MEMORY LANE--->MORTGAGE MELTDOWN--->TAXPAYERS GET SOCKED A 2009 Wall Street Journal investigative report WRT the subprime mortgage borrowing spree that wreaked havoc on the US economy revealed financial schemes by low-income housing groups, Hispanic lawmakers on Capitol Hill, including a congressional Hispanic housing initiative. Subprime mortgage lenders and brokers, colluded together in fraudulent schemes to increase homeownership among Latinos using falsified applications, and other tricks of the trade. (hat tip Federal Financial Institutions Examination Council)
The massive mortgage fraud ended in disaster for which no one has been held responsible. Taxpayers got saddled with billions of dollars in bailout bills.
These subprime activities were not simply the mortgage market at work. They were fueled by avarice, greed, stupidity--all enabled by Congressmen and other groups which leave a trail at the door of then-Cong Joe Baca (D-Cali).
Between 2000 and 2009, Hispanic populations increased; but Hispanic home ownership grew even faster, increasing by 47%, to 6.1 million from 4.1 million, according to the US Census Bureau. Over that same period, homeownership nationally grew by an enemic 8%. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained costly non-prime mortgages---soaring to a shocking 169%, (Research provided by Wall Street Journal)
The subprime mortgage bank fraud network was spearheaded by then-Cong Joe Baca (D-Calif 43rd), in his powerful position as chairman of the Congressional Hispanic Caucus. Baca's district ranks No.5 among all US Congressional districts in percentage of home loans tailored to sub-prime borrowers.
Baca used his the legislative power of his office and his leadership position in the Congressional Hispanic Caucus to calculatedly launch a housing initiative called "HOGAR"-- Spanish for home. conspiract and colluison the Congressuial Hispanic caucuss has been quiet about his role in financing, and, earmarking the blood-thirsty America-hating La Raza. race-based "La Raza" was given tax dollars and Congressionsl earmarks to finance its so-valled mortgage activities. La Raza's "strategic partnerships” with Wachovia and Bank of America forced the frgradayiio pg mortgage-application requirements and documentation standards.......whuch caused tac[aurts ro br siked w. billions bailputs and secimating the YS evinimy.\.
La Raza aided and abetted risky federal and private-home loans to latinos over the last decade. ontryide thanks to the lending industry’s version of “don’t ask, don’t tell.”
In addition to millions of federal tax dollars, La Raza also collected a $1 million Democratic earmark that funded “community-development” projects. Analysts report that much of it went to (cough) "mortgage counseling."
CUE LAUGH MACHINE.
That explains all the thousands of vacant houses in Las Vegas.
You need to post that valuable information as its own thread, at least once a week.
La Raza receives millions from a long list of corporations and banks. The government is strong arming them and forcing them to donate or face tax penalties and fines.