Comments on: Santa Cruz County targets felonious Wall Street banks

By: Ulysses Uaul

Ulysses Uaul — Thu, 13 Aug 2015 04:50:24 +0000

In reply to desmond.

destituteeee,

You’re definitely a certified reverse gentrification victim!

Cheerie though.

By: desmond

desmond — Wed, 12 Aug 2015 02:23:32 +0000

Nope, cheap Mexican beer, but the senoritas dreamy about the cornerback with the size 17 feet. Pedro don t look too good .

By: Ulysses Uhaul

Ulysses Uhaul — Tue, 11 Aug 2015 02:02:00 +0000

In reply to desmond. Has your new crop of neighbors kick started from CVS wines to Charles Shaw?

By: Commentator

Commentator — Mon, 10 Aug 2015 23:08:04 +0000

In reply to Dude.

You may work in financial management and that’s great for you. However, you referred to Dodd-Frank (it’s not called “Frank and Dodd”, by the way) as causing the “housing bubble burst” by “forc[ing] banks to guarantee mortgage loans to those of low income…these low income loans reached critical mass by 2007…” etc. However, the bubble burst in 2008, Dodd-Frank was not even proposed until June 2009, and signed into law in July 2010. Also, Dodd-Frank has absolutely nothing to do with guaranteeing mortgages to ANYONE (rich or poor), but rather with truth in lending, investor protection, transfer of power to comptrollers, et. al. What you seem to be referring to was, in large part, a result of Gramm-Leach-Bliley. So, if they now have the power to pass legislation to go back in time and effect the past, maybe they can pass a law to prevent Vietnam, Iraq, the Cold War, and the financial implosion of 2008. That would be neat!

By: Dude

Dude — Mon, 10 Aug 2015 21:33:35 +0000

In reply to Commentator. You're either a fool or just terribly ill advised. Apparently you are unaware that there was before and after crash legislation. I make my living in the financial management arena and had to deal with the consequences of pre and post Dodd-Frank. My advice to you is to do some research before you make yourself look like a fool again.

By: Commentator

Commentator — Mon, 10 Aug 2015 21:21:43 +0000

In reply to Dude. Nice try, but Dodd-Frank was passed in 2010 (after the financial implosion) and was fought by the banks. Nevertheless, they managed to soften the bill substantially as they (specifically Goldman-Sachs) were Obama's single largest contributor in 2008. Additionally, you are wrong where you state that the banks were "forced" to approve loans to anyone. It was the banks (with Jerry Rubin guiding) who pushed legislation signed by Clinton into law in 1999 the Gramm-Leach-Bliley Act doing away with Glass-Steagall, loosening government lending standards, barring regulation of CDOs and derivatives, and leading to the economic collapse nine years later. You should do your research rather than just parroting soundbites you hear on corporate news. However, you are right when you call out dirty Democratic legislator hands. Both parties are bought and paid for by their corporate donors.

By: fletch92131

fletch92131 — Mon, 10 Aug 2015 20:01:14 +0000

In reply to Skep41. Skep41 is so right; and now we have Dodd-Frank as there evidence of the how to make sure that no little guy gets burned, by making sure that no loans get written from Community Banks that haven't failed yet.

By: desmond

desmond — Mon, 10 Aug 2015 02:04:33 +0000

In my parent’s neighborhood, there was a massive influx of new homeowner’s who had the same look of intelligence as cow’s bunghole. These morons would pull their new SuV’s out of their garages in their new homes, roll out the tv’s and drink beer on Sunday afternoons watching their favorite felons play ball. The fat wives would sit in the driveway drinking wine, dreaming of getting kabobed by the cornerback with the size 17 -feet. Sadly, they are all gone.

By: Dude

Dude — Sun, 09 Aug 2015 18:13:55 +0000

Another left, socialist story that hides the truth of the housing bubble bust. The banks sought relief from the problem the government caused. Specifically the Frank & Dodd legislation. Frank – Dodd, forced banks to guarantee mortgage loans to those of low income. Initially the percentage of loans from Fannie Mae and Freddie Mac to low-income buyers was set to 30% of all loans. In 2008 that percentage was increased to 56%. The failure rate of these low income loans reached critical mass by 2007. A large percentage of these loans that the government forced banks to grant failed and therefore turned to bonds the they were a part of to go from AAA to a junk bond rating. The rest is history. By the way, senators Frank and Dodd are both Democrats.

By: Skep41

Skep41 — Sun, 09 Aug 2015 15:47:54 +0000

Now all they have to do is boycott the Democratic Party which, in the name of ‘fairness to the poor’ passed the ‘Community Reinvestment Act’ which forced these villain banks (all of whose CEOs were huge donors to that party) to count welfare payments, disability and food stamps as income when qualifying for a mortgage. If you read ‘Reckless Endangerment’, a book written about the mortgage crash by the financial editor of the NYT you will see that the Democrat’s fingerprints are on every single aspect of the mortgage crash. Of course the cliché-addicted Progressive buffoons in the People’s Republic Of Santa Cruz are motivated by century-old cartoon images of Snidley Whiplash capitalists in top hats with waxed moustaches tying widows to railroad tracks and dont realize that they are attacking Hillary Clinton’s donor base by their ill-conceived actions.