[Rhodes22-list] Brad - A little more on CRAs

[Brad Haslett]

Wally,

First, a "truth in posting" statement is necessary.  I'm not going to
waste my time parsing ANY data that has Keith Ellison as the source.
Anyone who knows me well knows that I have no issues with
African-Americans or Muslims.  I have huge issues with 'black whatever
he was converted to the Muslim faith' Keith Ellison.  Call me racist,
bigoted, ignorant, stupid, fill in the blank here ________________,
whatever.  Sorry, I'm not even going to look at anything Ellison
quotes or anything anybody else quotes that is  attributed to Ellison.

The pdf document is from a law firm defending the CRA, hardly an
objective source.

Since you seem to enjoy repeating the statement that my sources don't
back up my statements, all I can say is "buy a mirror". You yourself
said you hadn't watched the videos I posted.

Wally, it doesn't matter if we meet halfway in Nashville, get out the
rulers, and end this argument once and for all. We're in deep shit
either way (but I am looking forward to your numbers from a credible
source and your comments on the videos).

Brad

On Mon, Sep 29, 2008 at 4:29 PM, TN Rhodey <tnrhodey at gmail.com> wrote:
> Brad - I said CRA sub-prime defaults  represented less than 50% of sub-prime
> defaults. I hadn't checked in a year or so ....your claim blaing CRA made me
> curious . .A quick check shows I was way off.  CRAs actually have
> performed much better than i remembered. They do not perform as welll as
> prime but much better than traditional sub-prime and Alt A.  Do some google
> searches on CRA defaults.
>
>  see link from Slim's paper below. Check out the embedded PDF in the article
> for breakdown on CRA loans defaults in top 15 US cities. I don't know
> anything about the paper but the PDF contains data refuting the claim the
> CRA defaults are the problem. I searched hard but could find no claim with
> numbers supporting  your position that CRA was the problem. In fact  people
> (mostly politicians) making the claim didn't provide numbers and didn't seem
> to know what they are talking about......present company excluded of course.
> :-)
>
> Do you have NUMBERS  to support your claim that CRA loans are the problem?
>
> http://minnesotaindependent.com/10179/against-all-reason-bachmann-and-others-blame-1977-fair-lending-law-for-adding-to-economic-crisis
>
>  A quick check also confirmed most of the Sub-Prime Mortgage lenders did not
> have to be concerned with CRA. If ones reviews the numbers you can come to
> the conclusion the CRA loans actually have helped keep foreclosures from
> being worse. If these folks were not in a CRA loan they would be in typical
> sup-prime ARM with adjustable rates, high fees, and pre-payment penalties.
>
> A while back there was a  Congressional GAO report breaking down
> foreclosures in every state by type of loan. I will try to find and post.
> The main problems were Alt A Pay Option ARMs, Alt A Stated, Alt A No DOc,
> and Sub-prime stated.
>
> Wally
>
> <http://minnesotaindependent.com/10179/against-all-reason-bachmann-and-others-blame-1977-fair-lending-law-for-adding-to-economic-crisis>
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