Clinton Admin created the crisis

  1. You have chosen to ignore posts from IamYourDaddy. Show IamYourDaddy's posts

    Clinton Admin created the crisis

    The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities


    The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.

    Nevertheless, until recently, the CRA didn't matter all that much. During the seventies and eighties, CRA enforcement was perfunctory. Regulators asked banks to demonstrate that they were trying to reach their entire "assessment area" by advertising in minority-oriented newspapers or by sending their executives to serve on the boards of local community groups. The Clinton administration changed this state of affairs dramatically. Ignoring the sweeping transformation of the banking industry since the CRA was passed, the Clinton Treasury Department's 1995 regulations made getting a satisfactory CRA rating much harder. The new regulations de-emphasized subjective assessment measures in favor of strictly numerical ones. Bank examiners would use federal home-loan data, broken down by neighborhood, income group, and race, to rate banks on performance. There would be no more A's for effort. Only results—specific loans, specific levels of service—would count. Where and to whom have home loans been made? Have banks invested in all neighborhoods within their assessment area? Do they operate branches in those neighborhoods?


    The Clinton administration's get-tough regulatory regime mattered so crucially because bank deregulation had set off a wave of mega-mergers, including the acquisition of the Bank of America by NationsBank, BankBoston by Fleet Financial, and Bankers Trust by Deutsche Bank. Regulatory approval of such mergers depended, in part, on positive CRA ratings. "To avoid the possibility of a denied or delayed application," advises the NCRC in its deadpan tone, "lending institutions have an incentive to make formal agreements with community organizations." By intervening—even just threatening to intervene—in the CRA review process, left-wing nonprofit groups have been able to gain control over eye-popping pools of bank capital, which they in turn parcel out to individual low-income mortgage seekers. A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation. Similar deals operate in almost every major U.S. city. Observes Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, which has $220 million in bank mortgage money to parcel out, "CRA is the backbone of everything we do."

    ==============

    BANKS WERE FORCED TO LEND to PEOPLE WITH BAD CREDIT


    http://www.city-journal.org/html/10_1_the_trillion_dollar.html
     
  2. You have chosen to ignore posts from PS911fan. Show PS911fan's posts

    Clinton Admin created the crisis

    the thugs should post links with their posts.......we need to know where the lie or bs is coming from.......have the courage to stand behind your crap
     
  3. You have chosen to ignore posts from IamYourDaddy. Show IamYourDaddy's posts

    Clinton Admin created the crisis

    For PS911fan ...


    PRESS BRIEFING
    BY
    SECRETARY OF THE TREASURY, LLOYD BENTSEN,
    ROBERT RUBIN, ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY
    AND
    EUGENE LUDWIG, COMPTROLLER OF THE CURRENCY

    The Briefing Room

    1:30 P.M. EST
    MR. RUBIN: Hi. I'm Bob Rubin, the Assistant to the President for Economic Policy, and I'm going to introduce today's topic.

    An important component of that strategy is to deal with the problems of the inner city and distressed rural communities -- pursuant to his belief that we must make real progress in those areas if this country is going to be successful in the future for all of us. The reform of the Community Reinvestment Act is an essential building block in the efforts I've just mentioned.
    In July the President asked the four banking regulators to reform CRA, to reduce paperwork in process and reward performance, and to get that done by January 1, 1994. We're delighted to report that that has been accomplished on schedule. And in conjunction with the President's Community Development Bank and financial institution legislation, which recently passed the House of Representatives, CRA reform will generate billions of dollars in new lending and extend basic banking services to the inner cities and to distressed rural communities around the country.


    http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-
    rubin.text.html


    ==========

    anymore question

     
  4. You have chosen to ignore posts from mhc90. Show mhc90's posts

    Clinton Admin created the crisis

    Yes, that's it, everything is Bill Clinton's fault. That's a nice little bubble you live in.
     
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  6. You have chosen to ignore posts from mtbr1975. Show mtbr1975's posts

    Clinton Admin created the crisis

    Wow, you posted an Op-Ed piece from a group that is tightly tied to Ultra-Right Wing Groups such as the American Enterprise Institute.

    Oh and yeah its all Clinton's fault, yeah blame Clinton, the guy hasn't been in office for 8 years and the Republicans held Congress during much of his tenure... and they are the one's who pass the laws.. but its all Clinton's fault.

    Find some new rubbish to post, this batch is smelling old.
     
  7. You have chosen to ignore posts from ps2man. Show ps2man's posts

    Clinton Admin created the crisis

    Liberals/socialists make me laugh. does your crap even stink? every problem is caused by the Republicans huh? I think both parties have a blame to share.
    Things will never "Change" as long as we have a two party system.
    Although things could get alot worse with the Dems in total power.
    just change the countrys name to , the Democratic Republic of America, I sure Obama and is FAAAAR left buddies would love that.
     
  8. You have chosen to ignore posts from ps2man. Show ps2man's posts

    Clinton Admin created the crisis

    Gilardo3336,

    the United states is a Capitalist country lets keep it that way.

    the Republicans are not the Socialists that my friend is the Democrats.

    Take from the rich and give to the poor will never work it will only make thing worse.

    Democrats never saw a tax they did not like.

    Democrats = Socialist/Communists
     
  9. You have chosen to ignore posts from easydoesit2. Show easydoesit2's posts

    Clinton Admin created the crisis

    [Quote]Liberals/socialists make me laugh. does your crap even stink? every problem is caused by the Republicans huh? I think both parties have a blame to share.
    Things will never "Change" as long as we have a two party system.
    Although things could get alot worse with the Dems in total power.
    just change the countrys name to , the Democratic Republic of America, I sure Obama and is FAAAAR left buddies would love that.[/Quote]

    PS2Man; please, sir, what ARE you talking about? Change the country's name? Why? If we did change it to your suggestion, what would be wrong?This nation IS a democracy, it IS a republic, and it IS geographically in the Americas. And if "Democrats=Communists", then Republicans must equal feudal Lords; they invest in and own the land, the labor of the peasants is worthless, and it is only "noblesse oblige", the obligation of the Nobility, that the Lords allow them to keep some of the Lords' wealth to subsist. Actually, isn't that how taxes started? The poor who worked the land, owned by the King, had to give the King a portion of the living they were making off the King's land.
    Oh, to hell with it....now I'm just ranting as crazily as you are!
     
  10. You have chosen to ignore posts from mrkleen2002. Show mrkleen2002's posts

    Clinton Admin created the crisis

    Yeah PS - your team is doing a bang up job.

    Keep up the good work.
     
  11. You have chosen to ignore posts from thoj. Show thoj's posts

    Clinton Admin created the crisis

    http://www.traigerlaw.com/publications/traiger_hinckley_llp_cra_foreclosure_study_1-7-08.pdf
     

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