Private sector parasites
- Thread starter AK Forty Seven
- Start date
Your points are well taken and good ones, however CRA began earlier when mainstream banks and thrifts were being accused of redlining. The purpose of CRA was to placate the complainers by gathering data to see if, in fact, redlining was occurring, and if qualified borrowers were being turned down simply because of redlining. And of course those lenders who came under CRA jurisdiction did want to achieve good CRA ratings. That was beneficial.
The CRA, however, was not at the root of the eventual housing bubble and the 2008 financial crisis. That was something else entirely. There was never any intent, under the CRA anyway, for lenders to make bad loans. The pressure came later from the investment banks that found the packaged loans, after being broken into tranches, were selling like hot cakes. They were willing consumers of loans made by some unprincipled banks who would bend the rules and sell the loans the next day, but also of crap loans made by the non-bank mortgage processors who operated as if there were no rules at all. The mainstream banks that processed their own loans and hung onto them never significantly compromised their underwriting standards, and these are the banks that survived the crisis very nicely, assuming they did not make the mistake of investing heavily in fraudulently rated CDO's -- which they never would have done intentionally. Nevertheless all banks were tarred with the same brush.
The investment banks, who were backing fraudulent lending, knew that what they were selling was of questionable worth, and they of course were anxious to dump, as quickly as possible, their inventories of packaged and tranched loans on unsuspecting pigeons worldwide.
It seems safe to conclude that ordinary, garden variety bankers, being the conservative, rather dull lot that they are, are no match for the slicker, smarter, wildly ambitious, and less principled Ivy League tyros working on Wall Street. Though they outwardly bear no resemblance to the eighteenth century, New York, bucket shop traders, underneath the silk suits ensconced in paneled offices little has changed since those days under the buttonwood tree.
How are you going to guarantee you won't return waving your faggot-ass in the air under a new alias ?
I will openly say right now the mods can ban my ip address if you provide us with incontrovertible evidence that you paid more than 10k in federal taxes last year.
You are a loser of the highest calibre, you are such a loser i can smell the stench of your pathetic life through my monitors. Your posts remind me of Lenny from "of mice and men" the incoherent ramblings of someone who is mentally retarded, im just waiting to see whether or not you ask if you can pet the wabbits.
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I knew a guy that was getting $8000 for placing subprime loans. He would send people out with forms and get them back blank with signatures. He would fill in the numbers.
Fannie and Freddie guaranteed subprime loans to the tune of hundreds of billions. That is probably what allowed the ratings agencies to give them high ratings. Packaging them in the CDO's was a clever way to obfuscate the fact that the guarantees could never all be met if too many of the loans went bad, it's a fractional reserve thingy. Trace the problem back to it's root and you find that it's about deregulation and government interference in free markets. We live in an age wherein everything that is right is declared to be wrong and vice versa. Proper regulation was seen as wrong and improper government involvement in the free market was deemed right.
lol . . . you're pissed , and what do you do?
you come up with the usual ramblings of '' i am smart and you are stupid crap, and the mods can ban me,wah wah '' as if you left would make any difference here. The mods have lots better to do than follow your ass around.
You masquerade as a neutral and yet you some up with these lobsided polls as if no one can see right through them.
Fact is, you are the pathetic one Max. You go into a foreign country and reap what it has to offer,and then play victim saying the government does nothing for you and, as if you're the only one paying taxes here.Stop bitching, take your taxes and go back to Canada if thats what you want.
and you are the one who is bitching, you prove that you pay 6 figures in taxes.
and no. . . i don't pet you wabbits.