PDA

View Full Version : Lest we forget.



Qtec
11-07-2011, 10:20 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> By Eliot Spitzer
Thursday, February 14, 2008

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks.<span style='font-size: 14pt'> These and other practices, we noticed, were having a devastating effect on home buyers. <u>In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.</u></span> </div></div>

link (http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html)

Q

Gayle in MD
11-08-2011, 05:15 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> By Eliot Spitzer
Thursday, February 14, 2008

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks.<span style='font-size: 14pt'> These and other practices, we noticed, were having a devastating effect on home buyers. <u>In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.</u></span> </div></div>

link (http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html)

Q
</div></div>


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.

</div></div>


<span style="color: #990000">And the Lemmings on the right will be right there as always, denying the facts all over again, and blaming the victims.




Note 2003 was the height of the sub prime lending mess, with Repigs controlling everything, and Bush, as always, ignoring the warnings, and protecting the crooks.

And now, we have the same situation, with the Repigs still blocking everything that would protect consumers from the same corruption, trying to do away with the CPA altogeter, pushing for more of the same that led us into this disaster, and protecting the banks so that they can do it all over again.

The CEO's will walk away again, with their pockets jammed with the money they steal from all the rest of Americans, if we don't get rid of these Repiglican Fascist CROOKS.

G.</span>

Gayle in MD
11-08-2011, 05:21 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

</div></div>


<span style="color: #990000"> <span style="color: #990000"> Repiglican gall is incredible isn't it? As Cain is so clearly representative of, the Repiglicans are only good at two things, lying, and blaming everyone else, for the colossal messes they create.

You wrote this once, and this should be the manntra of President Obama's campaign:

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">When the GOP decided to vote against Obama on everything, they rejected the democratic process. They were the ones who refused to listen to the will of the people. </div></div>

G. </span> </span> /forums/images/%%GRAEMLIN_URL%%/mad.gif