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Winding down Fannie and Freddie could put minority careers at risk
Washington Post ^ | Feb 21, 2011 | Danielle Douglas

Posted on 02/20/2011 2:51:18 PM PST by Innovative

Dialing back government support for District-based Fannie Mae and McLean-based Freddie Mac could have far-reaching implications for minority financial professionals in the Washington region.

Not only are the mortgage finance giants two of the largest employers in the area, with a total of 10,000 workers, but many of those positions are held by people of color. Were the government-sponsored entities (GSE) eliminated, as the Obama administration is proposing, that may leave thousands of these professionals looking for a place to land.

At the close of last year, nearly 50 percent of Fannie's employees and 44 percent of those at Freddie were minorities.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Extended News; Government; Politics/Elections
KEYWORDS: economy; government; jobs; minorities; racism; unemployment
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Fannie and Freddie have engaged in hiring practices which clearly discriminated against whites.

US demographics shows that 30 % of the US population are minorities.

Do you think an article would ever have been published lamenting the loss of jobs of white Americans?

1 posted on 02/20/2011 2:51:23 PM PST by Innovative
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To: Innovative
What happened to Martin Luther King, Jr.'s vision:

"have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin, but by the content of their character."

2 posted on 02/20/2011 2:53:25 PM PST by Innovative (Weakness is provocative.)
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To: Innovative

What’s the date? Oh, yeah, it’s February aka Black History Month.


3 posted on 02/20/2011 2:53:37 PM PST by bgill (Kenyan Parliament - how could a man born in Kenya who is not even a native American become the POTUS)
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To: Innovative

BINGO! Fannie and Freddie are a joke. You are 100% correct - total reverse discrimination. Shut em both down - they helped wipe out the US economy.

Whates have “no standing” in America anymore.


4 posted on 02/20/2011 2:53:48 PM PST by Frantzie (HD TV - Total Brain-washing now in High Def. 3-D Coming soon)
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To: Innovative

OOOOOPS !

Too bad, so sad.


5 posted on 02/20/2011 2:54:00 PM PST by Recovering Ex-hippie (I am really getting sick and tired of these snot-nosed Islamofascists!)
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To: Innovative

I was not aware that this was a minority jobs program. It seems to be an extremely expensive one. Anyone care to calculate the cost for each of THOSE jobs “created or saved”?


6 posted on 02/20/2011 2:54:00 PM PST by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: Innovative

Yeah. Let’s put those “minority careers” ahead of the FLIPPIN’ COUNTRY! Fannie and Freddie played a major role in bringing this country to the brink of collapse. Stuff it Danielle!!! Dumbass!!


7 posted on 02/20/2011 2:54:45 PM PST by FlingWingFlyer (Boycott Unions before they collapse America.)
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To: Innovative

Insane! Freddie and Fannie will ultimately be about $500 Bn in the hole; administered by favored groups. If they are competent, they’ll jobs waiting for them in the private sector; if they aren’t, hiring them to waste money through real estate leverage is a really inefficient way to transfer wealth to them.

I have zero sympathy for this scam.


8 posted on 02/20/2011 2:55:57 PM PST by Pearls Before Swine (/s, in case you need to ask)
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To: The Antiyuppie

And in addition”

“Beyond the diversity of their workforce, the mortgage twins are known for spending significant amounts of their procurement dollars with women and people of color. Freddie Mac, for instance, did $430 million worth of business with minority- and women-owned suppliers nationwide in 2010. “


9 posted on 02/20/2011 2:56:02 PM PST by Innovative (Weakness is provocative.)
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To: Innovative

The treasury has been looted. The money is gone.

They are no longer required having served their purpose.


10 posted on 02/20/2011 2:56:06 PM PST by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: Innovative

Looks like affirmative action hires didn’t know beans about the mortgage business, but they were the right color. No wonder thieves such as Franklin Raines could make off with $92 million at Fannie Mae during the Clintoon administration, and no one in the next office caught on.


11 posted on 02/20/2011 2:56:33 PM PST by kittymyrib
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To: Innovative

Well, since you can’t open a Walmart because black kids would steal and be sent to jail, I guess this makes sense, too.


12 posted on 02/20/2011 2:56:40 PM PST by Krankor (And he's oh, so good, And he's oh, so fine, And he's oh, so healthy, In his body and his mind)
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To: Innovative

Freddie and Fannie - two shining examples of the fruits of affirmative action...


