Obama To Forces Banks To Loan To Blacks In Ghettos

Discussion in 'Race Relations/Racism' started by Tank, May 18, 2011.

  1. Tank
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    Tank Gold Member

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    Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

    Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas.

    A Renewed Crackdown on Redlining - BusinessWeek
     
  2. Truthmatters
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    Well the SEC should have implimented the protections written into Gramm leach bialey instead of stalling them for nearly a decade
     
  3. Tank
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    Tank Gold Member

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    Banks are not racist, banks want to make money, the only reason banks would not want to loan to blacks is because history has shown they would lose money
     
  4. Truthmatters
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    Press Release: SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers; 2007-190; Sept. 19, 2007


    Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.
     
  5. Truthmatters
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    Truthmatters BANNED

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    I know the truth hurts so you cant bring yourself to face them by answering huh?
     
  6. peach174
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    peach174 Gold Member Gold Supporting Member Supporting Member

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    What part of you can't be poor and own a house don't they get?
    You can't keep up with repairs let alone anything else like property tax and insurance.
     
  7. Tank
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    Tank Gold Member

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    Look Truth, I understand the laws of loaning money, It's just that banks have learned that blacks don't pay back their loans.
     
  8. IanC
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    IanC Gold Member

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    remember when Obama first got in and he wanted to reform credit cards? he was pissed at people who actually paid off their cards every month and didnt have to pay interest so he considered making them pay a fee. called them 'freeloaders'. typical of the govt punishing responsibility and rewarding irresponsibility.

    our society is not better off when banks are forced to make loans to people who cant or wont pay them back. insurance companies are allowed to make young and/or poor drivers pay more until they show they are responsible drivers. borrowers should have higher interest, smaller loans until they demonstrate their ability to repay on time. and bringing back higher down payments for mortgages is also a good way to separate the wheat from the chaff.
     
  9. editec
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    editec Mr. Forgot-it-All

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    Little banks are no less VICTIMS of the BANSTERS GRIFT than average citizens are.
     
  10. Truthseeker420
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    Truthseeker420 Gold Member

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    That is kind of a racist and ignorant way of phrasing a comment obout redlining. But you don''t want to enforce the law against redlining?
     

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