Posted on 10/26/2021 1:24:24 PM PDT by Oneanddone
"Memphis, TN – Today the Department of Justice, the U.S. Attorney’s Office for the Western District of Tennessee, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) announced an agreement to resolve allegations that Trustmark National Bank engaged in lending discrimination by redlining predominantly Black and Hispanic neighborhoods in Memphis, Tennessee. "Redlining" is an illegal practice in which lenders avoid providing services to individuals living in communities of color because of the race or national origin of the people who live in those communities."
(Excerpt) Read more at justice.gov ...
“...the biggest economic meltdown in the history of the country.”
Until this next one.
The definition of insanity.
“Allegations”
Was any actual “redlining” going on, or are they just launching an new initiative to combat something that probably isn’t currently an issue?
my guess is, this is 100% bullcrap. If it were true, someone with perfect credit would be denied a loan in those areas. I doubt that was happening.
FAR more likely... the vast majority of people in that area who apply for loans don’t have the credit to approve.
I’ve almost blown a couple engines by redlining.
The local Indianapolis red star has been peppering stories about local banks like this for weeks.
Should’ve realized this was narrative for a shake down of the banks.
Doesn’t seem like a viable business model.
Political redlining us going on.
But Deep State’s cool with that.
CFPB is trying to squeeze $5 million out of the bank over those allegations. See how much of that $5 million end up in the campaign coffers of Democrats.
Considering what BLM has done in black communities these last few I would say that “redlining” can simply represent being prudent.
If radicals never burned black communities, or were shot during their rampages by their neighbors as should happen, that would not be true.
The same line of reasoning should prevent investment or loans in white towns where rioters act up but are tolerated and even protected too.
That’s because it isn’t about race, it’s about thinking you might not get a return on your investment.
Citigroup should be forced to take on all those Memphis mortgages from now on.
Banks have an obligation to its depositors and cd holders to make safe, prime mortgages. Everyone, no matter their race, cannot be a home owner due to not having the money, not credit worthy or sometimes the property in certain areas is so bad its not worth loaning money against. Forcing lenders to make these loans only leads to disaster.
Relax, this only temporary. The long-term plan is to remove single family houses and get people packed into high-rise apartments, where they can be served by public transit and no longer need cars. At that point, almost all of the 30% or so of the country that is occupied by housing can be restored to its original, pristine, state.
And I hope you RINO-haters look forward to this, since every November election you sit out brings us closer to this end-game.
So it’s a shakedown then?
https://thehill.com/opinion/finance/373251-its-time-to-audit-the-cfpb
“....Dodd Frank Act itself. The law specifies that the CFPB may designate a trustee for the funds it collects from businesses as civil penalties. Because there is no effective congressional oversight, that means that CFPB bureaucrats can pick and choose the recipients of their largesse without needing any kind of permission from Congress.”
....it’s happened in the past when Obama’s pick was running the CFPB.
The "Just Us" department will ignore the criminal statistics and focus on the demographics of the persons living in the area. Ignoring crime stats lets them pretend racism is the motivation for the redlining.
from the article, the Justice Dept defined redlining as “an illegal practice in which lenders avoid providing services to individuals living in communities of color because of the race or national origin of the people who live in those communities.”
Evidently for the Justice Dept,. lenders checking things as employment, ability to pay, credit worthiness, property value is redlining therefore are “illegal practices” in processing mortgages.
Democrat thugs plan to destroy the suburbs.
Only the beginning...
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