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Incorrect. The banks were brought to court 3 times, they won the first two times and realized if they didn't settle they would be continuously in court. After the settlement the heads of the banks said that it would have significant effects on the banking industry and people would be defaulting. There are videos just after court with them stating as much. Cuomo was a driving figure in pushing these lawsuits. He bragged about it in press conferences. Now people are sticking their heads in the ground saying "Nope, what he said isn't what he said even though it is exactly what was said."
Kind of sad and humorous at the same time.
The banks giving out stated income loans were to W2 borrower's instead of self-employed people which they were initially intended for were the banks doing. The banks giving out no income check loans were the banks doing. The banks giving out the absurd option arm loans (which really didn't take off until 2003/2004) were the banks doing. The government didn't force the banks to do any of that, the banks did that themselves.
How can anyone in their right mind possibly think that New York is doing ok right now? We are losing, we need changes ... and Rob Astorino is the one who has the will to make those changes that will make New York a better place to live, work, and do business in.
Cuomo's gotta go, it's as simple as that. END THE STATUS CUOMO
Your username suggests you're a sheltered kid from West Islip without much life experience, so I will pardon your naivete in thinking that electing a shady Republican instead of a shady Democrat will "end the status quo."
So you are saying the original problem was banks choosing to deny minorities loans even though they met all the requirements (Income, assets, employment, etc.)?
That's very different from what Cuomo was saying. He was saying the standards themselves were the problem and the STANDARDS needed to be lowered for the groups of people who had less mortgage approvals. The standard were lowered. That's the issue IMHO.
Are you suggesting the banks should only have used the new lower standards for certain ethnicities? Wouldn't that be descriminatory?
For the bolded above: Precisely; redlining takes none of the things you mention into consideration and simply denies loans in certain areas, usually areas with large minority populations. By blocking complete areas from mortgages the banks discriminated against everyone in the area but the burden was carried by the ethnicities (mostly minority) in those areas. That was the root of the settlement committed to by the lending institutions.
Has anyone seen any Cumo for governor signs out there? I know he's heavily up in the polls and admittedly I haven't been through any of the Democrat plantation areas of LI recently, but I have yet to see any political signage supporting Andy. Anyone?
I'm in Democrat central and I have seen a few Astorino signs but no Cuomo signs.
Let's see....99% of blacks, democrats, Jewish,welfare recipients,school teachers, illegal immigrants and college kids will vote for Cuomo while the white middle class will lean Astorino.
Yep....it'll be close. 68%-32%
Teachers won't be voting for Cuomo, many in my school voting republican for first time. Astorino will still lose though. People are sheep.
Let's hope enough people wake up before being fleeced again.
Sure, because on LI, teachers have no part in the fleecing. They're sheep too, just have their own little flock.
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