Posted on 07/09/2011 7:11:24 AM PDT by 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.
(Excerpt) Read more at investors.com ...
I take your point. Maybe Holder thinks he can create a misdirection by going after the “big, bad banks”, but thanks to IBD, he might be demonstrating a pattern of conspiracy and corruption. Don’t know if banks can get him out of Gunrunner.
Its good for those who want to collapse the system. Can you say,"Cloward-Piven"?
The recent (sub-prime) affirmative action lending debacle was not destructive enough?
This whole crap started with barney frank and chris dodd, leaders of the banking committees. They held up banks expansion plans in order to force them to lend to certain folks (democrat voters). The banks knew that the loans would be bad so the feds made a deal with them to buy up any bad loans. The bad loans were then bundled up with real notes and sold as investments instruments. When the owners of these investments found out that they had been had, the poop hit the fan.
Now the doj is taking over that role. Big difference is that the doj is federal law enforcement, not just a senator or a rep.
The marxists in dc now own the banks and are running them according to their political needs. And since they own the banks, they can and probably force their banks to make more and more risky loans that got us in this mess in the first place. This is intentional.
BINGO! These people are not held accountable for anything they do (they say only the people who say morals are held accountable). No one is going after anything they are doing. There is a lot of talk....but no real consequences.
Hearings, meetings,....where do they lead? Nowhere.
Sad
Yet another affirmative-action subsidy. If they were non-minority, they would be charged a FAR higher interest rate to make up for the risk (assuming they were given a loan at all). Then add up the excess salary that companies give to minorities that are hired for positions above what they would get if they were non-minorities.
When some joker talks about "reparations", laugh in his face and tell him that it's been paid many times over, in blood (during the Civil War) and later to this day.
well, here we go again
bad loans = reparations
let’s just call it what it is
As part of settlement deals, prosecutors have required banks to sign "nondisclosure agreements" barring them from talking about the methods used to allege discrimination. … Justice confirmed it has asked banks to keep its methodologies, which include computer-based statistical analysis, secret.
When Justice has to operate in the shadows, it's not justice. Thanks for your post.
It worked so well the 1st time...
My white daughter, who has a great paying job now, has been having a problem getting financed to buy a home because of past financial problems. I told her the next time she applies to mark the hispanic box and she would be home free.
Problem is she is whitey white so I said if they question you cry racist!!
People need to learn how to play the libs games.
Nice!
Funny you should say that -- the article does indeed call it what it is--
For the first time, prosecutors are judging banks for the secondary impact their policies have on entire minority communities, not just households. And they're ordering reparations accordingly.
Democratic party funding plan paid for by the “poor” and then the taxpayers. Make loan to deadbeat pass it to GSE, GSE plays with it, securitizes it sends it to FED makes a few dollars and sends a percentage to the corrupt D’s.
Exactly. Holder is an evil racist pig. Holder absolutely HATES white people and capitalism. It astounds me how this racist administration is destroying our Republic before our eyes.
True justice would have Holder and the rest of the Administration placed in a prison in the desert, breaking rocks for 100 years.
On the question of race on my census form I put down HUMAN.
Granted I did not put down humanese but someone may get the picture I don’t care a whit about what or why they think the government needs this info...an enumeration of the population is one per one, not one per one by race in my book.
You wanted “Change” America.....
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