Posted on 04/26/2014 5:21:06 PM PDT by neverdem
Subprime Scandal: Newly released memos from the Clinton presidential library reveal evidence the government had a big hand in the housing crisis. The worst actors were in the White House, not on Wall Street.
During the 1990s, former Clinton aides bragged that more aggressive enforcement of the Community Reinvestment Act pressured banks to issue riskier mortgages, lending more proof the anti-redlining law fueled the crisis.
A 2012 National Bureau of Economic Research study found "that adherence to that act led to riskier lending by banks," with "a clear pattern of increased defaults for loans made by these banks in quarters around the (CRA) exam, (and) the effects are larger for loans made within CRA tracts," or low-income and minority areas.
To satisfy CRA examiners, Clinton mandated "flexible" lending by large banks. As a result, CRA-approved loans defaulted about 15% more often, the NBER found. Exhibit A in the 7,000-page Clinton Library document dump is a 1999 memo to him from his treasury secretary, Robert Rubin.
"Public disclosure of CRA ratings, together with the changes made by the regulators under your leadership, have significantly contributed to ... financial institutions ... meeting the needs of low- and moderate-income communities and minorities," Rubin gushed. "Since 1993, the number of home mortgage loans to African Americans increased by 58%, to Hispanics by 62% and to low- and moderate-income borrowers by 38%, well above the overall market increase...
(Excerpt) Read more at news.investors.com ...
Name a crisis the government hasn’t ultimately caused.
Hmmm, only took what 5.5 years to figure it out.
Funny, some of us knew how this came down on day one.
Hmmm, only took what 5.5 years to figure it out.
Funny, some of us knew how this came down on day one.
This, of course, will have no bearing on Hillary's aspirations.
I remember in the mid 90s when leaks from the Clinton White House confirmed the Crash-Protection-Program, where they'd push/pull the bond market whenever they had to.
Utterly corrupt pigs, to the last.
Didn’t we already know that?
We already knew that.
What I want to know is why Sandy Burglar stole top-secret documents and altered/destroyed them.
Waterboard that lying POS until we get to the truth.
I’d be surprised if the Hildebeast was not close to the nerve center of this operation.
I know a banker who told me he came home every night when this was getting going, took his shirt off, threw it down, and took a shower, just to try to get the stink off of what was being done with CRA-p.
Knew this back in 2008.
I have a question. What stops documents like these from being destroyed?
It would seem to me that, if I were a politician intent on doing something that I could potentially go,to jail for, I would be operating under verbal agreements and handshakes.
I have lib relatives that, in spite of the state of our current economy, still support 0 and plaster Hitlery for Prez on their FB accounts. Their insurance coverages have suffered (Medicare docs and Rx's), yet they continue to support the sinking ship.
It’s not so much that it took so long to figure it out, as for contemporary, direct evidence/proof of it from Clinton Admin sources to emerge.
It’s not that they did anything illegal. Just sleazy. The type of stuff that intelligent Americans would tar and feather politicians far.
Unfortunately, there are too many Democrats in America who simply don’t care as long as they get their monthly benefits what’s happening.
Or, hiding things in Sandy Burgler's pants.
Ping
All the hallmarks of a religious cult.
I agree.
“Hi. I’m Hillary Clinton and I’m running for president. I’m qualified because I was married to Bill Clinton when he was president.”
“Mrs. Clinton. It’s now been proven that your husband was responsible for the home mortgage crash.”
“Don’t blame that on me.”
They should have been able to find that evidence in about an hour after the collapse. You could good Obama and see where he was a litigant forcing lending institutions to give bad loans. Everyone in government gets a free ride.
Note that guys all wall street though. They were the real criminals. Bankers, lending institutions, all trashed as if they cause the problem.
Capital Hill baby, they and all their cronies doing what came naturally. Not a one of them getting any pushback whatsoever.
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