13 posted on 02/20/2011 2:57:52 PM PST by aquila48
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To: Innovative

Yep, when you’re hired primarily on the basis of race, you shouldn’t have a job in the first place.

The South discovered hiring people according to race kept their states in perpetual poverty for almost a century. Now the federal government is learning the same lesson. Hiring people according to race is stupid and counter productive. It destroys economies.

To make matters worse, the federal race-based hiring also mirrors the South by creating a good-old-boy network of like-minded individuals, leading to a system based on political posturing and graft. The feds call it “job protection.” Try to get rid of an incompetent civil servant.

Hire the best, period. Fire those who can’t do the job. And never, ever consider race or ethnicity or gender - unless the job is for a sperm donor or a surrogate mother, and even in those cases, quality is the most important consideration.

When are we ever going to get over the skin color fetish?


14 posted on 02/20/2011 2:59:01 PM PST by redpoll
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To: Recovering Ex-hippie

Where’s my violin,the really small one.


15 posted on 02/20/2011 2:59:12 PM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Innovative
Nobody gives a damn about that anymore - obama wiped out any compassion we had for "minorities" by showing his ass to be completely against anything white.

Thousands of white people have lost their jobs because of freddie and fannies irresponsible shenannigans and I don't really shive a git if they all lose their jobs.

Since the late 50's we've been bending over backwards for just such causes and America has been sliding downhill ever since.

I remember my old Dad back when all this "equal rights" started saying, "it won't be about bringing them up, it will be about taking us down"...he was right.

If they think playing the race card will ever garner them any favors after obama, then they are very mistaken.
16 posted on 02/20/2011 2:59:57 PM PST by FrankR (The Evil Are Powerless If The Good Are Unafraid! - R. Reagan)
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To: bert

“Women, children & minorities hit hardest...”

[Never mind the taxpayers, the goal of limited government, a free society, or consumers making their own spending decisions (consumer sovereignty). And never mind the costly consequences of housing market social-engineering and the effects of raw, forced wealth transfers (theft) by Barney Frank, Chris Dodd, and others — including assorted RINOs).


17 posted on 02/20/2011 3:01:45 PM PST by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: The Antiyuppie

You will find the same jobs program at every postal bulk mail facility.


18 posted on 02/20/2011 3:02:40 PM PST by org.whodat
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To: Frantzie

>>>total reverse discrimination<<<

I agree with your feelings, but please don’t buy into leftist crap. “Reverse discrimination” is just another way of saying that “white” people somehow invented racism and bigotry, and that “nonwhite” people are always the victims and targets.

The reverse of discrimination is acceptance.

Just call a spade a spade. Racism and bigotry are equal-opportunity employers. Any one of God’s children can be a racist. Someone obsessed with skin color and who thinks they can tell someone’s intelligence, culture, and outlook by skin color is a racist. Period.


19 posted on 02/20/2011 3:03:08 PM PST by redpoll
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; ColdOne; Convert from ECUSA; Delacon; ...

Those aren’t careers, they are “reparations”. Thanks Innovative.


20 posted on 02/20/2011 3:03:24 PM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: Innovative
Wait, you mean that "people of color" will have to compete in the job market like everyone else, without recourse to preferential treatment? The hell you say!?
21 posted on 02/20/2011 3:03:50 PM PST by ronnyquest (Barack H. Obama is the Manchurian Candidate. What are you going to do about it?)
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To: aquila48; kittymyrib; bert; Innovative

And two more examples of why government agencies seldom work - they’re not there to perform a function as efficiently and competently as possible, but rather, to reward the groups that help keep the elected politicians in power!

This will never change - it’s the nature of the beast. That’s why we have to stop feeding it.


22 posted on 02/20/2011 3:04:09 PM PST by aquila48
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To: redpoll
"Hire the best, period. Fire those who can’t do the job"

Between Affirmative Action, and Unions, that statement is the reason NEITHER system produces a competitive, top-notch, QUALIFIED productive workforce. Civil Servants and Union Members are nearly IMPOSSIBLE to fire, regardless of incompetence or non-productivity.

