Posted on 12/08/2014 2:10:54 PM PST by SeekAndFind
She is correct. Back in the day we used to find bad risks, and we would hold them down and make them sign their names. And then we would chase after them and force them to buy 60 inch TVs.
It was a tiring job, but someone had to do it.
The poor victims were targeted by her buddies, Barnie Frank, Chris Dodd and Ben Subprime Bernanke.
Injun Marxist speak Communist Party line with forked tongue.
And like most Leftist plans, it was labelled as a way to help them and increase their dignity, all the while designed to crush them even lower and put them more firmly under the government's thumb.
Pinging the list...(As a FYI).
“Unfricken believable.”
Only because you’re paying attention. Take your red pill and go back to sleep. Your government knows what it is doing. All is well.
“minorities were “targeted” by the federal government for access to subprime mortgages, ...”
Exactly. Banks would never have given these loans if they hadn’t been forced to do so by the Federal Government.
__________________________________________
Dodd and Frank should be hanging from lampposts in the financial district. What they did to this country is unspeakable.
Warren is going to ride this horse and it should be stopped.
I was waiting for that succinct summary. Perfect.
Thats it, exactly.
I have said this for years to anyone blaming the Bush administration for the collapse of the economy. Carter’s administration started this demand that banks loan to a certain percentage of folks who really didn’t qualify for loans. Each President added to this bill - Bush did expand it (which should have made him MORE popular with the idiot dems) and lenders of all stripes took advantage of a legal way to repackage and make money off of otherwise bad risk loans. The collapse was the fault of many people - all the way back to Carter INCLUDING people who knew they couldn’t afford to buy a home but used it like another apartment they moved into for the short term, knowing they would have to move out shortly.
Thanks for the ping.
They were. This was Clinton’s minority home ownership program.
I can just see it now...
Banker: “Hee hee hee” [rubbing his hands and curling his Snidely Whiplash mustache] “Here is my evil plan.. Let’s loan them money to buy a house at a great rate!! THAT’LL SHOW THEM!!!!!!!!!!!!! AH-HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA”
Is that how she thinks it went down?
Clinton implemented the law that went back to Carter days, called the Affordable Housing Act.
In it, banks were supposed to stop the practice called “redlining” which means they were supposed to stop declining mortgages to people who could not afford to pay them back. (seriously)
Banks ignored this legislative idiocy.
Bill Clinton got Andrew Cuomo to SUE a bank for this practice (of making sure someone could afford a loan!) AND WON what was then the largest settlement in history ($12 billion, I think).
Other banks watched this happen.
Other banks then were hit by the Fed Government with the threat “give loans to people who can't afford them or we will sue you” and “oh, by the way- we will GUARANTEE those loans so you never lose money on them”
Bankers, not generally being stupid, saw they were in a no win situation EXCEPT if they went along with the government regulations.
.. fast forward 10 years...
Loans are defaulting at astonishing numbers- the government blames banks for ‘predatory lending” practices (that the government forced them to do)
So it really was a lose-lose situation after all for the banks.
EXCEPT FOR Goldman Sacs, which embraced the suckage whole- heartedly, AND begged for more AND donated money in record amounts to Democrats that took over Congress the last 2 years of the Bush II terms.
In return they got a record-breaking federal bailout.
Does Senator Warren realizes everything about her can be fact-checked within minutes?
The Left's narrative on the housing crisis was just the usual "minorities-hit-hardest" story. The vast majority of homeowners who lost their homes were "white," not "minority." Maybe the CRA is bad policy, but it had little to nothing to do with the housing crisis. Of the 2.5 million foreclosures from 2007-2009, only 240,0202 were of homes owned by "black" owners and 335,950 owned by "Latino" home owners.
Back then, when the interest rates fell low, many people started buying overpriced houses they couldn't afford, and then they borrowed against those homes to pay for vacations, boats, new cars, etc. Then, of course, some of them lost their homes.
I had a friend who lost her home because she became seriously ill and the medical bills drove her family into debt. Those are the people who deserve sympathy. It wasn't her fault she became ill. But, many people lost their homes because they overpaid and overspent. That's what really happened. No one wants to say that, though. ;-)
only 240,020 were of homes owned by "black" owners
Her claim is the equivalent of discovering gambling in a casino.
The relationship would seem to me to be more a case of “demographic alignment” than targeting.
They’re being targeted for high interest rate credit cards now...along with everybody else.
Doesn’t fit the commie narrative, though. Leftists are portraying banks as the essence of evil, unbridled capitalism that can only be contained by noble politicians and bureaucrats.
Eat your spinach and like it, Comrade!
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