The audacity of the right is incredible, this messed up crisis of our economy, wasn't caused by the shameless greed of Wall Street, the corruption of Republican leadership, and the idea of get-rich quick lenders who where criminal in their lending practices. Nor it was the economic policies of moving jobs overseas, the suppression of wages, or this damn war that is being paid on credit(I mean we can't have the rich pay for that of course).
No!! It was those damn minorities, Bill Clinton and those vile Community Activists that forced the(at gun point?) "poor brow-beaten bankers"(yeah right) to loan that money to those people of color who were totally unqualified! Yes Sportsfans, the enlightened writers at World Nut Daily has come to the rescue to give you the real scoop! And no, David Duke is not the author.
While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage and financial crisis, some analysts are saying it wasn't too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound – though politically correct – lending practices.
"Home mortgages have been a political piñata for many decades," writes Stan J. Liebowitz, economics professor at the University of Texas at Dallas, in a chapter of his forthcoming book, Housing America: Building out of a Crisis.
Yep it was those damn community activists, led by that commie/fascist/Islamo-anti-American Barack Obama, forcing the Man to give out the loans, Oh the Humanity.
In a nutshell, Liebowitz contends that the federal government over the last 20 years pushed the mortgage industry so hard to get minority homeownership up, that it undermined the country's financial foundation to achieve its goal.
"In an attempt to increase homeownership, particularly by minorities and the less affluent, an attack on underwriting standards was undertaken by virtually every branch of the government since the early 1990s," Liebowitz writes. "The decline in mortgage underwriting standards was universally praised as 'innovation' in mortgage lending by regulators, academic specialists, (government-sponsored enterprises) and housing activists."
He continues, "Although a seemingly noble goal, the tool chosen to achieve this goal was one that endangered the entire mortgage enterprise."
Hey Professer!! My history may be fuzzy the last 2o years would include Reagan, Bush (41) and Bush(43)But he wants you good reader to take a look at the years between 1993-2001, yep that villain Bill Clinton, when he wasn't doing interns or selling the White House to the ChiComs, and secretly plotting with Hillary to turn America into the USSR according to the Right Wing, it seems he shanghaied the poor financial markets into making those loans to all of those unqualified(read Black, Latino, and other minorities) I think the those tough standards(called Redlining), where put in place to keep those blacks, latinos and other minorities out of the good(white) neighborhoods, regardless if they had the means to pay or not.
The thought of upstanding Yuppie Whites rubbing shoulders with THEM, oh the horror!
The Washington Post reported that the company conducted a study in which it was found that far more black people have bad credit than white people, even when both have the same incomes. In fact, the study showed a higher percentage of African Americans with incomes of $65,000 to $75,000 had bad credit than white Americans with incomes of below $25,000.
Such data demonstrated that when federal regulators demanded parity between racial groups in lending, the only way to achieve a quota would be to begin making intentionally bad lending decisions.
Hey Perfesser, how was those loans made? Who would get the better rates?
and last I checked, an person who works at a low wage job, couldn't just walk into the nearest WaMu and secure a mortgage just with a skin color a shade darker than vanilla, I think even with such examination, there is still the due diligence, can the person pay back the loan? Is his job stable? No I don't think we can pin this on those who live on Section 8
getting these loans.
That's right sportsfans, not Phil Grahmn freeing the bankers from the restraints of the New Deal banking laws, not Alan Greenspan and his freewheeling ways supporting sup prime lending and keeping those rates low, thus setting the trap, nor was it speculation on Wall Street(that dirty word. No ladies and gentlemen, boys and girls, Browns Fans and Steeler fans, it was those DARK People, who will cause this greater Depression according to Professor Stan J. Leibowitz. (Hey Professor tuck that white sheet in, it is unbecoming.)