PoliticalChic
Diamond Member
1. In their efforts to project that lie about racism existing in America....it clearly doesn't exist.....there is the standard one about banks...in business to lend money to make money....the Democrats claim "redlining" is about not lendindg to folks due to their skin color.
(Psst....profits are green, not black or white)
2. " Congress passed a bill in 1975 requiring banks to provide the government with information on their lending activities in poor urban areas. Two years later, it passed the Community Reinvestment Act (CRA), which gave regulators the power to deny banks the right to expand if they didnt lend sufficiently in those neighborhoods. In 1979 the FDIC used the CRA to block a move by the Greater NY Savings Bank for not enough lending.
In 1986, when the Association of Community Organizations for Reform Now (Acorn) threatened to oppose an acquisition by a southern bank, Louisiana Bancshares, until it agreed to new flexible credit and underwriting standards for minority borrowersfor example, counting public assistance and food stamps as income.
In 1992, the Boston Fed produced an extraordinary 29-page document that codified the new lending wisdom. Conventional mortgage criteria, the report argued, might be unintentionally biased because they didnt take into account the economic culture of urban, lower-income and nontraditional customers. Lenders should thus consider junking the industrys traditional income-to-payments ratio and stop viewing an applicants lack of credit history as a negative factor. Further, if applicants had bad credit, banks should consider extenuating circumstanceseven though a study by mortgage insurance companies would soon show, not surprisingly, that borrowers with no credit rating or a bad one were far more likely to default. If applicants didnt have enough savings for a down payment, the Boston Fed urged, banks should allow loans from nonprofits or government assistance agencies to count toward one. A later study of Freddie Mac mortgages would find that a borrower who made a down payment with third-party funds was four times more likely to default, a reminder that traditional underwriting standards werent arbitrary but based on historical lending patterns."
www.city-journal.org
3. The Dems used the hoax to get votes, never mind it created the mortgage meltdown wnen banks were forced to give NINJA loans....no income, no job or assets loans.
4. If the industry hadn't been forced to give loans that they knew wouldn't be repain.....no mortgage meltdown.
Thank you, Democrats.
5. But wait!!!
Chief Foot-In-Mouth just let the cat out of the bag!!!!!!!!!!!!
By The First
4 hours ago
Senator Elizabeth Warren raised eyebrows across social media Monday when she suggested “black borrowers” are unable to pay down their “original debt” and owe more than “white borrowers.”
“20 years after taking out their student loans, the typical white borrower owes just 6% of their original debt. But the typical Black borrower? 95% of their original debt. Student debt is a racial justice issue and it’s time for
@POTUS
to #CancelStudentDebt,” posted Warren on Twitter.
www.thefirsttv.com
So the banks were right......and "REDLINING" isn't racist......it's economically correct?????????????
(Psst....profits are green, not black or white)
2. " Congress passed a bill in 1975 requiring banks to provide the government with information on their lending activities in poor urban areas. Two years later, it passed the Community Reinvestment Act (CRA), which gave regulators the power to deny banks the right to expand if they didnt lend sufficiently in those neighborhoods. In 1979 the FDIC used the CRA to block a move by the Greater NY Savings Bank for not enough lending.
In 1986, when the Association of Community Organizations for Reform Now (Acorn) threatened to oppose an acquisition by a southern bank, Louisiana Bancshares, until it agreed to new flexible credit and underwriting standards for minority borrowersfor example, counting public assistance and food stamps as income.
In 1992, the Boston Fed produced an extraordinary 29-page document that codified the new lending wisdom. Conventional mortgage criteria, the report argued, might be unintentionally biased because they didnt take into account the economic culture of urban, lower-income and nontraditional customers. Lenders should thus consider junking the industrys traditional income-to-payments ratio and stop viewing an applicants lack of credit history as a negative factor. Further, if applicants had bad credit, banks should consider extenuating circumstanceseven though a study by mortgage insurance companies would soon show, not surprisingly, that borrowers with no credit rating or a bad one were far more likely to default. If applicants didnt have enough savings for a down payment, the Boston Fed urged, banks should allow loans from nonprofits or government assistance agencies to count toward one. A later study of Freddie Mac mortgages would find that a borrower who made a down payment with third-party funds was four times more likely to default, a reminder that traditional underwriting standards werent arbitrary but based on historical lending patterns."
Obsessive Housing Disorder
Justin Sullivan/Getty ImagesLax lending standards encouraged by the government contributed to our current foreclosure crisis. In December, the New York Times published a 5,100-word article charging that the Bush administration’s housing policies had “stoked” the foreclosure crisis—and thus the...
www.city-journal.org
3. The Dems used the hoax to get votes, never mind it created the mortgage meltdown wnen banks were forced to give NINJA loans....no income, no job or assets loans.
4. If the industry hadn't been forced to give loans that they knew wouldn't be repain.....no mortgage meltdown.
Thank you, Democrats.
5. But wait!!!
Chief Foot-In-Mouth just let the cat out of the bag!!!!!!!!!!!!
"LIBERAL RACISM: Warren Says ‘Black Borrowers’ are Unable to Pay Down ‘Debt’
By The First4 hours ago
Senator Elizabeth Warren raised eyebrows across social media Monday when she suggested “black borrowers” are unable to pay down their “original debt” and owe more than “white borrowers.”
“20 years after taking out their student loans, the typical white borrower owes just 6% of their original debt. But the typical Black borrower? 95% of their original debt. Student debt is a racial justice issue and it’s time for
@POTUS
to #CancelStudentDebt,” posted Warren on Twitter.
LIBERAL RACISM: Warren Says ‘Black Borrowers’ are Unable to Pay Down ‘Debt’
LIBERAL RACISM: Warren Says ‘Black Borrowers’ are Unable to Pay Down ‘Debt’
So the banks were right......and "REDLINING" isn't racist......it's economically correct?????????????