23 posted on 02/20/2011 3:04:25 PM PST by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: Farmer Dean

24 posted on 02/20/2011 3:04:42 PM PST by Innovative (Weakness is provocative.)
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To: Innovative
Sounds like reverse racist to me, but that will never fly in this country, ever! We allowed the toilet to over flow and instead of getting the mop we just closed the door.
affirmative action, multiculturalism, social justice, racism, collective salvation, redistribution, reparations found a home because we allowed it. Now we see how big this problem has become and it will be even harder to overcome given the people who support this thinking front and center stage and the media salivates at the mention of..........
25 posted on 02/20/2011 3:05:08 PM PST by ronnie raygun (V)
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To: Innovative

“50 percent of Fannie’s employees and 44 percent of those at Freddie were minorities.”

Cripes. This is the kind of disparity you usually only see with white offensive linemen in the NFL.


26 posted on 02/20/2011 3:05:26 PM PST by jessduntno ("That 3 a.m. phone call from Egypt to Obama went right to the answering machine." - Sarah Palin)
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To: org.whodat
Forgot to add the democrats reward their supporters, the republicans piss on theirs and tell’em it is raining.
27 posted on 02/20/2011 3:05:26 PM PST by org.whodat
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To: aquila48
Freddie and Fannie - two shining examples of the fruits of affirmative action...

And we all know what the third example is!!!!

28 posted on 02/20/2011 3:06:51 PM PST by marlon ("They talk about me like a dog" Barack Obama)
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To: Farmer Dean

29 posted on 02/20/2011 3:07:39 PM PST by SandRat (Duty - Honor - Country! What else needs said?)
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To: kittymyrib
Don't forget that we, the taxpayers, are also footing the bill for his legal defense, at this point, to the tune of 162 million dollars... So that's what, 1/4 billion dollars, just to Raines?

Mark

30 posted on 02/20/2011 3:10:30 PM PST by MarkL (Do I really look like a guy with a plan?)
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To: Innovative
Minority careers? What about the ENTIRE ECONOMY?

Screw 'em... They can suffer like the rest of us when we get laid off.

31 posted on 02/20/2011 3:11:30 PM PST by Dead Corpse (III%. The last line in the sand)
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To: FlingWingFlyer
Let’s put those “minority careers” ahead of the FLIPPIN’ COUNTRY!

You got the picture. Color trumps country.

32 posted on 02/20/2011 3:13:17 PM PST by ladyjane
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To: redpoll

“Hire the best, period. Fire those who can’t do the job. And never, ever consider race or ethnicity or gender”

You can’t do that. See this:

Minority leaders protest hiring practices at tech companies

http://www.mercurynews.com/business/ci_17352998?nclick_check=1

Not to mention Jessie Jackson’s blackmail/shakedown practices against companies who focused on hiring the best, REGARDLESS OF RACE OR SKIN COLOR.


33 posted on 02/20/2011 3:13:58 PM PST by Innovative (Weakness is provocative.)
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To: Innovative

Yup, in the DC area Freddie Mac is well-known as “Steady Freddie” because of the safe and secure jobs it offers.

Guy I worked with years ago, very smart - also happened to be a minority - used to talk about Freddie as his personal security blanket. He’d do the high-risk, high-stress dot.com stuff for a couple/few years, then go back into Freddie for a couple/few when he reached his stress tolerance level.


34 posted on 02/20/2011 3:15:26 PM PST by tanknetter
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To: Innovative

True enough. Jesse and his bully followers are the grandchildren of the Klan. Like the Klan, they have created power for themselves based on the ideas of racial separation and segregation in the workplace and in politics.

They deserve to rot in hell. And that’s just a metaphor for how I really feel.


35 posted on 02/20/2011 3:17:12 PM PST by redpoll
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To: Innovative
Any time I see something about how minorities are hurt by repealing special treatment, I think of how that particular minority group needs to clean their own house and not looking to take things that are not earned.
36 posted on 02/20/2011 3:18:41 PM PST by nerdwithagun (I'd rather go gun to gun then knife to knife.)
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To: FlingWingFlyer

As you said: “Yeah. Let’s put those “minority careers” ahead of the FLIPPIN’ COUNTRY!”

Black Caucus goes after Obama, GOP for ‘draconian’ cuts

http://thehill.com/homenews/house/144873-black-caucus-draconian-spending-cuts-will-harm-minorities-most-?tmpl=component&print=1&layout=default&page=

“Draconian” budget cuts proposed by both House Republicans and President Obama will hit minority communities the hardest and should be rolled back, leaders of the Congressional Black Caucus (CBC) warned this week.

