Afrocentric Libtards wanted more diversity in home ownership, forcing banks to give risky loans to BLACKS who couldn't afford them

its ridiculous to blame African Americans when the banks are the ones perpetuating the fraud.

Who would have ever guessed that I'd come to GLP this morning and find yet another racetard baiting thread?

Yawn.

black and white people need interest free loans then we can be happy

Banks were forced by ACORN protests, watch this:

who would have guessed, another white guilt libtard, brainwashed into multiculturalism

banks are the cause of the crisis, quit trying to move the blame to the powerless from the powerful.

Go to Haiti or Africa and be happy then

Or Doublewides for the Nascar Croud!

So the banks are forcing people, at gun point apparently, to take out mortgages they can't afford?




It's the start of the 'housing crisis' all over again. The first time around it was put in place by the libtards Barney Frank, Chris Dodd, and crew....who's pushing this now?

As soon as libtards abolish EVERYTHING to do with race, instead of using it as the proverbial "crutch", then current events in society can be free of "race" comments.

As long as there are special entitlements for one race, then race will continue to be a part of the problem.

End everything special based on race. Problem solved.

Many lenders argued against making some of the risky loans originally. But congress and the OCC demanded that they stop redlining certain communities and make money more easily available because home ownership is a "right".

As a result, ARMS, Sub-prime, and Alt-A loans became the standard to get unqualified borrowers into homes. If banks did not provide a certain percentage of their loans to certain neighborhoods they were threatened with having their charter taken away.

After that happened, they needed an easier way to record all these new mortgages so they created MERS to streamline the recording process. Once the recording process was brought in house they started robo-signing those documents.

This is where much of the foreclosure mess has come into play because nobody knows quite who owns the loans.

Now... with that said, homeowners take some responsibility for signing up for loans they didn't understand. Lenders are responsible for issuing junk loans and lying during the recording process. And Congress is responsible for mandating that banks issue loans to people who couldn't pay them back.

All part of the plan to collapse America...

who's plan? global communism.

banks were sued as being 'racist" and had to give loans to unemployed blacks. Go check where the foreclosures happened, all in black "hoods"

libtard

Here is part of what you are talking about. Tied to civil rights legislation of the 60's

[link to en.wikipedia.org]

As a lawyer, Obama SUED banks, calling them racist, forcing them to give loans to unemployed minorities who later defaulted

you stupid idiot libtard

This is true, and well documented.The government mandated it, and punished banks who could not prove that they were enacting the policy forcing them to be aggressively court the target market. Another example of government meddling imploding the private sector.

Don't try to tell a liberal this though, they don't do facts to well. They do however do screaming, personal insults, throwing out the race card, being condescending, being ignorant and other assorted child like behaviours quite well.

then why does the media ignore it?

why is it not known by 99.99% of libtards?

The reaon is that it does not fare well with their agenda, and is a possible source of embarrassment.

How do you think it would go over if the media were to report that one of the main contributing factors for the economic imlposion of 2008 was the abnormally high default rate of blacks and other visible minorities on mortgages, which started a cascading failure throughout the system?

Probably not too good.

You are 100% correct OP.

Banks were sued for being "racist" and forced to give loans to unemployed blacks, libtard

Obama, as an ACORN lawyer Sued banks, look it up

then Obama blames Bush, you stupid mindless libtard

The Clinton administration, Chris Dodd and Barney Frank leaned on the financial institutions to give poor folks loans knowing damn well they couldnt pay it back.

Those of us who remember know the story well. Obama was right in the middle of it, too, in his work as an advisor to ACORN. (see below)

It was sometimes on the TV news, as media promoted the government line. THe bad, evil banks (so the story went) weren't giving sufficient loans in poor neighborhoods. There were two facts that stood out. Most of the poor were minorities of one sort or another and those neighborhoods were predominately minority. THe TV news, already directed at morons, would show maps of cities with big Red Lines around poor neighborhoods, and the decision of banks to not make loans to people who couldn't afford to pay them back was called "RED LINING".

The banks were forced, at the point of a government gun (told they would lose their bank charters if failure to comply) to make loans with low down payments to people who couldn't repay them.

It was sickening to watch this, and then see the same people turn around and condemn the banks for the very loans they forced them to make. These guys have NO accountability for their actions.

Now they have institutionalized this demonization of the banks, to the point where most people don't doubt that this was a case of pure greed and lust on the part of the bankers, to make those risky loans.

All illusion, and the end will be a much-greater concentration of wealth in the hands of the people who own the fed and through cross-ownership the big media. We see it now at the pace of 85 BILLION dollars a month the fed is making up and using to buy up all those bad mortgages from failing banks, and with those mortgages, they are buying up the country at 10 cents on the dollar - and they get to print up the dollars out of nothing!!!

"President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices."

Read more: [link to dailycaller.com]

Detroit should give blacks, or anybody, homes for free. They should be allowed to live tax free till economic recovery.

Here are a few more details, including the naming of the actual court cases and threats used by "community activists" and the Janet Reno justice department to put the big squeeze on banks.

The term red-lining is said to have come from community actists and ACORN was the group doing the loud protests.

Flash back to 1994

[link to iusbvision.wordpress.com]

Its funny that no one seems to remember all the protests in the late 1990's and early 2000's by the Sharpton / Jackson / Acorn crowd against what they referred to as "red lining" . Then, when the whole thing blew up, they turn around and blame the banks for "predatory lending". Andrew Cuomo, former HUD Sec is up to his neck in this also. He is the one who spearheaded FORCING banks to reduce their lending standards.

One of the BEST pieces I've seen written about the mortgage meltdown and who actually caused it was in the Village Voice back in 2008. Link here: [link to www.villagevoice.com]