wrote in message
t...
On Fri, 09 Jan 2009 19:53:08 -0500, BAR wrote:


20% cash down. If you don't have 20% down get a second job. If you have
to wait 15 or 20 years to buy a hose then that is what you have to do.
You do not have a right to buy a house regardless what Barney Frank or
Chris Dodd have to say.

Damn conservatives, always wanting government to regulate everything. ;-)

From my seat, it wasn't the CRA or the sub-prime loans that did this
economy in. It was the stupid actions of the banks and investment houses
in their dealings with sub-prime loans. Lehman Brothers was leveraged
somewhere @ 33 to 1. That's just downright dumb.

Remember "redlining"? It was a racist, and illegal, policy of grouping
entire neighborhoods as "out-of-bounds" for loans. That was what the CRA
was intended to alleviate. What a concept, banks doing their jobs
loaning money without regards to race, religion, or gender.


That was the intent, but what it produced was Equal Opportunity Lending,
regardless of the ability to repay, race, religion or gender and it
encompasses everybody.

You say sub-prime loans didn't do the economy in, but acknowledge it was the
stupid actions of banks and investment houses in their dealings with
sub-prime loans. So, sub-prime loans really are at the heart of the
problem. What if the lending banks had not had the option to sell them off
to the investment houses? The answer, pure and simple, is that the loans
would never have been made to begin with.

Eisboch