10-28-2008, 05:48 PM
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#1
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Old School Balla
Join Date: Oct 2001
Posts: 13,097
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Quote:
Originally Posted by Mavdog
the quote from kurtz, that you posted, said "Using provisions of a 1977 law called the Community Reinvestment Act (CRA), Chicago ACORN was able to delay and halt the efforts of banks to merge or expand until they had agreed to lower their credit standards".
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Right. How did you turn that into me saying that "the cra mandates that banks lend to unqualified borrowers"? Because I never said that.
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the links merely say that acorn did what they allege, and they offer no evidence that banks were forced to lend to unqualified borrowers.
the cra mandates that lenders keep records on loan applications, who was approved and who was denied. any bank that follows prudent lending guidelines for approving and denying loans is in compliance. there is no requirement to change any bank's standards to comply with cra.
acorn pushed to increase lending to lower income and minority borrowers, it was up to the lender to determine which loans were of the amount and quality of borrower to fund.
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Do you acknowledge that there is a difference between a statute requiring/forcing/mandating something and ACORN pressuring/intimidating/coercing banks using the threat of regulatory complaints?
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10-28-2008, 06:10 PM
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#2
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Diamond Member
Join Date: Jan 2002
Location: Texas
Posts: 6,014
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Quote:
Originally Posted by kg_veteran
Right. How did you turn that into me saying that "the cra mandates that banks lend to unqualified borrowers"? Because I never said that.
Do you acknowledge that there is a difference between a statute requiring/forcing/mandating something and ACORN pressuring/intimidating/coercing banks using the threat of regulatory complaints?
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sure, yet kurtz and others blame the cra for the mortgage crisis.
once again, there is no evidence that acorn, or anyone else for that matter, forced lenders to make loans to unqualified borrowers.
the lenders who made loans to unqualified borrowers did so on their own.
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10-28-2008, 07:25 PM
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#3
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Old School Balla
Join Date: Oct 2001
Posts: 13,097
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Quote:
Originally Posted by Mavdog
sure, yet kurtz and others blame the cra for the mortgage crisis.
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I haven't seen anybody blame the CRA itself. I've seen people blame ACORN for the way they used the provisions of the CRA to extort banks into lowering credit standards. I've seen people blame either the Clinton or Bush administrations (or both) for toughening CRA regulatory standards. But I haven't seen anybody blame the CRA itself.
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once again, there is no evidence that acorn, or anyone else for that matter, forced lenders to make loans to unqualified borrowers.
the lenders who made loans to unqualified borrowers did so on their own.
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You acknowledge that ACORN pressured/blackmailed lenders into lowering credit standards on the one hand, and then on the other hand you say that lenders acted "on their own."
That doesn't make any sense.
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10-28-2008, 07:55 PM
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#4
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Diamond Member
Join Date: Jan 2002
Location: Texas
Posts: 6,014
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Quote:
Originally Posted by kg_veteran
I haven't seen anybody blame the CRA itself. I've seen people blame ACORN for the way they used the provisions of the CRA to extort banks into lowering credit standards. I've seen people blame either the Clinton or Bush administrations (or both) for toughening CRA regulatory standards. But I haven't seen anybody blame the CRA itself.
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yes, there has been, specifically malkin.
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You acknowledge that ACORN pressured/blackmailed lenders into lowering credit standards on the one hand, and then on the other hand you say that lenders acted "on their own."
That doesn't make any sense.
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no, I never 'acknowledged" acorn did such. I acknowledge that acorn pressured lenders to make more loans to lower income and minority borrowers.
you and I both know that lower income borrowers are not credit risks merely due to their income levels.
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10-28-2008, 08:25 PM
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#5
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Old School Balla
Join Date: Oct 2001
Posts: 13,097
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Quote:
Originally Posted by Mavdog
yes, there has been, specifically malkin.
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Link please?
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no, I never 'acknowledged" acorn did such.
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Then you're not willing to acknowledge reality.
There is a big difference between doing something solely because you think it will be a money-making venture and doing something because you want to avoid a costly legal fight. I know you can see the difference, so I don't know why you insist on pretending that lenders weren't extorted into acting.
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10-28-2008, 08:38 PM
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#6
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Diamond Member
Join Date: Jan 2002
Location: Texas
Posts: 6,014
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Quote:
Originally Posted by kg_veteran
Link please?
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ugh, I'll have to go read all those malkin columns....
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Then you're not willing to acknowledge reality.
There is a big difference between doing something solely because you think it will be a money-making venture and doing something because you want to avoid a costly legal fight. I know you can see the difference, so I don't know why you insist on pretending that lenders weren't extorted into acting.
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it comes back to the question: are you asserting that making loans to lower income and minority borrowers equals lowered credit standards.
it appears that you are.
acorn's goal was to increase the availability of loans to these borrowers, not the loosening of standards by the lenders.
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10-28-2008, 08:49 PM
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#7
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Old School Balla
Join Date: Oct 2001
Posts: 13,097
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Quote:
Originally Posted by Mavdog
ugh, I'll have to go read all those malkin columns....
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Yeah, especially if you're going to attribute something to her that I don't think she said.
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it comes back to the question: are you asserting that making loans to lower income and minority borrowers equals lowered credit standards.
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No, I'm asserting that ACORN pressured lenders into lowering credit standards. And I've backed it up with proof. You've yet to produce anything to refute what I've said.
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acorn's goal was to increase the availability of loans to these borrowers, not the loosening of standards by the lenders.
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Actually, I've demonstrated that their goal in threatening regulatory complaints was exactly that -- to have the lenders lower their credit standards.
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