Is this for real? Discriminatory?? The whole problem was that lending practices were NOT discriminatory ENOUGH, as far as who could afford a loan and who could not, etc. and the government FORCED banks to do it! I can’t believe the things in this report listed as “human rights violations.”
“46. Following the recent economic crisis, the issue of predatory lending, and particularly discriminatory lending, is an area of enforcement focus. The recession in the United States was fueled largely by a housing crisis, which coincided with some discriminatory lending practices. The subsequent foreclosure crisis has disproportionately affected communities of color, and the federal government has focused resources and efforts to determine whether and where discrimination took place, as well as to ensure greater oversight going forward to prevent similar crises in the future. In this respect President Obama signed major financial reform legislation in 2010 that includes a new consumer protection bureau, among other provisions.”
What do you think?
Here is the report: http://www.state.gov/documents/organization/146379.pdf
It’s page 11.
@Mr. Wolf: Right. “To occupy exactly corresponding or equivalent positions on a scale or in a series.”
Do you know what that means?
@Lawgirl: What caused them to fail was that they couldn’t afford it in the first place. Too many people opted for an ARM. It is not the lender’s fault if the buyer does not know what that means.
Answer by sound_of_the_silenced3
Obama is a failure. His constant running to the UN when he doesnt get his way is treasonous. WE ARE IN BIZZARO WORLD!
You are 100% correct. If Obama truly believes this, he is the dumbest smart guy I have ever seen.
AS YOU POSTED:
“The recession in the United States was fueled largely by a housing crisis, which coincided with some discriminatory lending practices.”
Definition of COINCIDE
1a : to occupy the same place in space or time b : to occupy exactly corresponding or equivalent positions on a scale or in a series
Typical BS!…….
The Gov coerced banks into lending to people who are beyond help……….YOU CAN’T HELP SOME PEOPLE…………..
It was an illegal ponzi scheme developed out of social policy laws that became law in direct violation of Anti-trust laws/Sherman Act laws.
edit:
According to Republican social policy,
Sure, Americans cannot complete on the global market, so by sharing our manufacturing sector we can then improve our government/corporate relations through globalization.
I am working on a new housing strategy to assist Americans to purchase their own homes as is recognized in the Constitution, although it is the largest and most successful ponzi scheme ever imagined, and the Capitalist system will have to be tweaked just a little to bring about the Nation’s success strategy.
I’ll need a secretary, care to apply?
Think positive! Join the unification for the common good!
“What is a “Ponzi” Scheme?
A Ponzi scheme is essentially an investment fraud wherein the operator promises high financial returns or dividends that are not available through traditional investments. Instead of investing victims’ funds, the operator pays “dividends” to initial investors using the principle amounts “invested” by subsequent investors. The scheme generally falls apart when the operator flees with all of the proceeds, or when a sufficient number of new investors cannot be found to allow the continued payment of “dividends.”
This type of scheme is named after Charles Ponzi of Boston, Massachusetts, who operated an extremely attractive investment scheme in which he guaranteed investors a 50 percent return on their investment in postal coupons. Although he was able to pay his initial investors, the scheme dissolved when he was unable to pay investors who entered the scheme later.
Some Tips to Avoid Ponzi Schemes:
As with all investments, exercise due diligence in selecting investments and the people with whom you invest.
Make sure you fully understand the investment before you invest your money.
Slightly modified this scheme has increased bank profits through seperate funding mechanisms including “bailouts’, foreclosure fees to the bank, paid mortgage payments and repossesion of properties that are lost to the American citizen that has the right to own land.
”
http://www.fbi.gov/majcases/fraud/frauds…
Yeah, 2 thumbs down–movin’ in on your bread and butter hu?
http://answers.yahoo.com/question/index;_ylt=AiHKNhYPzo3.sH_D0DPkXE7ty6IX;_ylv=3?qid=20100904111039AATjt2m&show=7#profile-info-r4oIrXqkaa
Are economic disaster was caused by a lot of things, but discriminatory lending practices is not one of them. It was caused by corrupt bankers and a federal government that forced those very same banks to loan to people who could never repay their loans. There is plenty of blame to go around, but as usual Obama is demonizing businesses and conservatives.
It was discriminatory though, against white US citizens. In order to favor Hispanic illegal aliens and other non whites regardless of their financial situations. And he wants to do more of this. Great. Can’t we just base loans on ability to pay back and nothing else? Oh, I guess I’m just being racist again. My bad.
Apparently, quite a few people, agencies, cities and states:
http://www.jchs.harvard.edu/publications/finance/w05-11.pdf
http://www.mass.gov/mcad/predatorylending.html
http://www.justice.gov/crt//housing/bll_01.php (note this is from 2001)
http://www.azag.gov/PDF/Overview%20of%20Mortagage%20English.pdf
http://www.nhi.org/online/issues/109/bradley.html
http://blogs.findlaw.com/law_and_life/2010/04/wells-fargo-faces-discrimination-in-lending-lawuits.html
http://newsone.com/nation/newsonestaff4/minority-mortgage-defaults-point-to-new-racial-discrimination/
Discriminatory lending practices did play a part. They placed higher interest rates on certain groups of people which caused them to fail. It was one of many factors.
I think that as incredible of a liar as Obama is, the fact that some people are still ignorant enough to believe him is even more unbelievable. His supporters are either blind or stupid at this point.
Lawgirl…they failed because they bit off more than they could chew…if you can’t afford it, you cant have it…individuals were stupid and greedy, a very lethal combination.
You’re right. Obama and the Obama types forced loans to be made to welfare cases who idea was nothing more than to further rip off the tax payer. Obama types and supporters ripped off this country and should be made to pay back every cent if by nothing than digging ditches their entire lives. That includes Bill Clinton the chief welfare rip off artiste.