824449 waynec Mon, 09 Feb 2009 00:12:48 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824449 <p>In 2004-2006 the Dems were in popwer in name only. Libersuck made it even.<br /> Blue-dogs made it RED.</p> In 2004-2006 the Dems were in popwer in name only. Libersuck made it even.
Blue-dogs made it RED.

]]> By: waynec http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824448 waynec Mon, 09 Feb 2009 00:09:02 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824448 <p>They don’t challenge them because they are too stupid.<br /> Either they aren’t prepared for the interview or<br /> they are in agreement with said head.<br /> Maybe the interviewers are chosen because they look good on TV?</p> <p>Obama is a pussy cat. Her’s in over his head and is relying on too many has-beens.</p> They don’t challenge them because they are too stupid.
Either they aren’t prepared for the interview or
they are in agreement with said head.
Maybe the interviewers are chosen because they look good on TV?

Obama is a pussy cat. Her’s in over his head and is relying on too many has-beens.

]]> By: waynec http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824447 waynec Mon, 09 Feb 2009 00:05:26 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824447 <p>I’m so dizzy from being spun for so long I can hardly function.<br /> Where do these stupid idiots come from?<br /> What gives them enough credibility to speak on national TV?<br /> (I don’t watch regular TV. I do have a TV, but it’s only hooked up to my DVD player.)<br /> Under what rock do they come from?<br /> You would think Darwin would have taken care of them by now.<br /> Does that mean Darwin was wrong?<br /> It obviously isn’t “intelligent” design, cuz they are too stupid.<br /> How do we get our country back?<br /> We’ve been fighting the good fight for so long. I’m getting tired.<br /> Someone please throw me a life preserver.<br /> The s**t is so thick I can hardly stay on top.</p> I’m so dizzy from being spun for so long I can hardly function.
Where do these stupid idiots come from?
What gives them enough credibility to speak on national TV?
(I don’t watch regular TV. I do have a TV, but it’s only hooked up to my DVD player.)
Under what rock do they come from?
You would think Darwin would have taken care of them by now.
Does that mean Darwin was wrong?
It obviously isn’t “intelligent” design, cuz they are too stupid.
How do we get our country back?
We’ve been fighting the good fight for so long. I’m getting tired.
Someone please throw me a life preserver.
The s**t is so thick I can hardly stay on top.

]]> By: SDC1 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824357 SDC1 Sun, 08 Feb 2009 22:31:42 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824357 <p>We should be ashamed of ourselves. We are bailing ourselves out and our children and granchildren will need to pay for it. Shameful.</p> We should be ashamed of ourselves. We are bailing ourselves out and our children and granchildren will need to pay for it. Shameful.

]]> By: revhatchell http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824304 revhatchell Sun, 08 Feb 2009 21:34:53 +0000 http://firedoglake.com/2009/02/08/michael-steele-nations-economic-collapse-is-all-the-democrats-fault/#comment-1824304 <p>war + tax cuts = economic disaster</p> war + tax cuts = economic disaster

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