The reductions - targeting programs as diverse as energy subsidies, neighborhood grants and tuition assistance - would only exacerbate the economic troubles of low-income communities at a time when minority unemployment is already much worse than the national average, the lawmakers said. “


37 posted on 02/20/2011 3:21:40 PM PST by Innovative (Weakness is provocative.)
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To: Innovative

WAPO Headline: World Ends Tomorrow. Minority Careers At Risk.


38 posted on 02/20/2011 3:28:16 PM PST by Feckless (I was trained by the US Government to Kill Commies and Radical Moo-slims. Now ain't that irOnic?)
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To: redpoll

“To make matters worse, the federal race-based hiring also mirrors the South by creating a good-old-boy network of like-minded individuals, leading to a system based on political posturing and graft. The feds call it “job protection.” Try to get rid of an incompetent civil servant.”

Yep, It would be nice if the North noticed it doesn’t work and try getting rid of it themselves. They would rather spend time blaming everything on the South by accusing the South of racism. Frying pans calling the kettle black again.


39 posted on 02/20/2011 3:28:27 PM PST by A Strict Constructionist (Oligarchy...never vote for the Ivy League candidate.)
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To: Innovative

Sorry Fannie and Freddie suck big time and the people there have something to do with that. Just because some are minorities does not mean they should be insulated from their failure.


40 posted on 02/20/2011 3:33:32 PM PST by Anti-Bubba182
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To: Innovative
Remember Reagan's line: "A recession is when your neighbor loses his job. A depression is when you lose your job. A recovery is when Jimmy Carter loses his job." Anyway, a necessary cut is one that affects someone else. A draconian cut is one that affects you.

There will be screaming about every cut. The term "government waste" implies that "Oh doo de doo. Garsh! We jest don't know whut we did with that money!" They know darned well what they did! Those $400 pentagon toilet seats weren't the result of incompetence. SOMEBODY signed off on a $400 toilet seat cause SOMEBODY got a kickback from the supplier that was overcharging. And guys, that happens thousands of times every day. There was an article about how some California agency signed a thirty million dollar contract for computers, but cost overruns pushed the price to $300 million. Somebody scammed the taxpayer for $270 million with the aid of the people inside the government.

41 posted on 02/20/2011 3:35:34 PM PST by Richard Kimball
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To: Innovative

As if the role of Fannie and Freddy should be to keep minorities working. Absurd.


42 posted on 02/20/2011 3:39:13 PM PST by youngidiot (Don't let the name fool ya, toots.)
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To: marlon

“And we all know what the third example is!!!!”

YEP!


43 posted on 02/20/2011 3:39:55 PM PST by aquila48
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To: Innovative

Who. Cares.


44 posted on 02/20/2011 3:41:32 PM PST by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: Innovative

Employment isn’t a right. Fannie and Freddie are
insolvent enterprises sucking on the taxpayer
teat. Time to end it.


45 posted on 02/20/2011 3:42:27 PM PST by Myrddin
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To: Innovative
Fannie and Freddie were always all about under the table reparations. Shut 'em down and don't look back.
46 posted on 02/20/2011 3:42:54 PM PST by Paine in the Neck (Napolean fries the idea powder.)
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To: Innovative

It stinks when a job goes away. That’s life.

People of color can suck it up the same way as people without color, and pound the pavement looking for the next paycheck.


47 posted on 02/20/2011 3:49:15 PM PST by FourPeas
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To: Innovative

“Do you think an article would ever have been published lamenting the loss of jobs of white Americans?”

Nope. One thing you will not hear the lilly white MSM say is “white christian men hardest hit.”


48 posted on 02/20/2011 3:49:54 PM PST by EQAndyBuzz (The way to beat a terrorist is to terrorize him.)
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To: MarkL

Raines along with some of our “Elected Elites” should be in jail.


49 posted on 02/20/2011 3:55:38 PM PST by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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To: Innovative

World ends; women and minorities hardest hit.


50 posted on 02/20/2011 3:59:54 PM PST by denydenydeny (Power always thinks it has a great soul and vast views, beyond the comprehension of the weak-Adams)
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