However, every empirical study that has looked at CRA loans has concluded that they were safer than subprime mortgages that were purely profit driven, and CRA loans accounted for a tiny fraction of total subprime mortgages (107)
...
In November 2009 55% of commercial real estate loans were currently underwater, despite being completely unaffected by the CRA.[114]
...
He noted that approximately 50% of the subprime loans were made by independent mortgage companies that were not regulated by the CRA, and another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates. Barr noted that institutions fully regulated by CRA made “perhaps one in four” sub-prime loans, and that “the worst and most widespread abuses occurred in the institutions with the least federal oversight”.[123]
From Wikipedia, but still in accord with what I’ve read elsewhere, and there are plenty of cites for you to check in their Community Reinvestment Act article.
Besides that, even if the bad loans were made because of ‘affirmative action’ that doesn’t make the crisis the fault of affirmative action, just as if I loan my hypothetical shifty brother-in-law $100 that I don’t expect back in order to keep peace with my equally hypothetical wife, it wouldn’t be my wife’s fault if I don’t have rent money at the end of the month because I was budgeting as if I would get that money back.
However, every empirical study that has looked at CRA loans has concluded that they were safer than subprime mortgages that were purely profit driven, and CRA loans accounted for a tiny fraction of total subprime mortgages (107)
I give the CRA as an example of official truth deviating wildly from the truth that anyone can see, and you respond that official truth must be true because official sources say it is true?
They were government and academic studies, therefore report official reality, not observable reality, not the reality accessible to the senses, but the reality generated by official consensus.
And this is exactly my original point: That on politically sensitive issues, government and academic official truth violently and ludicrously contradicts the truth that everyone can plainly see, and no one dares mention.
Any article that speaks of CRA loans, is a transparent lie:
For starters, there is no such category as “CRA loans”. All loans are subject to the CRA, just as affirmative action affects every student. When regulators examined banks for compliance with the CRA during the events that caused the crisis (2000 to 2005), they did not mention any special subset of loans as “CRA loans”, nor any category of loans as being more CRA than another. The category “CRA loans” did not exist in the minds of bankers or regulators when they issued papers on the compliance of particular banks, or was too insignificant to mention.
Hence any study that makes an assertion about “CRA loans” is transparently lying.
To speak of “CRA loans” is to imply that even after 2000, when everything was going to hell in a handbasket, the CRA was just a tiny tiny little thing, which is a transparent lie. If one lie, all lies. CRA dominated the banks, as “Diversity” dominates academic admissions.
Where are the “CRA loans” in this report, which report resulted in acts of compliance that sent the eminently solvent and well run Beverly Hills Bank broke?
In the case of Beverly Hills Bank, I am sure that Wikipedia, academia, and government, can say that not a single “CRA loan” failed, since there is no indication that Beverley Hills bank ever made a single loan in the official category “CRA”, if such a category still existed at the time, but they were nonetheless driven into bankruptcy by the CRA.
You don’t necessarily need to leave. You are not incapable of non-motivated cognition.
Regardless of the accuracy of your claims, you are obviously not being effective here.
Rationalists should win: if you are not convincing people and want to then the fact that you believe you have an excuse is irrelevant. Ultimately what matters is whether you are accomplishing your goals.
...
...
From Wikipedia, but still in accord with what I’ve read elsewhere, and there are plenty of cites for you to check in their Community Reinvestment Act article.
Besides that, even if the bad loans were made because of ‘affirmative action’ that doesn’t make the crisis the fault of affirmative action, just as if I loan my hypothetical shifty brother-in-law $100 that I don’t expect back in order to keep peace with my equally hypothetical wife, it wouldn’t be my wife’s fault if I don’t have rent money at the end of the month because I was budgeting as if I would get that money back.
Do you think fault is other than a social construct?
I give the CRA as an example of official truth deviating wildly from the truth that anyone can see, and you respond that official truth must be true because official sources say it is true?
They were government and academic studies, therefore report official reality, not observable reality, not the reality accessible to the senses, but the reality generated by official consensus.
And this is exactly my original point: That on politically sensitive issues, government and academic official truth violently and ludicrously contradicts the truth that everyone can plainly see, and no one dares mention.
Any article that speaks of CRA loans, is a transparent lie:
For starters, there is no such category as “CRA loans”. All loans are subject to the CRA, just as affirmative action affects every student. When regulators examined banks for compliance with the CRA during the events that caused the crisis (2000 to 2005), they did not mention any special subset of loans as “CRA loans”, nor any category of loans as being more CRA than another. The category “CRA loans” did not exist in the minds of bankers or regulators when they issued papers on the compliance of particular banks, or was too insignificant to mention.
Hence any study that makes an assertion about “CRA loans” is transparently lying.
To speak of “CRA loans” is to imply that even after 2000, when everything was going to hell in a handbasket, the CRA was just a tiny tiny little thing, which is a transparent lie. If one lie, all lies. CRA dominated the banks, as “Diversity” dominates academic admissions.
Where are the “CRA loans” in this report, which report resulted in acts of compliance that sent the eminently solvent and well run Beverly Hills Bank broke?
In the case of Beverly Hills Bank, I am sure that Wikipedia, academia, and government, can say that not a single “CRA loan” failed, since there is no indication that Beverley Hills bank ever made a single loan in the official category “CRA”, if such a category still existed at the time, but they were nonetheless driven into bankruptcy by the CRA.
Please go away. You’ve earned yourself −262 Karma points in the last 30 days; you should take the hint.
(Relevant post.)
And how did I earn −262 points:
By citing facts that are evidence for forbidden truths, and mentioning issues that others dance around.
Further comments by you may be deleted without warning or notice. Please leave Less Wrong.
By giving us no reason to think that you’re capable of non-motivated cognition.
You don’t necessarily need to leave. You are not incapable of non-motivated cognition.
Regardless of the accuracy of your claims, you are obviously not being effective here.
Rationalists should win: if you are not convincing people and want to then the fact that you believe you have an excuse is irrelevant. Ultimately what matters is whether you are accomplishing your goals.