Community reinvenstment didn't work...Hey let's expand it!!

Sea Demon · 03-19-09, 03:26 PM

"Credit Unions fight off 'punitive' act"

This is ridiculous. This is the very vehicle that created the housing and financial chaos in the first place. Making banks underwrite loans to people unable to afford them. No credit or background checks. No downpayment loans. etc. And now Democrats want to "rewrite" it and expand it to other non-bank entities including insurers, securities firms and credit unions.

Credit Unions so far have been largely unaffected and remain healthy today as the Community Reinvestment act did not apply to them. But it looks like the Democrats want to change that. Are these people nuts?!?!? That question was of course rhetorical.

http://www.politico.com/news/stories/0309/20129.html

Any American affiliated with a credit union...take heed. Again, elections matter.

AVGWarhawk · 03-19-09, 03:41 PM

I refer you to this thread. Really, the only HOPE here is HOPE that anything will work when they are just HOPEing for the best. It is a circus

http://www.subsim.com/radioroom/showthread.php?t=149442

03-19-09, 03:26 PM	#1
Sea Demon Ocean Warrior Join Date: Mar 2004 Location: USA Posts: 2,552 Downloads: 33 Uploads: 0	Community reinvenstment didn't work...Hey let's expand it!! "Credit Unions fight off 'punitive' act" This is ridiculous. This is the very vehicle that created the housing and financial chaos in the first place. Making banks underwrite loans to people unable to afford them. No credit or background checks. No downpayment loans. etc. And now Democrats want to "rewrite" it and expand it to other non-bank entities including insurers, securities firms and credit unions. Credit Unions so far have been largely unaffected and remain healthy today as the Community Reinvestment act did not apply to them. But it looks like the Democrats want to change that. Are these people nuts?!?!? That question was of course rhetorical. http://www.politico.com/news/stories/0309/20129.html Any American affiliated with a credit union...take heed. Again, elections matter.

03-19-09, 03:41 PM	#2
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,257 Downloads: 90 Uploads: 0	I refer you to this thread. Really, the only HOPE here is HOPE that anything will work when they are just HOPEing for the best. It is a circus http://www.subsim.com/radioroom/showthread.php?t=149442