NAACP: Bank Giants Steered Blacks to Bad Loans

[KittenKoder]

The Bass isn't being obtuse but asking the same damn questions. Taxpayers are footing the bill for the predatory and greedy tactics of these banks and their subprime loans but the Bass finds it hard to believe that misinformed idiots continue to heap the blame on those who are getting victimized.

dumbAss (have I used that one yet? don't think I have, yeah, dumbAss works)

So, if I offered you a cookie, you took it and it made you sick because you were allergic to something in it, who's fault is it?

Dumbass. That's a good one!

*blush* Thanks ... don't know why I didn't think of it before.

 

[KittenKoder]

The Bass isn't being obtuse but asking the same damn questions. Taxpayers are footing the bill for the predatory and greedy tactics of these banks and their subprime loans but the Bass finds it hard to believe that misinformed idiots continue to heap the blame on those who are getting victimized.

dumbAss (have I used that one yet? don't think I have, yeah, dumbAss works)

So, if I offered you a cookie, you took it and it made you sick because you were allergic to something in it, who's fault is it?

Jackass, who's suffering, the ones who predicated the greedy behaviour or the taxpayers and those who lost their homes? While you whine and complain that people took the bad loans, the predatory jackass who masterminded these bad loans are rewarding themselves with bonuses, paid by you and the rest of us taxpayers.

Meh ... still haven't even tried to answer my question. No, the taxpayers shouldn't have to pay for the idiots who took the loans knowing they wouldn't be able to pay them back. Answer the cookie question, all answers lie in the cookie!

So, if I offered you a cookie, you took it and it made you sick because you were allergic to something in it, who's fault is it?

 

[Bass v 2.0]

So, if I offered you a cookie, you took it and it made you sick because you were allergic to something in it, who's fault is it?

If you were in a war to exploit your enemy and you had to plant landmines are you going to leave the landmines exposed and put a sign in front that say "Landmines, Beware, or are you going to bury and cover up those landmines so that your enemy can step into the minefield unknowingly and blow themselves up? Mind you, nobody forced your enemy to walk through that minefield, but they walked through anyways because you cleverly disguised the mines.

 

[KittenKoder]

So, if I offered you a cookie, you took it and it made you sick because you were allergic to something in it, who's fault is it?

If you were in a war to exploit your enemy and you had to plant landmines are you going to leave the landmines exposed and put a sign in front that say "Landmines, Beware, or are you going to bury and cover up those landmines so that your enemy can step into the minefield unknowingly and blow themselves up? Mind you, nobody forced your enemy to walk through that minefield, but they walked through anyways because you cleverly disguised the mines.

Who says you're an enemy. I just have two cookies, one I like better so I offer you the one I don't like. You take it because it looks good, you eat it, you get sick because of something you're allergic to, who's fault is it?

Your flaw is assuming everyone is your enemy, there's a word for that, paranoia. Like those who think aliens are probing them, or those who think the moon landing was a hoax ...

As for your analogy it fails so much, unless of course you want to also assert that more black people are illiterate and too arrogant to admit it so they just pretend to read the contracts. No matter how you spin it, and that's all you are doing, it's the people who take the cookie that are to blame for getting sick.

 

[driveby]

You must be on dope or dog food, this is exactly the evil of capitalism. Mortgage discrimination and redlining are not beautiful things.

Your nappy weave must be too tight, credit requirements were loosened up to give minorities MORE opportunities for home ownership, not less. Also, with free market capitalism, mortgage lenders COMPETE for your business. Why not find black lenders if you think there is so much discrimination ? I'll tell you why, because when your credit score is 500, you're not getting a 5% loan, it doesn't matter who the lender is. White folks ain't getting those loan either, no matter what your whack ass source says........

You idiots are hard of reading, go back and read the definition of mortgage discrimination you idiot, when banks keep denying people loans based on color what do think will happen, they're more likely to take a bad deal. In the case of blacks, 40% of them who took subprime loans had good credit, you jackasses are always avoiding the obvious racism of your own people and blaming the victims as the fault.

I have black friends and a black neighbor who bought their houses about the same time as i bought mine, all got the same rate or better than i got. The few that got better rates gambled on when to lock in their rate more than i did. Additionally, i have white and asian friends that got fucked. So it seems the discrimination is more against gullable people, not against race. The lesson here is simple, don't take the bad deal and if you do, it's your fault. This whining is doing nothing but dragging down your own race, sell out.......

