Reparations? Hundreds of thousands of americans gave their lives to free the slaves.
That is their reparation. The whole argument today is stupid. Maybe Egypt should pay Israel reparations for that nasty “let my people go” thing that happened a while back.
At the end of the day, the whole reparations nonsense is just a way to glean a few black votes. It will never, and could never happen. Sane people know this.
Any of this money only goes to groups like ACORN anyway. New meaning to shovel ready. Shovel ready right into Democratic bank accounts.
The CRA provided the motive, and the financial engineering of securitization provided the means to get these crappy loans bundled, sold to others, and off the banks’ books.
The best, most comprehensive book on the 2008-9 debacle I’ve read is “The Sellout” by Charles Gasparino. The roots of the recession go back many years, and the book reads like a thriller, although its well documented history.
Americans are "black."
I’m old enough to recall that the seeds of the Great Recession were planted by a 60 Minutes show on so-called “red-lining”, denying bank loans to low-income borrowers, most in Black areas.
Conservatives warned that those who can’t make payments on loans shouldn’t get them, but when has common sense ever prevailed when votes can be bought?
Here we go again.
The CRA didn’t cause the housing crisis, and neither did “predatory lenders.”
What really happened is that Americans went from a work-hard-save-for-later generation to a buy-now-pay-later generation.
The Fed set the interest rates low, and those buy-now-pay-later people bought more property than they could afford and then kept borrowing against their properties because they thought the values would never stop rising. No one wants to talk about that, though.
Around 360,000 Union soldiers died in the Civil War.
Tomorrow is my son’s last day, working for a loan processing outfit in Maryland, who handle primarily the Maryland Loan Assistance Program, a program the he say’s in about 95% black applicants. He calls those people who ask about the loan program and he determines if they have a basic shot and sends them along to the loan adjudicators who in turn send out a realtor. He is taking a realtor course in a few weeks to sell real estate... by that time I’m sure he’ll figure out he can take one more course and sell securities.
Except new immigrants, both legal and illegal, who would undoubtedly be exempt.
And now there is a housing shortage for low and middle income people because of reduced supply and prices of existing homes are too high.
Builders left those markets because people couldn’t get loans after the collapse.
Bottom line: So far, how’s it all workin’ out for them?