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Holder Launches Witch Hunt Against Biased Banks
Investor's Business Daily ^ | 7/8/2011 | Paul Sperry

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 ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; News/Current Events
KEYWORDS: banks; barney; barneyfrank; cloward; clowardpiven; consumerprotection; cra; cra2; crapart2; czar; discrimination; doddfrank; doj; erichalperin; ericholder; fairlending; financialcrisis; frank; halperin; holder; janetreno; loans; mortgage; mortgagecrisis; piven; racism; reno; reparations; shakedown; subprime
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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").
1 posted on 07/09/2011 7:11:26 AM PDT by TimSkalaBim
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To: TimSkalaBim

2 posted on 07/09/2011 7:13:06 AM PDT by martin_fierro (< |:)~)
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To: TimSkalaBim

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


3 posted on 07/09/2011 7:13:11 AM PDT by Traveler59 ( Truth is a journey, not a destination.)
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To: TimSkalaBim

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.


4 posted on 07/09/2011 7:14:28 AM PDT by arrdon (Never underestimate the stupidity of the American voter.)
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To: TimSkalaBim
"...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.

5 posted on 07/09/2011 7:16:43 AM PDT by Baynative (Truth is treason in an empire of lies)
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To: TimSkalaBim
Bankers trying to follow good lending practices makes them like "klansmen" but the Black Panthers intimidating voters is ok...

FAVORITE COLOR
6 posted on 07/09/2011 7:17:56 AM PDT by FrankR (A people that values its privileges above its principles will soon lose both.)
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To: TimSkalaBim
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.

7 posted on 07/09/2011 7:19:01 AM PDT by E. Pluribus Unum ("A society of sheep must in time beget a government of wolves." - Bertrand de Jouvenel des Ursins)
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To: TimSkalaBim

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.


8 posted on 07/09/2011 7:20:38 AM PDT by Diogenesis (Nothing surpasses the complexity of the human mind. - Leto II: Dar-es-Balat)
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To: TimSkalaBim

Holder needs to be impeached and arrested.


9 posted on 07/09/2011 7:20:38 AM PDT by Vaquero ("an armed society is a polite society" Robert A. Heinlein)
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To: TimSkalaBim
 
 
 
 
 
 

10 posted on 07/09/2011 7:23:01 AM PDT by Vendome ("Don't take life so seriously... You'll never live through it anyway")
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To: TimSkalaBim
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.
11 posted on 07/09/2011 7:23:15 AM PDT by svcw (democrats are liars, it's a given)
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To: Baynative
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”.
12 posted on 07/09/2011 7:23:53 AM PDT by mcshot ("...of the people, by the people, for the people..." but we aren't "his people".)
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To: Traveler59

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.


13 posted on 07/09/2011 7:26:28 AM PDT by TimSkalaBim
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To: TimSkalaBim

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


14 posted on 07/09/2011 7:26:53 AM PDT by mike-zed
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To: TimSkalaBim

15 posted on 07/09/2011 7:30:27 AM PDT by ProtectOurFreedom
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To: svcw

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.


16 posted on 07/09/2011 7:31:27 AM PDT by TimSkalaBim
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To: TimSkalaBim
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.

17 posted on 07/09/2011 7:34:50 AM PDT by Minn (Here is a realistic picture of the prophet: ----> ([: {()
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

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."

18 posted on 07/09/2011 7:36:00 AM PDT by SunkenCiv (Yes, as a matter of fact, it is that time again -- https://secure.freerepublic.com/donate/)
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To: Baynative

“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.


19 posted on 07/09/2011 7:41:37 AM PDT by Artie
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To: mike-zed
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.

20 posted on 07/09/2011 7:42:07 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: ProtectOurFreedom

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.


21 posted on 07/09/2011 7:42:53 AM PDT by TimSkalaBim
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To: TimSkalaBim
Isn't this how the last financial crisis started?
Lending money to people who had no chance of paying it back and leaving taxpayers to hold the bag.
How is more of the same supposed to be good?

22 posted on 07/09/2011 7:44:35 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: BitWielder1
Isn't this how the last financial crisis started? Lending money to people who had no chance of paying it back and leaving taxpayers to hold the bag. How is more of the same supposed to be good?

Its good for those who want to collapse the system. Can you say,"Cloward-Piven"?

23 posted on 07/09/2011 7:51:49 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: TimSkalaBim

The recent (sub-prime) affirmative action lending debacle was not destructive enough?


24 posted on 07/09/2011 7:51:54 AM PDT by Will88
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To: BitWielder1

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.


25 posted on 07/09/2011 7:53:03 AM PDT by Texas resident (Hunkered Down)
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To: BitWielder1
Right you are! I guess when Chris Dodd and Barney Frank not only skated by any accountability for their roles in the whole mess, but actually wrote the law to "reform" the system they helped create, then left-wingers concluded they can get away with anything. Heck, they figure, we'll do the exact same thing again and who will stop us?
26 posted on 07/09/2011 7:54:50 AM PDT by TimSkalaBim
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To: TimSkalaBim
Right you are! I guess when Chris Dodd and Barney Frank not only skated by any accountability for their roles in the whole mess, but actually wrote the law to “reform” the system they helped create, then left-wingers concluded they can get away with anything. Heck, they figure, we'll do the exact same thing again and who will stop us?


