Originally Posted by Bfgrn
YES, the wealthy were foreclosed on, but they had the luxury of being able to walk away from a bad debt. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas.
This was brought on by wealthy bankers and wealthy buyers. I was covering all of northern Florida for my company when the bottom fell out, the state of Florida was one of the hardest hit because half of the new home were being bought by wealthy people speculating. They had no intention of ever living in the homes, they were using it as a quick money making scheme.
Why are all you right wingers so fucking ignorant? EVERYTHING you believe is nothing but bullshit social propaganda spoon fed to you by the Fox News, right wing talking heads and every other mouthpiece for the elite. You constantly call people morons, but you don't even know your ass from a hole in the ground!
Educate yourself MORON...
WSJ - Fed’s Kroszner: Don’t Blame CRA
WSJ - Fed’s Kroszner: Don’t Blame CRA - The Sequel
Reuters - UPDATE 2-Lending to poor didn't spur crisis
Don't Blame the Community Reinvestment Act
Business Insider - Here's Why Fannie And Freddie Are Not At Fault For The Housing Bubble
Center for Responsible Lending - CRA is not to Blame for the Mortgage Meltdown
Don't blame Fannie and Freddie
Private sector loans, not Fannie or Freddie, triggered crisis
ForeclosureS.com - ACORN - Progress in the Fight Against Predatory Lending
Acorn Led Financial Sector With Warnings on Lending
I love when idiots like you call me a MORON when it comes to economics and investments. I have a degree in economics you MORON. I also work in investments you MORON. You on the other hand post links to articles that you clearly do not understand. You quote stats yet you fail to grasp what they are saying.
YOU stated...
Poor lending practices (predatory) played a huge role, but not to low income and first time buyers. And Fannie and Freddie were not to blame either. The Community Investment Act was not the culprit. It was middle class and wealthy buyers who were mostly speculators.
To which I replied.... "CRA was indeed a part of the problem" .... which YOUR links confirm. It was. You cling to the stat that 'only 6% were extended by CRA covered lenders (ie... the banks). That is true, but what that little stat doesn't tell morons like you is that the BANKS were also buying up loans from lenders of subprime debt and repackaging them as CDO's and selling them to investors (one of the biggest of those investors.... FANNIE and FREDDIE). So it doesn't matter who the loan ORIGINATED with, it matters that the banks and more importantly FANNIE AND FREDDIE, were buying up the loans that other lenders were originating. If they had not done so, then the other lenders would not have made the loans as they could not afford the risk on THEIR books. You MORON.
Your comment that Fannie and Freddie were not to blame is also completely incorrect. Why is it that they held so much sub prime debt MORON? Why is it that they had to be bailed out MORON? If they weren't such big buyers of CDO's, then again, the amount of loans in the subprime arena would have been less as the investment banks would not have wanted more of that debt on their balance sheets.
Your comment that it was mainly speculators and 'the wealthy' is also absurd. As your articles point out.... 60% went to middle class and 'wealthy'. Which means what about the other 40% MORON?
As I stated, Franks comments about Fannie and Freddie have NOTHING to do with his being gay. Your comments about it being racist have also been shown to be completely absurd you moron.
Bottom line, you idiots on the left who have no clue when it comes to economics or finance always resort to the 'you listen to Fox/Rush/Hannity' line of bullshit because you think that makes you seem intelligent. I don't listen to any of those sources as the talking heads are just about as ignorant on economics as you are. They are predominantly JOURNALISTS... not economists. Just like you, they have no clue. They simply parrot what they HOPE will make them seem intelligent.