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Published by Jim Hoft on Saturday, December 22, 2012, 9:48 AM

In the early activist days, Obama the city organizer prosecuted banks to help ease lending practices.

Condition Sen. Obama and Fr. Michael Pfleger brought a protest from the pay day loan industry demanding the Condition of Illinois to manage loan companies in The month of january 2000. Throughout his time like a community organizer Obama brought several protests against banks to create financial loans to high-risk people. (NBC 5 Week of The month of january 3, 2000)

Here’s something which won’t have any participate in the liberal media…

New research through the respected National Bureau of monetary Research discovered that Dems are the reason for the subprime mortgage crisis.

Investor’s Business Daily reported:

Dems and also the media insist the city Reinvestment Act, the anti-redlining law beefed up by Leader Clinton, had nothing related to the subprime mortgage crisis and recession.

But new research through the respected National Bureau of monetary Research finds, “Yes, it did. We discover that adherence to that particular act brought to more risky lending by banks.”

Added NBER: “There is really a obvious pattern of elevated defaults for financial loans produced by these banks in quarters round the (CRA) exam. Furthermore, the results are bigger for financial loans made within CRA areas,” or mainly low-earnings and minority areas.

To fulfill CRA investigators, “flexible” lending by large banks rose a typical 5% and individuals financial loans past due about 15% more frequently, the 43-page study found.

The most powerful outcomes of CRA lending and defaults happened within the runup towards the crisis — 2004 to 2006 — when banks quickly offered CRA mortgages for securitization by Fannie Mae and Freddie Mac and Wall Street.

CRA rules are fundamentally of Fannie’s and Freddie’s so-known as affordable housing mission. In early the nineteen nineties, a Democrat Congress gave HUD the legal right to set and enforce (through fines) CRA-grade loan quotas at Fannie and Freddie.

It passed legislation needing the federal government-backed agencies to “assist insured depository institutions to satisfy their obligations underneath the (CRA).” The aim ended up being to help banks meet lending quotas by purchasing their CRA financial loans.

However they needed to release underwriting standards to get it done. And that’s the things they did.

Republicans cautioned Dems from the impending disaster in 2004.

video

Fannie Mae/Freddie Mac Proceedings 2004

http://world wide web.youtube.com/watch?feature=pla…

But Dems wouldn’t budge.

http://world wide web.thegatewaypundit.com/2012/12/…

http://news.traders.com/ibd-editorials…