Barney Frank

[texan]

House Democrats are starting to head for the exits, but it’s not quite panic time for the Democratic Congressional Campaign Committee.In recent days, both Reps. Barney Frank (D-Mass.) and Charlie Gonzalez (D-Texas) have announced they won’t seek re-election in 2012. Their declarations bring the number of Democrats not seeking another term next year to 17, which has Republicans arguing that Democratic members don’t believe they can retake the House majority next year.

 

[av8torntn]

The only reason that we're talking about the CRA is because you brought it up as an example of government intervention that led to the housing crisis,

I actually brought up several reasons. I showed a disclosure from the government mortgage agencies showing they were backing many subprime loans, showed a video of the HUD secretary bragging about forcing banks to make high risk loans, showed a quote from the president(Obama) claiming subprime loans were good, and linked to the regulation in the CRA that showed the goal was to get banks to make bad(loans to low income people) loans. I ask again why are you fixated on the CRA? By everyones account is was just a piece of the puzzle or even just a stepping stone. Even by your own links at the worse case they could come up with was the 4% of minorities were turned down for loans that would not have been if they had lived in another area. Even if your big government forced everyone of these loans and they all defaulted that would not account for the drastic rise in default. So why do you not want to share the reason for your fixation with the CRA?

 

[av8torntn]

Why is a dog not a cat, when they both have 4 legs? I'm sorry if you don't like the definition of a subprime loan, but it is what it is.

These studies found that lending to lower-income individuals and communities has been nearly as profitable and performed similarly to other types of lending done by CRA-covered institutions

.

I find these two statement interesting. On one hand you are claiming that all these loans were the same and performed similarly. On the other hand you are saying that the banks were the only ones mismanaging anything and they all on their own drug the housing market down. Odd view you have indeed. Are you a government regulator? You use very similar logic. I'm not sure if you are saying they are both profitable or if they both crushed the banks(or mortgage companies since you seem in intermingle the two). It's kinda like your first definition of subprime and how you decided that every loan was subprime. Then it was only non governmental loans were subprime(since the government gets to set the definition) but only the ones that defaulted. You have managed to take every side of every possible angle here. I'm kinda thinking you may have worked on the Sen. Kerry staff.

 

[island1fox]

Island,
Red lining does not refer to turning down individuals who cannot re-pay it refers to not offering loans in specific neighborhoods, ie, turning applicants down based on where they live rather than on their credit history. That's the type of practice that the CRA was intended to address.

Jones,

That is your meaning of "red lining" -that is provided to us by the liberal media.

Do you have a "red line" on your speedometer ? Does it mean danger or does it mean you are a racist ?

For example the north side of Chicago was producing 98% of home loans for bankers. They opened up offices there-perfect business sense. Reno and the Government said that you had to have an office on the south side even though many if not most could not afford to own a home. Not racist --just business sense.
With the added pressure on banks. repeal of Glass/steagle, sub -prime, gov backed etc----DISASTER. For many generations poor immigrants such as Italians, Irish ,Poles lived in apartment houses until they worked and could afford to go the the "north" side of town and apply for a loan.
Government getting involved in "social engineering --always a disaster --right and left.

If someone went for a home loan --White--Black --Yellow or red and was turned down when they could AFFORD to pay --MUCH different story.

Call it Fannie and Freddie, the CRA, pressure and lawsuits on banks for not having "enough" minority loans, de-regulation ---GOVERNMENT involvement by Idiot politicians --right and left screwed all of us. How much did your house drop in value because of social engineering ?

P.S. As a child growing up I lived in a very poor Irish neighborhood in the South Bronx. My parents could not afford a home and there were no banks ready to give them a loan that they could never had re-paid. Were they "red-lined" ??

 

[moreluck]

This is the way I learned it when I was a realtor....

Redlining is the slang term used to describe an illegal practice of discrimination against a particular racial group by real estate lenders or insurance companies. Redlining occurs when lenders or insurance company decide certain areas of a community are too high risk. Real estate companies who redline simply refuse to give a mortgage to buyers who want to purchase property in those areas, regardless of their qualifications or creditworthiness. Insurance companies who redline refuse to insure consumers who live in certain neighborhoods.

 

[MrFedEx]

Jones,

That is your meaning of "red lining" -that is provided to us by the liberal media.

Do you have a "red line" on your speedometer ? Does it mean danger or does it mean you are a racist ?

For example the north side of Chicago was producing 98% of home loans for bankers. They opened up offices there-perfect business sense. Reno and the Government said that you had to have an office on the south side even though many if not most could not afford to own a home. Not racist --just business sense.
With the added pressure on banks. repeal of Glass/steagle, sub -prime, gov backed etc----DISASTER. For many generations poor immigrants such as Italians, Irish ,Poles lived in apartment houses until they worked and could afford to go the the "north" side of town and apply for a loan.
Government getting involved in "social engineering --always a disaster --right and left.

If someone went for a home loan --White--Black --Yellow or red and was turned down when they could AFFORD to pay --MUCH different story.

