Why would anyone think Community Organizer aka strong arm tactics - intimidating banks into making risky loans?

Would be a quality we would look for in a President?

http://iusbvision.wordpress.com/2008/09/30/obama-s...

And why was the Community Reinvestment Act allowed to continue for so long? Driving up home prices and giving home loans to people who were clearly not qualified and had no means to repay the loans?

Update:

Shall we also add voter fraud to intimidation tactics?

http://www.marketwatch.com/news/story/crl-testimon...

Update 2:

And what about the Glass-Steagall repeal and the push by Janet Reno essentially intimidating banks to give out more and more loans under the CRA?

Update 3:

Here are the DEMOCRATS blocking an attempt to reign in Franny and Freddie in 2004:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

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7 Answers

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  • 1 decade ago
    Favorite Answer

    the community reinvestment act was created in 1976. Obama was 15 then,. The real problem was the acceleration of sub-prime loans. the fault is with the lenders not the borrowers. In 2004 Bush promoted this re-thinking at Fannie & Freddie and encouraged people with poor credit to apply for home loans. He also stated that people with bad credit shouldn't be limited to starter homes but they should have "just as good home as anyone else"

    http://www.youtube.com/watch?v=eW9viaJatpo

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    so this problem does not rest with community activists it rests with the people who write the laws. And for the last 8 yrs that's been the bush/cheney crime family

    Source(s): typical of the right to try to blame the next administration for the errors of the current one.
  • Anonymous
    1 decade ago

    Not surprisingly given the higher degree of supervision, loans made under the CRA program were made in a more responsible way than other subprime loans. CRA loans carried lower rates than other subprime loans and were less likely to end up securitized into the mortgage-backed securities that have caused so many losses, according to a recent study by the law firm Traiger & Hinckley (PDF file here).

    Finally, keep in mind that the Bush administration has been weakening CRA enforcement and the law’s reach since the day it took office. The CRA was at its strongest in the 1990s, under the Clinton administration, a period when subprime loans performed quite well. It was only after the Bush administration cut back on CRA enforcement that problems arose, a timing issue which should stop those blaming the law dead in their tracks. The Federal Reserve, too, did nothing but encourage the wild west of lending in recent years. It wasn’t until the middle of 2007 that the Fed decided it was time to crack down on abusive pratices in the subprime lending market. Oops.

  • 1 decade ago

    a persons race should not be a factor when determining a loan. those bad loans should have been available for everyone, regardless of race, color or religion.

    i've been a mortgage broker for 14 years and have seen first hand the shady practices of various lenders and especially Countrywide.

  • Same Reason Bush was elected (both of them) because we gave them a chance.

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  • 1 decade ago

    Haven't you heard that Obama chooses to be identified as black and because of that you can't criticize him. That's why.

  • Anonymous
    1 decade ago

    if Republicans didn't deregulate the lending institutions, none of that would have happened

  • Anonymous
    1 decade ago

    these strong arms scum bags ACORN should be beaten. how can we let criminals steal our election

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