Obama the Pitchfork Operator: A Remake of the Soviet Classic
“Anyone trying to lay blame on minorities and the CRA for this crisis is either racist or ignorant; most likely both.”
Stop with the racist crap. It isn’t about lending to minorities. It’s about violating the tried and true income analysis developed and proven over time that closely tracks the likelihood of a borrower meeting the terms of his mortgage. And if the numbers don’t work, that tried and true analysis says that the lender refuses to lend that amount. You can find the mortgage analysis all over the net and if you abide by the answer you get, you get the house you can afford and then it’s up to you. It’s not rocket science.
The fact that minorities make up the bulk of the recipients of badly considered mortgages is germane only in two ways. The demographic on average is lower income. And the minorities were targeted by intent. The CRA’s ludicrous notion that everyone should have the opportunity to have as much house as they wanted, rather than what they could afford, is at the core of the problem.
Arguing over the machinations that allowed the CRA to financially float what was essentially a ponzi scheme and calling racist, elitist, or right wing those who don’t see it as their obligation to underwrite it is kneejerk progressive nonsense.
