Why have Republicans and conservatives convinced themselves that banks were “forced” to lend to the poor?
by Mortgage Rates on Friday, November 26th, 2010 | 13 Comments
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To long, stop copy and pasting!
You forgot to quote Mad Magazine.
You are speaking truth to power, my friend, truth to power.
To answer your question, they are engaging in class warfare against the lower and middle classes. Funny thing is that some of them are in those classes, but parrot what they have been told out of habit!
Just because you make it up, doesn’t make it true.
No, I have not seen anyone blame the poor for the housing problem. What we blame are the rules put in that encouraged lending to people that could never pay it back. Even Obama was as a lawyer suing banks that would not loan to low income people.
Whenever anything bad happens, some Republican committee gets together to come up with ‘talking points’ to blame it on the Democrats, Obama, or if it happened to the middle class or poor people, to blame the victims.
Then Limbaugh and Hannity and their ilk hammer the talking point home using the same techniques that are used on Sesame Street to teach the alphabet to four-year-olds–simplification and repetition repetition repetition.
Then dittoheads come here and repeat what they’ve been so carefully taught. They think they know what they’re talking about, but actually they’ve only heard one side of the story at best. Often what they’ve heard is mostly not even true. One of Limbaugh’s favorite validating phrases is ‘I’m not making this up, folks’. Usually when he says that, it just means that someone else made it up.
The whole technique of Republican political rhetoric is to find something you don’t like and twist together some logic to blame it on the Democrats.
*yawn Believe what you want but that’s exactly what started all this. The CRA along with pressure to put unqualified people into homes they could never afford. Banks and mortgage brokers were constrained by the language of the act (as has always been the way with liberals) and like most liberal bills this trash catered to the uneducated who were too ignorant to read what they signed.
Try again because like most liberals you failed. Stop cutting and posting from your betters and from a biased source (would would be any media outlet including print). Now run along and cheer your messiah as he carries you all to the failure you are destined for. I just wish the rest of us didn’t have to go along for the ride.
How dare you think you know what I think?
I worked for a company that refused to do sub-prime.
We left money on the table time after time, only to see the likes of Warren Buffett’s bank pick it up next door time after time.
Convincing first-time, low-income, average Joe home-buyers that they could ‘easily afford’ homes with nothing down and low payments and don’t worry about baloon payments was a no-brainer for Predator Lenders. They sent out their ‘super salespeople’, which describes many realtors and lenders to pick up some new money. For them, it worked, and when they cried “Help”, Bush issued the first NO-STRINGS-ATTACHED bailout, and the unregulated ones used it to buy other banks, take trips, have parties, or just give raises. These “trustworthy” people had a lot to do with this economic mess!
Im sorry sir, but you are wrong. You prove my own argument I quote “to refuse someone financial services because they live in an area deemed to be poor financial risk” Why is that banks should invest in a poor risk? WOuld you want the government telling you that you had to do that? You argument is lax and your ignorance is beyond belief, we wouldn’t be in this mess if our lefty politicians kept out of the housing market. Let banks do what they are best at investing there own money. When we let government start stating what banks do we are doomed.
They were forced to do by lawsuits filed by groups like ACORN, based on the banks’ existing loan portfolios.
Barack Obama filed such a lawsuit in Chicago on behalf of ACORN against a bank which wanted to open a new branch. They charged that the bank had an inadequate record of minority lending.
They opposed the branch and continued the suit as a form of extortion until the bank was forced by federal regulators to agree to make risky sub-prime loans to unqualified home purchasers under a housing program run by a subsidiary of ACORN.
Similar suits have been filed around the country by ACORN and groups like it to force such lending.
Any more questions?
First, He who knows and knows he knows is WISE – follow him.
But those people are often really, He who knows not and knows not that he nows not is a FOOL – shun him.
Your statement makes the accusation that the right blame just the poor and that the right is blaming minorities. The left likes to group people, not the right. You also add words like “forcing”. Not much forcing when money is passed under the table.
The right blames the Democrats (under Clinton) pushing the affordable housing so all Americans can live the American Dream. You work toward a dream, not have it put in your lap. The loans were made easier for people that had no education or training on what it takes to own a house. Like, is a house practical for you at this time (I was in my 40′s before I had settled enough to buy in Maine. I have since bought houses in two other states Texas and Maryland. So I wasn’t ready. I go where the jobs are.), is your credit score enough to get a good rate, do you have enough for a down payment and six months emergency backup, are you responsible enough to hanle your money, do you know about the types of loans…There is a lot to prepare before you buy if you wish to succeed.
Next are the lenders with the backing of the government to take more risky loans. Hell watch the yourtube video below. The democrats were in bed with Fannie Mae and Freedie Mac. How else can you explain the lying and denial of the democrats of any problem. Waters thought Raines was doing and outstanding job while he was stealing $90 million in bonuses for six years work. He was later charged. And the Liar Peosi said How did it sneak up on us?
Next are the people signing the loans. It is hard to blame them since it was so easy, but even so, you had better have some understanding when you sign a paper saying you will pay hundreds of thousands of dollars. The borrowers are responsible too.
We also blame the republicans. Too many of them were at fault. In fact we blame the whole congress and a series of presidents. I would like the whole crowd replace and term limits until they learn to behave themselves. (My 401k is so low, I though I would like to run for House of Reps so I could get rich quick.)
There are also the people bundling the weak loans and so on. But this is not the only thing to put us in this condition. You can grab pieces and make it to be “the republicans say this” but there is more being said that you are not hearing or leaving out.
Now as a conservative, I did not blame the poor and I did not talk about or use code words for minorities. The left accuse the conservatives of this, but they are trying to brand us and MANY on the left it seems are willing to blindly believe it. We don’t much care. We concider the source.
If you were an open minded person as I am sure you claim to be, then He who knows not and knows he knows not is SIMPLE – Teach him
maybe your name should not be Wise, but wouldn’t you rather be Simple than the other choice.
How about we get past the hate and fix the problem.