This is why I will not vote for you, Mr. Obama:
Clinton Administration Changes of 1995 Community Reinvestment Act (CRA)
In early 1993, President Clinton ordered new regulations for the CRA, which would increase, access to mortgage credit for inner city and distressed rural communities. The new rules went into effect on January 31, 1995 and featured: requiring strictly numerical assessments to get a satisfactory CRA rating; using federal home-loan data broken down by neighborhood, income group, and race; encouraging community groups to complain when banks were not loaning enough to specified neighborhood, income group, and race; allowing community groups that marketed loans to targeted groups to collect a fee from the banks.
The new rules, during a time when many banks were merging and needed to pass the CRA review process to do so, substantially increased the number and aggregate amount of loans to low- and moderate-income borrowers for home loans, some of which were "risky mortgages." Banks set up CRA departments, a CRA consultant industry was created and new financial-services firms helped banks invest in packaged portfolios of CRA loans to ensure compliance. Established and new community groups began marketing such mortgages. The Senate Banking Committee estimated that as of 2000, as a result of CRA, such groups had received $9.5 billion in services and salaries. As of that time such groups also had received tens of billions of dollars in multi-year commitments from banks, including ACORN Housing $760 million; Boston-based Neighborhood Assistance Corporation of America $3 billion; a New Jersey Citizen Action-led coalition $13 billion; the Massachusetts Affordable Housing Alliance $220 million. The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent.
You do not speak for "change", you speak for socialism. You and your comrades caused this financial mess, and now you claim it was caused by greed, the president, Republicans, and others when in reality it was caused by Liberals such as yourself. The CRA was created in 1977 by Congress and signed into law by Jimmy Carter, another Liberal. This financial mess was caused by the government and now you seek to exploit the situation by calling Wall Street the culprit. Sure. There are greedy folks out there who want to make a quick buck. However, all of the opportunists in the world would not have had the opportunity had liberals like Carter and Clinton not interjected their brand of socialism into the mix. Oh, the "poor" had their homes, now most have lost them, and soon others will as well. Your comrades' solution? More government intervention. You want my vote? Stop trying to mix oil (socialism) and water (capitalism). Have regulation, not stangulation. Have responsibility, not handouts. Have compassion. Not reaction. Think about it.
Sincerely,
A Middle-Class Man with a wife, two kids, a used car, and a very expensive townhouse that went for much more than it was worth (what happens to home prices when lots of credit (water) is available to those who cannot afford it (oil) in the marketplace)!
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