Obama helped create the Housing bubble

[jgoose71 0]

Little reported story going around the news:

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President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

http://dailycaller.com/2012/09/03/with-landmark-lawsuit-barack-obama-pushed-banks-to-give-subprime-loans-to-chicagos-african-americans/

While it might be a right leaning publication, the facts are true. Follow out the links. Just thought you guys should know.

"There is an art, it says, or, rather, a knack to flying. The knack lies in learning how to throw yourself at the ground and miss."
Life, the Universe, and Everything

[RonD1120 58]

Thank you.

Look for the shiny things of God revealed by the Holy Spirit. They only last for an instant but it is a Holy Instant. Let your soul absorb them.

[SkydiveJonathan 0]

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mortgage discrimination lawsuit against Citibank...

An example of institutional racism against blacks. There are many more. Thanks for bringing this up.

[jgoose71 0]

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mortgage discrimination lawsuit against Citibank...

An example of institutional racism against blacks. There are many more. Thanks for bringing this up.

Of course that is all you see. That "wooshing" sound was the point missing you.

Or do you just not care about the people who's credit is ruined and have been kicked out onto the street because of bad decisions?

"There is an art, it says, or, rather, a knack to flying. The knack lies in learning how to throw yourself at the ground and miss."
Life, the Universe, and Everything

[billvon 2,476]

Cool! The first ODS post of the week. Think you can blame 9/11 on Obama next?

[Bertt 0]

That's actually been pretty widely reported ever since 2009 after Obama became President. Curiously enough, when a Republican controlled Congress fixed the banking regulations in 1999, they didn't repeal CRA, they repealed the affiliation rules in Glass-Steagall.
It's also been widely reported that CRA loans performed better, not worse, than loans made by IMC's which weren't forced by CRA to make loans.
The CRA also didn't force securitization of loans, and it didn't force rating agencies to give AAA ratings to securities that included no-doc loans or loans to poor people in bad neighborhoods, or any of the other practices that transformed a home ownership bubble into a housing investment crisis.

You don't have to outrun the bear.

[Bertt 0]

The fact is, if McCain had been elected in 2008, we would have still had a recession, because it had already started before the November elections. In that case, nobody would have bothered trying to blame Obama, but you would have seen people trying to blame McCain because he was associated with the Keating Five.

You don't have to outrun the bear.

[jgoose71 0]

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That's actually been pretty widely reported ever since 2009 after Obama became President. Curiously enough, when a Republican controlled Congress fixed the banking regulations in 1999, they didn't repeal CRA, they repealed the affiliation rules in Glass-Steagall.
It's also been widely reported that CRA loans performed better, not worse, than loans made by IMC's which weren't forced by CRA to make loans.
The CRA also didn't force securitization of loans, and it didn't force rating agencies to give AAA ratings to securities that included no-doc loans or loans to poor people in bad neighborhoods, or any of the other practices that transformed a home ownership bubble into a housing investment crisis.

Actually, it wasn't widely received. During the elections everyone but Fox news was running 90% positive stories for Presidential Nominee Obama (Fox news, being highly partisan and Anti-Obama, was running 60% favorable coverage) and I don't remember seeing anything about it on Fox...

And why does it have to be all about the republican controlled congress? Bill Clinton signed the repeal of regulations that was put before him. Are you now going to let Nancy Pelosi Share some of Bush's blame?

But more to the point, I blamed the authors of these bills more than the presidents. Dodd and Schumer spearheaded the repeal of Glass-Steagal and have managed to dodge pretty much all the blame and transfer it to bush. And in 2005 when they saw the writing on the wall, Barny Frank said "No, everything is fine" and kept the ball going, and blamed bush for the collapse also.

But now for the first time, I've seen that a president actually participated in the melt down. Do you think Dodd and Schumer would have been able to pass the bill in 1999 without people like Obama laying the ground work through the 90's?

You know that in order for the banks to give loans to people that don't qualify, they had to work a deal so banks would have an opportunity to make up the losses, otherwise they would have had a hard time getting people to swallow what was coming.

And yes, the intent of the CRA was to remove the color of peoples skin from the equation. If a person can pay the bill, he should be given a loan. After Obama and the rest of kind put forward their lawsuits and the repeal of the Glass-Steagall portion of the CRA, ability to repay the bill was no longer important if you were black.

