Skip to comments.And You Thought the Housing Crisis Was Over! The Community Reinvestment Act is back
Posted on 07/27/2012 5:37:12 AM PDT by reaganaut1
Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the bag and all five of the Wall Street investment houses either went under or had to be bailed out by the federal government?
And do you remember how, when it was all over, liberals said it was actually the banks' fault for "deceiving" all those people into thinking they could afford to buy homes and that the banks should be punished for it and some of those people be allowed to keep their homes anyway? And do you remember how all this cost the government close to a trillion dollars and put the whole economy in a hole that we really haven't begun to dig ourselves out of yet?
Well, get ready because the whole thing is about to happen again.
I think what we are witnessing is the looting of America on behalf of minorities in a way that better end soon or we are going to bring the whole system down upon our heads.
With the current administration in power, the perception is growing among minorities that everything in the economy is rigged against them but that President Obama and his administration are going to solve everything for them.
(Excerpt) Read more at spectator.org ...
He is spot on. The money was stolen and will never be recovered from those in the criminal enterprise that took it.
They are set forever......peons be damned. America be damned.
We need much more capital punishment for these crimes
If there had been, there default rate would have been lower than everybody else' default rates, meaning they were being held to higher underwriting standards than everybody else.
Their default rate was higher than everybody else' default rates, meaning they were already being held to lower underwriting standards.
“We need much more capital punishment for these crimes”
I’ve often thought we were way too soft on “white collar” crime myself. Thieves who sit behind desks steal more than thieves who hold up liquor stores.
All in a plan, destroy the housing market for redistribution purposes
NJ political criminals issued fed monies to purchase forclosed homes and relocate, drug dealers, sex offenders, convicts and alike into suburban forclosed homes. I predicted this scam early, I said forclosed homes would be bought up by the feds for redistribution purposes, another way around the community reinvestment act. Taxpayerminute.com
Your logic is dead on....
“Ive often thought we were way too soft on white collar crime myself. Thieves who sit behind desks steal more than thieves who hold up liquor stores.
If I remember correctly it was Al Capone who stated that “You can steal more money with a pencil than a gun”, Things haven’t changed any that I can see,
I second your comment. His logic is dead on.
At least now this is being discussed openly.
Obama is leaving this country with two alternatives - economic collapse or race war.
Four years ago, PEGGY JOSEPH told us he would take care of her car payment and mortgage payment. It was memorialized in song on YouTube =
And wasn’t CBS’s “Sixty Minutes,” the Leftists’ mouthpiece, the catalyst for Congress to “do something” about the EVIL practice of “red-lining” in the ghettos? In their Special Report, EVIL banks were damned for refusing to loan mortgage money to people who couldn’t afford a house.
Naturally, the Democrats sprang into action, threatning the banks that were so racist and passing legislation that made taxpayers the co-signers to these bad loans.
The rest is history....a history that the Left is furiously trying to rewrite after the collapse of the housing market that so negatively affected the rest of the economy.
That credit rating of 795? You didn’t build that.
HERE IS THE SONG LINK
I strongly believe the purpose of this activity by the Communist enemies within the structure of our system of governance is to destroy the capitalist system.
Bankrupting this government, this Nation, this beautiful flower is their goal. They believe that from the compost of what was that beautiful flower of freedom, and liberty the weed that is collectivism, the weed that is Communism will grow, and in their minds flourish as they will be the all powerful whom of course know better than even GOD how to rule the World.
Yet their Utopia under collectivism exists nowhere on earth except in their minds.
I guess the right people haven’t been in control before when it has been tried before. They are of course the smartest people alive and if we’d only follow them, nirvana is just over the next hill.
ONLY minority customers? This is unconcealed discrimination! Apparently, a white person on food stamps need not be considered, but a "minority" in the same situation must be considered.
So, it's apparently ONLY illegal to discriminate against a "minority" (a.k.a. race hustler), but perfectly ok to discriminate against anybody else.
Certainly looks that way.
It is the fault of the banks FOR NOT STANDING UP AGAINST A DISHONEST PRACTICE. This Administration is as dishonest as the day is long. This DOJ is as racially prejudiced as Hitler. This AG is both. When will the shareholders force the issue. class-action case against the banks’ boards is in order?