Dems push expanded Community Reinvestment Act; deny Act's role in mortgage meltdown; GOP cites ACORN connection

Dems push expanded Community Reinvestment Act; deny Act's role in mortgage meltdown; GOP cites ACORN connection

Absolutely amazing. The same democrat clowns whose actions significantly contributed to the housing crisis are at it again.

The bill's purpose is "to close the wealth gap in the United States" by increasing "home ownership and small business ownership for low- and moderate-income borrowers and persons of color." It would extend CRA's strict lending requirements to non-bank institutions like credit unions, insurance companies, and mortgage lenders. It would also make CRA more explicitly race-based by requiring CRA standards to be applied to minorities, regardless of income, going beyond earlier requirements that applied solely to low- and moderate-income areas.

Nothing but income redistribution - why do the dems love these socialist programs so much even though that have proven to be nothing but gigantic failures?

Naw, no connection.JeffC said so

Submitted by Robert W. Morgan on Sun, 09/20/2009 - 6:54am.

JeffC and other libs ridiculed the idea that there was a connection between the Community Reinvestment Act and the current mortgage crisis. He even got in a little mean spirited, kill the messenger type name calling (a favorite of them Dems).

So, I say again, this started in the '70's as a bank intimidation tactic, was revitalized in the '90's and the chickens came home to roost 2007-2010 (if it ends by then). Any fool can see the connection.

And how dumb are the American people? We are being led out of this problem by a community organizer who has Barney Frank and Chris Dodd as his chief helpers in Congress. Are you kidding me?

By the way, is that TARP money working? Will the mortgage credit (which is working) be extended? Are we talking about that - a quick fix for 2010 or are we talking about a health care insurance reform bill that won't happen until 2013? Again, are we nuts?

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Nuts?

Submitted by Davids mom on Sun, 09/20/2009 - 7:38am.

Yup. There are no easy answers here. It took 8-15 years to get in this mess. Let's allow ourselves at least 2 years to have a 'recovery'.

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