"There is an art, it says, or, rather, a knack to flying. The knack lies in learning how to throw yourself at the ground and miss."
Life, the Universe, and Everything

[kallend 1,679]

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Cool! The first ODS post of the week. Think you can blame 9/11 on Obama next?

I hear Obama helped sink the Arizona, planned the Holocaust, sold A-bomb secrets to the USSR and eats small children.

...

The only sure way to survive a canopy collision is not to have one.

[Bertt 0]

1) Widely reported doesn't stop at CNN and Fox.
2)

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Dodd and Schumer spearheaded the repeal of Glass-Steagall

Do you happen to remember the name of the bill that repealed some (but not all) of Glass-Steagall?
3)

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the repeal of the Glass-Steagall portion of the CRA

Glass-Steagall was never part of the Community Re-investment Act.
4) Ability to repay the loan was no longer important if you were a mortgage originator who could quickly bundle and sell the loan and put the risk on somebody else's books.

I apologize if I read any of your post wrong, and I hope I did.

You don't have to outrun the bear.

[Bertt 0]

"...Obama helped sink the Arizona..."
That might have some teeth if he had been born in Hawaii, but since he was born in Kenya, you're going to have to back off that charge.
As for the 9/11 thing: If he wasn't involved, how did he know where Osama was living? Did he have Osama killed because he was afraid Osama would reveal his connection to 9/11 ? I'm not saying he did, I'm just asking the question.

You don't have to outrun the bear.

[jgoose71 0]

First, thanks for adding to the intelligent part of the conversation....

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Do you happen to remember the name of the bill that repealed some (but not all) of Glass-Steagall?

The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act Was pushed through by Chris Dodds and Charles Schumer and signed by Bill Clinton. Yes, they needed Sen. Phil Gramm(only republican in the mix) to get it done, but they had to bribe him, and let him put in controls(disclosure agreements), that turned out to not be enough....

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Glass-Steagall was never part of the Community Re-investment Act.

You are right, but it still limited banks interactions with securities firms. Until the repeal, banks could not bundle up high risk mortgages and give them to someone else. This effected the CRA.

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Ability to repay the loan was no longer important if you were a mortgage originator who could quickly bundle and sell the loan and put the risk on somebody else's books.

As I said earlier, this, in the end, is why the banks agreed to giving loans to people who couldn't afford it. This was the pay off...

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I apologize if I read any of your post wrong, and I hope I did.

Some clarification was probably needed.
It's also mind boggling that Obama would think that it's OK to give loans to people who can't afford them.

In skydiving, I guess the equivalent would be throwing a black man out of an aircraft that couldn't skydive and calling your critics racist as he bounces on the ground.

"There is an art, it says, or, rather, a knack to flying. The knack lies in learning how to throw yourself at the ground and miss."
Life, the Universe, and Everything

[billvon 2,476]

>As for the 9/11 thing: If he wasn't involved, how did he know where Osama was living?

Exactly. Why not release the documents that prove he wasn't involved with 9/11? And why did he refuse to voluntarily submit to random nano-thermite testing right after the attacks? What's he hiding?

[SkydiveJonathan 0]

The point of the discrimination suit—which was heard and decided by Judge Ruben Castillo, the son of two Latino immigrants—was that Citibank and other lenders denied credit to black applicants who'd met the same creditworthiness standard as whites who had received loans. The suit's remedy was to set one standard for all borrowers, regardless of race. (The Daily Caller didn't bother checking whether white subprime borrowers of similar mortgages had a default rate that differed significantly from the African Americans represented in the lawsuit. Kind of important info.)

[kallend 1,679]

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First, thanks for adding to the intelligent part of the conversation....

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Do you happen to remember the name of the bill that repealed some (but not all) of Glass-Steagall?

The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act Was pushed through by Chris Dodds and Charles Schumer and signed by Bill Clinton. Yes, they needed Sen. Phil Gramm(only republican in the mix)

Ha fucking Ha. Gramm, Leach and Bliley were ALL Republicans. Gramm's wife, Wendy, who worked for Enron, was a prime mover too.

During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government.

The Senate passed its version of the bill by 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed)

Amazingly lame piece of revisionist history from jgoose71.

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Some clarification was probably needed.

After a whole bunch of court decisions dating back into the Reagan era that limited G-S, Clinton was probably correct.

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The only sure way to survive a canopy collision is not to have one.