On Feb 5, 7:48*am, wrote:
It is all very well for President Obama to vent his anger on all those
US bankers who continued to claim billions of dollars in bonuses while
expecting Washington to bail them out after the sub-prime mortgage
scandal brought the banks to their knees. But conveniently overlooked
has been the curious part Mr Obama himself played in the sub-prime
debacle.

At the heart of it was a 1995 amendment to the Community Reinvestment
Act which legally required banks to lend money to buy homes to
millions of poor, mainly black Americans, guaranteed by the two
biggest mortgage associations, Fannie Mae and Freddie Mac. And no one
campaigned more actively for this change to the law than Mr Obama, as
a young but already influential Chicago politician.

It was this Act which, more than anything, helped to create the US
housing bubble, well beyond the point where it was obvious that
hundreds of thousands of homeowners would be likely to default. And in
2005 no one more actively opposed moves to halt Fannie Mae’s reckless
guarantees than Senator Obama, as he was by then. As the official
records show, no senator received more donations from Fannie Mae than
he did (although Hillary Clinton ran him close). Thus no US politician
arguably did more to promote the sub-prime disaster than the man now
expected to pick up the pieces, …

http://therealbarackobama.wordpress....news-views-the...

Um, dumb****, over half of the subprime mortgages lent were made by
insitutions NOT covered by the CRA. Plus, if the legislation occurred
in 1995, why wasn't this a problem much sooner, dumb****? ARM resets
wouldve been problematic way back then, too, dumb****.

Oh, and by the way, there was NO legal requirement to loan money. The
CRA was a provision that required lenders be in compliance with ONLY
if they wanted to expand operations or undertake a merger. Dumb****.

Do you conservatard losers do your homework on ANYTHING?

http://en.wikipedia.org/wiki/Community_Reinvestment_Act