[bert]

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

[GenXteacher]

“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.

[skeeter]

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.

At least now this is being discussed openly.

Obama is leaving this country with two alternatives - economic collapse or race war.

[smokingfrog]

0bama money!

[doug from upland]

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 =

http://www.freerepublic.com/focus/f-chat/2128812/posts

[txrefugee]

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.

[listenhillary]

That credit rating of 795? You didn’t build that.

[listenhillary]

The bank will have to "prominently display" a notice informing minority customers that they cannot be turned down for loans just because they are receiving public assistance such as unemployment benefits, welfare payments or food stamps. (Maybe they can even use food stamps for the down payment.) Wells Fargo must provide minority customers $50 million for down-payment and closing-cost assistance, including "Borrower Assistance Grants" of up to $15,000 per individual.

[rockinqsranch]

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.

[I am Richard Brandon]

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?

[my small voice]

I think you nail it. Nobody is punished for crime anymore...except the peasants. If you are an elected official (esp and Dem), you just wait it out, call it racist or politically motivated, and you are good to go.

The reason corruption is so rampant is because nobody has any fear of being punished (Look at Rangel and Waters). If we eased restrictive business policies, cut taxes and made sure that all who cheated to get more were punished to the point of regret, all would be just fine.

Equal protection under the Law is on a holiday.

[sickoflibs]

RE :”Yes, believe it or not, the federal government is now starting another initiative to force banks to lend to low-credit-rated blacks and Hispanics — not just anybody but specifically blacks and Hispanics — and is threatening — and already imposing — huge punitive fines if they don't. Moreover, this time they're going even further. They're going to take over the credit rating agencies and force them to change their standards to accommodate blacks and Hispanics so that nobody will have any idea who is a bad credit risk and who is not. In so many words, the government is about impose its will on the whole home-lending market and force another round of bad loans so that the banks are going to be looted once again so that even the federal government may not be able to bail them out this time...........
The principle instrument this time is not the Justice Department, Fannie Mae and Freddie Mac, as it was last time, but the brand-new Consumer Finance Protection Bureau, designed by good old Elizabeth “Nobody-Ever-Made-It-On-Their-Own” Warren, which should really be called the Bureau for Bringing Down the Entire Economy. As reported in last Sunday's New York Post by Hoover Institution Media Fellow Paul Sperry, the CFPB has just announced that it is adopting a 20-page “Policy Statement on Discrimination in Lending” issues by the Interagency Task force on Fair Lending in 1994 that kicked off Attorney General Janet Reno's draconic enforcement of the Community Renewal Act. Part of the policy statement reads, “Applying different lending standards or offering different levels of assistance to applicants who are members of a protected [i.e., minority] class is permissible in some circumstances. Providing different treatment to applicants to address past discrimination would be permissible if done in response to a court order.” There are already plenty of court orders sitting around.
.......
Just two weeks ago Wells Fargo caved to a Justice Department offensive and paid $175 million for alleged past discriminating against minority borrowers. All this occurred even though the bank received an "outstanding" grade in its most recent Community Reinvestment Act exam. The government did not even bother to prove discrimination in a single instance but relied instead on statistics showing lower rates of homeownership in minority neighborhoods. Thomas Perez, the Justice Department honcho who is spearheading this campaign, says banks discriminate "with a smile" and "fine print" and are "every bit as destructive as the cross burned in a neighborhood." Nice objective evaluation there.
As in most such cases, Wells Fargo chickened out about going to court and refused to admit any wrongdoing but agreed to all kinds of diversity training and sensitivity counseling. The bank will have to “prominently display” a notice informing minority customers that they cannot be turned down for loans just because they are receiving public assistance such as unemployment benefits, welfare payments or food stamps. (Maybe they can even use food stamps for the down payment.) Wells Fargo must provide minority customers $50 million for down-payment and closing-cost assistance, including “Borrower Assistance Grants” of up to $15,000 per individual. It was also ordered to pay $125 million to as yet unnamed victims of previous discrimination. But get this! If those past victims don't show up, the money must be handed over to community organizing groups. President Obama, you have a job waiting for you if you lose office this fall.’

CRA is back ping. Chilling stuff.

I have to question the part about the Warren Consumer Protection Agency taking over the credit ratings. I dont see how they can even punish the agencies for their ratings let alone take them over.

Is the House investigating this?

[buffyt]

I as just thinking, did the minorities who were denied home loans have a job? I used to work at a bank, and we didn’t care if you HAD skin at all, so long as you could repay the loan!

[Major Matt Mason]

At this point, it should be fairly easy to create a political ad that states (or implies) that Democrats are attacking our economy and our way of life. They have truly become the anti-American party. Will the GOP have the stones to do this? Probably not.

[the anti-liberal]

"The money was stolen..."

Unfortunately, we don't seem to be smart enough to keep this from happening - again :(

[AngelesCrestHighway]

Housing Crisis: Chapter 2...Thanks Obama!

[3catsanadog]

Thomas Sowell wrote an excellent book on the background of the housing crisis - The Housing Boom and Bust.

[combat_boots]

Ask around. CRA never left. Nor did the ‘experts’ who work it, both in and out of gov’t. The laws never changed.

[neverdem]

This is good news! Too many people still don't understand that the government's insistence on pushing subprime loans was at the root of the financial crisis!

[neverdem]

This is good news! Too many people still don't understand that the government's insistence on pushing subprime loans was at the root of the financial crisis!

[neverdem]

This is good news! Too many people still don't understand that the government's insistence on pushing subprime loans was at the root of the financial crisis!