OWS movement: We've seen this before!

PostmodernProphet said:
dude.....the information you are denying above is taken from YOUR links.....
Click to expand...

Dude, you are being disingenuous. I am not going to RE state the facts you choose to ignore. Let me ask you; WHY is it so important to you that ACORN and selling homes to moderate income families MUST be the blame for the financial crisis? Especially when the biggest defaulters on mortgages were/are the rich?

ACORN was a responsible actor, if people had listened to them, the crisis could have been avoided.

Acorn Led Financial Sector With Warnings on Lending
The national advocacy group appears to deserve recognition for its prudent -- and ignored -- early advice about home loan practices.

In fact – according to a string of 1999 and 2000 reports in American Banker, a 173-year-old publication calling itself "the leading information resource serving the banking and financial services community" – ACORN was an outspoken, consistent advocate for exactly the kinds of regulations that experts across the political spectrum now agree could have prevented the global economic crisis.

On August 4, 2000, American Banker reported on ACORN protests at nationwide offices of Lehman Brothers – the investment bank that went bankrupt last month because of its investment in over-valued mortgage-backed securities: "Acorn members said they want Lehman and other investment banks to sign a code of ethics, pledging to adhere to 'best practices' in the mortgage lending business. Though the banks are not lenders, the group argues that they provide capital and financial support to abusive lenders by buying and securitizing their loans.

'They have to look at the terms of the loans they are funding and say they won't buy or securitize loans with unconscionable terms,' said Bertha Lewis, executive director of Acorn in New York. 'These secondary market players can see what kind of loans these are. They must refuse to buy loans from predatory lenders.'"
 
Bfgrn said:
WHY is it so important to you
Click to expand...

because the alternative is let you wallow in ignorance......the left campaigned to INCREASE lending in high risk areas.....they sued banks to force lending in high risk areas.......the objected when banks began to foreclose on unpaid mortgages in high risk areas.....they created government backed derivatives in order to market mortgages in high risk areas.......they objected when people started calling for regulations on government backed derivatives marketing mortgages in high risk areas.....yet they want no share of the blame.....
 
PostmodernProphet said:
because the alternative is let you wallow in ignorance......the left campaigned to INCREASE lending in high risk areas.....they sued banks to force lending in high risk areas.......the objected when banks began to foreclose on unpaid mortgages in high risk areas.....they created government backed derivatives in order to market mortgages in high risk areas.......they objected when people started calling for regulations on government backed derivatives marketing mortgages in high risk areas.....yet they want no share of the blame.....
Click to expand...

WOW, you are forgetting a few pertinent details...The financial crash was NOT caused by moderate income buyers defaulting. It was caused by wealthy buyers walking away from a structure they were never going to call HOME. In Florida, 45% of the homes being built were sold to speculators. ACORN was fighting against predatory lending, not promoting it...

AND, you forgot about Bush's 'ownership society'

"America is a stronger country every single time a family moves into a home of their own," George W. Bush said in October 2004. To achieve his vision, Bush pushed new policies encouraging homeownership, like the "zero-down-payment initiative," which was much as it sounds—a government-sponsored program that allowed people to get mortgages without a down payment. More exotic mortgages followed, including ones with no monthly payments for the first two years. Other mortgages required no documentation other than the say-so of the borrower. Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth.

As we know by now, these instruments have brought the global financial system, improbably, to the brink of collapse. And as financial strains drive husbands and wives apart, Bush's ownership ideology may end up having the same effect on the stable nuclear families conservatives so badly wanted to foster.

End of the ‘Ownership Society’
 
PostmodernProphet said:
lol.....
Click to expand...

Lending money to poor people doesn't make you poor. Lending money poorly to rich people does.

Roughly 6 percent of high-priced mortgage loans originated during the housing boom were extended to poor borrowers by finance companies mindful of the CRA.

"The very small share of all higher-priced (home) loans originated that can reasonably be attributed to CRA makes it hard to imagine how this law could have contributed in any meaningful way to the current subprime crisis," Kroszner said.

Late last month, Fed Chairman Ben Bernanke echoed Kroszner's words and the appraisal of Fed researchers.

"Our own experience with CRA over more than 30 years and recent analysis available data ... runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties"

Lending to poor didn't spur crisis -Fed's Kroszner
 
PostmodernProphet said:
wrong on both counts.....lending money to people who don't pay it back makes you poor.....
Click to expand...

The rich people DON'T pay it back. They are not concerned with keeping a roof over their head, they already have a home. They are not worried about a bad credit score. They walk away and write it off as a bad investment. It's the little guy who keeps writing checks even when he SHOULD let it go. But he can't overcome a bad credit rating. You are not very smart are you?
 
You must log in or register to reply here.
Back
Top