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OmfriggenGawd..
so in other words you all are saying these people WERE TOO STUPID to realize just what it was they were signing onto..
and of course what is the Democrats and lefties solution for this.........the GUBERMENT MUST STEP IN to take care of all them STUPID PEOPLE....LOL
OmfriggenGawd..
so in other words you all are saying these people WERE TOO STUPID to realize just what it was they were signing onto..
and of course what is the Democrats and lefties solution for this.........the GUBERMENT MUST STEP IN to take care of all them STUPID PEOPLE....LOL
I wish the old MSN message board didn't remove their archives when they closed down. This was discussed pretty thoroughly at the time of the economic collapse.
Govt and special interest groups basically forced the banking industry to hand out loans to minorities, whether they were qualified or not. As always, when artificial conditions are imposed, some people find a way to make big money on them. In this case it was derivitives backed by Fanny Mae and Freddy Mac. But it wouldn't have happened without the necessity of lowering standards to get minorities into the housing market.
Apologies that the following is from a 'conservative' source but factually it is accurate.
Obama ACORN Trust, But Verify
How did we get into this financial mess in the first place? Well, to a large degree, its because lenders gave mortgages to borrowers who were unqualified, who shouldnt have been given loans in the first place. Why did they do that?
Heres the start of an article in the Chicago Sun-Times from April 1995: Youve got only a couple thousand bucks in the bank. Your job pays you dog-food wages. Your credit history has been bent, stapled, and mutilated. You declared bankruptcy in 1989. Dont despire: You can still buy a house. That article then suggested that people wanting to buy homes who fit this profile go see a group called ACORN.
Obama at the time had his hands on the purse strings of two organizations. He was a director of the Woods Fund, and he was Chairman of the Board of the Chicago Annenberg Challenge (CAC). He gave money from both organizations to ACORN, and also provided training for ACORN workers.
According to Stanley Kurtz of National Review Online, ACORN succeeded in drawing Fannie Mae and Freddie Mac into the very policies that led to the current disaster. ACORN put pressure on banks by threatening them with accusations of racism if they didnt give loans to minorities, even if they were completely unqualified.
Starting in 1987, ACORN began pressuring Fannie Mae and Freddie Mac to lower their standards for assuming mortage debt. And eventually they succeeded. By 1995, then President Clinton touted the fact that home-ownership in America was at an all-time high. According to Kurtz, ACORN representatives were guests of honor at this ceremony
OmfriggenGawd..
so in other words you all are saying these people WERE TOO STUPID to realize just what it was they were signing onto..
and of course what is the Democrats and lefties solution for this.........the GUBERMENT MUST STEP IN to take care of all them STUPID PEOPLE....LOL
First and foremost, there are many people raised by poor parents who do not know how to manage money. Most of us learn by example and when we grow up knowing our parents are not a good example we figure out we have to "wing it". Taking schooling is not always an option when you are busy trying to keep a roof over your family's heads. You sit down with people who you hear are there to help you and tell you what is right and wrong and you follow their advice. Being a lower middleclass American you see yourself as now doing better than your parents in owning a house.
As to the OP, this was not a racially motivated action, it was aimed at the poor and lower middle class. It just so happens that the majority of the black race fell into that category.
Again to the OP: Who the fuck has been helping you with your grammar? When you went as Charlie Bass your grammar sucked big time.
Whites don't loan to blacks, and that's "redlining". And it's racist.
Whites loan to blacks, and that's "predatory lending". And it's racist.
To recap, whites are racist no matter what they do.