Barack's "Organizer" Buds Pushed for Bad Mortgages

[The Paperboy]

What exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it. The seeds of today's financial meltdown lie in the Commu nity Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

Story continues here

 

[jschuck12001]

What exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it. The seeds of today's financial meltdown lie in the Commu nity Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

Story continues here

I want your definition of a "bad mortgage" please explain.

 

[Modbert]

What exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it. The seeds of today's financial meltdown lie in the Commu nity Reinvestment Act - a law passed in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

Story continues here

Someone is trying to bash community organizers now huh.

Is this the lashing back at people who mocked Sarah Palin for mocking Community Organizers in the first place?

 

[HoleInTheVoid]

I want your definition of a "bad mortgage" please explain.

I ain't talkin' for kdtighe but...

...I would assume it refers to a person whose credit history or lack thereof makes them a traditionally poor choice for loaning money based on a substantial risk of default.

 

[Navy1960]

This process of building a mobilizable community is called "community organizing." It involves "the craft" of building an enduring network of people, who identify with common ideals. Let me cite you some examples, let's say a community needs a new library or Vets. memorial in the town square, and many other things, voter registration, convincing industry to relocate to that community. It's not that I agree with Obama as anyone on here will tell you, but the job of community organizer is done each and everyday in this country and is a noble one and not easy. Many of the people that engage in this do it for no pay at all , all for a the love of their community or people they represent. Let me give you a really good example, Vietnam Veterans Memorial is a good example of community organizing, brining people together for the common purpose to honor fallen hero's.

 

[Modbert]

I ain't talkin' for kdtighe but...

...I would assume it refers to a person whose credit history or lack thereof makes them a traditionally poor choice for loaning money based on a substantial risk of default.

These laws were originally put in place to stop racism from occuring by bankers who weren't giving money to people who were qualified in certain areas or because of their skin colors.

It was the banks with their predatory lending that said to people "Hey you CAN afford a $400,000 house and or loan." That's what got us to where we are now.

The banks knew what they were doing when they were telling people what they can have instead of what was realistically right. And why? That way the bank makes more money and your in debt to them even longer then before for something you can't afford.

Though am I saying that all the American people here are right? No

But plenty were lied to on what they could afford and now it's come back to hurt them severely.

 

[jschuck12001]

I ain't talkin' for kdtighe but...

...I would assume it refers to a person whose credit history or lack thereof makes them a traditionally poor choice for loaning money based on a substantial risk of default.

Whats funny is there are so many people who had 700 fico's who are defaulting on top tier mortgages. I read the posts on mortgages and its apparent people dont really understand who is and who isnt defaulting. IF anyone thinks that mortgages given to low income people are the reason we are in this mess then you need to read up and educate yourself.

 

[Modbert]

This process of building a mobilizable community is called "community organizing." It involves "the craft" of building an enduring network of people, who identify with common ideals. Let me cite you some examples, let's say a community needs a new library or Vets. memorial in the town square, and many other things, voter registration, convincing industry to relocate to that community. It's not that I agree with Obama as anyone on here will tell you, but the job of community organizer is done each and everyday in this country and is a noble one and not easy. Many of the people that engage in this do it for no pay at all , all for a the love of their community or people they represent. Let me give you a really good example, Vietnam Veterans Memorial is a good example of community organizing, brining people together for the common purpose to honor fallen hero's.

Couldn't agree more Navy. When I'm able to, I have to rep you for this post.

 

[HoleInTheVoid]

The banks knew what they were doing when they were telling people what they can have instead of what was realistically right. And why? That way the bank makes more money and your in debt to them even longer then before for something you can't afford...

Defaulted mortgages don't make profits.

 

[jschuck12001]

These laws were originally put in place to stop racism from occuring by bankers who weren't giving money to people who were qualified in certain areas or because of their skin colors.

It was the banks with their predatory lending that said to people "Hey you CAN afford a $400,000 house and or loan." That's what got us to where we are now.

The banks knew what they were doing when they were telling people what they can have instead of what was realistically right. And why? That way the bank makes more money and your in debt to them even longer then before for something you can't afford.

Though am I saying that all the American people here are right? No

But plenty were lied to on what they could afford and now it's come back to hurt them severely.

Yes, the law is called RESPA and it covers everyone, not just poor people. There were tons of loans given to A paper and Subprime consumers who made plenty of money to pay their mortgage but it seems that the people are only hearing half the story. If we want to say that the Government regulations on Debt ratio and disposable income were too lenient then that makes more sense. Fraud is fraud and its committed in every field across the nation. If you dont regulate then you wont catch the fraud.

 

[Larkinn]

Defaulted mortgages don't make profits.

They do if home prices keep going up.

 

[Modbert]

Defaulted mortgages don't make profits.

You have to remember a few things:

1.) This was all going on when people's houses were actually worth something.

2.) Mortgages in general make profit for the banks as long as people are willing to pay for said mortgages. Even if it's the bare minimum. Then people will get credit cards and pay the outrageous rates to those companies too in order to afford living in a house from month to month.

