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Behind the Scenes: Last Night's Meltdown

A_49_Percenter Wrote: Dec 23, 2012 9:08 AM
A rather simplistic and myopic view. A bank's compliance is evaluated based on making whether it makes mortgages - not whether those to whom the loan is extended can pay the mortgage. The evaluation is about whether the loan is made - not whether the bank keeps it. A securitization of CRA and subprime mortgages is simply a method to pass the risk (which the bank may not have wanted to take) on to the folks (Freddie Mac, Fannie Mae, etc., aka: Federal Government) that induced them to make the questionable loans. Perhaps the banks should have kept the loans and failed themselves? I am sorry, but you seem be unable to face the reality, or perhaps are not able to think deeper than a political talking point.

Two groups are elated over the sudden and dramatic demise of John Boehner's "Plan B" in the House of Representatives last night: Liberals -- who are thrilled to see their opponents in utter shambles -- and hardline conservatives, who view the development as a principled victory and a much-needed rebuke of the GOP's weak-kneed leadership.  National Review Washington Editor Robert Costa was on the Hill during the collapse, and filed a must-read story about how it all went down.  In short, a demoralized Boehner stunned the caucus with a brusque announcement that he was pulling the bill.  The...