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Hey if they can't pay it back we'll make sure somebody else does for ya. Yippie!
"In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.
Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says. No Job, No Problem
Settlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.
In several cases, the government has ordered bank defendants to post in all their branches and marketing materials a notice informing minority customers that they cannot be turned down for credit because they receive public aid, such as unemployment benefits, welfare payments or food stamps."
I got a thing in the mail today that said I could apply for a $50K dollar FHA loan that I wouldn't have to pay back or two years of house payments whatever comes first. Of course you have to qualify. May have to quit my job for a couple years and work on the down low like the illegals do.
Meanwhile Obama gave a stay of eviction for 12 months for those behind in their FHA mortgages. I think he and Barney Frank are working on a deal where the taxpayer ends up subsidizing a house for everyone who cannot afford one.
Hey if they can't pay it back we'll make sure somebody else does for ya. Yippie!
"In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.
Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says. No Job, No Problem
Settlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.
In several cases, the government has ordered bank defendants to post in all their branches and marketing materials a notice informing minority customers that they cannot be turned down for credit because they receive public aid, such as unemployment benefits, welfare payments or food stamps."
Hey if they can't pay it back we'll make sure somebody else does for ya. Yippie!
"In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.
Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says. No Job, No Problem
Settlements include setting aside prime-rate mortgages for low-income blacks and Hispanics with blemished credit and even counting "public assistance" as valid income in mortgage applications.
In several cases, the government has ordered bank defendants to post in all their branches and marketing materials a notice informing minority customers that they cannot be turned down for credit because they receive public aid, such as unemployment benefits, welfare payments or food stamps."
This is what Clinton did when he deregulated the Glass Steagal act. And in turn we got and get to deal with the aftermath now. So they want another go around?
It is NOT discrimination if you cannot pay back the loan. It is good business to NOT loan to them. OMG is the country not sinking fast enough for obama?
Bill Clinton's Role In The Mortgage Crisis
In his famous First Inaugural Roosevelt asserted
Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men.
Clinton not only repealed the act Roosevelt had put in place to curb those practices, but presented one of the pens used to sign it to one of those "money changers."
As Congress continues to investigate the mortgage crisis, more people are wondering whether the repeal of Glass-Steagall was a mistake. Progressive Historians: History For Our Future
Clinton Says Don't Blame Him for the Economic Crisis
Given the sweep and severity of today's global economic crisis, it would seem there's plenty of blame to go around. But Bill Clinton doesn't think any of it should fall on his shoulders
Kinda sounds like discrimination to me. Just sayin'.
Well it is but that dont count! They just have to rent and be quiet about it!
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