All these companies and businesses make money off one another. The credit card company has made billions off such things occurring. Do you think they want that to stop anytime soon? Of course not.

The only way it will is if people get fed up. But they will only try to find a new way to rob people, they always do.

 

[Modbert]

Yes, the law is called RESPA and it covers everyone, not just poor people. There were tons of loans given to A paper and Subprime consumers who made plenty of money to pay their mortgage but it seems that the people are only hearing half the story. If we want to say that the Government regulations on Debt ratio and disposable income were too lenient then that makes more sense. Fraud is fraud and its committed in every field across the nation. If you dont regulate then you wont catch the fraud.

There you go.

 

[jschuck12001]

They do if home prices keep going up.

Thats the point, home values are plummeting, you do know this right.

 

[jschuck12001]

You have to remember a few things:



2.) Mortgages in general make profit for the banks as long as people are willing to pay for said mortgages. Even if it's the bare minimum. Then people will get credit cards and pay the outrageous rates to those companies too in order to afford living in a house from month to month.

All these companies and businesses make money off one another. The credit card company has made billions off such things occurring. Do you think they want that to stop anytime soon? Of course not.

The only way it will is if people get fed up. But they will only try to find a new way to rob people, they always do.

First off you cant use credit cards as income so there has to be an established debt ratio before a loan is given. Whats interesting is all the talk about Fannie and Freddie but they didnt write these type of loans. The loans that caused these issues were mostly stated income where the consumer didnt mind signing a 1003 where the dumbass mortgage broker over stated their income by 2 or 3 times what they actually get. These were private investors, and the broker world capitalized through desperate, greedy 3rd party mortgage companies funded by wallstreet. Where Fannie became greedy was when they started buying these securities in the dirty 3rd party mortgage funding banks. The problem is that none of these banks are around to place blame so they go after the ones that are. You want to know what banks are responsible for this mess then look for yourself. There are many more than Countrywide, Citi, WAMu, blah blah blah

The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui

 

[Navy1960]

Here is something very telling about the economy I thought, for many years here as many in Fl. will know as well, retirement is big business in Arizona. The sale of homes in retirement communities has gone strong for many many years and in some communites there was always a waiting list to purchase. However the large inventory of empty homes has changed all this and has caused property values to decline. Now rather than build new retirement homes for sale they are trending towards building retirement Apartments which I thought was quit telling and a sign of the times. I don't know if this is the case in Fl. as the last time I was there the Navy was kind enough to send me there.

 

[Modbert]

First off you cant use credit cards as income so there has to be an established debt ratio before a loan is given. Whats interesting is all the talk about Fannie and Freddie but they didnt write these type of loans. The loans that caused these issues were mostly stated income where the consumer didnt mind signing a 1003 where the dumbass mortgage broker over stated their income by 2 or 3 times what they actually get. These were private investors, and the broker world capitalized through desperate, greedy 3rd party mortgage companies funded by wallstreet. Where Fannie became greedy was when they started buying these securities in the dirty 3rd party mortgage funding banks. The problem is that none of these banks are around to place blame so they go after the ones that are. You want to know what banks are responsible for this mess then look for yourself. There are many more than Countrywide, Citi, WAMu, blah blah blah

The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui

I realized Fannie and Freddie Mac aren't the only ones involved in this problem. Though it's not surprising that's what the media focuses on the most. If everyone was exposed, it'd be bad business for alot of companies in the future.

 

[jschuck12001]

I realized Fannie and Freddie Mac aren't the only ones involved in this problem. Though it's not surprising that's what the media focuses on the most. If everyone was exposed, it'd be bad business for alot of companies in the future.

Well its obvious they are trying to connect the Dems to Fannie and Freddie and they are connected but so are a hell of a lot of Republicans. I think it was another stupid strategy.

 

[jschuck12001]

Here is something very telling about the economy I thought, for many years here as many in Fl. will know as well, retirement is big business in Arizona. The sale of homes in retirement communities has gone strong for many many years and in some communites there was always a waiting list to purchase. However the large inventory of empty homes has changed all this and has caused property values to decline. Now rather than build new retirement homes for sale they are trending towards building retirement Apartments which I thought was quit telling and a sign of the times. I don't know if this is the case in Fl. as the last time I was there the Navy was kind enough to send me there.

Its actually nationwide Navy, the surge on new construction for apartment buildings is growing. Look, all those people who lost their homes need a place to stay. I guess its just smart business if you want houses to stay on the market, continue to drive values down, cost thousands of more jobs and sink our economy for the next 10 years. I know you were against the bill but I just dont see how we can drag ourselves out of this mess without helping out these depleted corporations and making sure the tax payers reap some benefits as well.

 

[Modbert]

Well its obvious they are trying to connect the Dems to Fannie and Freddie and they are connected but so are a hell of a lot of Republicans. I think it was another stupid strategy.

For example, John McCain and Merrill Lynch.