Despite new evidence the Community Reinvestment Act led to riskier lending and played a key role in the subprime mortgage crisis, the Obama administration is broadening the anti-redlining regulation´s authority and scope, spooking bankers. A recent study by the National Bureau of Economic Research, the nation´s pre-eminent economic research group, states that the CRA "clearly" had a major impact on the flood of subprime loans made in the late 1990s and 2000s, which directly led to the housing crisis.
Comments: How Obie plans to use the CRA to step up the granting of bad loans...
Chart shows the huge bulk of the destructive boom took place from 2000 to 2006. Remember who was president and which party controlled Congress during that stretch? They were ineffectual at changing any of it, to the extent they even tried, and now we´re in a mess and the tools are still there for Zero to use.
It actually didn´t matter who was in charge between 2000 and 2006. Any effort to reign in the lending tsunami would have been met with a cacophony of cries of ´racism´ that would have shaken the foundations of the earth. Organizers like Obama were already entrenched and the media was cocked and loaded to crush any principled opposition. The Republicans in power understood that any effort would be political suicide. It was checkmate.
If there´s any act of congress that is named "Community ..." or "Affordable ...", you can bet its not benefitting the community any of us might live in, nor is it going to be *affordable* for any taxpayer.
#´s 1 & 3, 2nd generation realtor/appraiser. There were 17 bills introduced during the period you refer to, all promulgated to stem the flood of bad loans bought/sold/packaged/tranched at FNMA/FReddie Mac; each WAS met with the cries of RACISM!!! The Barney Frank Video wherein he castigates the W official testifying is only the most famous of them, but they are out there. 17 individual pieces of legislation. Each destroyed by the Minority and the LSM.
I understand and agree, #9 but what do we do when the press REFUSES to cover the attempts? I was just talking to the spokesperson for my Agency and told him that we on the Right have lost not only the narrative, but the ability to even get our message out!!
Nothing we can do until wait it out, #10. The powers that be allowed the left to control the media and the schools and the churches (just as they said they would), and now the whole thing´s down the chute. I do not write GOP a blank check on any of this; their complicity is such that they may as well have been on the same side all along. Nation and culture all but unrecognizable with the progress made over the past 40 years or so, and not much of it for the better in my opinion.
A truck carrying potentially "extremely dangerous" radioactive material has been stolen in Mexico, the UN atomic watchdog said Wednesday. The International Atomic Energy Agency said the truck was carrying cobalt-60, used for radiotherapy treatment to combat cancer. An IAEA statement Wednesday said the truck was stolen Monday while taking the material to a radioactive waste storage center from the northern city of Tijuana. The IAEA said the heist occurred in Tepojaco, a town near Mexico City, and describes the load as `´extremely dangerous" if damaged or removed from its protective shielding. It said Mexican authorities are searching for the material. The statement provided
BEIRUT: Hassan Lakkis, the Hezbollah commander who was assassinated outside his Beirut home late Tuesday, had played a key role in advancing the group’s technological capabilities in its fight against Israel and had brushes with death on many occasions, sources told The Daily Star Wednesday. “Lakkis was involved in scientific development and played a key role in developing Hezbollah’s unmanned aerial vehicles program,” a source close to the Lebanese group told The Daily Star on condition of anonymity A security source, who also spoke on condition of anonymity, said Lakkis was also in charge of smuggling arms to Gaza and Egypt.
