# Occupy Wallstreet **URL:** \ **Category:** Shift518 Off Topic\ **Created:** [September 29, 2011, 12:57pm UTC](https://forums.speedlife.net/t/occupy-wallstreet/260647 "2011-09-29T12:57:52Z")\ **Posts on this page:** 1\ **Showing post:** 111
**Author:** ![Jammer](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jammer/32/6349_2.png) [@Jammer](https://forums.speedlife.net/u/Jammer)\ **Post date:** [October 6, 2011, 8:03pm UTC](https://forums.speedlife.net/t/occupy-wallstreet/260647/111 "2011-10-06T20:03:25Z")
> [@Sean Avery - Client #10?](https://forums.speedlife.net/t/sean-avery-client-10/45853/9): > > Or we can say it was predatory lenders who were going after people who had FHA loans since the 70s, and the thought of possibly saving some more money via subprime loan looked great especially when these people were living on a limited income. > > The banks weren’t forced to give these people loans. The banks choose to work this way, cook their books, and S&P (which is a POS agency to begin with) gave these securities an AAA rating despite them knowing full well it will fail. Once again, it’s people, “working smarter, not harder” as Singh said, that caused this collapse. Those “smart” people are people who knew how to hide the bad, exaggerate the good, and exploit the ignorant for huge financial gains on the backs of the working class. > > **Again, why does wall st. and the financial sectors deserve time in and time out to be bailed out by the taxpayers, when in fact they are the ones that caused this?** So full of stupid I cant even believe I am replying… ever hear of the Community Reinvestment Act? A Law A Statue Basically if banks didnt start to give money to the poor among us, they would face stiff resistance and regulatory issues.Thank Carter and Clinton! “The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (Section 802.) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions (Section 804.)[6]” The banks werent forced? The CRA forces banks to make loans in poor communities, loans that banks may otherwise reject as financially unsound. Under the CRA, banks must convince a set of bureaucracies that they are not engaging in discrimination, a charge that the act encourages any CRA-recognized community group to bring forward. Otherwise, any merger or expansion the banks attempt will likely be denied. But what counts as discrimination? According to one enforcement agency, “discrimination exists when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants.” Note that these “arbitrary or outdated criteria” include most of the essentials of responsible lending: income level, income verification, credit history and savings history–the very factors lenders are now being criticized for ignoring. Fuck, uninformed people shouldnt talk through their ass cause it sounds good or some liberal parent or teacher told them so. Motto for some in here should be … Go live life some and learn something from experience. Edit…ok, that was harsh, some things you said ring true about some lenders, no doubt… but most did it with the law… but still knew it was robbery deep down. Of course there are hundreds of examples of downright thieves that robbed the systemand took advantage… but in the end, it was the act that caused and allowed for it. --- _[View the full topic](https://forums.speedlife.net/t/occupy-wallstreet/260647)._