With landmark lawsuit, Barack Obama pushed banks to give subprime loans ....

[Amazed]

No they aren't.

 

[g5000]

I'm telling you, it was those damned negroes of Iceland who are to blame for all this.

This was a global derivatives bubble. In fact, if you look at Ireland's property bubble as a percent of GDP, they dwarf the United States property bubble.

So it was the negroes of Ireland, too!

England had a property bubble. The granddaddy of property bubbles was in Spain. And then of course there was Iceland and its speculation in the derivatives market.

Those who blame the CRA for a global derivatives bubble are about as stupid as they come, and they probably think the Euro crisis is completely unrelated.

The brokers and dealers were chasing fees. It is as simple as that. Every time they built a CDO, a shitload of middle men got fees during the life of that CDO. And since there was $70 trillion of investment money floating around the globe, that meant they needed to come up with $70 trillion of products to sell.

Well, guess what? If you rolled all the prime risk borrowers together, and got all of them to borrow to the max, you would not make much of a dent in that $70 trillion.

And so the underwriting laws of the Universe were thrown out the window and lending standards were considerably lowered.

Let me ask you CRA shitheads a question. When you drove around your all white town in 2008 and 2009 and 2010 and 2011 and saw all those white people losing their houses, did you say to yourself, "HOLY FUCK! I had NO IDEA all these people were BLACK!!!"

The fucking evidence of just how incredibly dumb your CRA theory is is right in front of your fat faces.

The banks were not being FORCED to loan money to every black person they could find. They were CHASING black people like so many crack dealers. Except instead of crack it was ARMs and HELOCs.
.
No one was suing the banks to lend to black people after the CFMA and FSMA were passed in 1999 and 2000.

They were chasing EVERYONE. The bigger your paycheck, the bigger the loans they could make to you. The bigger the loans they could make, the bigger the fees they got.

Common sense. Try it out. It will do you wonders.

Who was buying the CDOs which were being made out of loans to Greece, loans to black people, loans to white people, loans to Spaniards, loans to Irishmen, loans to Italians, loans to Englishmen, loans to students, loans to municipalities, loans to states, loans to car buyers, loans to credit card holders?

Your insurance company, that's who. Your 401k manager, that's who. Your city treasurer, that's who. Your state employee pension fund manger, that's who. Your college's endowment fund manager, that's who. Saudi princes, that's who. Rich people, that's who.

Has your insurance gone up? Did your 401k implode? Did your state employee pension fund implode? Have your local taxes gone up? Has your college tuition gone up? Well then, WAKE UP!!!

Just for fun sometime, go to Google and type your state plus the name of your state employee pension fund and then add Bear Stearns or Lehman Brothers. See what happens.

And financial firms sold CDO tranches to themselves, too. They drank their own Kool-Aid.

This was not a sub-prime bubble. This was a credit bubble. Every loan of any kind on the planet was rolled into these things. Corporate bonds were the beginning, but as soon as they saw how great CDOs worked, everyone got in on the action, chasing fees. Chasing people to take out loans, to refinance, to borrow against their equity.

And some dipshits blame the CRA. Jesus H. Christ. You just can't get any dumber than that.

The firms that collapsed the world economy were not even subject to the CRA. Not Lehman. Not Goldman Sachs. Not Bear Stearns. Not JP Morgan. Not Morgan Stanley. Not UBS. Not Barclays. Not Allied Irish Bank. Not Bank of Ireland. Not Iceland. Not the Royal Bank of Scotland. And so forth and so on.

It's still going on. It was derivatives which allowed the subprime borrower Greece to hide its debts. It was derivatives which allowed all the sovereigns to borrow more than they could pay back. And now their loans are delinquent, too. Except they get a bailout, and your albino black neighbors don't.

.

 

[Amazed]

I'm telling you, it was those damned negroes of Iceland who are to blame for all this.

This was a global derivatives bubble. In fact, if you look at Ireland's property bubble as a percent of GDP, they dwarf the United States property bubble.

So it was the negroes of Ireland, too!

England had a property bubble. The granddaddy of property bubbles was in Spain. And then of course there was Iceland and its speculation in the derivatives market.

Those who blame the CRA for a global derivatives bubble are about as stupid as they come, and they probably think the Euro crisis is completely unrelated.

The brokers and dealers were chasing fees. It is as simple as that. Every time they built a CDO, a shitload of middle men got fees during the life of that CDO. And since there was $70 trillion of investment money floating around the globe, that meant they needed to come up with $70 trillion of products to sell.

Well, guess what? If you rolled all the prime risk borrowers together, and got all of them to borrow to the max, you would not make much of a dent in that $70 trillion.

