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Reno urges banks to market services to minority areas
Jet ^ | Sept 12, 1994 | N/A

Posted on 09/23/2008 2:41:45 PM PDT by Rodm

Following a landmark lending discrimination settlement, U.S. Attorney General Janet Reno recently issued a stern warning to all banks which practice red-lining--you're breaking the law and face possible litigation.

Reno's warning came on the heels of a recent settlement of an unprecedented lending-bias case against Chevy Chase Federal Savings Bank, a suburban Washington, D.C., bank that was accused of bias in marketing services to predominantly Black and minority areas.

It was revealed that until recently, Chevy Chase had no branches located in predominantly Black neighborhoods.

(Excerpt) Read more at findarticles.com ...


TOPICS: Business/Economy; Government; Politics/Elections
KEYWORDS: fanniemae; freddiemac; govwatch; housingbubble; mortgage; redlining; reno
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The bank denied the charges of bias, but did agree to make $140 million in subsidized or below-marketrate mortgage loans to neighborhoods it is accused of discriminating against.
1 posted on 09/23/2008 2:41:45 PM PDT by Rodm
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To: Rodm

Much of this entire issue began in the stench of the Clinton “administration”....


2 posted on 09/23/2008 2:43:20 PM PDT by EagleUSA
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To: Rodm

Taxpayers are probably paying for this today!


3 posted on 09/23/2008 2:43:44 PM PDT by Rodm (Seest thou a man diligent in his business? He shall stand before kings)
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To: Rodm

And the hits just keep on comin!


4 posted on 09/23/2008 2:44:04 PM PDT by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
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To: Rodm

Seems to me that govt. forcing lending institutions to loan money in minority areas is how we got into this financial mess to begin with.
Let’s lend money to those who never will be able to repay.
Great idea.


5 posted on 09/23/2008 2:44:49 PM PDT by Joe Boucher (An enemy of Islam)
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To: EagleUSA

Yet can you find a single Democrat that has admitted any connection to the crisis?


6 posted on 09/23/2008 2:44:50 PM PDT by IrishCatholic (No local communist or socialist party chapter? Join the Democrats, it's the same thing.)
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To: Jim Robinson

Of interest, sir, considering your previous find of that 1999 Slimes article.


7 posted on 09/23/2008 2:49:57 PM PDT by Virginia Ridgerunner (Sarah Palin is a smart missile aimed at the heart of the left!)
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To: Rodm

“I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion.”

The President-June 2002


8 posted on 09/23/2008 2:50:37 PM PDT by trumandogz
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To: IrishCatholic

Yet can you find a single Democrat that has admitted any connection to the crisis?
::::::::::
Of course not — they are professional criminals, and professional liars.


9 posted on 09/23/2008 2:51:00 PM PDT by EagleUSA
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To: EagleUSA

Social engineering is the root cause of this mess.

Money won’t fix this any more than money fixes schools.


10 posted on 09/23/2008 2:53:23 PM PDT by NoLibZone (Fannie Mae & Freddie Mac - are not facing any kind of financial crisis,'' Barney Frank 9-10-03)
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To: EagleUSA

JANET RENO where are you? You must belly up to the bar and drink like a MAN, you’ve made banks lend money to people who weren’t reasonable risks! How dare you! Janet, I know you are reading this, and you won’t get your minions to vote for your party in Florida this time now that the finger is pointed at YOU, honey.


11 posted on 09/23/2008 2:54:07 PM PDT by rovenstinez
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To: Rodm

BTT!


12 posted on 09/23/2008 2:56:26 PM PDT by AuntB ( "During times of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: EagleUSA

I agree but we had 1994 to 2006 to make some adjustments. I still think the leftists made this bed, but we sure didn’t clean the sheets.


13 posted on 09/23/2008 2:59:55 PM PDT by DoughtyOne (McCain, the Ipecac president... Obama the strychnine president...)
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To: Rodm

“Whom God would destroy, He first makes mad.”


14 posted on 09/23/2008 3:07:10 PM PDT by Dick Bachert
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To: Rodm

Do the minority applicants have to qualify or is the color of their skin enough?


15 posted on 09/23/2008 3:07:52 PM PDT by yldstrk (My heros have always been cowboys--Reagan and Bush)
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To: Rodm; Grampa Dave; tubebender; NormsRevenge; calcowgirl; Dog Gone; BOBTHENAILER

Good ol JAMMIT RENO!!! She brought us the Koresh thing in Waco, Elian Gonzales and now this. The bich that just keeps on giving!!! (I know I’ve left some stuff out)


16 posted on 09/23/2008 3:22:55 PM PDT by SierraWasp (Obama... Just another lying Commonist Communutty Organizing thug from the south side of Chicago!!!)
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To: Rodm

The DemocRATS created this mess, and now they have the nerve to try to blame it on everyone else.


17 posted on 09/23/2008 3:28:25 PM PDT by B Knotts (Calvin Coolidge Republican)
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To: EagleUSA

I’ve tried to explain that to liberal friends of mine after one of them flat-out said “this is Bush’s $700 billion bailout, his constituents need to pay for it.” I showed him the NYT article from 1999 that mentions Fannie’s liberalization of buying subprime mortgages (with Franklin Raines at the helm), I explained to him about the 1997 CRA changes that caused “community organizers” like his beloved Obamessiah to pressure banks into risky lending, I showed him that Chris Dodd and Barney Fwank are the biggest pushers in Congress behind Fannie and Freddie.

His reply? “The Republicans were in charge of Congress from 1994 to 2006, it’s their fault, and Fannie/Freddie have been utilized by Bush as part of his ‘ownership’ society since 2001 and the Democrats should have stood up to him.” It’s just nothing but willful ignorance. It blows my mind. Then again, he’s part of a crowd that’s flat-out said the top 1% of earners need to be massively taxed because they’ve hoarded too much money and that money needs to be recirculated into the economy. Utterly amazing.

}:-)4


18 posted on 09/23/2008 3:48:32 PM PDT by Moose4 (http://moosedroppings.wordpress.com -- Because 20 million self-important blogs just aren't enough.)
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To: NoLibZone
Social engineering is the root cause of this mess.

Bingo!

19 posted on 09/23/2008 3:57:27 PM PDT by Right_in_Virginia
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To: Moose4

It’s just nothing but willful ignorance. It blows my mind. Then again, he’s part of a crowd that’s flat-out said the top 1% of earners need to be massively taxed because they’ve hoarded too much money and that money needs to be recirculated into the economy. Utterly amazing.
::::::::::::::
I agree, great post. Rush is totally right when he says that “America’s most plentiful commodity is IGNORANCE...” — he kindly left out stupidity and selfishness. That would have fully encompassed today’s breed of liberal dregs.


20 posted on 09/23/2008 5:10:35 PM PDT by EagleUSA
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