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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Bill who wrote (150870)1/2/2009 3:38:20 PM
From: Land Shark  Read Replies (1) of 173976
 
redlining

discrimination in the pattern of granting loans, insurance coverage, or other financial benefits. Lenders or insurers who practice redlining "draw a red line" around a troubled area of a city and vow not to lend or insure property in that neighborhood because of poor economic conditions and high default rates. Insurance companies withdraw from an area because of high claims experience and widespread fraud. With mortgage and business loans and insurance hard to obtain, redlining therefore tends to accelerate the decline of such neighborhoods. Redlining is illegal because it discriminates against residents of an area on the basis of where they live. Congress has enacted legislation such as the Community Reinvestment Act, which forces banks to lend to underprivileged areas, to combat redlining.

I see nothing in the banning of redlining that forces banks to loan to high risk people. Redlining is the practice of refusing to loan to people SOLEY on the neighborhood they live in. I don't think banning the practice had anything to do with the credit crunch, billy boy. Can you say toxic derivatives? Can you say CDO's, CDS's, ABCP? Can you say 40:1 leveraging?

Bill is a serial liar.
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