Community Reinvestment Act

[Mvcrash]

Smartest man I ever had the privilege of knowing once told me "the masses are asses."

It continues to hold true.

[Mvcrash]

I always enjoy a three month vacation at the tax payers expense and I live lavishisly, it is someone elses money after all. .

You are kidding right? Your a conservative? Republican? What a bunch of crap.

[U2Bono269]

The poor people who took out loans they couldn't afford to pay back are victims in this too, because they were told and convinced that they could afford that debt by the people who should have known better: the banks.

When we bought our condo in 07, we paid $130,000 for it, which was what our budget would allow. The bank pushed me pretty hard to take a mortgage out of $250,000. Another bank offered me a $300,000 mortgage. When I declined they really gave me a hard sell as to why I should take it. I can barely pay my mortgage now...imagine where I'd be if I'd listened to them!!!!!

[hoglahoo]

...imagine where I'd be if I'd listened to them!!!!!

That is the way I feel anytime I am getting a sales presentation whether it be for a home or for a cheeseburger. As long as I'm holding on to my own wallet, I'm responsible for it

[U2Bono269]

I do feel a little offended when people make broad remarks that people who are struggling with their mortgage are at fault for taking out huge mortgages they couldn't afford. I resisted the sales pitches of multiple loan officers telling me I could have vast amounts of money and buy a big ol' house of my dreams and bought what I could afford. I made what I thought was a responsible decision, all things considered. Had the economy not bottomed out the following year I really believe I would have been able to make the renovations I wanted to make, sell my condo and be living in a bigger house, one more conducive to raising a toddler in than our 600 square foot box. As of now, we're underwater about $25,000. I don't like it when people suggest that my situation is my fault because of my choices...in retrospect I would have made other choices but at the time they were reasonable and rational.

It's irresponsible for us to say "it's all the borrower's fault!" because it's not always the case.

Now, there's not a day that goes by that I don't wish I could go back in time and rent instead of buying. It has turned out to be the biggest mistake of my life.

[hoglahoo]

I do feel a little offended when people make broad remarks that people who are struggling with their mortgage are at fault for taking out huge mortgages they couldn't afford.

I agree - there's also a difference though between someone taking out a huge mortgage they could afford right then but circumstances turned later on, and someone taking out a huge mortgage they couldn't afford at the outset. When someone chooses to gamble that their fortune will improve in the future, takes a risk they ought to be responsible for. Of course anyone who advises them to do so bears some responsibility as well, but ultimately it is the buyer's decision

[Crotalus]

The last congressional election - or should I say reelection - saw about an 80% retention rate. Gugi cherishes his 90% number but you can look up the real numbers for yourself It's true that only 10% of people polled approve of what Congress is doing, but that is as a whole. So we like the people we vote for (or at least consider them the least rotten choice), but we dislike the people others vote for

The problem with this statement is that not all the Congressmen were up for election last time. Only about 1/3 of them were and a LOT of seats changed hands. Last election was a huge win for the Republicans. The republicans took back the House.

[Crotalus]

Except that most people aren't really all that aware of how much money they bring in or spend every month, nor are they very good at judging how much they're going to bring in or spend in the future, when they'll have to be making payments. It's a very human flaw and it's very predictable, and if you're taking the position that we shouldn't protect people from it, then you're insisting that we live in some sort of la-la land that ignores reality. It's the same as the conservative position opposing mandatory safety devices in automobiles, despite the millions of lives they've saved.

So you are saying that people being stupid are the bank's fault or the government's liability? Since when is the government obligated to care for people that dig their own grave? We are free to fail here and free to succeed. The government isn't supposed to guarantee anyone a certain level of living. If people die from being stupid, just think of it as evolution in action.

Mandatory safety devices in cars is the biggest joke of your post. CAFE Standards are killing more people that any safety devices are saving. They force auto makers to built light cars that are no protection at all in a high speed crash. CAFE standards are killing thousands every year.

[hoglahoo]

The problem with this statement is that not all the Congressmen were up for election last time. Only about 1/3 of them were and a LOT of seats changed hands. Last election was a huge win for the Republicans. The republicans took back the House.

There's no problem with that statement. Of the seats which were decided, about 80% returned to the same legislator. Just for clarification sake by the way, regarding the small fraction you mentioned, almost 90% of all Congressional seats were up for election last time (1/3 of the 100 Senate seats plus all 435 House seats). Besides, "huge win" and a "LOT" are opinions; it only took a few seats change to shift the majority in the house from democrat to republican because the majority was so slim to begin with. 80% retention is what it is

[Crotalus]

I find it hard to believe that you think the poor and middle class folks who got suckered into taking out more credit than they could afford and who failed to realize that on average they were gonna be eating a pay cut due to economic circumstances largely beyond their control are the ones at fault here, and not the people who did the suckering and rigged the economic circumstances, and who, so far, have walked away with hundreds of millions, if not billions apiece of what used to be the money in the average American's IRAs and tax-payer backed insurance funds.

The banks rigged the economic circumstances? The banks have a crystal ball and can see what the future holds for each person that comes in for a loan? Are you seriously saying this?