Re: The FCIC falls apart

On Dec 16, 2010, at 6:39 PM, Karl wrote:

> Found this which seems to be trying to be objective.
>
> http://www.city-journal.org/2008/eon1030hh.html

It's funny but that guy seems to be spinning his data.

He clearly states that the only study of CRA loans done is the one  
that found CRA performed better than subprime.  He discounts that  
study saying they only looked at a small subset of loans, but then  
goes on to confirm what I said, that most of the "CRA eligible" loans  
weren't even made by the banks, but purchased from non-bank lenders  
(which coincidentally are exempt from CRA standards).  It is pretty  
clear to me that these non-bank lenders were advertising "CRA  
eligible" loans that likely were not true CRA loans.  The banks bought  
them to satisfy regulators.
Truth is, there was so much bank fraud going on (as is now being  
uncovered with the whole MERS debacle) with buying and selling of  
securitized mortgages by those very same lenders that I don't see how  
anyone can not look at this and see where the real issue lies.  It was  
clear and simple fraud by the banks.  Why won't our government protect  
us, but will protect the bankers?  Who do they work for?

regards,
-Lance

-- 
dadl-ot mailing list
http://mail.thehood.us/mailman/listinfo/dadl-ot_thehood.us
http://news.gmane.org/gmane.music.dadl.ot