Call it Fannie and Freddie, the CRA, pressure and lawsuits on banks for not having "enough" minority loans, de-regulation ---GOVERNMENT involvement by Idiot politicians --right and left screwed all of us. How much did your house drop in value because of social engineering ?

P.S. As a child growing up I lived in a very poor Irish neighborhood in the South Bronx. My parents could not afford a home and there were no banks ready to give them a loan that they could never had re-paid. Were they "red-lined" ??

"Red Lining" means specifically excluding certain ethnicities from specific neighborhoods. It has nothing to do with Liberalism. It's just a term.

 

[MrFedEx]

This is the way I learned it when I was a realtor....

Redlining is the slang term used to describe an illegal practice of discrimination against a particular racial group by real estate lenders or insurance companies. Redlining occurs when lenders or insurance company decide certain areas of a community are too high risk. Real estate companies who redline simply refuse to give a mortgage to buyers who want to purchase property in those areas, regardless of their qualifications or creditworthiness. Insurance companies who redline refuse to insure consumers who live in certain neighborhoods.

Did you also learn it's still happening?

 

[moreluck]

Did you also learn it's still happening?[/QU
Is racism still alive and well??

 

[MrFedEx]

Did you also learn it's still happening?[/QU
Is racism still alive and well??

Unfortunately, it's thriving.

 

[trplnkl]

Unfortunately, it's thriving.

And the left is going to make sure it continues to survive.

 

[MrFedEx]

And the left is going to make sure it continues to survive.

Right. The Democrats are the party of racism. That would explain why all the minorities are flocking to the GOP. Oh...they aren't. What's wrong with them?

 

[Lue C Fur]

And the left is going to make sure it continues to survive.

Damn...you beat me to it.

 

[MrFedEx]

Damn...you beat me to it.

Blind leading the blind...is that playing the race card?

 

[av8torntn]

The Democrats are the party of racism.

Very true from minimum wage to social security they cover all the bases. I can't say they are all racists but their policies sure are racist.

 

[trplnkl]

Right. The Democrats are the party of racism. That would explain why all the minorities are flocking to the GOP. Oh...they aren't. What's wrong with them?

I didn't say that the democrats are racist (although some are), I said they were going to make sure racism survives. That means playing the race card even though it doesn't apply in a given situation. We've all seen that right here on Brown Cafe. You can try to deny it if it makes you feel better but you know it is true.

 

[The Other Side]

THe great thing about this debate is that the more people like BB, av8, trp, fedx, and such share information, the further we get away from BARNEY FRANK.

NOT ONE post where anyone can post anything other than some "partial soundbite" on fannie or freddie taken out of context.

No legislation, NO direct evidence (you know the stuff, its what you ask for everyday in other threads) so its clear the republican smear machine has done a number on Barney Frank. Now this doesnt mean i believe Frank is a great member of congress, in fact, I believe he is one of many legislators who has been around way too long.

Either way, I think we have all shown that the housing crisis started after 2001, it was "encouraged" and "directed" to do one thing, and it took a turn for the worst with greed from wall street to the buyers.

Lots of blame to pass around.

Thanks for listening.

Peace

 

[moreluck]

So, if I say Barney Frank is gay and he lisps I'm just repeating soundbites ??? You mean it's not true?

PASS the PEAS !

 

[trplnkl]

THe great thing about this debate is that the more people like BB, av8, trp, fedx, and such share information, the further we get away from BARNEY FRANK.

NOT ONE post where anyone can post anything other than some "partial soundbite" on fannie or freddie taken out of context.

No legislation, NO direct evidence (you know the stuff, its what you ask for everyday in other threads) so its clear the republican smear machine has done a number on Barney Frank. Now this doesnt mean i believe Frank is a great member of congress, in fact, I believe he is one of many legislators who has been around way too long.

Either way, I think we have all shown that the housing crisis started after 2001, it was "encouraged" and "directed" to do one thing, and it took a turn for the worst with greed from wall street to the buyers.

Lots of blame to pass around.

Thanks for listening.

Peace

since you mentioned me in this post, I would like for you to show me where I said a damn thing about Barney Boohoo.

 

[The Other Side]

since you mentioned me in this post, I would like for you to show me where I said a damn thing about Barney Boohoo.

READ IT AGAIN. What I said was NOBODY SAID ANYTHING THAT PROVED BARNEY FRANK HAD ANYTHING TO DO WITH THE MELTDOWN. THAT INCUDES YOU.

Peace.

 

[moreluck]

READ IT AGAIN. What I said was NOBODY SAID ANYTHING THAT PROVED BARNEY FRANK HAD ANYTHING TO DO WITH THE MELTDOWN. THAT INCUDES YOU.

Peace.

Don't you remember Bawney proudly stating that FM & FM were sound??? That was a lie! People relied on his 'lie' and things went down the toilet. He carries plenty of guilt.........and I didn't even mention the boys pimping service offered out of his residence!!