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Originally Posted by Crafty Angler
While I'm not familiar with the CRA, I would guess the intent was to keep banks from red-lining certain neighborhoods.
I'll also have to admit that predatory borrowing as a root cause has really never crossed my mind... 
The subpoenas for that Senate investigation will probably have to be delivered to the van down by the river that those folks are living in now -
And I don't think the Nuremburg defense - that the banks were only following the orders of their government - really applies here either as a justification for their lending behaviors. |
As far as I can gather, intent of CRA is to loosen Lending 101 standards so that less fortunate folk can also enjoy the "American Dream" of home ownership, and, probably, to get and keep their votes in the future.
Borrowing and Lending is a two way, agreed upon transaction. It is not forced. Ergo, if one is predatory, so is the other. Predation, as far as I know, is not agreed upon. It is, as far as I know, forced.
I don't think there will be a Senate investigation of the CRA. If there were, it would be a whitewash. When Government ivestigates itself, the conclusion is foregone.
I don't think our Government is Nazi . . .yet. But I do believe we have to follow its laws. Consequences are usually dire if we don't.