Holder Launches Witch Hunt Against Biased Banks

Investor's Business Daily ^ | 7/8/2011 | Paul Sperry

[TimSkalaBim]

In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.

[snip]

Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood."

Perez has put in place an infrastructure to enforce "fair lending" — including a first-of-its-kind Fair Lending Unit staffed with more than 20 lawyers, economists and statisticians.

He's appointed a special lending cop to run it — Special Counsel for Fair Lending Eric Halperin, who also worked for Reno. Before returning to Justice, Halperin was chief Washington lobbyist for the Center for Responsible Lending, an anti-redlining group that urged banks to relax lending standards for low-income urban borrowers before the crisis.

[TimSkalaBim]

DOJ plundering banks. Banks continue to be persecuted for not making risky loans to financially shaky borrowers, and face prosecution for making risky loans to financially shaky borrowers ("predatory lending").

[martin_fierro]

[Traveler59]

Wag the Dog. Don’t worry about Fast and Furious.

[arrdon]

When they finally succeed in making the banking industry extinct, maybe sooner, they will be battering down the doors of our homes demanding, too. It’s all about their conviction that somebody owes them something. Good cause; we’ve given in to them for the last forty years.

[Baynative]

"...the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit"

How can anyone say such a thing with straight face? This like telling businesses to give away merchandise to people who say they can't afford it.

[FrankR]

Bankers trying to follow good lending practices makes them like "klansmen" but the Black Panthers intimidating voters is ok...

[E. Pluribus Unum]

If blacks were being discriminated against, they would have a lower default rate than the general population.

They have a far, far higher default rate, which means that everybody else is being discriminated against.

What Eric Holder wants is for the banks to simply give money to "his people."

Period.

Good thing Project Gunrunner is going to put him in the slammer.

[Diogenesis]

The DOJ and Holder have transferred automatic weapons
(Fast and Furious; keyword ‘gunrunner’)
to Hezbollah and Mexicans and others who now need a place
to store them in the USA before .... Holder gives the signal.

[Vaquero]

Holder needs to be impeached and arrested.

[Vendome]

 

 

 

 

 

 

[svcw]

We are in the process of refinancing our home. There is that question that asks “race”. My lender told me straight out that they are so tired of being raked over the coals about not lending to “risky” minority clients that they relax the standards. Unless it is so obvious the people can not make the payments they lend, if there is any question the lend.
What she said was the bottom line is the government is forcing them to lend to people who are not qualified, which leaves less money for people who do qualify.

[mcshot]

This is beyond frustration and a clear indication that the financial downfall of this Country is their main goal. “Minorities” hell it was just reported that whites are a minority but we're not “his people”.

[TimSkalaBim]

The extortion techniques DOJ employs against banks is the same that they used in Fast and Furious — in each case DOJ is quietly fomenting the crimes it publicly wants to prosecute. So this article doesn’t take away from the issue you raise, it demonstrates the pattern of DOJ’s practiced method of corruption.

[mike-zed]

It’s sadly evident that leftist blacks are the most racist people in this nation.

[ProtectOurFreedom]

[TimSkalaBim]

Not only less money for people who would otherwise qualify, but when the risky borrowers default, we will all be on the hook — mortgage meltdown redux. Thanks for your post.

[Minn]

If these loans to Eric's people are such a safe bet, than some of Eric's people, and others that share Eric's people's views, should be more than happy to make a safe, profitable investment.

They should be happy that some dumb racist left the field clear for them, not complain about it.

[SunkenCiv]

Thanks TimSkalaBim.

...has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit... Perez has compared bankers to Klansmen... he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood."

[Artie]

“This like telling businesses to give away merchandise to people who say they can’t afford it”

I hate to say this, its off topic, but the above statement is what democrats have been doing to the healthcare industry for 50 years. It is now the law of the land. Free healthcare, Free houses, Free food.

[BitWielder1]

It’s sadly evident that leftist blacks are the most racist people in this nation.

Definitely.
While whites are trying to tamper down on the remaining embers of racism, the black race baiters are actively fanning theirs.