Andylusion
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- #201
Redlining did not result from doing nothing.When people leave the area and values crash, you call it white flight.
When nothing happens in an area, you call it redlining.
When people move into the area, you call it gentrification.
It came into existence by official government fiats, denying African-Americans the same right to home ownership as equally qualified white applicants. What other institution except government can correct such discrimination?
What I meant by redlining, was that no one move into an area, because it's a bad area not worth buying into. Thus people stay there, and live there, but no one really moves into, and nothing is built up.
Well no one can 'correct' such things, because no one is going to give a loan for a house that is going down in value.
And if you force people banks to give loans for bad areas, the result is that those loans tend to default.
Which is exactly what happened in 2008. All the people who got bad loans, defaulted.
How Obama Bankrupted Black Homeowners
The Obama Record The Obama Record: The Obama camp's running a new ad reminding African-Americans of all he's done for them as they weather an economic crisis he "inherited." Left... Read More
www.investors.com
Before the crisis, Obama pushed thousands of credit-poor blacks into homes they couldn't afford. As a civil-rights attorney, he sued banks to rubberstamp mortgages for urban residents.
Many are now in foreclosure. In fact, the lead client in one of his class-action suits has since lost her home and filed bankruptcy.
You can claim "redline" this, and "redline" that... but the fact remains that when banks were forced to give loans to these people.... they went bankrupt, and defaulted, and crashed the market.
Read the story. It's very clear.
First some background: Obama focused on "housing rights" when he worked as a lawyer-activist and community organizer in South Side Chicago. His mentor — the man who placed him in his first job there — was the father of the anti-redlining movement: John McKnight. He coined the term "redlining" to describe the mapping off of minority neighborhoods from home loans.
McKnight wrote a letter for Obama that helped him get into Harvard. After he graduated, he worked for a Chicago civil-rights law firm that worked closely with McKnight's radical Gamaliel Foundation and National People's Action, as well as Acorn, to solicit lending-discrimination cases.
At the time, NPA and Acorn were lobbying the Clinton administration to tighten enforcement of anti-redlining laws.
Your attempts to "fight discrimination" nearly bankrupted the country, and caused a recession and 10 year long recovery.
The people the banks denied loans to, couldn't afford those loans, which is why the bank didn't denied them loans.
When the government forced banks to make bad loans, the loans went bad, and people when bankrupt.
In the run-up to the crisis, Citibank underwrote thousands of shaky subprime mortgages to satisfy the court in Obama's case. Defaults were common. When home prices collapsed, most of the loans went bust.
His lead African-American client, Selma Buycks-Roberson, who was denied a loan due to bad credit and low income, got her mortgage only to default on it years later.
She got a foreclosure notice in 2008, according to The Daily Caller website, along with many of her Chicago neighbors.
Here's the sad part. You right here, right now, are actually harming the exact black people, you claimed to be fighting discrimination for.
All of these black people, that you got into mortgages, are now worse off, because now they lost all the money they put into the house, and have a foreclosure on their credit report.
Every time you say you are against 'redlining', what you really are saying is "I want to destroy black people's lives". Because that is in fact what you have done.