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1 posted on 02/22/2009 8:09:48 AM PST by No One Special
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To: No One Special

bump


2 posted on 02/22/2009 8:20:06 AM PST by gibsosa
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To: No One Special
Also keep in mind that banks were given CRA ratings. A low CRA rating basically labeled the bank as racist.
3 posted on 02/22/2009 8:25:25 AM PST by avacado (Bipartisanship is when Democrats and Republicans get together to rob the American people blind)
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To: No One Special
This is the most important post of the last 6 months, from an economic perspective. It deserve a lot more attention.

The democrats mandated BY LAW that lending institutions give out worthless mortgages to people with no ability to ever re-pay these loans: The CRA Act of 1996, brought to full toxic fruition with the criminal corruption of Fannie Mae and Freddie Mac by Rahm Emanuel, Jamie Gorelik, Franklin Raines, Chris Dodd, Barney Frank, and the rest of the as yet Unindicted.


4 posted on 02/22/2009 8:25:42 AM PST by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.)
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To: No One Special

Can you say ACORN and Jesse Jackson shake-down of financial institutions when it came to so-called red lining? IMHO no one should be paying 31% of their pay to a mortgage company. If you have kids you cannot afford to have almost 1/3 of your salary going for a mortgage payment.


5 posted on 02/22/2009 8:27:00 AM PST by PhiKapMom ( BOOMER SOONER! Mary Fallin for OK Governor in 2010! LetsGetThisRight.com)
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To: No One Special
If I were a deadbeat mortgage holder...Id get my loan reset to the 31% and still not pay it!.....let them keep lowering the % till my house is free!
6 posted on 02/22/2009 8:27:15 AM PST by M-cubed (Why is "Greshams Law" a law?)
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To: No One Special

Insane. So a loan issued on perhaps 200% [exaggeration!] of the homeowner’s lied-about income must now be reduced to 31% of his actual income? And who makes up the difference?

When one of my kids worked as an ED for a Habitat affiliate, she discovered that most of the “homeowners” had 100% government income (a no-no in the Habitat guidelines). Interestingly enough, these people were frequently in default, even though the mortgage payment was low and, obviously, their government income was quite regular.

She insisted that people have actual income to get homes and this improved the repayment stats considerably.


7 posted on 02/22/2009 8:29:50 AM PST by livius
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To: No One Special

what’s happening here...is that now that ACORN has a line-item practically in ‘Bama’s stimulus package...they don’t NEED CRA any longer...this Sh*& Su$%*!!!


8 posted on 02/22/2009 8:30:09 AM PST by mo
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To: No One Special
One goal would be to cut the size of loans and perhaps also their interest rate so that a mortgage holder’s monthly payment would equal no more than 31 percent of his pre-tax income .....

Back in the old days, when dinosaurs ruled the Earth and I bought my first house, I STARTED by adding up my pre-tax income, then calculating 30% of that and THEN shopping around for a house that sold for a price whose financing would be within that number and I could therefore afford.

The World has totally flipped on its axis since then which also explains the extinction of the less adaptable dinosaurs due to the resulting climate changes.

9 posted on 02/22/2009 8:31:30 AM PST by Polybius
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To: No One Special

As long as they look busy. That’s what they get paid for, right? Bustling around and looking busy about “the people’s business”.

As in “somebody needs to do something”.


11 posted on 02/22/2009 9:00:23 AM PST by Let's Roll (Stop paying ACORN to destroy America! Cut off their government funding!)
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To: No One Special

It is time for this country, the real Americans in it to just do the equivalent of declaring bankruptcy. Invest no, none, dollars in the stock market, maximize deductions and minimize withholding, start keeping value in forms other than deposits and paper, and to make every effort to be tied to no debt that can be subsumed by the government. This train wreck is inevitable. Obama has already said that he’s going to raise taxes and give it to those who don’t do or deserve $hit. The upper limits of what he’s promising now may be above your level of concern now, but that will change. His goal is equalization of wealth. Then he’s on to retribution.....


12 posted on 02/22/2009 9:07:04 AM PST by Gaffer
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To: No One Special

Excellent post. Thanks.


15 posted on 02/22/2009 10:37:43 AM PST by GVnana
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To: No One Special

Closing the barn door...


18 posted on 02/22/2009 12:09:34 PM PST by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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