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.

27 posted on 07/09/2011 8:03:59 AM PDT by Linda Frances
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To: TimSkalaBim

Sad


28 posted on 07/09/2011 8:06:39 AM PDT by Last Dakotan
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To: TimSkalaBim
I went to grade school with Perez. His father was a doctor, so he definitely did not grow up in poverty. And I doubt that he's ever worked in the private sector, so his view of how banks do business is straight out of the Marxist playbook.
29 posted on 07/09/2011 8:15:19 AM PDT by Major Matt Mason (Government doesn't create jobs, it only creates expenses.)
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To: svcw
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.

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.

30 posted on 07/09/2011 8:15:25 AM PDT by PapaBear3625 (In the land of the pig, the butcher is king.)
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To: TimSkalaBim

well, here we go again
bad loans = reparations

let’s just call it what it is


31 posted on 07/09/2011 8:22:36 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: Major Matt Mason
Interesting -- in fact, DOJ very much wants to keep its methods secret, hidden and out-of-sight. From IBD's article--
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.

32 posted on 07/09/2011 8:24:04 AM PDT by TimSkalaBim
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To: TimSkalaBim
JANET RENO - CRA part II

It worked so well the 1st time...

33 posted on 07/09/2011 8:25:10 AM PDT by smokingfrog ( sleep with one eye open ( <o> ---)
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To: svcw

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.


34 posted on 07/09/2011 8:25:31 AM PDT by sheana
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To: sheana

Nice!


35 posted on 07/09/2011 8:28:10 AM PDT by svcw (democrats are liars, it's a given)
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To: silverleaf
bad loans = reparations
let’s just call it what it is

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.

36 posted on 07/09/2011 8:37:31 AM PDT by TimSkalaBim
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To: TimSkalaBim

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.


37 posted on 07/09/2011 8:39:10 AM PDT by junta ("Peace is a racket", testimony from crime boss Barrack Hussein Obama.)
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To: BitWielder1
While whites are trying to tamper down on the remaining embers of racism, the black race baiters are actively fanning theirs.

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.

38 posted on 07/09/2011 8:39:45 AM PDT by sand88 (Sarah Palin announces her run: August 12, 2011 11:10am ET)
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To: svcw

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.


39 posted on 07/09/2011 8:48:07 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: TimSkalaBim

You wanted “Change” America.....


40 posted on 07/09/2011 8:53:20 AM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: Major Matt Mason
I went to grade school with Perez. His father was a doctor, so he definitely did not grow up in poverty. And I doubt that he's ever worked in the private sector, so his view of how banks do business is straight out of the Marxist playbook.

He's in a Senate-confirmed position, right? Why the heck doesn't one of the GOP-led House Committees just summon him up to the Hill, put him under oath, and then force him to "clarify" his statements and positions? Throw what he's said in his face and force him into looking like a complete idiot.

(then again, I'm pretty sure I know the answer to that. Sigh.)
41 posted on 07/09/2011 8:57:02 AM PDT by tanknetter
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To: PapaBear3625

a half million people dieing in the Civil War paid serious reparations..


42 posted on 07/09/2011 9:01:22 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
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To: TimSkalaBim

When in danger, when in doubt, play the race card.


43 posted on 07/09/2011 9:01:43 AM PDT by ozzymandus
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To: TimSkalaBim
Sounds like the same story that we heard during the Clinton Administration. Janet Rino threatened to prosecute bankers.

And, the libs have the gall to blame the 'rich' bankers when the housing market collapses.

Here we go again!

44 posted on 07/09/2011 9:17:24 AM PDT by CharlyFord
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To: TimSkalaBim
Should read:

"Holder Launches Witch Hunt Against Biased Banks Blacks"

45 posted on 07/09/2011 9:37:06 AM PDT by The Sons of Liberty (Psalm 109:8 Let his days be few and let another take his office. - Mene, Mene, Tekel, Upharsin)
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To: TimSkalaBim
Holder Launches Witch Hunt Against Biased Banks

Holder Launches Witch Hunt Against Unbiased Banks

46 posted on 07/09/2011 9:37:43 AM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
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To: TimSkalaBim


47 posted on 07/09/2011 9:40:52 AM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
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To: Iron Munro

Hmm, good point. IBD convicted the banks in their headline. Disappointing, but still an informative article.


48 posted on 07/09/2011 9:41:31 AM PDT by TimSkalaBim
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To: TimSkalaBim

The banks should do as Michael “Midas” Mulligan did in ATLAS SHRUGGED

MIDAS MULLIGAN
http://www.conservapedia.com/Midas_Mulligan


49 posted on 07/09/2011 9:55:31 AM PDT by Sons of Union Vets (No taxation without representation!)
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To: E. Pluribus Unum; TimSkalaBim; arrdon; Baynative; FrankR; Vaquero; Vendome; mcshot; Minn; ...

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

________________________________________________________

Here is Bush’s speech pushing home loans for totally unqualified minorities.

http://www.youtube.com/watch?v=MqR15H0gNBU


50 posted on 07/09/2011 10:02:27 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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