Bank implosions proof that Affirmative Action doesn't work

[Rebel Yell]

OwlMBA refuses to admit wealthy whites are at fault for anything.

There's plenty of blame to go around, but what he posted is part of it. Rich ass white folks flipping houses is another part. Giving mortgages for more than the property is worth is a huge part of it.

[Eyelids]

There's plenty of blame to go around, but what he posted is part of it. Rich ass white folks flipping houses is another part. Giving mortgages for more than the property is worth is a huge part of it.

Who were the idiots handing out the loans? I'll give you a hint, they weren't poor black people.

[Troll]

Who were the idiots handing out the loans? I'll give you a hint, they weren't poor black people.

Are you saying that giving loans to poor black people is a bad idea?

[OwlMBA]

Of course, it all comes back to those fuckin' black people. Heaven forbid anybody in power is responsible for anything. Poor black people, the root of all our nation's problems.

If you want proof, just go look at the video of the CEO of Fannie May speaking to the Congressional Black Caucus. Fannie May loooooooooooooooooooved bragging about how they led the charge to give money to the black community that could not otherwise get it. Yea, that worked out REAL well. Lets give 500k loans to people that can't get a JC Penny credit card.

[OwlMBA]

There's plenty of blame to go around, but what he posted is part of it. Rich ass white folks flipping houses is another part. Giving mortgages for more than the property is worth is a huge part of it.

Oh, its a HUGE part.

I was pointing out the START of the problem. Then I mentioned how a "rising tide lifts all boats" and with the new spike in demand for houses, white people started selling for a profit. Then they started buying and reselling, and so on and so on.

All the morons that took out their 401ks to become real estate speculators are just as guilty. But that isn't want started all of this (nor is it what killed Freddy and Fannie).

[OwlMBA]

Who were the idiots handing out the loans? I'll give you a hint, they weren't poor black people.

Boy, the black community just cant figure out what they want. First the banks are all racist for not giving them loans, now its all their fault for giving them loans.

Make up your mind.

But you are right. If a bank put up a sign that said "no black people" it would probably be the most profitable bank in world history. And that is not my opinion - that is based on the credit ratings, default rates, forcelosure rates, and bankruptcy rates of blacks.

But that is illegal.

http://www.comedycentral.com/videos/...parations-2003

"Im riiiich, beatch!"

[Rebel Yell]

Who were the idiots handing out the loans? I'll give you a hint, they weren't poor black people.

Those idiots are damned near forced to give out those loans. Plus Fannie and Freddie, you know Obama's advisors, would come in and buy up those loans. These banks get scrutinized by the number of minorities that are declined, regardless of their credit score. They just look at the numbers.

How about this for a general rule in America? You make it or don't make it based on your own individual merits instead of the blanket minority special treatment. Then we won't have the problem of greedy white folks giving loans to deadbeat black folks who can't, or usually won't pay them back.

[Gingersnap]

OwlMBA refuses to admit wealthy whites are at fault for anything.

He justed pointed out that the banks and loan officers caved in to political correctness, capitalized on it for a minute, and then took it in the shorts when the house cards of cards came tumbling down. Of course, he blames rich white people. They're the only ones in the position to extend bad loans and to look the other way on those "self-reported" applications.

The facts here offer plenty of blame for everybody involved.

The banks were wrong to cower in front of politicians demanding that easy loans with no equity be extended to borrowers with crappy credit histories. It doesn't matter what color those borrowers were. This created an ugly domino effect where marginal homeowners suddenly had more equity and moved into houses that were too close to the edge. Those previous owners now also had equity and they fueled the housing construction boom. Millions of illegal aliens flocked to the construction business and depressed construction wages. Millions of stupid people used their equity like an ATM to pump money into the services sector. Millions of equally stupid people flipped through increasingly expensive houses riding the wave.

Now the wave is over and we have a lot people walking away from loans, we have an over-supply of residential construction, we have a bunch of people who don't belong here and no longer have jobs here wandering around, and we have to fix it.

[Molon Labe]

Who were the idiots handing out the loans? I'll give you a hint, they weren't poor black people.

But I'll bet when these loans were being given out to poor minorities you were the lead cheerleader. ;)

[LogansPapa]

He justed pointed out that the banks and loan officers caved in to political correctness, capitalized on it for a minute, and then took it in the shorts when the house cards of cards came tumbling down. Of course, he blames rich white people. They're the only ones in the position to extend bad loans and to look the other way on those "self-reported" applications.

But understand that the "P/C Effect" in the loan industry is just the remnants of the "LBJ Effect", and he’s in his grave laughing his ass off, right now.

I see it monthly in my business - if I make a bid to the US Air Force to do the grinding operations on the latest jet fighter landing gear, cross all the "t’s", dot all the "i’s", and get the RFQ in on time - I stand a snowball’s chance in Hell against the bare-bones start-up operation in Compton, owned by a one-legged black woman with explosive diarrhoea.

The government watches over the documents and the quotas like a hawk and punishes those institutions that don’t tow the line.