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FDK
09-20-2008, 12:47 PM
Kablooie (1000+ posts) Sat Sep-20-08 12:40 PM
Original message
Analysts point not to greed, but to social activist politics for U.S. mortgage meltdown
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While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage and financial crisis, some analysts are saying it wasn't too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound though politically correct lending practices.

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In a nutshell, Liebowitz contends that the federal government over the last 20 years pushed the mortgage industry so hard to get minority homeownership up, that it undermined the country's financial foundation to achieve its goal.

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According to Lott, the Federal Reserve Bank of Boston produced a manual in the early '90s that warned mortgage lenders to no longer deny urban and lower-income minority applicants on such "outdated" criteria as credit history, down payment or employment income.

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Furthermore, claims Lott, Fannie Mae and Freddie Mac encouraged and praised lenders like Countrywide and Bear Stearns for adopting the slackened policies toward minority applicants.

"Given these lending practices mandated by the Fed and encouraged by Fannie Mae and Freddie Mac," writes Lott, "the resulting financial problems for financial institutions such as Countrywide and Bear Stearns are not too surprising."

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So there ya go!
The Democrats are to blame!!!

I was wondering how the right wing would turn this around to blame Democrats.

Put up your dukes. A fight is coming on.


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x385938

Constitutionally Speaking
09-20-2008, 02:10 PM
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x385938



The truth just kills them doesn't it.

FDK
09-20-2008, 03:07 PM
It's a conspiracy to get black people to vote Republican and not be angry acivists. Geez, you can't make this stuff up.


ananda (1000+ posts) Sat Sep-20-08 12:51 PM
Response to Original message
9. hmm
I think it's more complex and sinister than that facile accusation.

I think the Reeps were desperate to get Black people in homes so that
they could strive for that conservative, middle class appearance and
turn Republican... or else try to keep up middle class appearances by
not being so outraged at vote rigging and intimidation and becoming
angry activists.

It worked. Look at what happened in Florida and other states where
minorities' votes were held down.

I also think that the Reeps have a desire for that kind of tokenism
that makes their base think they are not racist.. hence Colin Powell,
Condi Rice, Clarence Thomas, etc... along with that attempt to put
minorities in homes.

Now here's the catch. They also wanted to exploit them.. hence the
deregulation and non enforcement of regulations so that the fatcats,
the rich and the havemores, could profit and run.

Sad... because ultimately it harms almost all of us

Eilise
09-20-2008, 05:35 PM
hence Colin Powell,
Condi Rice, Clarence Thomas, etc...

Ah, the DUmmies once again displaying their blatant racism. In their twisted view, black people who don't share their political beliefs are nothing more than tokens.