Posted on 01/07/2009 6:33:26 PM PST by Libloather
Dodd, NAACP meet on housing
Tuesday, January 6, 2009 6:01 AM EST
By Elizabeth Benton, Register Staff
HARTFORD — Sen. Christopher J. Dodd, D-Conn., met with state NAACP members Monday on the housing crisis, where he assured those in attendance he would seek greater “bottom-up” assistance.
Citing statistics showing African-Americans were targeted for subprime loans and were significantly more likely to enter into subprime loans, NAACP state conference President Scot X. Esdaile asked that lenders not be permitted to receive federal bailout funds until ending discriminatory lending practices.
“My major concern is the ‘bottom-up.’ Main Street instead of Wall Street,” he said.
Dodd acknowledged the abuse, but defended federal assistance to such institutions, equating the nation’s financial system to a blocked circulatory system in need of defibrillation.
“Minority communities were abused disproportionately. No question,” he said.
But, “Your system has to be functioning. It’s not a bad idea to get equity to these institutions as long as you are also providing relief to the homeowners,” Dodd said.
“What’s been missing here, it’s been top-down, but there’s been no bottom-up.”
**SNIP**
According to Dodd, 9,000 people a day nationwide are entering foreclosure, the majority in California, Arizona and Florida.
A single foreclosure causes home values on that block to instantly decline 1-3 percent, he said. After two or three foreclosures, value “cascades,” according to Dodd.
(Excerpt) Read more at nhregister.com ...
That could also be Countrywide - no?
Still nmo investigation of the perp.
Nor will there ever be.
Some animals are more equal than others.
Why do we have to ruin the financial industry just to provide housing for poor people? It would be cheaper just to give them the housing. Then we wouldn’t be ruining the economy in the process.
So let me see if I got this right: We need more of what caused this crisis in the first place? I always thought Dodd looked like a serpent.
Rush played an audio today of Bawney Fwank ripping into the sub prime housing loans and how he was taking steps to see that it couldn’t happen again. It would have been hilarious if you didn’t realize that most folks seeing him would believe he was on the job plugging a hole that needed plugging (any pun you detect in that sentence is intentional).
Incredible (shaking head), absolutely incredible.
I didn’t see this one coming. Now they are blaming the lending institutions for targeting the Black Community for Subprime loans, when in the beginning they blamed the lending institutions for “red-lining” to prohibit them from gaining loans.
The lending institutions became the targets of extortion with CRA as the weapon of choice of the Obama Community Organizers Gang aka; ACORN. Now they are trying to divert the truth from target ACORN to target “lending institutions”.
This crap shows us the cunning of the Democrats in their ability to rewrite history to dodge the responsibility for their failed judgement, thus legislation.
DemRats screw up everything all the time because they don’t think about the effects of todays legislation upon tomorrow’s reality.
Unbelievable! First, the lenders are attacked for not making loans to people who can't afford to pay it off, then they are attacked for making them. Crazy thinking.
Dodd is a criminal,in my opinion. Barney was the criminal in the House. Dodd even got sweet heart loans from Country Wide (covered up by the media) ,in my opinion . He was bribed with huge loans that were far below prime in interest rates. I think. Barney. who was reprimanded for having a homosexual whore house while he was in the House (how could shepple in his district be so stupid?) is on tape berating investigators for auditing these loans. The American people will soon see the full ramification of this economic collapse directed by these two reprobates and are very likely to converge on Washington in mass to root out these slime balls because millions of us will be unemployed and pissed.
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