 

[Bass v 2.0]

I have black friends and a black neighbor who bought their houses about the same time as i bought mine, all got the same rate or better than i got. The few that got better rates gambled on when to lock in their rate more than i did. Additionally, i have white and asian friends that got fucked. So it seems the discrimination is more against gullable people, not against race. The lesson here is simple, don't take the bad deal and if you do, it's your fault. This whining is doing nothing but dragging down your own race, sell out.......

So what you're saying is people who get defrauded chose to do so by their own choice? God forbid if you should get defrauded. The Bass never said all blacks are targeted for predatory lending, but blacks are disproportionately affected by it and targeted by it. Do you think that all those people Madoff swindled were gullible people who willingly took bad deals? If you think so you're retarded.

 

[driveby]

You're gonna compare Madoff to mortgage lending ?

Why don't you take what Pelosi, Obama and Reid have done the last four weeks and compare that to Madoff, but multiply it by 100?

 

[Ravi]

So, if I offered you a cookie, you took it and it made you sick because you were allergic to something in it, who's fault is it?

lol, I've already posted that no one was forced to take the loans, silly. Now show me the law that you claim forces banks to make bad loans.

So then why are you blaming the banks for these people fucking up?

Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

That's one.

I read that. There is no law referenced that forced banks to make bad loans. In fact the only source I could find for the quote within the article came from the National Association of Realtors, not Clinton.

Both Bush and Clinton made it easier for people with decent credit scores to buy homes...but there are no laws that forced banks or any other lenders to loan to people with bad credit and/or low or no income.

People that took out mortgages they couldn't afford are responsible for their poor judgment, but they are not responsible for what the banks did. It boggles my mind that anyone is still trying to pin the financial mess on a relatively small group of low income people.

 

[William Joyce]

People that took out mortgages they couldn't afford are responsible for their poor judgment, but they are not responsible for what the banks did. It boggles my mind that anyone is still trying to pin the financial mess on a relatively small group of low income people.

And yet, that was the trigger. Banks wanted to be politically correct by loaning to blacks, Hispanics and illegal aliens. It was all based on the notion of human equality. But humans aren't equal. Some are less financially responsible than others. Now that taxpayers have to bail out the banks for bailing out the minorities, it's yet another transfer of cash from whites to non-whites.

Again.

 

[Bass v 2.0]

And yet, that was the trigger. Banks wanted to be politically correct by loaning to blacks, Hispanics and illegal aliens.

They were not trying to be politically correct, they were ripping those people off with their greedy, exploitative predatory lending, some racist people are just hard of reading and seeing reality, thats why racism should be classified as a mental illness.

It was all based on the notion of human equality. But humans aren't equal. Some are less financially responsible than others.

The irony of your stupidity is that rich, greedy whites were the ones responsible for putting the country in this financial mess yet you accuse people's of color of not being financially responsible, plus you like the rest of America is footing the bill for it.

Now that taxpayers have to bail out the banks for bailing out the minorities, it's yet another transfer of cash from whites to non-whites.

Again.

Prove that minorities borrowing money via subprime loans is the reason why taxpayers are footing the bill.

 

[Ravi]

People that took out mortgages they couldn't afford are responsible for their poor judgment, but they are not responsible for what the banks did. It boggles my mind that anyone is still trying to pin the financial mess on a relatively small group of low income people.

And yet, that was the trigger. Banks wanted to be politically correct by loaning to blacks, Hispanics and illegal aliens. It was all based on the notion of human equality. But humans aren't equal. Some are less financially responsible than others. Now that taxpayers have to bail out the banks for bailing out the minorities, it's yet another transfer of cash from whites to non-whites.

Again.

None of what you've posted is true. How exactly do black people with good credit ratings exist, duh, or Hispanics, or illegals.

Banks don't lend for equality...they lend to make money.

 

[editec]

I don't think anyone put a gun to their head.
Exactly how were they FORCED?
Why didn't they go to another lender?

Forced?

Swindled more likely.

To swindle means they were tricked into it completely.

Nonsense.

You don't get to add words like "compeletely, just because it would be convenient for you to add that word this time

Swindle: to victimize: deprive of by deceit.

If they were swindled into taking out loans which were more expensive and inappropriate based on their credit rating, if as a class it is shown that Blacks were treated less fairly than Whites with similar credit ratings, then they were, as a class and as individuals, swindled.

Or I could have used, cheated, ripped off, descriminated against or a whole host of words or phrases which decribe that kind of event.

