On Oct 23, 8:53Â*pm, WR wrote:
On Oct 23, 1:05Â*pm, Werner wrote:



On Oct 23, 12:12Â*pm, wrote:

...

Stick that in your ass.

'In analyzing the mortgage crisis, economist Walter E. Williams has
written: “Starting with the Community Reinvestment Act of 1977, that
was 
given more teeth during the Clinton administration, Congress
started 
intimidating banks and other financial institutions into
making loans, 
so-called sub-prime loans, to high-risk homebuyers and
businesses.
“The carrot offered was that these high-risk loans would be purchased
by 
the government-sponsored enterprises Fannie Mae and Freddie Mac.
Anyone 
with an ounce of brains would have known that this was a
prescription 
for disaster but there was a congressional chorus of
denial,� he added.
“The financial collapse of Fannie Mae and Freddie Mac is not a
failure 
of the free market because lending institutions in a free
market would 
not have taken on the high-risk loans,� said Williams.
“They were forced 
to by the heavy hand of government.� '
"In 1992, Congress mandated that Fannie and Freddie increase their
purchases 
of mortgages for low-income and medium-income borrowers.
Operating under 
that requirement, Fannie Mae, in particular, has been
aggressive and 
creative in stimulating minority gains."
"The two companies are now required to devote 42% of their portfolios
to 
loans for low- and moderate-income borrowers"
Â*http://articles.latimes.com/1999/may/31/news/mn-42807

http://www.youtube.com/watch?v=usvG-...utube.com/watc....
andhttp://www.youtube.com/watch?v=6CgJq8OYEl0&feature=player_embedded

http://www.youtube.com/watch?v=cMnSp...utube.com/watc......
Â* Â* Â* Â* • Â* Â* 1) Securitization for residential mortgages was invented in 1970 by
Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
Fannie Mae and Freddie Mac) and private institutions through the 1980s
and '90s to include a wide range of financial assets. 2) Congress has
consistently eliminated regulatory obstacles to securitization with
the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
Mortgage Investment Conduits (REMICs), Financial Asset Securitization
Investment Trusts (FASITs), and Riegle Community Development and
Regulatory Improvement Act. 
3) The Riegle Act also instructed federal
regulators to reduce risk-based capital requirements for bank holdings
of small business loan securities.http://www.nado.org/loansales/securitization1.html

political donations
Â* Â* Â* Â* Â* Â*Democrats Â* Â* Â* Â* Â* Â* Â*Republicans

2010 Â* Â* Â*69% Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â*31%
2008 Â* Â* Â*75 % Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* 25%
2006 Â* Â* Â*63% Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â*37%

2004 Â* Â* Â*62% Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â*38%
2002 Â* Â* Â*66% Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â* Â*34%http://www.opensecrets.org/orgs/summ...?id=d000000085

regulation derivativeshttp://www.thenation.com/blogs/edcut/370925http://www.youtube.com/wat...
Find out moe about the CRAhttp://www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf
--
The CRA tells a financial institution that if
it moves into such an area, financial regu
latory agencies and community groups will
dictate how its “community� will be
defined, how its performance will be
judged, and most importantly, how it will
make its lending decisions.

http://www.youtube.com/watch?v=ivmL-...List&p=361DB6B...

http://www.subprimemortgageplan.com/...ent_Act_Subpri...

- A 1977 law kicked off the subprime bubble????
- You people are pathetically stupid.

WR,

The first step in 1977 and . . .
Many Years of Incrementalism followed;
up to the present time . . .
http://en.wikipedia.org/wiki/Incrementalism
-remember- Rome Was Not Built In A Day . . .
and the converse is true too ~ RHF