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HonestChieffan
07-11-2011, 02:20 PM
And people wonder why they don't feel real good about Obama fixing the economy? Holder is every bit as lousy a AG as expected, maybe worse.


(IBD) — 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.

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.

Among other remedies: favorable interest rates and down-payment assistance for minority borrowers with weak credit.

For example, the government has ordered Midwest BankCentre to set aside almost $1 million in “special financing” for residents living in predominantly black areas of St. Louis. The program includes originating conventional home loans at fixed prime rates for African-American borrowers “who would ordinarily not qualify for such rates for reasons including the lack of required credit quality, income or down payment.”

Garcia Bronco
07-11-2011, 02:21 PM
" favorable interest rates and down-payment assistance for minority borrowers with weak credit."

Under the US Constitution that is illegal.

The Mad Crapper
07-11-2011, 02:26 PM
" favorable interest rates and down-payment assistance for minority borrowers with weak credit."

Under the US Constitution that is illegal.

Like that matters to Inspekteur der Sicherheitspolizei Holder and his boss.

http://4.bp.blogspot.com/_LD_Ah5tLKV8/S9Jc2JlDetI/AAAAAAAAE3w/eSjVIIYOFw4/s320/Obama_Burns_Constitution_25.jpg

LOCOChief
07-11-2011, 02:27 PM
Here we go again. Whose the new ACORN to ride herd on this?

vailpass
07-11-2011, 02:28 PM
obama paying reparations any and every way he can. Piece of shit empty suit scumbag. How is earmarking money for people of a certain color not discrimination?

Amnorix
07-11-2011, 02:38 PM
If true, this is deplorable. The question is whether or not it's true, given that the Investor's Business Daily is a right wing rag sheet to a degree.

But yeah, if true, not good. :shake:

vailpass
07-11-2011, 02:40 PM
If true, this is deplorable. The question is whether or not it's true, given that the Investor's Business Daily is a right wing rag sheet to a degree.

But yeah, if true, not good. :shake:

Point well taken. I probably should have reserved my outrage until verified.

HonestChieffan
07-11-2011, 02:56 PM
Point well taken. I probably should have reserved my outrage until verified.

Read the entire article ....Dont think IBD made that stuff up.

vailpass
07-11-2011, 03:18 PM
Read the entire article ....Dont think IBD made that stuff up.

If so it is beyond reprehensible. The piece of shit currently occupying our White House is going to be even more dangerous if he gets a second term. I'd like to hear how they justify earmarking loan money for people on the basis of color.

Bewbies
07-11-2011, 03:21 PM
If so it is beyond reprehensible. The piece of shit currently occupying our White House is going to be even more dangerous if he gets a second term. I'd like to hear how they justify earmarking loan money for people on the basis of color.

There's no justification to anything he's doing, this is mere peanuts.

KILLER_CLOWN
07-11-2011, 04:09 PM
Yes like the home loans created with money out of thin air, I can do that too. I will create money and loan it to you so you can purchase a home, then when you lose your job I get a free house and without even lifting a finger. Much less working 30 years to pay it off.

petegz28
07-11-2011, 08:30 PM
Ok, the obvious...isn't this what the CRA was???

And the blatantly more obvious....why only minorities??? Why not poor white people with poor credit???

Oh yea, that's right, the racist Obama's think all white people are rich.

scott free
07-11-2011, 08:52 PM
Any republican with a brain will beat this drum with a spiked club.

But hey, people that dont know how to pay their bills are voters too, he must think a dead Osama will carry him through with the rest of America no matter what.

This is honestly the worst sounding thing i've heard of to come out of this admin.

vailpass
07-12-2011, 12:15 PM
Any word of this in the mainstream press?

BucEyedPea
07-12-2011, 12:29 PM
I wonder if this is being done because real estate drives so much of the economy? Ya' know new homes need new things especially first time buyers.

BucEyedPea
07-12-2011, 12:30 PM
Any word of this in the mainstream press?

HCF has a knack for omitting his links or sources.

vailpass
07-12-2011, 01:01 PM
I wonder if this is being done because real estate drives so much of the economy? Ya' know new homes need new things especially first time buyers.

I'm not sure poor ghetto people are the target demographic for reviving the housing market.