Tue, Jul 22, 2014, 10:50 AM EDT - U.S. Markets close in 5 hrs 10 mins

Recent

% | $
Click the to save as a favorite.

Commerce Bancshares, Inc. Message Board

  • wixiewaxy wixiewaxy May 21, 2008 3:41 PM Flag

    Current Crisis

    The following is taken from remarks of Walter Williams, Economist:

    The Community Reinvestment Act of 1977, whose provisions were strengthened during the Clinton and Bush administrations, is a federal law that mandates or intimidates lenders to offer credit throughout their entire market and discourages them from restricting their credit services to high-income markets, a practice known as redlining. The Community Reinvestment Act encouraged banks and thrifts to make so-called "no doc" and "liar" loans to customers who had no realistic ability to pay them back. A decade of monetary expansion by the Federal Reserve Bank, contributing to the housing bubble, encouraged lending institutions to take risks they otherwise would not have taken. Government actions created the subprime crisis and now government-proposed "solutions," such as foreclosure holidays, bailouts and further regulation of financial institutions, to the problems they created will create more problems.
    For commentary of a solid conservative use a Walter Willams search.
    WW

 
CBSH
45.42+0.20(+0.44%)10:49 AMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.