Barack's "Organizer" Buds Pushed for Bad Mortgages

Discussion in 'Congress' started by The Paperboy, Sep 29, 2008.

  1. The Paperboy
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    The Paperboy Times Square

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    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.

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  2. jschuck12001
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    jschuck12001 Senior Member

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    I want your definition of a "bad mortgage" please explain.
     
  3. Modbert
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    Modbert Daydream Believer Supporting Member

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    :eek: 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?

    :cuckoo:
     
  4. HoleInTheVoid
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    HoleInTheVoid Active Member

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    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.
     
  5. Navy1960
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    Navy1960 Senior Member

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    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.
     
  6. Modbert
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    Modbert Daydream Believer Supporting Member

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    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.
     
  7. jschuck12001
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    jschuck12001 Senior Member

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    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.
     
  8. Modbert
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    Modbert Daydream Believer Supporting Member

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    Couldn't agree more Navy. When I'm able to, I have to rep you for this post. :eusa_clap:
     
  9. HoleInTheVoid
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    HoleInTheVoid Active Member

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    Defaulted mortgages don't make profits.
     
  10. jschuck12001
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    jschuck12001 Senior Member

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    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.
     

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