Four months into his tenure at CNN, Jeff Zucker woke up in his New York City apartment and realized that he couldn’t move his face. “You wake up and you look in the mirror and your face can´t move and you think you had a stroke, and then you go to the emergency room and they diagnose it,” Zucker told Capital during a wide-ranging interview. Zucker was diagnosed with Bell’s Palsy in June, a form of facial paralysis that renders affected people unable to control facial muscles on one side of their face. “It´s definitely better than it was, but
Young Americans are turning against Barack Obama and Obamacare, according to a new survey of millennials, people between the ages of 18 and 29 who are vital to the fortunes of the president and his signature health care law. The most startling finding of Harvard University´s Institute of Politics: A majority of Americans under age 25--the youngest millennials--would favor throwing Obama out of office. The survey, part of a unique 13-year study of the attitudes of young adults, finds that America´s rising generation is worried about its future, disillusioned with the U.S. political system, strongly opposed to the government´s domestic surveillance apparatus,
Lebanon´s militant Shi´ite group Hezbollah said on Wednesday one of its commanders was killed outside his Beirut home overnight in an attack it blamed on Israel. The group said in a statement that Hassan al-Laqqis, "who served the resistance his entire life," was killed at around midnight in the southern Hadath district of the Lebanese capital. A previously unknown group, Ahrar al-Sunna Baalbek brigade, claimed responsibility for the attack in a message on Twitter. The group´s name suggested it had Lebanese Sunni Muslim links. Al-Laqqis was on his way home when he was killed, the official Hezbollah television station Al-Manar said. It
The New Jersey waitress whose story has been questioned after she claimed she received an anti-gay note instead of a tip on a restaurant bill was discharged under dishonorable terms from the Marines last spring after she stopped showing up, NBC 4 New York has learned. (Snip)NBC 4 New York learned Wednesday from a Pentagon source that Morales was dismissed from the Marine Reserve Corps in May because she wasn´t attending drills. It wasn´t immediately clear how often those drills were held, and Morales did not respond to a request for comment. Morales was formally discharged, or released from the Marines,
On weekends or late at night, the whine of high-performance engines echoes across an industrial park and nearby hills in Santa Clarita. In daylight, dramatic skid marks on the mostly unlined roadway are evidence of racing and burnouts. Speed aficionados know the spot well, on the far side of the 5 Freeway from the Magic Mountain theme park. They come to try their hand at "drifting," over-steering so that the tail ends of their Nissans and Mitsubishis slide and shimmy through a spot called Hercules Curve. Last Saturday, it was Paul Walker, star of the "Fast & Furious" film series — who
Rep. Jim McDermott (D-Wash.) said on MSNBC’s “PoliticsNation” Wednesday that when Jesus fed five thousand people with five loaves of bread and two fish, “he didn’t charge food stamps.” “When Jesus had those five loaves and two fishes, he didn´t charge food stamps. He didn´t ask anybody how much money they had. He fed them because they were hungry, and that´s really where we ought to be,” McDermott said in response to Republican critics of the SNAP (Supplemental Nutrition Assistance Program). In September, the House approved a plan by Republicans to cut $39 billion in food stamps over the next
The nation’s view of former Secretary of State Hillary Clinton, colored by the horrific Benghazi assassination of the U.S. ambassador to Libya on her watch, has suddenly turned upside down, with more now holding an unfavorable opinion of the likely 2016 presidential candidate. A new YouGov/Economist poll found Clinton, whose approval ratings have typically been sky high, with an unfavorable rating of 48 percent, more than the 46 percent who have a favorable opinion of her. The YouGov pollsters said that the change in American attitudes toward Clinton "suggests that negative press surrounding the tragic
President Obama will cast growing income inequality and a decline in economic mobility as a “fundamental threat to the American dream” during a speech Wednesday in Washington. The speech will serve as an early preview for next year’s State of the Union address, according to a White House official, who said Obama would focus much of his energy over the next three years on the issue. “The decisions we make over the next few years will determine whether or not our children will grow up in an America where, if you work hard, you can get ahead,” the official said.
Bill Clinton, the cliché goes, was the first black president, no matter his skin color. That being the case, Barack Obama is not the first black president, or the first African-American president, if you prefer, but the first hippie president. Clinton’s southern background and lifestyle were indeed more typically black, just as Obama’s was more typically hippie. And we’re not just talking about the “Choom gang” here, scarfing “Maui Wowie” on the sands of Oahu. We’re talking about all of it, the whole multi-culti-missing-white-mother-vanished-Kenyan-father-anti-imperialist-America-is-always-the-enemy-and-don’t-you-forget-it-nine-yards. And like most hippie culture as I knew and experienced it, it wasn’t about “peace and love.” Not
During a presentation at the White House in which President Barack Obama touted the benefits of the Affordable Care Act, the president declared that his signature health care reform law was not going to be repealed. This assertion led his administration members, his staff, and audience members to rise from their seats and give the president a standing ovation. Obama said that ACA opponents’ alternative to the health care reform law is to champion repeal and going back to the health care delivery system status quo ante. He specifically cited Sen. Mitch McConnell (R-KY) who he said was asked directly for
A woman has revealed how difficult it is to eat healthily and stay full when living off an average food stamp budget. Melinda Moulton, from Huntington, Vermont, was one of 200 people to take part in the 3Squares Challenge, which saw her living for a week on just $36 worth of food, or around $1.71 a meal. Opting to try and eat as healthily as possible, Ms Moulton resorted to cheap foods like yogurt for breakfast, two handfuls of peanuts for lunch and lentil stew for dinner, all of which left her unsatisfied.´I don´t know how people do it,´ said
CNN host wondered out loud on his show this evening whether the physically unfit Chris Christie could follow the "perfect physical specimen" Barack Obama into the White House: "After the perfect Barack Obama, who´s a perfect physical specimen to many people´s eyes, does it matter?" Morgan asked his guest. "Or is actually somebody very different, someone who´s much more of a regular kind of guy who likes cheeseburgers and beer, but appears to be a straight talker, somebody perhaps more of a straight talker than it appears Barack Obama turned out to be?"