PING!
Rush had a clip of Clinton today in which he claims that he was trying to rein in Fan and Fred.
I see a retraction in the NYT’s very-near future.
Actually the New York Times is to blame.
GOTCHA!
Thanks for the research.
Related is this 1993 article by Robert Stowe England from the National Review:
http://findarticles.com/p/articles/mi_m1282/is_n25_v45/ai_14779796
I’m certain some folks are sick of me posting this, but the publication date and the content, as well reading this while also remembering the Democrat CRA legislation of 1977 signed by Jimmy Carter, and how that came about over much protest from Economists, Republicans, etc. are important to this discussion.
Great post.
I love it when the light is shined on roaches and RAT with a “D”.
ping
btt
The best explanation of this Fannie Mae crisis I have ever seen was on a couple of episodes of “The Sopranos”. Tony has a Newark city councilman in his pocket. He decides to buy at bargain basement prices a row of dilapidated homes, and sell them to an intermediary—something like “Homes for the Underserved”—run by a black COMMUNITY ACTIVIST.
Soprano gets a doctor friend with good credit to use as his frontman/buyer. Through much finagling, the houses are turned over to the Community Activist and with the help of the City Councilman, they are sold to un-creditworthy minorities for 3 times their value —loans guaranteed by the Federal program—and the profit all goes back to Tony and the Mob. Minus 5% to the councilman; 5% to the doctor/frontman; and 5% to the “Community Activist”.
The one who gets roughed up the most is the appraiser—a geeky guy who doesn’t want to over-appraise the houses until Tony’s boys beat the **** out of him.
Multiply this by Mob+FannieMae+corrupt-local-pols+Community Activist crooks in hundreds of cities across the nation and VOILA!!! The Fannie/Freddie crisis.
Just fiction? I think NOT!!!
great bump~
Here it is:
Reno urges banks to market services to minority areas
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.
As part of the settlement, Chevy Chase and its B.F. Saul Mortgage unit agreed to invest $11 million in neighborhoods that the Justice Department claims they refused to serve.
USA Today recently reported from 1976 to 1992 that Chevy Chase underwrote 97 percent of its loans in predominantly White areas.
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.
U.S. Attorney Eric Holder added the settlement is also unique because the cash will be funneled directly to the community rather than to the government.
"It provides hope that one day we can relegate red-lining...to the yellow pages of old history texts," Holder said in USA Today.
Thank YOU!
I’ll NEVER get sick of you posting that VERY IMPORTANT link. Thank YOU!
Thank YOU!
Giving home loans to people who cannot afford them does them no favor.
But it does make some people feel better about themselves.
Clinton. The gift that just keeps on giving. Like the clap.
Great quote here:
‘’From the perspective of many people, including me, this is another thrift industry growing up around us,’’ said Peter Wallison a resident fellow at the American Enterprise Institute. ‘’If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’’
Could you go to the Slimes and copy that article and post it here, in case Pinch decides to erase it.
bttt
EGGGSACTLY!