In the 1992-94 time frame Attorney General and part time human barbecue queen Janet the beast Reno threatened to put the full weight of the Justice Department into prosecution mode if lending institutions in the United States didn’t provide loans to members of minority racial groups who couldn’t pay them back.
Now the media and even politicians on both sides of the isle focus on the CEOs of lending institutions and their so called greed and malfeasance.
For Christ’s sake folks, this is patently absurd.
The responsibility lies squarely on the backs of the Democrats in Congress, and everyone from the MSM, the Republicans to Bill O’Reilly are passing it off as a non-partisan equal blame “shame on the lending institutions” problem.
I can’t remember when I’ve been so disgusted with the pukes in D.C.
” to Bill O’Reilly are passing it off as a non-partisan equal blame “shame on the lending institutions” problem.”
Bill likes to toot his own horn.
I’ve got a question for him. Instead of you waiting for someone to come tell us there is a problem...
Why don’t you with your all knowing view let “ the people “ know what’s coming.....
Your opportunity to be a Patriot and not a Pinhead
Underwriters had to have a darn good reason for rejecting loans.
Loan Officers were often accused of racism when the L.O. had no say on whether or not the loan was approved. However, it was their job to look at the applicantion and make the decision not to proceed. And it got where they were afraid to do their job.
By 2006 anyone could get a mortgage no matter what their race or immigration status. The only requirement was that they be breathing.
Now then who right now is holding a gun to their head? Darn it my dog right now can probably get ample credit because banks and lenders don't care. Sure congress started the mess but lenders and credit companies will give credit to anyone. That is THEIR fault especially when they advertise it. It's called Greed and there's plenty of blame both in congress and in the lenders as well. None of them are faultless in it.
I haven't seen this mentioned but I think one of the very reasons Lenders got so reckless and stupid was because of the overhaul of the bankruptcy laws. The same laws that makes it now impossible to be freed from debit acquired or caused by actions beyond ones control of which they can never payback. IOW they felt their return was gauranteed by law. Nothing in this world is gauranteed us but death.