**
<http://scottystarnes.wordpress.com/author/scottystarnes/> NAACP,
Democrats and Community Organizers continue to push for Subprime Loans for
Minorities<http://scottystarnes.wordpress.com/2011/07/15/naacp-democrats-and-community-organizers-continue-to-push-for-subprime-loans-for-minorities/>
*Scotty Starnes
<http://scottystarnes.wordpress.com/author/scottystarnes/>*| July 15,
2011 at 1:30 PM | Tags: Attorney
General Eric
Holder<http://scottystarnes.wordpress.com/?tag=attorney-general-eric-holder>,
Bank of America
<http://scottystarnes.wordpress.com/?tag=bank-of-america>, community
organizers <http://scottystarnes.wordpress.com/?tag=community-organizers>,
Democrats <http://scottystarnes.wordpress.com/?tag=democrats>, housing
crisis <http://scottystarnes.wordpress.com/?tag=housing-crisis>,
NAACP<http://scottystarnes.wordpress.com/?tag=naacp>| Categories:
Political
Issues <http://scottystarnes.wordpress.com/?cat=35145> | URL:
http://wp.me/pvnFC-5AQ
It failed the first time. It will fail this time as well. This is what
caused the housing crisis in the first place: forcing banks to give loans to
unqualified individuals...and sometimes these decisions were based on skin
color<http://www.investors.com/NewsAndAnalysis/Article/578384/201107141854/Subprime-Loans-Reckless-Redux.htm>instead
of credit worthiness.
*Racial Politics:* With homeownership plunging among minorities, Democrats
and community organizers *are pushing banks to revert to the easy-credit
requirements that got us into the crisis.*
In the latest move, *the NAACP announced Wednesday it was forming a
partnership with Bank of America to "advance fair-lending practices" that
will help provide credit to "disenfranchised communities that were ravaged
by the economic crisis."*
Black unemployment is at Depression-era highs.
Among other things, BofA has agreed to monitor lending policies for their
"racial impact" and *allow borrowers "the option of selecting a loan that is
appropriate for his circumstances."*
BofA, which just shelled out $8.5 billion to settle subprime claims, also
pledged to "eliminate policies or practices that encourage biased and
exploitive behaviors toward borrowers" and to "work with borrowers to
prevent foreclosures."
Sure, if FHA can do it, why can't big banks? *The Obama administration last
week announced the agency will let delinquent mortgage-holders slide a full
year on payments before starting foreclosure proceedings.*
When will those of us who pay our mortgage on time receive special
treatment?
The Justice Department, meanwhile, has been *pressuring lenders to lower
their credit standards* in order to secure more mortgages for minorities.
This is the same shake-down Jimmy Carter's Community Reinvestment Act (CRA)
did. The results were banks were forced to make loans to unqualified
applicants or face government fines and the housing crisis we currently face
is at Depression-era levels.
As we reported last week, *Attorney General Eric Holder has sued several
banks based on groundless charges of discrimination*. They're now under
court order to change their lending policies to *qualify more credit-poor
borrowers*.
They've even been ordered t*o scrub clean the bad credit histories of
minority borrowers who've defaulted on mortgages*, thereby allowing them to
requalify for loans.
When these politically mandated loans go into default, which they likely
will, *the housing market will take another blow*. Home values will drop
further still. And taxpayers will get struck with the tab when banks buckle
from carrying even more bad debt.
Continue
reading>>><http://www.investors.com/NewsAndAnalysis/Article/578384/201107141854/Subprime-Loans-Reckless-Redux.htm>
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