[thechat] Hiding from Elections Now

erik mattheis zero at gozz.com
Mon Oct 27 11:03:11 CDT 2008


I intended to be referring both to the intent of the law as well as its
effect - there's been several to many general statements in  this thread
along the line of "Event X happened because of event Y" and I'm just asking
for specific examples of event Y causing event X. Because I know of no such
occurrences, so am assuming the claims not to exist outside of AM radio
land.

Everyone agrees that the bad mortgages at the bottom of the current crisis
were originated by lenders who didn't look at the the applicant's income or
credit history and from predatory lending. For those on another continent
maybe not familiar with the term, "predatory lending" is a criminal activity
where a "predatory lender" intentionally gets someone into a mortgage they
can't afford and immediately sells the mortgage to someone else, often
falsifying documents to make the mortgage look good - then disappears before
the bank they sold the mortgage to figures things out.

So, another way of making my point is to ask for *one single example* where
the CRA or any other law or government agency caused in some way a lender to
issue a mortgage for someone without looking at their income or credit
history or caused in some way a predatory lender to dupe a home owner and
bank.

Thanks -

Erik "Show Me!" Mattheis

On Mon, Oct 27, 2008 at 10:41 AM, Jeremy Weiss <eccentric.one at gmail.com>wrote:

> On Mon, Oct 27, 2008 at 10:04 AM, erik mattheis <zero at gozz.com> wrote:
> > Sorry Matt, but you're continuing to posts "facts" at odds with those
> > generally in agreement to mesh with everyone elses' reality -
> > http://www.federalreserve.gov/dcca/cra/
>
> I think the issue here is that Matt is referring to how things play
> out, while Erik is referring to the letter of the law. Often times we
> find that something that looks good on paper does not work so great in
> practice ...
>
it also can
> sometimes (but not all the time) but banks in a situation of having to
> choose to make risky loans or choose to risk being investigated for
> violation of the CRA.
>
> Sometimes well meaning legislature has unintended consequences.
>
> -jeremy
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-- 
Erik Mattheis

Politics, hydroponics, poison frogs and elephant rampages
http://fearofclowns.com/
612 377 21272



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