"The settlements already extracted from banks force them to make "prime-rate mortgages to low income blacks and Hispanics" with credit problems, even if they are living on welfare. According to IBD, the DOJ has ordered banks to advertise that minorities cannot be turned down for a loan "because they receive public aid, such as unemployment benefits, welfare payments or food stamps." No job; no problem!
In other words, the DOJ is forcing banks to make loans to people that they know don’t qualify for them and likely won’t be able to afford to repay them, which is precisely the kind of failed public policy that precipitated the financial collapse and recession in 2008."
Yeah, started by Jimmy Carter, the Community Reinvestment Act was used by ACORN as a blackmail club to get financial institutions to lend to people who should have never been given a mortgage. Throw in Fannie and Freddie, who set the "WE’LL believe what you say – no income paperwork needed" and we ended up with the housing bubble which helped to give us the Obama Recession.
Oh, by the way – those banks that are targeted? Have to sign non-disclosures stating that they were targeted. Nice going, AG Holder – hide the financial blackmail as well as the Gunnrunner blackmail and cover up racial discrimination with that voter intimidation case with the New Black Panthers….you are running a real piece of work of a department there, sir.
(H/T: Townhall)
