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greyflcn (November 30, 1999 at 12:00 am)
It should be noted, the CFMA, was added just before the very last day of the 2000 congressional season, into a "must pass" omnibus budget bill.
Just before Bush got into office.
And while everyone else was paying attention to the election recount coverage.
greyflcn (November 30, 1999 at 12:00 am)
re: pkane4
==CRA are a set of criteria and practives that need to be met in lending by EVERY BANK==
Over 50% of banks don't follow CRA regulations.
And another 25% are barely regulated by it.
Only the remaining are truely regulated by CRA.
greyfalcon. net/ cra.png
==GLB had nothing to do with CDS.==
You're confusing the Commodities Futures Modernization Act of 2000, with GLB (i.e. The Financial Services Modernization Act of 1999)
phaching (November 30, 1999 at 12:00 am)
I guess it's hard for some people to understand that loans to poor people doesn't exactly equate to predatory lending. You see, there's a huge difference between the two.
pkane4 (November 30, 1999 at 12:00 am)
1. NO such thing as a CRA loan or CRA bank; CRA are a set of criteria and practives that need to be met in lending by EVERY BANK
2. CDS = false! This is what I trade; GLB had nothing to do with CDS. This is my business!!
greyflcn (November 30, 1999 at 12:00 am)
re: pkane4
Here, try this on for size:
greyfalcon. net/ cds2
_
Credit Default Swaps are known as another nice euphamism. "Bond Insurance".
Or as I call them, "Loan Failure Insurance Policies"
greyflcn (November 30, 1999 at 12:00 am)
re: pkane4
Except that CRA loans do not have an above normal foreclosure rate, and they were rarely turned into securities. And were never backed by Credit Default Swaps.
greyfalcon. net/ cra
That's really the key to all this.
Credit Default Swaps were used to turn High Risk loans, into zero risk loans with fake "moneyback-guarantee" insurance policies.
The complex CDO/CDS, all that was made possible by "The Commodities Futures Modernization Act", created by Phil Gramm.
greyfalcon. net/ cds
pkane4 (November 30, 1999 at 12:00 am)
YES. Loans to poor people are the problem!!!
The CRA set the stage through anti-redlining criteria than went awry. Its like affirmative action for mortgages....
the graph you show is from 2006 when the balloon was pumped to its max...the CRA was the spark that started this fire, but it doesn't explain the fire...look up CDOs and Greenspans interest rate cuts, as well as the mortgage originators who took the CRA business lead and created the securitzation markeplace.
greyflcn (November 30, 1999 at 12:00 am)
re: pkane4
==CRA would not have caused all the damage it did...==
Are you kidding me?
CRA loans represent less than 10% of the high risk loans.
greyfalcon. net/ cra.png
And they were largely small loans to Poor People. So it wasn't even a significant amount of money.
phaching (November 30, 1999 at 12:00 am)
heh, heh...another incorrect homophone...it's "prey", not "pray. Also, "fradulating" is not a word. My bad.
phaching (November 30, 1999 at 12:00 am)
that last one I posted was for pkane4. I work in the financial services industry. I understand finance. This video prays on people who can't understand the intricacies of what happened. Please feel free to ask me to clarify things for you. |
