The purpose of a bank isn’t to put money back into communities. The purpose of a bank isn’t for social engineering or community help or involvement.
Banks are there to make money, and if someone wants the services of a bank, they must do their part by keeping a good credit rating, staying with their job instead of constantly quitting them, and working to educate themselves so that they can get a better paying job - thereby increasing loan opportunities.
So, if loans should be smaller for low-income people, that pretty much eliminates almost any chance of a home loan for low-income people.
Giving home loans to low-income people has helped tremendously to this financial meltdown.
Affordable housing?
“Affordable housing” is a smokescreen that Dems have used to allow home-loans to low-income people, those with bad credit, no job, no collateral or those constantly quitting their jobs.
Low-income people are just going to have to get their acts together. Simple as that.
This bailout is the result of what Barack Obama, Barney Frank, the Congressional Black Caucus, Chris Dodd, and other Democrats have called “affordable housing.”
Low-income people can live in apartments until they improve their lot in life.
Taxpayers are going to foot the bill on the bailout and they have spoken (they don’t want any bailout) and they will continue to speak on this.
The days of home loans to low-income people, those with no collateral, no job, those who quit their jobs all the time and so on, is over.
Those days are over.
What would it take for a large group of low-income people to start their own bank or credit union?