Posted on 11/24/2022 2:23:25 PM PST by conservativesister
As an aside, isn’t Satan going to be cast into the Lake of Fire also? I realize he isn’t physical (at least not in this dimension).
The banks aren’t closing en masse. You may find underutilized branches that close, but not massive closings in January.
Oh yes; clearly stated in the above passages.
He’s chained in the bottomless pit (interesting) during Christ’s Millennial Reign - let loose once again for a short time then will be there with the Beast and the False Prophet in the Lake of Fire at the end of the 1,000 years.
Thx for that link to FRED. I put it in my toolbar!
But to issue loans at least Fannie Mae and Freddie Mac loans without income or jobs, would have been fraud. There were still income requirements. And there were investigations and reviews but very little prosecution. Which leads me to conclude that was simply speculation.
And the CRA is still in effect. I think it's a good law that does help lower income communities. If banks can raise deposits from those areas, I have no problem with a law that requires at least some of that money to be put back into those communities. I just don't buy that those communities have sufficient deposits, but there aren't people with income, wanting mortgages on properties in the community, that would qualify. Or businesses wanting loans in those communities. And if they don't qualify then I don't think that Fannie Mae and Freddie Mac would hve approved loans.
It might be a bank enigma on how to successfully employ funds required by the CRA, but I think the banks could figure it out without resorting to fraud.
With regard to the NINJA loans, if they were 20% of the losses, they weren't the main cause, even if they contributed. And despite that there was no income verification on those loans, they were required to have a good credit rating going into them. Which means they probably had jobs and/or assets. They just got hit by the recession like everyone else.
NINJA Loan: Definition, History, Current Availability
"The proliferation of NINJA loans was a contributing factor in the 2007-2008 Financial Crisis and housing bubble. One research paper estimated that such loans accounted for $100 billion, or 20% of total losses, tallied during the crisis."
I spent most of my career on Wall St though I wasn't there in 2008. Everyone I know--EVERYONE--understands that it was the banking business, from local banks and mortgage brokers right up to investment banks in New York, London and Zurich, who built the Housing Bubble and burst it.
But if you want to believe otherwise, well...it's a free country.
2/28/22
“‘Devastating’ decision by Australia's big four banks impacts 300 suburbs”
9/15/22
“Hundreds of bank branches close right across Australia including Westpac and Commonwealth Bank - impacting thousands of customers”
10/18/22
“Australian banks close hundreds of branches and ATMs as services move online”
https://www.abc.net.au/news/2022-10-19/more-bank-branches-atm-close-nationally-apra-2022/101550794
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