An article entitled "What does the subprime mortgage crisis mean for race relations."
During the 1990s there was a Federal mandate to lenders, that they should be more lenient with black borrowers. We say professional black race hustlers screaming that the "banks are racist," and we say spineless politicians pandering to these race hustlers. By 2000, the message to lenders from Congress was "be more lenient with credit."
Well, the social engineering has backfired. What came about was lenders giving high interest "subprime" loans to virtually anyone with no verification of the ability of the person to pay the loan back. While many banks and many brokers undoubtedly acted unscrupulous in getting people to take loans they could not afford, ultimately millions of people accepted loans they could not afford.
While there are some poor white areas, such as the Appalachian Mountains, were the percentage of subprime loans exceed 50% of all loans given. However, the majority of areas with astronomical subprime loans are counties that are majority Hispanic or Majority Black. Dozens of majority black counties in the deep south exceed 50% subprime. Mississippi even has two majority black counties that exceed 70% subprime!
http://cofcc.org/?p=1344
An article entitled "Will your tax dollars go to mortgage cheats?"
http://www.worldnetdaily.com/index.p....view&page Id=60622
Interesting article; still plenty of questions to be asked.
Personally, I would start with the executives at Standard & Poor's, Moody's, and Fitch, and ask them to explain, in detail, how they came to classify those packaged sub-prime junk mortgages as AAA investments when Goldman Sachs and their partners in crime were selling short at the same time that they were promoting it to an unsuspecting public.
Another question to be asked is where was the SEC while this massive fraud was going on? Still another to Ben Shalom Bernanke: What is he going to do with the junk "collateral" he (apparently) received from Bear Stearns in the $30 billion bail out--and how many more, like Goldman Sachs and Lehman Brothers areon the horizon?
Questions, questions...but so few answers.
An article entitled "A Financial Perfect Storm"
We could be heading for a financial "Perfect Storm." The Dow Jones kept plunging through new lows during the last few weeks as investor confidence waned. The Dow even dipped below 11,000 on Friday. The subprime crisis keeps claiming bigger and bigger victims. The financial giants Freddie Mac and Fannie Mae who handle 40 percent of all mortgage loans in the US were teetering on the edge of collapse last week. The second largest bank failure in US history (Indymac) just happened last week. Add to all this, the soaring price of oil, which is cutting more and more into consumer spending, which accounts for two-thirds of the US economy.
Theres one little problem with the financial collapse of companies that own or guarantee $5.2 TRILLION in loans; it may not be possible to do anything about it. Theyre just too big to help.
http://www.whitecivilrights.com/a-fi...rfect-storm_12 59.html
An article entitled "Treasury Announces Bailout Plan For Fannie Mae An-d Freddie MacThe TRILLION Dollar Consequences Of "Anti-Discrimination" Campaigns"
Normally, financial crises happen because really, really rich people screw up, because theyre the ones who have most of the money. Yet, the mortgage meltdown is much more egalitarian in origins than the typical collapse. For instance, until a few months ago, mortgages backed by the now tottering Fannie Mae and Freddie Mac were capped at $417,000. Certainly not all, but some of the blame should rest on the bipartisan consensus to social engineer the home ownership rate above the 64 percent level, where it had been stuck since the 1960s.
http://blog.vdare.com/archives/2008/...sury-announces -bailout-plan-for-fannie-mae-an-d-freddie-mac-the-trillion-d ollar-consequences-of-anti-discrimination-campaigns/
An article entitled "How HUD Mortgage Policy Fed The Crisis"
http://www.washingtonpost.com/wp-dyn...rticle/2008/06 /09/AR2008060902626.html
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"For HUD to be indifferent as to whether these loans were hurting people or helping them is really an abject failure to regulate," said Michael Barr, a University of Michigan law professor who is advising Congress. "It was just irresponsible."
Well, we have an irresponsible government--why should HUD be any different?
...just being consistent!
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An article entitled "Undocumented Workers And Undocumented Mortgages"
Wait a minute a guy who lays tile for a living and sends $18,000 per year to his wife and two kids in Mexico owns three houses in a pricey Washington D.C. suburb? How much you want to bet we taxpaying citizens are going to end up bailing out his three mortgages?
http://blog.vdare.com/archives/2008/...cumented-worke rs-and-undocumented-mortgages/
Lenders have an obligation to check the credit background and employment status of borrowers. Knowing how avaricious lenders--both Wall St. and Main St.--are, I say lay the blame where it belongs ... on the lenders. Offer a deadbeat asweet deal, and do you expect him to turn it down? Hell no! Deadbeats never looka gifthorse in the mouth. They just grab the money and run.
