Democratic Primaries

StarfishSaver

(18,486 posts)

34. No.

Tue Jul 9, 2019, 07:17 PM

Jul 2019

It's a myth - promulgated primarily by right wingers - that opening up credit andand the Community Reinvestment Act caused the housing crisis by making it easier for lower income people to buy homes. It actually had little to do with any of those things.

In fact giving lower income but credit worthy people more opportunity to obtain credit in the conventional market helps to reduce the likelihood of another housing bust because it allows more people to qualify for tightly regulated loans and credit and not have to resort to the predatory market.

Elizabeth Warren knows that and some of her best work has been to busy those myths and change the way money and credit operate.

Lots of people who can't qualify for credit not because they don't pay their bills but because they can't get the kind of credit that helps to build a credit profile.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

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Kamala Harris: Credit scores should include rent, cell phones and utilities [View all] bluewater Jul 2019 OP

The article explains others already introduced similar legislation in both House and Senate: highplainsdem Jul 2019 #1

what is your point? qazplm135 Jul 2019 #2

Not sure - but it only had 6 cosponsors and Manchin, Testor and Doug Jones were the only Democrats StarfishSaver Jul 2019 #3

Other Dems Probably Didn't Want to Be Tagged for "Working Across the Aisle". Indykatie Jul 2019 #9

I don't think that's what it is StarfishSaver Jul 2019 #10

That's a strong accusation. Will you please do your research before you tar Politicub Jul 2019 #33

Harris's proposal would require the reporting. The bill you cite, it would be allowed. Kaleva Jul 2019 #7

That sounds like a better bill. ucrdem Jul 2019 #21

How do you figure it requiring them to do it will give them an excuse to lower credit scores? StarfishSaver Jul 2019 #36

all bills on a subject are not the same. Republicans have a heathcare plan too. TeamPooka Jul 2019 #35

I know people LATE on all those Watchfoxheadexplodes Jul 2019 #4

People Who Have Poor or No Credit Will Probably Also Have Bad Payment Records W/Utilities Etc. Indykatie Jul 2019 #6

Bad payment history isn't the only reason low income people have low credit scores StarfishSaver Jul 2019 #11

"Payday" lenders loan sharks The Mouth Jul 2019 #14

That's very hard for people to navigate and to figure out the sharks from the good companies StarfishSaver Jul 2019 #19

No argument The Mouth Jul 2019 #28

This would be a good read for you. Kaleva Jul 2019 #15

How to build and keep credit The Mouth Jul 2019 #18

There are many subjects that ought to be taught in our schools. Kaleva Jul 2019 #20

A lot are beginners. Igel Jul 2019 #54

Fortunately, you knew what to do. Many people don't StarfishSaver Jul 2019 #58

It helps because it allows people to begin building a credit profile StarfishSaver Jul 2019 #8

From the article: Kaleva Jul 2019 #12

To many of these people aren't just "credit invisible" - they're just invisible StarfishSaver Jul 2019 #22

I'm not much above the poverty level and I pay my bills on time each and every month. Kaleva Jul 2019 #24

Exactly StarfishSaver Jul 2019 #25

My understanding is that The Mouth Jul 2019 #29

The problem is not nust that their length of history or type of credit lowers their score StarfishSaver Jul 2019 #31

Would people 'barely getting by' The Mouth Jul 2019 #13

This is for people who are credit invisible or have unscorable files Kaleva Jul 2019 #16

yeah The Mouth Jul 2019 #17

Seriously. ucrdem Jul 2019 #23

Yes they would Green Line Jul 2019 #26

She doesn't have much by way of accomplishments to run on. ucrdem Jul 2019 #27

No. StarfishSaver Jul 2019 #34

How could this get us into another housing mess? disenfranchised Jul 2019 #57

No, actually not StarfishSaver Jul 2019 #32

I don't undestand the rationale either! How is this helping poor people? 5starlib Jul 2019 #42

It helps some, it hurts some. Igel Jul 2019 #55

I don't see how you can legislate to make a business, the reporting agency, consider someone... Hassin Bin Sober Jul 2019 #46

I like this idea mcar Jul 2019 #5

When I do credit checks things like not paying rent or cell phone bills show up already. aikoaiko Jul 2019 #30

No, they don't. SouthernProgressive Jul 2019 #50

You're right, it's when accounts are reported delinquent aikoaiko Jul 2019 #51

+1 NT SouthernProgressive Jul 2019 #52

That seems like that would hurt more than help. W_HAMILTON Jul 2019 #37

The proposal deals those who are credit invisible or have unscorable files Kaleva Jul 2019 #38

Well deal with those people then! Her proposal will hurt people as well... 5starlib Jul 2019 #43

And how does it hurt people? Kaleva Jul 2019 #47

That's not true StarfishSaver Jul 2019 #39

Lower income people often CAN'T pay on time Indygram Jul 2019 #45

I get $1192 a month SSDI and I pay my bills on time every month. Kaleva Jul 2019 #48

Good for you...my rent is more than your monthly income even before utilities Indygram Jul 2019 #49

Low income single parents can get quite a bit of financial help Kaleva Jul 2019 #53

Oh my God.... Indygram Jul 2019 #59

You can see by my budget that I don't own a car. Do you? Kaleva Jul 2019 #60

My efforts at frugal living Mon Aug 27, 2012, 09:08 AM Kaleva Jul 2019 #62

It wasn't until I bought a home that my credit score took off. ecstatic Jul 2019 #40

When I went for my first mortgage, Igel Jul 2019 #56

How will this help low income people? I don't understand... 5starlib Jul 2019 #41

It's already optional to add that but I HATE this idea Indygram Jul 2019 #44

Seems like a great way to help black families into a first house. Aaron Pereira Jul 2019 #61