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  1. #1 They Gave Your Mortgage To A Less Qualified Minority 
    HR Corporate Scum patriot45's Avatar
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    Ann Coulter puts to rest who is to blame for the sub-prime fiasco! Stirring the pudding for our resident Libs!!

    Liberals, ughh!

    On MSNBC this week, Newsweek's Jonathan Alter tried to connect John McCain to the current financial disaster, saying: "If you remember the Keating Five scandal that (McCain) was a part of. ... He's really getting a free ride on the fact that he was in the middle of the last great financial scandal in our country."

    McCain was "in the middle of" the Keating Five case in the sense that he was "exonerated." The lawyer for the Senate Ethics Committee wanted McCain removed from the investigation altogether, but, as The New York Times reported: "Sen. McCain was the only Republican embroiled in the affair, and Democrats on the panel would not release him."

    So John McCain has been held hostage by both the Viet Cong and the Democrats.

    Alter couldn't be expected to know that: As usual, he was lifting material directly from Kausfiles. What is unusual was that he was stealing a random thought sent in by Kausfiles' mother, who, the day before, had e-mailed: "It's time to bring up the Keating Five. Let McCain explain that scandal away."

    The Senate Ethics Committee lawyer who investigated McCain already had explained that scandal away -- repeatedly. It was celebrated lawyer Robert Bennett, most famous for defending a certain horny hick president a few years ago.

    In February this year, on Fox News' "Hannity and Colmes," Bennett said, for the eight billionth time:

    "First, I should tell your listeners I'm a registered Democrat, so I'm not on (McCain's) side of a lot of issues. But I investigated John McCain for a year and a half, at least, when I was special counsel to the Senate Ethics Committee in the Keating Five. ... And if there is one thing I am absolutely confident of, it is John McCain is an honest man. I recommended to the Senate Ethics Committee that he be cut out of the case, that there was no evidence against him."

    It's bad enough for Alter to be constantly ripping off Kausfiles. Now he's so devoid of his own ideas, he's ripping off the idle musings of Kausfiles' mother.

    Even if McCain had been implicated in the Keating Five scandal -- and he wasn't -- that would still have absolutely nothing to do with the subprime mortgage crisis currently roiling the financial markets. This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.

    Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."

    Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

    Instead of looking at "outdated criteria," such as the mortgage applicant's credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named "Caylee
    continued

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  2. #2  
    Senior Member Rebel Yell's Avatar
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    But it wasn't the minorities' faults for taking on more debt than they could afford or actually qualify for. It was the white man's fault for giving it to them. They are too stupid to know what's in their best interest. - Eyelids
    I feel that once a black fella has referred to white foks as "honky paleface devil white-trash cracker redneck Caspers," he's abdicated the right to get upset about the "N" word. But that's just me. -- Jim Goad
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  3. #3  
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    People are responsible for understanding what they sign. See Michelle Singletary in the Washington Post today; she is black, and recounts the story of a minority woman who got into an ARM she didn't understand and said plaintively, "I didn't do anything wrong". Michelle says adamantly, "She DID do something wrong. She didn't understand how the mortgage terms would change."
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  4. #4  
    Senior Member Rebel Yell's Avatar
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    Quote Originally Posted by linda22003 View Post
    People are responsible for understanding what they sign. See Michelle Singletary in the Washington Post today; she is black, and recounts the story of a minority woman who got into an ARM she didn't understand and said plaintively, "I didn't do anything wrong". Michelle says adamantly, "She DID do something wrong. She didn't understand how the mortgage terms would change."
    But she's black. Doesn't that automatically make her the victim?
    I feel that once a black fella has referred to white foks as "honky paleface devil white-trash cracker redneck Caspers," he's abdicated the right to get upset about the "N" word. But that's just me. -- Jim Goad
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  5. #5  
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    Not when another black person says she should have been paying attention. :D
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  6. #6  
    Senior Member Rebel Yell's Avatar
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    Quote Originally Posted by linda22003 View Post
    Not when another black person says she should have been paying attention. :D
    Then that black person is a sellout.;)
    I feel that once a black fella has referred to white foks as "honky paleface devil white-trash cracker redneck Caspers," he's abdicated the right to get upset about the "N" word. But that's just me. -- Jim Goad
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  7. #7  
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    But, she can't be. She works for a liberal newspaper! :p
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  8. #8  
    Senior Member LogansPapa's Avatar
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    Don’t know.

    Ever set and read and attempt to comprehend every loan document (about thirty) when you buy a house?

    If you answered "yes" you're either incredibly gifted or simply a liar.

    Whatever broker / loan officer / bank representative / real estate agent that’s walking you through the process is required to give you a quick verbal explanation, by law, but not to threaten their position by making sure you understand all of the liabilities and consequences of what you’re about to enter into.

    Not really practical to do so. No penalties for said officer for not making sure you understand.

    Lets just cut the crap here - people of color occupy some of the lower rungs of the economic ladder. Always have. No mystery there. Why the sudden change in the financial climate to anxiously invite them into an arena they were never allowed to enter before?

    Answer: Simple Greed.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    Yes, I have, and I think you mean "sit and read", not "set and read". The fact is that we have dealt only in fixed 30-year (or shorter) mortgages, and it's not that difficult to figure out what is needed from you. We did have one mortgage lender explain a product to us that looked like an incredible shell game, and they couldn't believe we wouldn't go for such a deal.

    The fact is, we will not sign things we do not understand. That's a pretty basic level of common sense. It's not too much to ask others to do the same.

    The "sudden change in the financial climate" to accommodate minorities was, as usual on the government's part, a forced solution to a problem that the market had already changed. Redlining against minorities in homebuying was a distinct problem at one time, due to racism. That was already changing a great deal by the time the government barged in and forced a response to the "problem".
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  10. #10  
    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by linda22003 View Post
    Yes, I have, and I think you mean "sit and read", not "set and read".
    Actually got my head turned before I spewed coffee this time. :D
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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