=======================================
MORTGAGE MELTDOWN---TAXPAYERS GET SOCKED A 2009 Wall Street Journal investigative report WRT the subprime mortgage borrowing spree that wreaked havoc on the US economy revealed that----according to the Federal Financial Institutions Examination Council---financial schemes by low-income housing groups, Hispanic lawmakers on Capitol Hill, including a congressional Hispanic housing initiative, subprime mortgage lenders and brokers, colluded together in fraudulent schemes to increase homeownership among Latinos using falsified applications, and other tricks of the trade.
The massive mortgage fraud ended in disaster for which no one has been held responsible. Taxpayers got saddled with billions of dollars in bailout bills.
These subprime activities were not simply the mortgage market at work. They were fueled by avarice, greed, stupidity--all enabled by Congressmen and other groups which leave a trail at the door of then-Cong Joe Baca (D-Cali).
Between 2000 and 2009, Hispanic populations increased; but Hispanic home ownership grew even faster, increasing by 47%, to 6.1 million from 4.1 million, according to the US Census Bureau.
Over that same period, homeownership nationally grew by an enemic 8%. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained costly non-prime mortgages---soaring to a shocking 169%, (Research provided by Wall Street Journal)
The subprime mortgage bank fraud network was spearheaded by then-Cong Joe Baca (D-Calif 43rd), in his powerful position as chairman of the Congressional Hispanic Caucus. Baca's district ranks No.5 among all US Congressional districts in percentage of home loans tailored to sub-prime borrowers.
Baca used his the legislative power of his elected office----- and his leadership position in the Congressional Hispanic Caucus------ to calculatedly launch a housing initiative called "HOGAR"-- Spanish for home. conspiract and colluisopn the Congressuial Hispanic caucuss has been quiet about his role in financing, and, earmarking the blood-thirsty America-hating La Raza.
La Raza aided and abetted risky federal and private-home loans to latinos over the last decade by blindsiding the lending industry w/ its version “don’t ask, don’t tell.”
These subprime activities were not simply the mortgage market at work. They were fueled by avarice, greed, stupidity--all enabled by Congressmen and other groups which leave a trail at the door of then-Cong Joe Baca (D-Cali).
Between 2000 and 2009, Hispanic populations increased; but Hispanic home ownership grew even faster, increasing by 47%, to 6.1 million from 4.1 million, according to the US Census Bureau. Over that same period, homeownership nationally grew by an enemic 8%. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained costly non-prime mortgages---soaring to a shocking 169%, (Research provided by Wall Street Journal)
The subprime mortgage bank fraud network was spearheaded by then-Cong Joe Baca (D-Calif 43rd), in his powerful position as chairman of the Congressional Hispanic Caucus. Baca's district ranks No.5 among all US Congressional districts in percentage of home loans tailored to sub-prime borrowers.
Then-Cong Baca used his the legislative power of his office and his leadership position in the Congressional Hispanic Caucus to calculatedly launch a housing initiative called "HOGAR"-- Spanish for home.
NON-STOP CONSPIRACY AND COLLUSION: the Congressional Hispanic caucuss has been quiet about his role in financing, and, earmarking the blood-thirsty, America-hating La Raza.
Shockingly, the race-based "La Raza" was given tax dollars and Congressionsl earmarks to finance its so-called "mortgage activities." La Raza's "strategic partnerships” with Wachovia and Bank of America forced ruinous sub-prime mortgage-application requirements and diminished documentation standards on the lending industry
In addition to millions of federal tax dollars, La Raza also collected a $1 million Democratic earmark that funded “community-development” projects. Analysts report that much of it went to "mortgage counseling."