tag:blogger.com,1999:blog-3373165199675890724.post4173820168135633166..comments2023-10-15T00:20:43.111-07:00Comments on Sarah Maid of Albion: Victims of an agendaSarah Maid of Albionhttp://www.blogger.com/profile/11685494924450312124noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3373165199675890724.post-13917924193326173102009-03-04T15:45:00.000-08:002009-03-04T15:45:00.000-08:00Dr. D brings up a good point; some of those mortga...Dr. D brings up a good point; some of those mortgage recipients didn't even have social security numbers. I wonder if I could get a loan without a social security number?<BR/><BR/>But I am not aware of any bailout money going to pay for these people's mortgages. As far as I know, they are being kicked out of the houses that they couldn't really afford, just like was described 100 years ago in Upton Sinclair's <I>The Jungle</I>. Did I miss something?<BR/><BR/>The politicians are doing, while they are on the public payroll and therefore able, what they need to for their rich buddies who promise to take care of them later on. And, those buddies have to take care of these politicians as they retire, as an example to the ones that are coming up through the ranks.<BR/><BR/>Sarah, keep digging -- really digging. You're going to come up with more than just foolish affirmative action in lending. There's a real power play going on behind the scenes. Why did "Change we can believe in" Obama so quickly jump on to W's bailout plan? And, why did Mr Straight Talk Express cave in, when that was a perfect opportunity to energize his Republican base?<BR/><BR/>Money travels -- follow it.The Hunterhttps://www.blogger.com/profile/11821094498363724675noreply@blogger.comtag:blogger.com,1999:blog-3373165199675890724.post-48915495787661873082009-03-04T13:59:00.000-08:002009-03-04T13:59:00.000-08:00I am sure that you are right and there was much mo...I am sure that you are right and there was much more to it, but, throughout, the people driving the agenda were the politicians.Sarah Maid of Albionhttps://www.blogger.com/profile/11685494924450312124noreply@blogger.comtag:blogger.com,1999:blog-3373165199675890724.post-31433864387776910752009-03-04T13:19:00.000-08:002009-03-04T13:19:00.000-08:00This is a really tangled story, and you have only ...This is a really tangled story, and you have only told a part of it here, Sarah.<BR/><BR/>When the CRA was first passed and beginning to be enforced, there were bankers with common sense and integrity who knew this was not going to work, and they resisted. If they represented a large bank, one of the "community organizer" groups (where have we heard that term) such as ACORN would sue the bank alleging discriminatory lending practices. These suits were quite successful, and the banks quickly learned to settle and to avoid them by following CRA. For smaller banks, they simply found themselves regulated to death. Their requests for permission to perform various routine operations were either delayed or denied. In particular, they would be denied the opportunity to merge to form bigger, more competitive banks. If they could not grow, they were at a disadvantage in competing for major customers and for hiring bright people. They also became prime targets for hostile takeovers in which a hostile, outsider "buys" the bank and then uses bank assets to pay for the the purchase. In short, it has been a very tricky business being a banker in the US for the past 25 years.<BR/><BR/>These subprime loans were a huge disservice to the people who received them. It took whatever money they had that they could use for a down payment, and now they will quite likely loose that, the payments they have made, and the homes. I personally am strongly opposed to the idea of the bailout being used to payoff the mortgages of these people who should have never received a mortgage in the first place. It makes a mockery of the whole idea of working to pay for a home, as I and countless others have done over the years. It must not be allowed to stand.Dr.Dhttps://www.blogger.com/profile/18360786634583725263noreply@blogger.com