Re: Cash for Clunkers Program
Quote:
Originally Posted by
nixer
they are only required to disable the engine
you're right...it's primarily the engine:
"In addition [to destroying the engine], the salvage or scrap facility which acquires the vehicle cannot sell any powertrain components from the scrap vehicle. This includes the disabled engine (most specifically the long block components), the transmission/transaxle, and in some cases the axle assemblies. The salvage or scrap facility can sell any other component from the scrap vehicle until they are ready to crush and/or shred the vehicle. The salvage or scrap facility has 180 days to ultimately crush and/or shred the vehicle."
Re: Cash for Clunkers Program
Quote:
Originally Posted by
soy.lor.n
Fixed for ya!
Having worked for a bank for 6 year during the Katrina issues. Predatory lending had nothing to do with it. The FCC and FDIC and the Fed were requiring all banks submit lending reports every quarter. Any Lending institution not found in compliance with the requirements of the Community Reinvestment Act would loose their FDIC depositors insurance, be fined by both the Fed and then FCC. People viewed it as Predatory lending because banks were lending to people that they knew couldn't afford the house they were buying. What people didn't see was that banks were being forced to loan to a certain percentage of high risk applicants.
