What does a community organizer do? Pressure banks to make bad loans
Stanley Kurtz takes a look at how the Community Reinvestment Act was
used by activist groups to pressure banks into lending money to
high-risk applicants, and how……

Normally, I’d say let the lenders drown.

Instead, can we march down to D.C. and drown the politicians responsible?

It’s one thing to stop discrimination — and another to do it in reverse to the point where even your target population is priced out of the market without the aid of actuarially unsound finance.

Agree wholeheartedly. Life, liberty and the pursuit of happiness. What part of that guarantees everyone must own a home?

As someone who subscribes to 12-step thinking, I believe in focusing on today. We cannot alter what happened yesterday – or a month ago or 6 years ago. Calculate where we are today, and what steps are best taken, given……

Holy Canoli, that’s a lot of delinquent loans! We’re with Countrywide – nothing like finding out your mortgage company is frakked-up.

This has me seriously depressed. It’s going to be bad for this family, bailout or not.

Anna on September 25, 2008 at 6:32 PM

It’s ok – Countrywide sold a lot of their subprime to Fannie and Freddie…. Fran and Fred also own 30% of the $4 Trillion active CDO business (which needs to be written down by a good 30%) as well, so that will be a nice pill to swallow.

It either had to end, or every customer had to be helped by Freddie and Fannie.

All this bailout stuff is predicated on blowing up the bubble again and going right back to doing the “magic” Congress mandated that the markets do. It’s not going to work. You are right — the government has to stop doing social engineering and leave the market alone.

It’s one thing to stop discrimination — and another to do it in reverse to the point where even your target population is priced out of the market without the aid of actuarially unsound finance.

#1 …..

>Can you show me any source (other than the numbers pulled out your ass) that these loans a decade ago where worth $1.5 Trillion?

Are you REALLY trying to say that the loans mentioned in the post = 1.5 Trillion?

Yes, I am. That source, plus several others point out that $1.5 trillion in subprime loans were carried by Fannie Mae. Maybe you should take a third grade reading comprehension class. At the very least do some basic research, and you will find out. I’m not your babysitter.
—————-

#2 you’re an unrepentant moron. You answer was.

>The FBI says that reports of suspicious mortgage activity increased by 10-fold from 2001 through 2007….

DUH That wasn’t the loans in question… The loans in question ended in 1999 You just proved my point dimwit.

Diogenes of Sinope on September 25, 2008 at 7:17 PM

Just how stupid are you? The whole point of your argument was whether or not Clinton changed the laws in 1995 to make it not only easy to get a subprime, but that Fannie Mae would be the carrier. Any loan made from late 1995 until last Wednesday fell under those laws. Are you so daft you don’t understand this? Let me repeat it slowly for you. Clinton changed the laws to make it easier to get a subprime loan without proper qualifications. Clinton pushed Treasury Secretary Rubin to rewrite the redlining rules for banks, bypassing congressional oversight. Ergo, many bad loans were underwritten by Fannie Mae, equal to a trillion and a half dollars in a portfolio of over $5 trillion. Whether the loan was written in 1996 or 2006 is irrelevant. What is relevant is that thousands of them began to default in 2007 and 2008. What is more, his rule changes, by lowering the standards and forcing banks to make them introduced fraud on an unprecedented scale into the mortgage market. If you are really that stupid, perhaps you need to find a different blog to post on, maybe one that focuses in celebrity underwear or something.

You and Mr.Magoo can just go screw yourselves.

And what is with that GAY **eats** thing ANYWAY.

Sorry>>>I have a PMS rage comin’ on so step aside you two MORON NEWBS.

seejanemom on September 25, 2008 at 6:00 PM

I am sure you are right, but I work VERY HARD at what I do…and I do it from somewhere besides my mom’s basement, like these two cheeto eaters. I predate them, and I resent their hubris.

::thank you for the wine, upinak::: ;)

seejanemom on September 25, 2008 at 6:06 PM

I don’t know you from Adam or Eve. I don’t know if you are calling Ed and Allah or me and Grue cheeto eaters. Your qualifications, who you’re friends with, and how hard you work don’t mean jack to me. You were ranting like a spoiled child and someone mocked you. Big deal. So you are sooooo professional that your response is “go screw yourselves” and then make gay jokes? Kind of hard to take you seriously after that drama show.

And if you are referring to me as a basement dwelling cheeto eater, you are way off base. I’ve worked hard all my life too – over 40 years. Married 34 years, own a home, enjoy a cold beer when I get home, pay taxes, and am concerned about the direction my country is going.

So you stay away from me and I’ll stay away from you.