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April 2, 2010

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Total Comments: 18 (view all)

The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites. The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued. All this was justified as a means of increasing homeownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank of Boston advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit. Sooooo... don't give me this baloney that it's all the Republicans fault.., turn to your friend Barney Frank. Barney is the one who encouraged "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans. It was Frank who complained that the administration was more concerned about financial safety than about housing for the poor. And now that the bubble has burst it's Frank who says that "The private sector got us into this mess." What a joke. SunJon and those like him.... accept some responsibility please.

(Suggest removal) 10/27/11 at 9:01 a.m.

Back shooter Gonzalez is a dead man walking. Run Gonzalez run.....

(Suggest removal) 9/29/11 at 4:12 p.m.

Just as well the Vic wasn't carrying. With a gun pointed at him there's a good chance any move for the concealed weapon would have resulted in him being shot. If he had shot later as the punks ran he could be charged with an assault (or worse) since the threat was removed.

(Suggest removal) 9/28/11 at 9:10 a.m.

"...a traffic stop for not using his turn signal..." yeah right, well whatever it takes. Great job Metro. Well done!

(Suggest removal) 9/23/11 at 7:10 p.m.

It's a shame that this officer suffered any injury... thank goodness he was wearing a vest. As to the shooter... good riddance. Once again this incident shows just how violent this city has become. It's unfortunate but true that Officers need to be prepared to defend themselves at every encounter.

(Suggest removal) 9/9/11 at 9:13 a.m.

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