Posted on 10/15/2012 2:15:58 PM PDT by ExxonPatrolUs
And when the agents told people "the neighborhood's changing, better move now before values go down" it was called "panic peddling".
I worked in the Mortgage industry in the late 1990’s. I vividly remember several lawsuits in Ohio, all originating in Cleveland, that were filed by this organization that at the time I had never heard of before. The name of this heretofore unheard of organization was ACORN. They were alleging that banks and lenders were discriminating against low income borrowers and credit challenged borrowers.
I remember a couple of things that changed after the lawsuits. One, lenders could no longer turn down a loan from someone who recieved unemployment compensation, child support as their primary income, or welfare. Two, many private lenders stopped originating loans in Cuyahoga County.
Oh, and lead counsel for two of these lawsuits representing ACORN, none other than one Barrack Hussein Obama. So, he sued the lenders to make them give out these loans as a lawyer for ACORN, and now as President he is suing them again for complying and actually lending the money. And he is getting away with it. Only in America.
Well, well, the threat of lawsuits created the behavior that preceded the 2008 crash AND NOW companies are being sued for said behavior that will again create another crash.
Liberal logic: if you don’t loan to blacks, you’re being discriminatory in your loan practices. We will punish you if you don’t loan to blacks by harrassing you with regulators. Then, when you do loan to blacks, many of whom we all know cannot repay their loans, we’re going to sue you into oblivion. And one more thing, we are so enthusiastic about this that we’ll back up those bad loans with taxpayer money. Does that about sum it up?
They liked the rates and deal until they lost money like everyone else.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.