This Sounds Familiar
What's the worst that could happen?
The Biden administration released a statement Thursday warning financial institutions against using a person’s immigration status in credit applications.
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) released a joint statement telling financial institutions that while it is not illegal to consider a person’s immigration status in the decision on whether to lend money, an overreliance on it could run afoul of the law, according to the statement. The statement implicates the Equal Credit Opportunity Act (ECOA), which makes it illegal to discriminate on the basis of race, color, religion, national origin, sex and more in considering a person’s credit application as the mechanism, even though the law does not list citizenship status as a protected attribute.
So "loan" money to people with no assets, no collateral, no employment history, no ties to this country....
We're remembering a time, 2007/2008, where banks were required to give mortgages to anyone who applied. It was like an Oprah show where, "You get a mortgage! And you get a mortgage! And you, yes, you get a mortgage!" regardless of qualifications. It was championed by democrats (of course) and was promised to bring home ownership to the masses.
It failed. Badly. And everyone felt the pain. Millions lost jobs, millions lost homes across the globe, funds lost trillions in value, and all those poor people who didn't have houses? They still didn't have houses.
If you have time for a bit of light reading, here's a site (apologies for the wikipedia referral) with what looks like over a thousand links to browse, explaining a tiny part of what happened. Too bad Tiered Deployment is gone - this would have covered the tour for about six years.
If you're a movie fan, The Big Short and Margin Call are basic introductions to the (at the time) largest financial disaster in history.
Mark Twain may have said, "History doesn't repeat itself but it often rhymes." We don't know about you, but we're hearing a lot of the same things from 2007.
Labels: dumb ideas, national politics
posted by SCC at 12:05 AM
22 Comments:
It's the same cabal, give or take a few that have croaked.
A continuation of the obamanation congregation of constipation.
The 07-08 housing crash was precipitated by and teed up by a paper written by the Boston Fed at the behest of the corrupt president Clinton. Basically, the government strong armed banks to lend to people who the banks deemed credit risk unworthy, and rightfully so. Those folks didn't deserve a mortgage because they couldn't afford one, not because of their race, etc.
NO can do said the Feds in the Clinton administration. The Federal agencies coerced banks to lend or else face the wrath of investigations and higher costs and fines. So what did the banks do? Yep, you guessed it. They loaned large sums of money to folks they knew could not pay the note.
The sharp guys in the room knew it and bundled that crap up in derivatives and sold it into the pension and institutions. And while they did that they started building short positions, betting that it would implode. And it did and the sharps made generation money.
So what has changed? Not a damn thing. It's ALL corrupt and it's all a money laundering racquet. Once you reconcile that, everything makes sense.
Loan money to a fucking illegal alien? Ya'll got to be fucking high!
Maybe you can find someone to buy your home if they start giving out mortgages?
So, Jamie Dimon doesn't run JPM, .gov does. Got it, then why pay him obscene amounts of money...
What about the Patriot Act? Plain and simple. Biden Harris slowly destroying this country
How does this fit with The USA Patriot Act? This Act mandates what is generally referred to as “know your customer” guidelines. In essence, absolutely verify who the customer is and what is/are the nature of financial transactions. The Treasury Department, FBI, FinCEN and other law enforcement agencies can spank a bank for following Biden’s whimsical announcement. Finally, consider the source…Biden. He and his family are currently under investigation for a myriad of financial misdeeds (crimes). This is obnoxious.
Go scroll over to JaMal Green's pages in social media. He touts that there are thousands upon thousands of dollars in grant money to be had by people with less than desirable credit history. He says he can get their credit up within one year to at least a 500-600 range. Then he proclaims several of his achievements with people whom he helped get mortgages. He claims one person came to a closing with only $45.00!! That's right a home closing with only forty five dollars!
Unlike 2007.... this time there'll be no recovery. We're well on our way to owning nothing.
I don't know how happy we will be.
as if covid ppp loans were not a big enough scam!!! now this?? these nut fucks really want to destroy AMERICA
A bad risk, is a bad risk. Why should a loan be issued. I remember a Polish contractor who bought an apartment building on the 1300 block of N. Kildare years back. He took out a 300 thousand dollar rehab loan, then skipped the country.
also remember the nine grand he wants to give each one.
Ahh, the same brilliant guidance they used in 2008 to loan home mortgage money to people without a job, assets and with no regard to anything but the color of their skin.
That worked out so well it tanked the entire housing market for over almost a decade.
Another brilliant move.
Well, you ALL allowed corruption and looked the other way, voted for the Communist Democrats, so what the f did you expect?
And, the Chicago Street gangs, as unsophisticated as some think they are, managed to put together a pretty good scheme to apply for and get phony business loans and home mortgages and fleece the banks out of a lot of money. The Secret Service which had the responsibility of investigating these crimes called them, " No Doc and Low Doc" loans, Everything was fabricated from the application information to the IRS tax return forms. The banks were encouraged to make a fast approval and they called to check out any of the information.
Saw a link concerning this subject.
Housing crisis:2007-2008. No money down? Buy a $300k house? What could go wrong?
The idiots running the asylum were so young then....of course they'll tell you how "smart" they are! If they were that "smart" they wouldn't have to tell you.
And, they'll tell you, you are a "dinosaur." Great not knowing anything!
The older I get the dumber I get, I guess.
SCC: once you leave, you'll look in the mirror and laugh! Guessing you never made employee of the month, ha ha!
When it collapses again, no one will be held accountable.
The banks get bailed out, the executives all get bonuses, and we get screwed AGAIN.
It’s this LLC Bank fraud crap on Tic Tom
Just like Biden and the Democrats favor the terrorist this is incredible:
https://www.newsmax.com/newsfront/biden-gazans-blinken/2023/10/16/id/1138510/
The same thing happened in the 60's and 70's which led to "White Flight" on the southwest side. FHA was giving money to anyone with a pulse. Homes were sold to people without jobs or any sense of responsibility, they lived their long enough to terrorize the neighborhood and burn the homes down. People sold to more of the same kind of credit risks as property values plummeted, more sold until the neighborhoods were completely populated by "Ne'er-do-wells". Many of those neighborhoods only have the curbs and parkways left. The Homes are gone.
The regime apparently does not have history or financial scholars in their employ. However they appear to have an abundance of f**&!g morons available to dictate policy.
"Anonymous said...
So, Jamie Dimon doesn't run JPM, .gov does. Got it, then why pay him obscene amounts of money...
10/16/2023 04:38:00 AM"
You got it backwards friend. Government doesn't run banks, banks run government.
Banks have controlled everything since the Fed was created in 1913.
"Anonymous said...
What about the Patriot Act? Plain and simple. Biden Harris slowly destroying this country
10/16/2023 06:04:00 AM"
What event precipitated the Patriot Act, the largest illegal surveillance tool of Americans (without a warrant and a violation of the 4th Amendment).
Now ask yourself was the Patriot Act the reason for the event. Yes, I know. Truth is very hard to accept.
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