Lying Strong Arm Liberal Thugs Caused the Housing Crisis

[mhaze]

Policy statement explicitly ordered relaxed standards for loans irregardless of credit rating - for minority loan applicants.

Enforcement methods explicitly stated in document.

Would any lying liberals like to CONTINUE CLAIMING that at the root of the housing and financial crisis of 2008, there were not a bunch of lying liberals?

I have to laugh at this since why does a thug need to lie? Embrace thuggery and corruption, be happy.

 

[Darat]

Don't see anything in that article that said anyone had to loan to someone not meeting their non-discrimination criteria?

 

[mhaze]

Don't see anything in that article that said anyone had to loan to someone not meeting their non-discrimination criteria?

Why of course. There is nothing in the article either saying you cannot rob a bank. But there are consequences.

There is nothing in the article (or the source document) saying you cannot refuse to loan. But the document lays out the ground rules for enforcement, with stiff penalties.

Hey you know what?

By your standards anyone can do anything.

 

[Bri]

There is nothing in the article (or the source document) saying you cannot refuse to loan. But the document lays out the ground rules for enforcement, with stiff penalties.

Stiff penalties for refusing to loan to people who can't afford the payments, or penalties for lending discrimination based on race?

-Bri

 

[RecoveringYuppy]

Don't suppose you could supply a link to the actual documents rather than an opinion piece about the documents could you?

 

[Darat]

Why of course. There is nothing in the article either saying you cannot rob a bank. But there are consequences.

There is nothing in the article (or the source document) saying you cannot refuse to loan. But the document lays out the ground rules for enforcement, with stiff penalties.

Hey you know what?

By your standards anyone can do anything.

I'm not getting what your response is trying to say to or discuss with me. I did read the article and the only thing the document they quoted seemed to be talking about was discriminatory practices?

 

[JoeTheJuggler]

Stiff penalties for refusing to loan to people who can't afford the payments, or penalties for lending discrimination based on race?

This.

And while it might be true that policies intended to reduce housing discrimination had the unintended consequence of contributing to the housing bubble, it was by no stretch of the imagination the necessary and sufficient cause.

I find far more culpable the actions of companies that knowingly gave good ratings to known bad debts and the actions of those who consciously attempted to hide bad assets.

 

[Crossbow]

Policy statement explicitly ordered relaxed standards for loans irregardless of credit rating - for minority loan applicants.

Enforcement methods explicitly stated in document.

Would any lying liberals like to CONTINUE CLAIMING that at the root of the housing and financial crisis of 2008, there were not a bunch of lying liberals?

I have to laugh at this since why does a thug need to lie? Embrace thuggery and corruption, be happy.

Soooo ...

the Bush Administration hired a bunch of "Lying Strong Arm Liberal Thugs" to adminstrate its loan program.

It that right?

 

[GreyArea]

Could mhaze's first sentence be somewhat true because he used a double negative?

Policy statement explicitly ordered relaxed standards for loans irregardless of credit rating - for minority loan applicants.

Isn't it a good idea to loan money without a lack of regard for the potential borrower's credit rating?

 

[varwoche]

Could mhaze's first sentence be somewhat true because he used a double negative?

I regret to inform you that irregardless has been promoted to real word status, and it means the same thing as regardless.

 

[keale]

And the statistics dont support the premise
http://www.cutimes.com/2008/11/12/study-says-income-not-a-factor-in-subprime-mortgage-defaults

Try again

 

[TimCallahan]

Let me see. What Clinton did in 1994 caused the housing market to crash in 2008, some 14 years later, and this was because of a policy he forced on unwilling banks? Certainly Clinton shares some of the blame with "W," in that both of them, along with Reagan and Bush Sr., stripped away regulations set in place by FDR. However, the banks themselves were happily indulging in the sub-prime mortgages that brought down the housing market.

Nice try at rewriting history, though.

 

[Lurker]

Policy statement explicitly ordered relaxed standards for loans irregardless of credit rating - for minority loan applicants.

Enforcement methods explicitly stated in document.

Would any lying liberals like to CONTINUE CLAIMING that at the root of the housing and financial crisis of 2008, there were not a bunch of lying liberals?

I have to laugh at this since why does a thug need to lie? Embrace thuggery and corruption, be happy.

Hmm, the actual source document is here;

http://www.ots.treas.gov/_files/25022.pdf

and I have read it from start to finish. Now, I could be in error but I could not find a single reference to credit rating in the document. They do outline what what would be discriminatory lending and there is nothing in there about not being able to discriminate based on income or credit rating.

Really, Mhaze, swallowing the editorial you sourced without checking primary sources is not a good idea. I know it is tempting to follow along with opinion pieces assuming they have their facts straight. Heck, I tend to do it myself sometimes.

So read the source document and get back to us. Show us where it disallows discrimination based on credit or relaxed standards for minorities*.

* ADDED: It does go into great detail on if you treat non-minority applicant A a certain (legal) way that you must also treat minority applicant B the same (legal) way. In other words, and this is used as an example in the document, if you allow non-minority A to appeal their credit report you must also allow minority B to appeal their credit report. Do you have a problem with this, Mhaze?

 

[Vorticity]

To think this thread is the sort of thing that the party of Lincoln, Goldwater, and yes even Reagan has been reduced to.

I miss Republicans.

 

[eeyore1954]

And the statistics dont support the premise
http://www.cutimes.com/2008/11/12/study-says-income-not-a-factor-in-subprime-mortgage-defaults

Try again

Weren't most of the loan problems because of the practice of loaning such high loan to value ratios followed by a drop in home prices. Not because of race or income quotas.

 

[NotJesus]

You damn lying liberals with your stupid lying facts!

 

[Ohmer]

Oh course, Liberal Thugs. Had nothing to do with banks:

The SEC alleges that Citigroup Global Markets structured and marketed a CDO called Class V Funding III and exercised significant influence over the selection of $500 million of the assets included in the CDO portfolio. Citigroup then took a proprietary short position against those mortgage-related assets from which it would profit if the assets declined in value.

http://www.sec.gov/news/press/2011/2011-214.htm

 

[GreyArea]

I regret to inform you that irregardless has been promoted to real word status, and it means the same thing as regardless.

I shake my fist at the heavens, and cry in my antique dictionary.

 

[Lurker]

I shake my fist at the heavens, and cry in my antique dictionary.

Don't be a dramaqueen. Take a staycation and chillax. I refudiate the use of new terms. Do what I do and only use words from the 1984 Oxford Dictionary.

P.S. Easy on the emoticons!

 

[mhaze]

Hmm, the actual source document is here;

http://www.ots.treas.gov/_files/25022.pdf

and I have read it from start to finish. ....Do you have a problem with this, Mhaze?

Good. I'm glad you have independently discovered the source document, which I reference in #3.

Soooo ...

the Bush Administration hired a bunch of "Lying Strong Arm Liberal Thugs" to adminstrate its loan program.

It that right?

No. Think Cisneros, and that implies...