And You Thought the Housing Crisis Was Over! The Community Reinvestment Act is back

The American Spectator ^ | July 27, 2012 | William Tucker

[bert]

He is spot on. The money was stolen and will never be recovered from those in the criminal enterprise that took it.

They are set forever......peons be damned. America be damned.

We need much more capital punishment for these crimes

[E. Pluribus Unum]

There never was discrimination against minorities in lending.

If there had been, there default rate would have been lower than everybody else' default rates, meaning they were being held to higher underwriting standards than everybody else.

Their default rate was higher than everybody else' default rates, meaning they were already being held to lower underwriting standards.

[GenXteacher]

“We need much more capital punishment for these crimes”

I’ve often thought we were way too soft on “white collar” crime myself. Thieves who sit behind desks steal more than thieves who hold up liquor stores.

[ronnie raygun]

All in a plan, destroy the housing market for redistribution purposes
NJ political criminals issued fed monies to purchase forclosed homes and relocate, drug dealers, sex offenders, convicts and alike into suburban forclosed homes. I predicted this scam early, I said forclosed homes would be bought up by the feds for redistribution purposes, another way around the community reinvestment act. Taxpayerminute.com

[tophat9000]

Your logic is dead on....

[mongo141]

“I’ve often thought we were way too soft on “white collar” crime myself. Thieves who sit behind desks steal more than thieves who hold up liquor stores.

_____

If I remember correctly it was Al Capone who stated that “You can steal more money with a pencil than a gun”, Things haven’t changed any that I can see,

[Pearls Before Swine]

I second your comment. His logic is dead on.

[skeeter]

I think what we are witnessing is the looting of America on behalf of minorities in a way that better end soon or we are going to bring the whole system down upon our heads.

At least now this is being discussed openly.

Obama is leaving this country with two alternatives - economic collapse or race war.

[smokingfrog]

0bama money!

[doug from upland]

Four years ago, PEGGY JOSEPH told us he would take care of her car payment and mortgage payment. It was memorialized in song on YouTube =

http://www.freerepublic.com/focus/f-chat/2128812/posts

[txrefugee]

And wasn’t CBS’s “Sixty Minutes,” the Leftists’ mouthpiece, the catalyst for Congress to “do something” about the EVIL practice of “red-lining” in the ghettos? In their Special Report, EVIL banks were damned for refusing to loan mortgage money to people who couldn’t afford a house.

Naturally, the Democrats sprang into action, threatning the banks that were so racist and passing legislation that made taxpayers the co-signers to these bad loans.

The rest is history....a history that the Left is furiously trying to rewrite after the collapse of the housing market that so negatively affected the rest of the economy.

[listenhillary]

That credit rating of 795? You didn’t build that.

[doug from upland]

HERE IS THE SONG LINK

http://tinypic.com/player.php?v=vya3vc&s=4

[listenhillary]

The bank will have to "prominently display" a notice informing minority customers that they cannot be turned down for loans just because they are receiving public assistance such as unemployment benefits, welfare payments or food stamps. (Maybe they can even use food stamps for the down payment.) Wells Fargo must provide minority customers $50 million for down-payment and closing-cost assistance, including "Borrower Assistance Grants" of up to $15,000 per individual.

[rockinqsranch]

I strongly believe the purpose of this activity by the Communist enemies within the structure of our system of governance is to destroy the capitalist system.

Bankrupting this government, this Nation, this beautiful flower is their goal. They believe that from the compost of what was that beautiful flower of freedom, and liberty the weed that is collectivism, the weed that is Communism will grow, and in their minds flourish as they will be the all powerful whom of course know better than even GOD how to rule the World.

[listenhillary]

Yet their Utopia under collectivism exists nowhere on earth except in their minds.

I guess the right people haven’t been in control before when it has been tried before. They are of course the smartest people alive and if we’d only follow them, nirvana is just over the next hill.

[BlatherNaut]

"The bank will have to "prominently display" a notice informing minority customers that they cannot be turned down for loans just because they are receiving public assistance such as unemployment benefits, welfare payments or food stamps. (Maybe they can even use food stamps for the down payment.)"

ONLY minority customers? This is unconcealed discrimination! Apparently, a white person on food stamps need not be considered, but a "minority" in the same situation must be considered.

So, it's apparently ONLY illegal to discriminate against a "minority" (a.k.a. race hustler), but perfectly ok to discriminate against anybody else.

[BlatherNaut]

All in a plan, destroy the housing market for redistribution purposes

Certainly looks that way.

[I am Richard Brandon]

It is the fault of the banks FOR NOT STANDING UP AGAINST A DISHONEST PRACTICE. This Administration is as dishonest as the day is long. This DOJ is as racially prejudiced as Hitler. This AG is both. When will the shareholders force the issue. class-action case against the banks’ boards is in order?