Posted on 02/07/2019 11:31:54 AM PST by SeekAndFind
Loan originators dream of this stuff. I made a pretty penny when they did this before.
No kidding. The gubment will just bail them out.
"During the days immediately preceding the violence, RCP [The Revolutionary Communist Party] -- which maintained close ties to the L.A. gangs known as the Crips and the Bloods -- had circulated throughout South Central Los Angeles a leaflet featuring a statement by RCP National Spokesman Carl Dix, titled 'It's Right To Rebel' -- a quote popularized by Mao Zedong.
Encouraged by Dix, RCP activists helped lead the riots that would leave 58 people dead, more than 2,300 people injured, some 5,300 buildings burned, and $1 billion in property damaged or destroyed. On the ten-year anniversary of the rioting, RCP member Joseph Veale fondly recalled the violence as 'the most beautiful, the most heroic civil action in the history of the United States.'"
http://www.discoverthenetworks.org/groupProfile.asp?grpid=6197
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"NEVER FORGET that Maxine Waters embraced Damien Williams, the infamous thug who hurled a chunk of concrete at truck driver Reginald Denny and performed a victory dance over this innocent mans battered body. Maxine Waters even visited Damien Williams mother to offer her support.
Williams was sent to prison on a single felony charge of mayhem, but when his accomplices got off, Waters joined in the celebration. Damien Williams was released a few years later and went on to [commit] murder... Also, no surprise, he was a member of the Crips."
______________________________________
Maxine Waters on the Los Angeles riots of 1992 (Rodney King riots):
"In defense of the people that looted stores and damaged property, [Maxine] Waters said 'If you call it a riot it sounds like it was just a bunch of crazy people who went out and did bad things for no reason. I maintain it was somewhat understandable, if not acceptable. So I call it a rebellion.'[5]
She also said it was 'a spontaneous reaction to a lot of injustice' and 'The anger in my district is righteous. I'm just as angry as they are'. "
http://en.wikipedia.org/wiki/Maxine_Waters#Los_Angeles_riots_of_1992
This doofus wants to recreate the mortgage / financial crisis of 2008.
Maxine Waters warns Shell president in House committee hearing
Posted: May 23, 2008
2008 WorldNetDaily
A report by Fox News, captured in a clip posted on YouTube.com (Must see video! http://www.youtube.com/watch?v=PUaY3LhJ-IQ) , showed Waters challenging the president of Shell Oil, John Hofmeister, to guarantee the prices consumers pay will go down if the oil companies are allowed to drill wherever they want off of U.S. shores.
Hofmeister replied: "I can guarantee to the American people, because of the inaction of the United States Congress, ever-increasing prices unless the demand comes down."
The Shell exec said paying $5 at the pump "will look like a very low price in the years to come if we are prohibited from finding new reserves, new opportunities to increase supplies."
Waters responded, in part, "And guess what this liberal would be all about. This liberal will be about socializing uh, um..."
The congresswoman paused to collect her thoughts [for about 5-6 seconds this went on, while her colleagues behind her laughed].
"...would be about, basically, taking over, and the government running all of your companies..."
The oil executives responded, according to Fox News, by saying they've seen this before, in Hugo Chavez's Venezuela.
Article: Congresswoman threatens to nationalize oil industry Maxine Waters warns Shell president in House committee hearing:
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=65111
The Trump administration needs to counter this by threatening to sue banks for bad loan quotas implemented to please the left. This nonsense has to stop. The public will support a stop if it is adequately explained.
The Bush administration refused to fight the bad loan quotas and lost the election when the loans went bad. The Democrats successfully fobbed the blame off onto the banks, who had also refused to fight back.
Thank you for being quicker on the trigger!
“maxine waters now chairs...”
I still cannot wrap my head around this whole sordid Nov. election. She shouldn’t be allowed to run the mail cart, nevermind FINANCES. Sometimes it still hits me hard. How screwed we really are
“At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.”
We've been there, done that before. This is Jimmy Carter's Community Reinvestment Act (CRA) all over again. Remember? That's the law that forced banks to lend to those who would not otherwise qualify under traditional, tested underwriting standards. It ostensibly was to prevent the banks from the practice of redlining but the unintended consequences were much worse.
The bottom fell out of the market in 2008, just before Obama was elected when all of the loans made to marginal borrows started to not pay off like the secondary market investors were expecting. When borrower's don't pay, then the paper the investors turns worthless. Caused a collapse of the world economies. It led to the worst depression since the Great Depression. With Trump in office, we're finally recovering from that mess.
And now that financial whiz Maxine Waters wants to try it all over again. Same thing will happen as before as before. Loans to people who live in marginally neighborhoods and who don't pay their obligations back as promised. Massive amounts of bad loans would be another disaster waiting to explode.
This is not about race or ethnicity. It's about extending loans to people who have a history of not paying their obligations back as promised. It unfortunately includes the poor and downtrodden. That means blacks in Maxine speak.
I was mortgage banker at the time and sat on the board of the Arizona Mortgage Bankers Association when the members started getting letters from the Clinton administration telling us to start lending to people who didn't normally qualify or else. Some bank presidents were threatened with jail time by his AG, Janet Waco, if they didn't start complying. We all knew what eventually was going to happen. And it eventually did.
This is what happens when Nancy Pelosi and the democRATS appoint somebody as financially ignorant as Waters to the chair finance committee.
At the same time I think a certain “community organizer” was “organizing” protests in the lobbies of some very big banks.
Ya think?
When you tell the lenders to started lending to people who don't otherwise qualify, you get no doc loans where the borrowers basically tell the lender what they make and the bank never verifies, income, employment, funds in the bank, credit history, etc. Anybody could quality. So bankers make the loans because the government is forcing them to.
Hay day for loan originators who make their money on the front-end but disaster for mortgage investors on the back-end holding worthless paper.
When the economy turned and borrowers bailed on their payments right and left, leaving world investors holding the bag, the world economy collapsed.
And now Maxine wants to do it all over again. Big mistake putting her in as the chair of the finance committee. She knows nothing about finances.
Are you sure that the lunatic left doesn’t want to crash the financial system?
The 2008 crash got Obama elected and made socialism more popular than ever. Another massive crash might just be the ticket in their view.
They’ll insist that credit scores be race-normed like SAT scores and civil service exam scores.
Equality of outcome >> equality of opportunity.
Any banker that caves to that imbecile will not get to keep my money for me.
Agreed. I do believe it was a manufactured crisis. A perfect storm
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