Senate approves to give ACORN authority over financial institutions

reply to post by Benevolent Heretic


WOW.

You take the first part of my sentence which I was using to make a point, and totally turn around and try to use it in an excuse to sling mud.

IT WAS A JOKE! You didnt get the joke?

Lets try it slowly..

Why Should we read a bill, that even the DEMOCRATS DONT EVEN READ THEMSELVES??

You really arent that slow are you?

Originally posted by jtma508
reply to post by Common Good

 

I'll take issue with the 'pressured banks into making subprime loans' statement. That is wholly untrue. There are lawsuits pending now against banks (mostly 'private-label' mortgage companies') that steered otherwise qualified people AWAY from conventional loans and into the subprime loans because of the significantly higfher profitability of those loans. There is an enormous amount of disinformation about the whole subprime debacle.

The people who had the legal repsonsibility of regulating and overseeing what was going on have a vested interest in convincing the masses that the whole thing collapsed because a bunch of hicks 'bought homes they knew they couldn't afford'. Whereas every authoritative source will tell you that it was driven BY Wall Street seeking more mortgage product with which to issue MBS's --- especially the lucrative subprime ones. The very organizations that have the responsibility to QUALIFY applicants were the ones skirting the rules, pressuring appraisers and falsifying applications in order to get 'liar loans' approved. And the VAST majority of these subprime loans originated OUTSIDE the realm of CRA.

I agree with you for the most part, but you cant just blame one entity when there are MANY at fault here, including those irresponsible people who let the snake oil salesman get them. Everyone is to blame. I have no issue with that, at all.

What I have issue with is Acorn. Their organazation is corrupt as can be, and to even allow them to continue to buisness for our govt is absolutely absurd. I dont even know why they are allowed to continue to do buisness on the taxpayers dime anymore, they are scum. Yes these are my opinions, but how are we going to fix the govt when we have organizations such as this allowed to continue to operate? And nobody in here can say that they ARE NOT a corrupt organization, now can they?