Rudy Canoza wrote:
On 5/30/2015 9:01 AM, "jim " wrote:
Rudy Canoza wrote:
On 5/30/2015 5:46 AM, "jim " wrote:
Rudy Canoza wrote:
Rudy Canoza wrote:
That's simply a lie.

Corrupt bankers call it a lie.
Honest bankers call it the truth.

No one called it the truth. It's a lie. You're the only person who
has
every said it.

If you want to tell an honest
banker from a corrupt banker just
ask about the Community Reinvestment Act.

Ha ha ha ha ha!

That is really the reason Sen William Proxmire
introduced and got the Community Reinvestment Act
passed by Congress.

He did it because race-baiting leftists lied and said "redlining" was
going on.

Its not about race. The Civil Rights Act
requires banks to not discriminate based
on race. The Community Reinvestment Act
is designed to protect the property interests
of depositors from corrupt bankers.

Sen Proxmire was very clever.
The original law that he sponsored designed
to find out which bankers were corrupt, was the
Home Mortgage Disclosure Act. HMDA was a law that
required banks to report annually where they were
making loans. This was the first step in discovering who
were the corrupt bankers. In particular it
helps protect blue collar depositors.

In 1977 Sen Proxmire said:
"In 1975 Congress passed the Home Mortgage Disclosure
Act, requiring financial institutions just to disclose where
home mortgage loans are made.

The use of that data has been quite extensive. The New York
papers have had a very elaborate series of stories on the amount
of disinvestments in New York pointing out that about
11 percent of the money deposited in Brooklyn remains and
89 percent is invested elsewhere.

In the District of Columbia we find about 90 percent of the
money is invested outside of the community where the money
is deposited. Chicago has an enormous amount of disinvestments;
in California, the data and details flowing from our legislation
show that Los Angeles has suffered a great deal of disinvestments;
St. Louis has massive disinvestments; Indianapolis is the same way;
and in Cleveland, the Cleveland Plain Dealer had a series of stories
pointing out this very serious problem, and highlighting the fact that
this is something that is undoubtedly contributing or has contributed
for a long time to the decay of the city.

Therefore, the committee included title IV to reaffirm that banks
and thrift institutions are indeed chartered to serve the convenience
and needs of their communities, and as the hill makes clear,
convenience and needs does not just mean drive-in teller windows
and Christmas club accounts. It means loans."