30 Dec 2021 12:33 pm
CRA was the Community Reinvestment Act. To summarize it required any bank with a charter to operate in the United States maintain at least 25% of the loans on their books to subprime borrowers in inner-city neighborhoods. Subprime borrower is the term used to describe any borrower with a credit score below 600. In other words VERY bad credit risks. Any bank which didn't maintain 25% of their loans to these high risk creditors would lose its charter and not be allowed to bank in the US.Cannonpointer » 30 Dec 2021, 12:41 pm » wrote: ↑ I don't think so. The Canada Regulatory Agency had no power to give homes to unqualified people to reward them for their skin color.
Republicans did that.
Here - I will show you an actual VIDEO of them DOING IT.
But I cannot force you to watch it, and if I cajole you into it, I cannot force you to comprehend it.
https://www.youtube.com/watch?v=bEmf780PGCA&t=3s
Mountains of evidence is available! The Democrats were quite proud to proclaim their authorship. Mountains of Congressional hearings indicate the Republicans on the House Ways and Means Committee and the Senate Finance Committee show the Republicans vehemently warning the Democrats this was not only questionably unconstitutional, but a very stupid thing to do.
The backwards left-wing reasoning was this. The main investment for most in the middle-class is their home. Those in the middle class get loans in their 20's and 30's and then gradually pay off the home over about 30 years normally. The value of the home increased in value by an average of 10%. This was very consistent and housing hadn't had a decrease in value in over 50 years. An amazing run until you realize the reason the real estate prices increase is because the government overspends and prints money. Nothing is a safer bet than government socialists over spending. So by their F'd up logic the reason those in the middle-class are middle-class is because they can qualify to get loans from banks. So if the Democrats FORCE the banks to give loans to poor people who also have bad credit then the poor will become middle-class and the Democrats will be touted as the HEROS THAT IRRADICATED POVERTY IN OUR TIME. They shouted it from the roof tops. They even added provisions stating that unverified means of income could be used by the banks to approve the loans and other such crap. For instance if you were a crack dealer or a prostitute you could just write down approximately what you made. They became known in the banking industry as NINJA loans. No Income, No Job or Assets!!! Gee that sounds like a wise thing to do... force banks to give crack dealers, prostitutes, winos, whatever loans to buy houses.