Posted on 02/07/2014 5:06:25 PM PST by jazusamo
Racial Politics: Like mortgage lenders, the auto industry is inoculating itself against trumped-up racism charges by adjusting the way it prices loans. Eric Holder's witch hunt is spreading — and doing lasting damage.
On Friday, the National Automobile Dealers Association issued new "fair credit" guidelines to protect the 16,000 car dealers it represents from discrimination lawsuits filed by the Justice Department and Consumer Financial Protection Bureau. The agencies have teamed up to frame car lenders as bigots after successfully framing home lenders.
"Fulfilling these goals is particularly important in light of recent allegations," NADA said in a memo to members.
Last month, Attorney General Eric Holder and his diversity cops sent a chill through the industry when they slapped the nation's biggest auto lender, Ally Bank, with a $100 million penalty for alleged racist "mark-ups" on loans to minorities.
"With this largest-ever settlement in an auto loan discrimination case, we are taking a firm stand against discrimination in a critical lending market," Holder said. "By requiring Ally to provide refunds to those who are overcharged because of their race or national origin, this agreement will ensure relief for Americans who are victimized."
What's more, Holder snarled, "it will reinforce our determination to respond aggressively to discrimination in America's lending markets — wherever it is found."
Ally denied the charges and argued there's no evidence its participating dealers are discriminating either. But lenders and dealers alike are under growing political pressure from not only Justice but the CFPB, Obama's new credit cop, to comply with new race-based lending standards.
CFPB chief Richard Cordray last week claimed racism "is fairly widespread" in the auto industry.
(Excerpt) Read more at news.investors.com ...
One good thing that may will come out of this is, the repossessions that are inevitable from poor credit loans may be enough to replace the inventory that was destroyed in Obama’s “Cash For Clunkers” fiasco.
spoken by the HOLDER of false credentials
Who could have seen this coming .... especially with Government Motor cars backed up and rusting on the dealer lots.
Yep, everything about him is phony as a three dollar bill.
You couldn’t be more right.
Let me see, people on welfare can’t afford new cars? Really? Well then, that’s a massive effect of obvious racism!
/s
It would be hard to keep a straight face when you read this S, except that we know exactly what the end result will be.
More middle class people will be ruined, to make things more fair.
Folks, if you’re paying your bills, you’re obviously idiots, in Obama’s Amerka.
three dollar bill
hmmm... trifraud...
with no leg to stand on
Just 2 weeks ago the NADA had Clinton speak. No doubt paid well.
Shakedown. Totally.
If tomorrow the Chinese invaded the US, E. Holder would have his DOJ conduct studies on how various minorities are affected.
You’re dealing with a man who built his career on the issue of race, someone who grew up in the era of race politics, and who studied in US colleges in the era of race academics, who was appointed by a President because of race, and you are surprised that the only thing he sees and understands is “race?”
No surprise, everything about Holder is due to his focus on racism.
See the fascism take over? Democrats.
I was an automotive bookkeeper for 35 years. I’ve worked at dealerships selling cars ranging from Subaru to Cadillac. I never yet saw a contract or a credit application that specified race on it. So I’d like to know how the DOJ identifies people that they think are being discriminated against. This is just another tactic to intimidate auto dealers just like when Obama facilitated the closing of dealerships who weren’t friendly to him back during the GM bailout.
Just like in the '90s when the Clinton admin and his loyal crook Janet Reno forced the banking industry to lower standards. It was proven that the banks used impartial, math formulas to determine the worth of loan seekers. No racism was involved.
Why the h.ll would any business or lending institution discriminate against anyone who could make them money? The truth is, they wouldn't. Our country is being run by racist crooks who won't stop until they wreck everything
Wasn’t Ally Bank in on the bank bail outs? You reap what you sow, *Ally*. Maybe it’s all part of a reparations/slush fund pay out *agreement*. Who knows?
I have no doubt that it’s all a part of a huge reparations plan. There are too many of these things happening for there not to be a pattern. Everytime you look, someone’s on the hook for paying for “disparate impact” or discrimination at not being born rich. The “victims” are generally black and the ones on the hook in the end, every time, are the remaining white middle class taxpayers. Hussein & Co are striking while the iron’s hot, and they have three years left to inflict more racially-based redistribution. Pigford, HUD, Agenda 21, favoritism of blacks in government jobs (which just happen to be the only jobs which aren’t decreasing)-the ways to wreak havoc upon the white middle class will be endless.
The very rich can protect their wealth, the welfare class don’t produce any, only leech off that of others. That leaves a shrinking middle class pulling the wagon.
That’s a great point. Businesses and lenders are there to make money and they don’t care who they make it from but they certainly want to screen people for their ability to pay their debts.
Yes, Ally Bank was formerly GMAC and they were bailed out as well as GM.
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