And so the underwriting laws of the Universe were thrown out the window and lending standards were considerably lowered.

Let me ask you CRA shitheads a question. When you drove around your all white town in 2008 and 2009 and 2010 and 2011 and saw all those white people losing their houses, did you say to yourself, "HOLY FUCK! I had NO IDEA all these people were BLACK!!!"

The fucking evidence of just how incredibly dumb your CRA theory is is right in front of your fat faces.

The banks were not being FORCED to loan money to every black person they could find. Fuck man. They were CHASING black people like so many crack dealers trying to get the blacks to take out a loan.

They were chasing EVERYONE. The bigger your paycheck, the bigger the loans they could make to you. The bigger the loans they could make, the bigger the fees they got.

Common sense. Try it out. It will do you wonders.

Who was buying the CDOs which were being made out of loans to Greece, loans to black people, loans to white people, loans to Spaniards, loans to Irishmen, loans to Italians, loans to Englishmen, loans to students, loans to municipalities, loans to states, loans to car buyers, loans to credit card holders?

Your insurance company, that's who. Your 401k manager, that's who. Your city treasurer, that's who. Your state employee pension fund manger, that's who. Your college's endowment fund manager, that's who. Saudi princes, that's who. Rich people, that's who.

And they sold them to themselves, too. They drank their own Kool-Aid.

This was not a sub-prime bubble. This was a credit bubble. Every loan of any kind on the planet was rolled into these things. Corporate bonds were the beginning, but as soon as they saw how great CDOs worked, everyone got in on the action, chasing fees. Chasing people to take out loans, to refinance, to borrow against their equity.

The CRA. Jesus H. Christ. You just can't get any dumber than that.

The firms that collapsed the world economy were not even subject to the CRA. Not Lehman. Not Goldman Sachs. Not Bear Stearns. Not JP Morgan. Not Morgan Stanley. Not UBS. Not Barclays. Not Allied Irish Bank. Not Bank of Ireland. Not Iceland. Not the Royal Bank of Scotland. And so forth and so on.

It's still going on. It was derivatives which allowed the subprime borrower Greece to hide its debts. It was derivatives which allowed all the sovereigns to borrow more than they could pay back.

.

Geeeeeezus, shut up dude... Dodd/Frank/Clinton fucked up.

Move on......your President just killed 4 americans...

 

[tyroneweaver]

some minorities had no way of paying back loans so the banks didn't loan to em. Then Janet Reno threatens red lining banks and forces em to make loans when houses were at their highest value.
...and you know the rest of the story.

 

[Lakhota]

Home loans didn't bring on the recession; gimmicky financial instruments bloated to 100 times their value are what caused all this pain.

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Alternet

 

[g5000]

With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

With landmark lawsuit, Barack Obama pushed banks to give subprime loans to Chicago’s African-Americans | The Daily Caller

"Fairness".

I would bet big money that 99 percent of those defaulted loans are on loans that were made to them long after that suit, and not the original loans they were given after the suit. Refis, HELOCs, etc.

You can count on it.

.

 

[Amazed]

Home loans didn't bring on the recession; gimmicky financial instruments bloated to 100 times their value are what caused all this pain.

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Alternet

Alternet...get your ass back in the TeePee.

 

[g5000]

Aha!

The OP gives a link to the loans the plaintiffs have received: Chicago 'Buycks' Lawsuit Plaintiffs

Look at them. The loans which defaulted were made well into the 2000s. Well into the bubble.

These are not the original loans made after the 1995 lawsuit.

Not one loan made in the 90s defaulted.

Not one.

The OP fails catastrophically.


When will you dipshits stop drinking the Daily Caller's piss?



.

 

[Ravi]

The lawsuit in question was filed because some companies were charging people higher interest rates based merely on skin color.

The OP is negged for race-baiting.

 

[Amazed]

The lawsuit in question was filed because some companies were charging people higher interest rates based merely on skin color.

The OP is negged for race-baiting.

What race are you?

I'll bait you for being stupid.

 

[NYcarbineer]

It's great entertainment when a poster bumps his own thread long after getting his ass handed to him in it.

Thanks for the reminder.

 

[Amazed]

It's great entertainment when a poster bumps his own thread long after getting his ass handed to him in it.

Thanks for the reminder.

Too funny kiddo....show where I bumped it back up....and you've never handed anybody his ass...you jus ain't up to it.

 

[orBeMezaTtnoD]

You see this?

CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

 

[SniperFire]

The economic collapse, attributed to Bush, is actually obama's faut.

With a sweeeeeet assist from Clinton and his changes to the CRA.