This should be so obvious even debating it is absurd.

It ALL depends on whther the statistics indicate that was a persistent pattern of outcomes.

And if that is the case, then the next step is to determine how or why that happened.

This argument is just too elementary for me to believe it isn't based on some goofy notion you have about Balcks that has NOTHING to do with the issue itself.

 

[Burp]

this is a load of you know what. no one forced them to take these loans. im black and i know not to take out a loan that i can't payback.
and the NAACP needs to stop with their nonsense. these are the same people who gave R Kelly a black image award.

nia, no, no, no.

You don't understand how CB works. He has no tolerance for any African-American who can think for him/her self. If you are educated, can make your own decision, and don't spend the day whining about how the "whiteys owe you," then you are basically an Uncle Thomas (he did say that in another thread).

 

[Godboy]

The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.

Thats a bold statement, yet i see no proof of it, only this accusation. Prove it first before you complain about, otherwise we can add this to the pile of baseless accusations of racism.

Black people need to quit falsely accusing white people of racism, because when they do it, they themselves are the racist ones. You cant just go around calling white people monsters just because you dont like the color of their skin.

I find it strange that black people continually complain about racism, yet unless they were born before the 70's, they dont even know what racism is. If you want to know about racism, ask a white person, because we have been subjected to black racism our entire lives and i for one am fucking tired of it.

Honestly, will there ever be a day when black people going to stop being racist?

 

[editec]

The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.

Thats a bold statement, yet i see no proof of it, only this accusation.

Yes, that is exactly why I keep harping on the statistical evidence.

Without that statistical evidence the accusation is meaningless.

With it, it is justified.

Simple as that.

 

[William Joyce]

Prove that minorities borrowing money via subprime loans is the reason why taxpayers are footing the bill.

Sure. The financial mess began when loans weren't paid back. We now have the data on who defaulted.

Guess who?

http://www.vdare.com/Sailer/090301_mortgage_meltdown.htm

So, surely, the rise and fall of the subprime peddlers demonstrates the iniquity of the rightwing ideology of deregulation? We needed more regulation, not less!

Wrong! Please notice that minority lending regulations primarily pushed in what turned out to be the wrong direction: too much gullibility. When it came to mortgage lending to minorities, as regulated by the Community Reinvestment Act and other anti-discrimination laws, excessive skepticism was made illegal. Lenders and investors were only allowed to err in one direction.

Not surprisingly, excessive credulity came to dominate the system.

By no means were all the subprime peddlers sincere believers in the dogmas of multiculturalism. Instead, they knew they could wield political correctness like a club to scare off regulators.

Thus, to avoid inconvenient investigations, the owners of subprime mortgage originators tended to present themselves to politicians and the press as financial statesmen, moral leaders in the war on bigotry against minority borrowers.

Sue Kirchhoff reported in USA Today on April 17, 2007 in Subprime lenders’ big gifts helped lawmakers:

“The nation's top subprime lenders, including New Century Financial (NEWC), which has filed for Chapter 11, have lavished generous donations on homeownership programs sponsored by black or Hispanic members of Congress. The paid sponsorships give lenders an entree to lawmakers and their constituents. Along with New Century, backers include Countrywide Financial (CFC), which settled a New York fair-lending investigation in 2006 by agreeing to compensate black and Latino borrowers for improper loans and set up a $3 million consumer-education program. Another is Ameriquest Mortgage, which in 2006 agreed to a $295 million settlement with state attorneys general who charged it with improper lending practices.”

Similarly, Susan Schmidt and Maurice Tamman of the Wall Street Journal reported on January 5, 2009 in Housing Push for Hispanics Spawns Wave of Foreclosures:

"The Congressional Hispanic Caucus created Hogar in 2003 to work with industry and community groups to increase mortgage lending to Latinos. At that time, the national Latino homeownership rate was 47%, compared with 68% for the overall population. Hogar called the figure 'alarming,' and said a concerted effort was required to ensure that 'by the end of the decade Latinos will share equally in the American Dream of homeownership.'

Hogar's backers included many companies that ran into trouble in mortgage markets: Fannie Mae and Freddie Mac, both now under federal control; Countrywide Financial Corp., sold last year to Bank of America Corp.; Washington Mutual Inc., taken over by the government and sold to J.P. Morgan Chase & Co.; and New Century Financial Corp. and Ameriquest Mortgage Corp., both now defunct.

Hogar's ties to the subprime industry were substantial."