BULLSHIT!
Alice Rivlin and her fellow CLINTON Administration minions built the Mortage House that has collapsed.
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Alice Rivlin Espertise per the Brookings Istitution:
Protecting consumers from predatory lenders need not be complicated. Back when we did housing finance right, long-term fixed rate loans with moderate down payments financed high rates of home ownership. Secondary markets spread risk and brought capital into the housing market. Government agencies could give low-cost guarantees, because most Americans paid on time.
These alleged “sociologists” have either missed the mark completely or missed that liberal policies are geared towards minorities and are racist in nature.... =.=
...the black mortgage defaults in my area were NOT in black neighborhoods...hell, blacks themselves don’t want to live there...they want to live in the suburbs with Whitey.
Why read a an overlong piece when the title itself exposes the blind liberal slant of the writer? Of course liberal policies brought about the crisis. The banks were forced into making loans to those not capable of paying them. Hell,even Barney Frank admitted as much recently.
A failed attempt at rewriting recent history.
Application of the Act was done in the name of the right to "affordable housing." Affordable housing really meant that everyone has a right to get a mortgage on a home. At the threat of ACORN members getting crazy in bank lobbies and with the coercion of federal law, traditional qualifications for getting loan approvals (verifiable income levels, sufficient down payments, standard credit histories, etc.) were thrown out the window.
Finally - someone has written truth about the "why" of the housing crisis...
Democrats effectively forced banks to throw out benchmark financial standards, all in the politically correct interest of providing “home ownership to those who can't otherwise afford it”. This disproportionately included “people of color”.
Racism was openly stated in the Annual Reports of Fannie Mae, whose “CEO” Franklin Raines, should be in ankle shackles, breaking rocks in the sun somewhere.
This is precisely backwards. Anti-racism led to the mortgage crisis. In order to increase the minority rate of home ownership, standards were lowered, downpayments became a thing of the past with even 120% loans available and documentation requirements were dropped almost altogether for a number of years.
Might this have caused problems? Nah, of course not, it’s because we’re racist, according to the loons.
One barely know where to begin with the total dishonesty of this "research." These must be quite the pair of winners. They are so 100% deceitful that they must be applying for jobs with the Obama Regime.
Sociologists: Keeping the destructive statistics of socialism for over a Century.
Junk science = Sociology.
Of course these people would consider blacks stupid, they also believe the entire U.S. electorate will believe this garbage without questioning it because that's exactly what happened - pick up a local paper and read the letters to the editors - your liberal neighbors have swallowed the "blame capitalism for mortgage crisis" lie hook, line, and sinker.
http://sociology.princeton.edu/images/portraits/Massey.jpg
Douglas Massey
http://www.princeton.edu/main/images/news/2010/10/Masseyrugh_jake%5B3%5D%5B1%5D_225.jpg
Jacob Rugh
Woodrow Wilson School Ph.D. candidate Jacob Rugh and Woodrow Wilson School’s Henry G. Bryant Professor of Sociology and Public Affairs, Douglas Massey, assessed segregation and the American foreclosure crisis. The authors argue that residential segregation created a unique niche of minority clients who were differentially marketed risky subprime loans that were in great demand for use in mortgage-backed securities
IDIOTS!
Liberal policy IS racism.
Don’t give loans to minorities - Racist
Give loans to minorities - Racist
They’ll spin this whichever way the have to.
Shows you what sociologists are good for.
Liberals created and promoted programs and policies that allowed unqualified buyers to enter into contracts they couldn’t meet.
IF there is a racist element, it is the liberal’s policies which undermine minority self-sufficiency rather than enable it.
Huh... Well, it is interesting that these “sociologists” believe that blacks are ignoramuses who make easy prey. Personally, I think these “sociologists” are racist. Anyway, does anybody else remember how, back in college, when you met somebody who claimed to be a “sociology major” you just rolled your eyes and chuckled? (Yeah, you’ll get a job...)
This is way overboard...I lol’d.
White liberals (the only kind of liberal) are so embarrasing that even semi-respectable outlets cannot make them seem sane. Liberalism is over folks.
Mortgage brokers would come to the RE office I worked from to tell us what was available. I was amazed at the FEDERAL loan options for illegal aliens, people with sub-dismal credit, etc., etc. in the year or two leading up to the crash. It's hard for me to believe banks would do lower their approval standards like that unless they were told to.
None of that was available when I bought my first house decades ago when you had to jump through their hoops to get their approval...especially the 'Do you have a substantial down payment?" hoop.
Predatory lending to Negro families is, indeed to blame, but Uncle Sam required the banks to engage in the predatory lending as a condition of being allowed to lend at all and avoid Federal lawsuits.