We all saw the TV ads, three or fourper hour on every news channel. Let's see, how did the script read? Oh! yes, "Bad credit? No problem! No credit? No problem! Bankruptcy? No problem!" This went on for years.
Alan Greenscum had to have known what was going on. How could henot have known? Yet all he did was continue to lower interest rates to make borrowing ever easier. You can rest assured he was raking in kickbacks under the table.
Now that he no longer is Fed chairman, he stillrefuses to keep his big mouth shut. Whenever his flabby lips begin flapping, the market takes another nosedive.
It's all part of the NWO's plot to eliminate the middle class.
Let it be known to the entire world, I am hell-bent on defeating AIPAC, ADL, ACLU and all other traitors of their ilk whose goal is to destroy the United States Constitution and the American Republic.
If a White came in rest assured that every fact and detail of their lives would have been put under the microscope while a nonwhite wasnt checked, and we all know which group was more likely to be lying! This was just a transfer of wealth from White depositors and investors to nonwhites. The rich will be given a bailout while the White middle and working class is given the bill.
Originally Posted by Wicked Warren
Ah! My favorite subject for the past five years.
On the reverse side, those of us who have played by the rules, lived within our means and practiced the old fashioned virtues have been getting next to nothing onour retirement CDs and savings accounts. To add insult to injury, the Fed bailouts dump the junk mortgage collateral on us to pay for in the form of inflation and depreciated savings.
On another list, I've stated that for the likes of Alan Greenscum and Ben Shalom Bernanke, hanging is too good for them--they should be dropped into a vat of molten lead...and, by the way, where was Chris Cox, GWB's hand-picked chairman of the Securities and Exchange Commission, while this was going on?
Also, Moody's, Fitch, Standard & Poor's, etc. could be asked a few questions about those mysterious AAA ratings which were assigned to the junk collateral. There is plenty of blame to go around--including the banking committees in Congress.
For the most part, the silence is deafening (but then, what else is new?).
Kudos!toAdolar and Michael ...astute observations from a pair of well-seasoned sages.
And for the benefit of the uninitiated, allow me to point out (one more time) that the culprits who instigated, promulgated and perpetrated the shady shenanigans that precipitated the present worldwide finanancial crisis are the modern day version of the biblical moneychangers whose credowas, "We wantit all,and we want it right now!" Their breed was, and is, selfish and greedy--yea, avaricious--to a fault.
Judging from literally hundreds of recent articles in the underground patriot press, Isense the worm is beginning to turn. The year 2008 will go down in history as a majorpivotal point in the struggle between freedom lovers and tyrants. Ron Paul now is putting the surplus funds remaining from his presidential campagin to good use--causing the neoconsto become very nervous, as well they ought to be. It couldn't happen to a nicer pack of rats.
Let it be known to the entire world, I am hell-bent on defeating AIPAC, ADL, ACLU and all other traitors of their ilk whose goal is to destroy the United States Constitution and the American Republic.
An article entitled "A Matter of Simple Algebra"
And heres the final topper. One could say that one can afford, e.g. $1,000 a month. But what is the definition of "afford," in this case? It used to be, back in the days when banks had standards, and no affirmative action in mortgage lending to worry about, that 28% of gross documentable monthly income was the hard ceiling. In other words, you had to prove your pre-tax income using legit paperwork, and the banker multiplied that by 0.28, and thats what you could afford per month.
In the affirmative action voulez vous le bon temps roulet of several years ago, that 28% hard ceiling went up to 60% or more. Many people dont net 60% of their gross income, because of taxes alone. Yet, banks were letting people get mortgages that took up almost all of their take-home pay. Furthermore, banks became lax and lazy in making people prove their income. And yes, all of this was in the spirit of racial pandering, in getting more blacks and Hispanics approved for mortgages, so that Federal politicians could boast in their State of the Union speeches about the record rate of home ownership among blacks and Hispanics.
http://stlcofcc.wordpress.com/2008/0...ter-of-simple- algebra/
I suspect that as more and more of these people face foreclosure, they are going to blame the "system" for their woes, which, in an unintendedbackfire of good intentions really was responsible through laxity and unworkable concessions,
Looks like a bit of increased violence in the crystal ball,
For some reason the "elite" appear terrified that the blacks and other nonwhites will riot, but the more bribes that blacks and many other nonwhites are given, they just become more violent. Only an iron fist with the threat of severe and immediate punishment will keep blacks under control.
An article entitled "Village Voice Endorses My Reading Of The Mortgage Meltdown"
For a year now, Ive been pointing out that the mortgage meltdown is partly related to the Establishments long campaign to loosen traditional standards of creditworthiness for lower income and minority households. This national priority gave the get-rich quick artists in the business world the perfect excuse for doing what theyd always wanted to do: take the money and run and let the taxpayers and savers pay for the clean-up.
