Posted on 01/07/2009 9:55:23 AM PST by SmithL
THey are absolutely right. Lenders targeted african-american communities with loans the people couldn’t qualify for.
I guess I should be outraged, but these two groups are made for each other. The mortgage lenders got greedy with sub-prime, so my sympathy meter for them is busted. And you can probably guess what I think about these minority pressure groups.
So, what were the discriminatory lending practices in question? Did they do that sneaky banking trick of giving you money, but then expecting all of it and even some extra back in the future?
Man. This gets more FUBAR with each passing day!
The government tells lenders, “You must target minorities with achievable mortgages at reduced risk levels”.
Now the government accuses lenders of “targeting minorities, offering mortgages at reduced risk levels”.
Sadly, the courts will not see the idiocy at such a simplistic level (nuanced, donchyaknow) and side with the municipalities.
The lenders will use their “bailout” money to defend themselves from legal procedings brought by those who have provided the bailout money!
Give them a loan, and your preying on them.
EXACTLY! You’re damned if you do and damned if you don’t make loans to the “community.”
Millions of comedians out of work and now gov't wants to get in on the act.
"On November 4, the final bill resolving the differences was passed by the Senate 90-8 [7] and by the House 362-57.[8] This legislation was signed into law by Democratic President Bill Clinton on November 12, 1999.[9]"
Banks were the ones involved in red lining!!!
“But, but, we’re VICTIMS!”
I call bushit! You signed a contract.
No it was illegals they went for:
American Dream For Illegal Immigrants
Tue, 11/14/2006 - 15:03 — Webmaster
Officials at the government agency in charge of preserving and promoting public confidence in the country’s financial systems are encouraging banks nationwide to offer services to illegal immigrants and many have obliged.
The Federal Deposit Insurance Corporation (FDIC) has succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans. Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate.
It’s ironic, then, that agency officials would promote programs that would aide those who have broken U.S. federal laws by entering and subsequently living in the country without appropriate documentation. The chairman of a Tennessee bank (Bank of Bartlett) that recently launched a mortgage program for illegal aliens said the federal government gave him the idea.
Thanks to this type of encouragement from federal officials, several other banks across the country offer such incentives to those in the country illegally. The special programs, endorsed by the federal agency, allow local and national banks to grant home loans to people without Social Security numbers.
Last year, Wells Fargo proudly launched a lending program - called Celebrate Home—for illegal immigrants and the bank even issued a press release claiming the bragging rights of being the first major lender to offer undocumented aliens home loans. Years ago, Wells Fargo became the first U.S. financial institution to accept so-called foreign consular identification cards, in lieu of a Social Security card, to open bank accounts.
Bank officials don’t see anything wrong with helping those in the country illegally obtain the American dream of owning a home. In fact, they say that they are not required to ask the immigration status of their customers since that is the responsibility of the federal government.
Hello, Hello, Hellooooo
Is anyone home?
Can we talk?
What about the White people who had to put a down payment on a mortgage? They were discriminated against.
Sure, that's an ingenious business strategy. Give away your money to people whom you know can't give it back to you. Then as your lending institution goes so deep into the red that you go bankrupt, you simply ask the government for a 700 billion dollar bailout and hope and pray they give it to you. Anyone who believes this s#it was calculated belongs in the looney bin.
One thing I know, banks and lenders don't like getting into real estate repossession and sales, and they don't like going out of business through too much debt either. This was a government created fiasco from the very beginning; the liberal bastards in D.C. thought of America as a perpetual welfare nation with an infinite supply of money. They would order the lenders to give high risk loans and then simply write them checks when the borrowers reneged on them. The whole thing is traced directly back to Bahny Fwank, the rump ranger pervert from Massachusetts who told the Senate panel, (again and again), that Fannie and Freddy were on stable financial ground. He, and the other libs like him, involved the government in a ponzy scheme that was to give homes to the poor while the working class American paid for those homes with their taxes. That's all Freddie and Fannie ever were, just a way for the liberals to give away free stuff to their base, in exchange for votes.
Wait a minute - isn't that EXACTLY what Barney Frank et al. insist happen? Rules were relaxed for the express purpose of giving loans to minorities in low income areas who otherwise could not comply. This is ridiculous and outrageous.
Can we talk?
Regarding?
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