Didn't They Learn Already?

PuroFreak

http://www.businessweek.com/magazine/content/11_20/b4228031594062.htm

You would think after the govt. got involved in the housing market and caused the entire market to slide into the crapper, they would have learned to leave things alone... But it looks like that Obama Administration is pushing banks to offer MORE sub-prime mortgage loans. Of course they can demonize anyone speaking out against this dangerous practice by turning it into a "race" issue.

stephen_hannibal

You know what, as a Black man this pisses me off.
The equal opportunity housing bullsh*t is not working.
And it's not because people are one race or another, it because they don't f*cking work for it.
The idea that because I'm black I need special rules is stupid.

Amos Umwhat

stephen_hannibal:

You know what, as a Black man this pisses me off.
The equal opportunity housing bullsh*t is not working.
And it's not because people are one race or another, it because they don't f*cking work for it.
The idea that because I'm black I need special rules is stupid.

You're absolutely right. There was a time when it was about race, and if some had their way it still would be, so that needs to be monitored, BUT, no matter what the color, the buyer needs to have some skin in the game. Opportunity should be for those who work for it, TANSTAAFL! (there ain't no such thing as a free lunch).

PuroFreak

stephen_hannibal:

You know what, as a Black man this pisses me off.
The equal opportunity housing bullsh*t is not working.
And it's not because people are one race or another, it because they don't f*cking work for it.
The idea that because I'm black I need special rules is stupid.

+1

sightunseen

Speaking as a minority, I agree that "affirmative action" laws are insulting. If I get into a college or if I get hired, I want to know that I got that position based solely on my merit and accomplishments. I understand that there was a time when affirmative action laws were needed, but I think society has moved beyond that now and to keep keep these laws now would do more harm than good.

Speaking as a guy who's in the lending business, the government cracking down on redlining puts banks in a bind. While lending standards has tightened, the government wants banks to lend more to poor families who are typically not qualified for traditional loans. Banks can certainly lend to low-income applicants, but their inherent risk results in higher interest rates (subprime loans). Based on news from the past couple of years, the word "subprime" automatically generates a very negative reaction.

Subprime loans serve a purpose in this economy, just like payday loans and check cashing services. Like all things, when used wisely, it represents a net-benefit to society. What the government should be doing is not to force banks to lend in low-income communities, but rather regulate the professionals that sell and market these types of loans and also educate low-income families on what having a mortgage would entail. It was the combination of greed and ignorance that brought about this whole credit mess.

Joeyjoe21_8

thats cuz obama is a f-ing idiot

Vulchor

sightunseen:

It was the combination of greed and ignorance that brought about this whole credit mess.

+1,000,000

Vulchor

And thank you to Joey as well for the well thought, reasoned, and critically analzyed opinion stated above, lol

Joeyjoe21_8

lol..i do what i can to help out! lol

fla-gypsy

PuroFreak:

stephen_hannibal:

You know what, as a Black man this pisses me off.
The equal opportunity housing bullsh*t is not working.
And it's not because people are one race or another, it because they don't f*cking work for it.
The idea that because I'm black I need special rules is stupid.

+1

+2

PuroFreak

Vulchor:

sightunseen:

It was the combination of greed and ignorance that brought about this whole credit mess.

+1,000,000

I think that was part of it, but a small part. The government pushing sub-prime mortgages is also a way to keep people dependant on the government. If they tell the poor and minorities that those banks are only turning them down to keep them down, then the people feel like a victim. They think they have to have the government to help them instead of helping themselves.

wwhwang

If anyone has told you that you are too weak to live with liberty and responsibility, they have portrayed you as a child. If you go along with it, then you have made yourself a slave.

phobicsquirrel

I think there should have been a big washing out of all the companies that went over books and caused any damages. However that didn't happen. In fact the govt (fed) bought all the debt (well most of it) from the banks, and now we (the tax payers) get to pay for it. I think white house should have kept out of the mortgage debacle other than to crack down on these institutions and their foreclosures that were not lawful. Other than that I believe that if you can't afford a house than you shouldn't have signed. BOA, Wells Fargo, US Bank, and Citi should have all paid for their mistakes or went under. Nope, they got a pass and it's even worse now. It'll happen again and we will all get screwed worse. Sad thing is, because all these people lost their homes and such, now all the other homes are going to be suffering.

Joeyjoe21_8

so while i hate his movies...anyone see the micheal moore doc about capitalism?? it actually had some decent information in it. check it out.

PuroFreak

Joeyjoe21_8:

so while i hate his movies...anyone see the micheal moore doc about capitalism?? it actually had some decent information in it. check it out.

Much like most of his work, a lot of very false information in that movie. Check out some of the fact checking sites from his movies. Makes him look like the lazy pathetic slob he is.

Joeyjoe21_8

wel yeah i discredited him too on a lot of stuff but he did have a couple facts correct.

cabinetmaker

Joeyjoe21_8:

wel yeah i discredited him too on a lot of stuff but he did have a couple facts correct.

If a fact walked up to that bloated sac of festering puss and introduced itself as such, he'd still get wrong.

Vulchor

PuroFreak:

Makes him look like the lazy pathetic slob he is.

Cabbi: a fact walked up to that bloated sac of festering puss

Well at least we're keeping the name calling to a minimum....lolllllll