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

[Tootle]

Wally,

How do your number relate to dollar value in given markets?  Let us ask
about houses sold in western markets such as California and Nevada?

The market values a year or two ago were outlandish.  They had a two bedroom
house selling for 1.5 million dollars.  Suppose your loan was for 1.4
million?  And now the market value is yesterday $840,000.  Who is going to
pay that $560,000 difference?

Inquiring minds want to know?

The newspapers said that some California houses had lost 40% valuation.

Ed K
Greenville, SC, USA
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Ed K
Greenville, SC, USA

TN Rhodey-2 wrote:
> 
> Brad - You post stuff as fact when it isyour opinion. I stated i didn't
> know
> the quality of the source up front...I admitted I wasn't sure of my claim
> of
> les than 50%. I said i tried to find some different numbers and could not
> so I asked you if you had any. Hell Brad I said I wasn't sure so I was
> looking to see some actual numbers. The last numbers I saw showed CRA
> loans
> out performed typical sub-prime. This was my own experience as well. Heck
> i
> just asked if you had any numbers to support your claim. I take your dodgy
> response as a"no" If you don't have any numbers to support your claim just
> say so....
> Wally
> 
> On Mon, Sep 29, 2008 at 8:59 PM, Brad Haslett <flybrad at gmail.com> wrote:
> 
>> 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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