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Democrats & the Home Lending Market

Discussion in 'Political Debate & Discussion' started by carpro, Nov 6, 2007.

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  1. carpro

    carpro Well-Known Member
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    http://www.opinionjournal.com/editorial/feature.html?id=110010826

    A Sarbox for Housing

    How to restrict lending to the poor for years to come.
    Tuesday, November 6, 2007 12:01 a.m. EST

    EXCERPT

    Throughout the 1980s and '90s, Congress prodded, even strong-armed, banks into making more mortgage loans to low-income and minority families. Washington enacted anti-discrimination and community lending laws with penalties against lenders for failing to issue riskier mortgages to homebuyers living in poor neighborhoods or with low down payments and subpar credit ratings. And so it was that the modern subprime mortgage market was born.

    Now, and for a variety of reasons, some two million of those loans have gone sour, and the same politicians are searching for villains. Leading the charge is House Financial Services Chairman Barney Frank, who is accusing banks of "predatory lending"--by which he means making loans to the very group of borrowers that Mr. Frank and his colleagues urged banks to serve.
     
    #1 carpro, Nov 6, 2007
  2. carpro

    carpro Well-Known Member
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    Before anyone complains, I apologize for posting this in the wrong forum. I have asked a moderator to move it to politics.
     
    #2 carpro, Nov 6, 2007
  3. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    "(Barney Frank) is a wonderful role model for young gay, men." Frank Zappa


    During the time the banks were string-armed into making these loans, Barney was busy getting his co-horts to help him cover up the underage homosexual prostitution business being run out of his cellar.
     
    #3 Bro. Curtis, Nov 6, 2007
  4. JustChristian

    JustChristian New Member

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    How were the banks strong-armed into making these loans? Is there a law on the books that told them who they had to loan money to, other than laws against discrimination based on sex, race, or creed? What exactly is that law you refer to?
     
    #4 JustChristian, Nov 6, 2007
  5. Baptist in Richmond

    Baptist in Richmond Active Member

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    Hmmmmm.......
     
    #5 Baptist in Richmond, Nov 6, 2007
  6. Dagwood

    Dagwood New Member

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    Come on you know if there is a problem in the world, it must be linked somehow to a democrat. :rolleyes:
     
    #6 Dagwood, Nov 6, 2007
  7. TomVols

    TomVols New Member

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    Well, some think CoRA would fit. I can't speak for the poster, though.
     
    #7 TomVols, Nov 6, 2007
  8. billwald

    billwald New Member

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    Before the 20th century there was no such thing as a home mortgage. Before the 50's the few people who were granted a home mortgage put at least 20% down.
     
    #8 billwald, Nov 6, 2007
  9. Baptist in Richmond

    Baptist in Richmond Active Member

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    :laugh:

    Regards - hope you are well,
    BiR
     
    #9 Baptist in Richmond, Nov 6, 2007
  10. carpro

    carpro Well-Known Member
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    "Mr. Frank's proposal is a trial lawyer's dream. It would forbid banks from signing up borrowers for "overly expensive loans"; require banks to make sure that the consumer has a "reasonable ability to repay the loan"; and insist that loans must be "solely in the best interest of the consumer." This kind of murky language would invite litigation from every borrower who misses a payment. If it becomes law we can expect to see billboards reading: "Behind on your mortgage? For relief, call 1-800-Sue-Your-Banker."
     
    #10 carpro, Nov 7, 2007
  11. hillclimber1

    hillclimber1 Active Member
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    change democrat to liberal, and you have it.:thumbs:
     
    #11 hillclimber1, Nov 7, 2007
  12. Dagwood

    Dagwood New Member

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    Only in your two-dimensional world, hillclimber1.
     
    #12 Dagwood, Nov 7, 2007
  13. Baptist in Richmond

    Baptist in Richmond Active Member

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    It wasn't a Liberal who got us into the quagmire in Iraq.
     
    #13 Baptist in Richmond, Nov 7, 2007
  14. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Um, yes it was, several of them.
     
    #14 Bro. Curtis, Nov 7, 2007
  15. Baptist in Richmond

    Baptist in Richmond Active Member

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    Who was the source of the information that was used to justify the quagmire, Bro. Curtis?
     
    #15 Baptist in Richmond, Nov 7, 2007
  16. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    Wesley Clark.






    And I have said George Bush is a linguini spined liberal, for years.
     
    #16 Bro. Curtis, Nov 7, 2007
    Last edited by a moderator: Nov 7, 2007
  17. carpro

    carpro Well-Known Member
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    Obviously, a democrats idea of fixing a problem in the business world that they helped to create is to make it worse.

    "The Frank bill is essentially a Sarbanes-Oxley for housing, an attempt to punish business in general for the excesses of an unscrupulous few and the perverse incentives created by Washington policy."
     
    #17 carpro, Nov 8, 2007
  18. Baptist in Richmond

    Baptist in Richmond Active Member

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    And both of them were completely wrong about Iraq.

    Regards,
    BiR
     
    #18 Baptist in Richmond, Nov 9, 2007
  19. Bro. Curtis

    Bro. Curtis <img src =/curtis.gif>
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    You forgot Al Gore, Mr. & Mrs. Clinton, John Kerry, you know, the folks yelling about Iraq back in '94, & '96, & '01, before Bush decided to listen to them.

    And Wesley Clark, wasn't he the only Clinton holdover ?
     
    #19 Bro. Curtis, Nov 9, 2007
  20. TomVols

    TomVols New Member

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    North Carolina is a good example of what happens when you start artificially limiting these kinds of things. They limited the closing costs certain income groups could pay. What happened? Charges were rolled into the interest rates as front end markups or back-end YSP or SRPs, and the interest rates skyrocketed, increasing payments drastically. Think this might have led to some higher foreclosure rates?
     
    #20 TomVols, Nov 9, 2007
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