You can single out individuals for blame, but the bottom line is that many of Americas powerful interests were in on it. And they were able to use political correctness as a weapon for their own purposes. A few unpopular folks like me were pointing out that immigration policy is lowering the creditworthiness and productive capacity of the population, but such heretical thoughts were "the soft bigotry of low expectations."
http://blog.vdare.com/archives/2008/...age-voice-endo rses-my-reading-of-the-mortgage-meltdown/
For some reason the "elite" appear terrified that the blacks and other nonwhites will riot, but the more bribes that blacks and many other nonwhites are given, they just become more violent. Only an iron fist with the threat of severe and immediate punishment will keep blacks under control.
This has been merely the oldracket of shopkeepers paying "protection" money to street gangs to avoid having their plate glass windows smashed, but on a colossal, nationwide scale.
As with all extortions, it eventually becomes impossible to satisfy the demands of the extortioner. When that point is reached, you either fight back or, if the host population has degenerated beyond redemption, theyperish ignominiously.
An article entitled "Why the Financial Meltdown?"
But what really happened? The problem began, as far as I know, during the Clinton era. In an effort to allow more "poor" (Black and Hispanic) people to own homes, the Clinton Administration urged and sometimes forced banks to make loans they otherwise would not have made. Some of this was based on the myth of "redlining." Supposedly, according to the Leftists, banks deliberately did not make loans in certain parts of their community, which were mainly Black and Hispanic, because they hated Blacks and Hispanics. Of course, this lack of mortgages in the inner city was based on the fact that more Blacks and Hispanics were poor, unemployed, had crappy credit or were without the means to make a down payment on a house. All relevant statistics showed that this was true - the discrimination was economic, not racial.
But because of Leftist insanity, banks were encouraged, intimidated, or forced into making loans to more Blacks and Hispanics. These loans were on crazy terms. No down payment was necessary - the loan was for 100% of the value of the house. Also, and you might find this hard to believe, the mortgagee didnt even have to show that he or she had a job. Basically, a homeless Black street person could walk into a bank and buy a house as long as it was in a certain neighborhood. In this situation, many, many people purchased more "house" than they could afford.
http://whiterevolution.com/?p=153
An article entitled "What Was Wrong With This Picture?"
A couple of years ago, the median sales price of a Los Angeles area home was $580,000. But, as Ed Rubenstein had reported on VDARE.com in 2004:
"A new study by the United Way of Los Angeles finds that 53 percent of the citys adult population3.8 million peopleare functionally illiterate."
Do you notice a problem, a certain contradiction between very high home prices and very low human capital? If you stop and think, you might wonder how a whole bunch of people who cant read and write English are ever going to make enough money to pay off these humongous and humongously leveraged mortgages
http://blog.vdare.com/archives/2008/...-was-wrong-wit h-this-picture/
An article entitled "Liberalism and Minorities Caused the Subprime Crisis, Not Greed"
The Democrats are desperately trying to distance themselves from the subprime crisis. Theyre claiming that it was "corporate greed" (not liberalism) that caused the mortgage industry meltdown. Theres just one little problem with their claim; its not true. The mortgage industry has traditionally made money by sticking to a rigid set of requirements for home loans that include a substantial down payment, a good credit history and proof of employment. Relaxing those requirements and making loans to high-risk groups like poor Blacks and Latinos was NOT in their interest if they wanted to stay profitable. The truth is that our government coerced the mortgage industry into making these high-risk subprime loans to minorities, which has caused our current subprime crisis.
So it wasnt greed that drove mortgage companies to make these high-risk loans to poor minorities, it was a liberal agenda from our federal government that compelled banks to make loans, that were not worth the risk. The "good years" (when housing prices were still going up) created a false sense of security and allowed the total quantity of bad loans to grow to truly staggering dimensions. Now were finally paying the price for enforcing liberal loan policies. The least we should do now is tell the truth and point the finger of guilt back at the liberals and not let them weasel their way out of responsibility for a disaster that could easily plunge us all into a Second Great Depression.
http://www.whitecivilrights.com/libe...-minorities-ca used-the-subprime-crisis-not-greed_1335.html
The greed of the egalitarians in business is likely a factor but the government demanding that loans be given to minorities would not have happen if big banks like the Federal Reserve were not behind it. Today big business and big government are a continuum (they merged together long ago) where one ends and the other begins nobody knows. Sure small banks who had sense were force to follow insane policies but the big banks had the same type of egalitarians the government had that were quite willing to spend other peoples money on social do good programs while giving themselves large bonuses and, undoubtedly, bad "loans" to their friends.
The economy is based on trust and when that trust is broken it falls apart. Clearly egalitarians can not be trusted either in government or business!
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