27 September, 2008

More About the Wall Street Crisis

Posted by Socrates in 'White flight', Affirmative Action, bankers, banking, blacks, egalitarianism, equality, equalocracy, Socrates, Wall Street at 3:05 pm | Permanent Link

Good comments by Ron Paul. The Community Reinvestment Act, which played a role in the Wall Street mess, was created by Congress in 1977 to counter “White flight” from cities such as Detroit. When a neighborhood became black and poor, banks were reluctant to loan money to it. The CRA, which was revised (i.e., liberalized) in 1995, penalized banks that didn’t lend enough money to black neighborhoods. The Act amounted to “financial affirmative action”:

[Article].


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  7. 17 Responses to “More About the Wall Street Crisis”

    1. Olde_Dutch Says:

      This little video says it all:
      http://www.youtube.com/watch?v=eW9viaJatpo

    2. DMS Says:

      “President Hosts Conference on Minority Homeownership”, 2002 speech:

      http://www.whitehouse.gov/news/releases/2002/10/20021015-7.html#

      “Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for homeownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for homeownership loans.”

    3. CZ Says:

      All we keep doing is paying, and paying, and paying, and paying, for niggers. We pay with our wealth, we pay with the loss of our communities, we pay with the loss of the quality of our lives, we pay with the loss of our rights, and we pay with our lives and the honor of our women.

    4. Zarathustra Says:

      Apparently, Ron Paul would like us to return to the bad old days of anti-White, anti-working man, laissez-faire Capitalism, ie, Hoovervilles, union busting, sweatshops, White child labor and “company stores”. Yet Dr. Paul, this great anti-Government crusader, has spent his whole adult life feeding at the Taxpayers’ teat. WTF?

      And what will Ron Paul do with those millions of dollars he recieved from the fools who contributed to his presidential campaign? He’ll use some of it to try and keep his congressional seat and stay in Goverment, no doubt……………… I’m afraid Ron Paul has almost zero credibility. I will change my mind about that flakey bastard the day he says he’s fighting for the interests of working-class and middle-class White Americans. Like that’ll ever happen.

      And yes, I know the present Wall Street crisis is due to affirmative action/equal opportunity home financing laws and practices. But why doesn’t Paul mention the racial angle of this whole mess? Or does he?

    5. Olde_Dutch Says:

      “I’m afraid Ron Paul has almost zero credibility. I will change my mind about that flakey bastard the day he says he’s fighting for the interests of working-class and middle-class White Americans. Like that’ll ever happen.”

      Paul has more than his share of crazy aunts & uncles in the attic. LOL.

      You will never see Paul call for the reinstatement of the Glass Steagall Act either.

    6. Coup d'Etat Says:

      It’s a fact that if you have good credit, you are paying low interest. On the other hand, if you have fair, bad, or no credit, interest rates are much higher. If you have no credit, a home loan is not to be given. At least that is the way it used to be. Ron Paul is a little off on this. Low interest isn’t across the board for everyone.

      Seventy-five percent of Fannie Mae and Freddie Mac recipients are niggers. Seventy-five percent have either bad credit or no credit and these private organizations directed by jews and niggers gave these niggers a higher interest rate and loaned the money which they couldn’t pay back. I should say wouldn’t pay back. Niggers in this country have a history of taking and not returning what is loaned to them nor do they make monthly payments on anything. Their brains start to shut off after the fourth payment. SA is a good example at what happens when negroes are given free hand outs. Yet companies and banks give and give. Sure, they are the best consumers, but they are lousy at paying anything back, including paying for their own utilities! Any wonder why having electricity is such a problem to maintain in SA?

      Then you have the illegals, non-English speaking Vietnamese and Chinese who are given hand outs from banks, in particular credit cards which the banks allow them to purchase items costing $2,000 or more. Their credit scores? Under 600. And, yet they are automatically given a credit limit of $4,000. This doesn’t include the home loans the jew banks pour out to these people.

      Think about it. If some country was to give you some easy hand out, would you have much respect for that country and make every effort to return the favor? Whites more than likely have a conscience about this sort, but non-whites?

      The jews don’t care, just as long they make their quick money and, now, they are asking for bail out money. They don’t care who suffers as long as they don’t.

      “JUSTIFIED LIQUIDATION” It’s coming jews!

    7. DMS Says:

      Think of the swarthy surlies that moved in 2 houses down the street from you. Front yard filled with weeds and trash. Routine police visits 3 nights a week. Having their shifty-eyed friends over, on Sunday afternoon, in groups of 30 in their faux-prison clothes, clogging the street and rattling every window on the block with gangsta rap. It took money to put them there, and it will take more money to keep them there.

      700 billion, a small price for diversity’s many benefits. Pay up, bitch.

    8. Zarathustra Says:

      I read that over 80% of the Jews in this country live in predominantly Jewish communities, places where their neighbors are only other Jews. They believe only Goy neighborhoods and schools should be forcibly integrated, not theirs. So much for the myth that Jews regard the schwartzes as “equals”.

    9. No shit Zarathustra? Says:

      No shit Zarathustra?

      How many more years are you going to point out the little hypocrisies?

      They want their neighborhoods Jew only but your neighborhoods full of niggers, spics, gooks, and assorted others?

      No shit?

      Wow. Such hypocrisy. See you in 2016. Hope you’re still pointing out Jewish hypocrisy for us.

      It’s like David Duke with some of you people. You’re fucking boys, not men. You’re “awakening” is a lifelong process. You’ll never get out of the matrix. You’ll sit there in your pod, plugged in and covered in slime, looking around until you’re old and gray, all the while commenting to anyone who will listen “one standard for them, another for us!”.

      Gee fucking whiz.

    10. Zarathustra Says:

      NoShitZarathustra……..

      I stand in silent awe of your amazing achievements on behalf of the White Race, like___________, as well as _______ ______, not to mention___________.Great job, Superman! You must tell me all about your hair-raising tales of derring-do. Hopefully, they will include more than just posting snivelling remarks, LIKE A LITTLE BITCH.

    11. Zarathustra Says:

      One more thing, jerk……….

      You axed me how many more years do I plan on pointing out the “little hypocrisies”?

      Eleven and a half.

    12. DMS Says:

      A publication by Fannie Mae: “Reaching the Immigrant Market: Creating Homeownership Opportunitiesfor New Americans”. See how many layers of fiduciary stewardship must be stripped away to “Overcome Barriers To Immigrant Homeownership”:

      http://www.fanniemaefoundation.org/programs/pdf/rep_immigrant.pdf

      “Most often, the borrower has no credit history. What credit
      they will have is nontraditional. They have no mortgage,
      installment, or revolving credit history that is reported to the
      three repositories. Sometimes they are making payments to
      Car Mart, for a vehicle, on a weekly basis, and we would verify
      that source. We would also verify utilities if they were in the
      borrower’s name, which typically they were not. If a borrower
      did not have any credit, we would make the loan approval credit
      decision on other strengths in the file. The FHA underwriting
      guidelines state: ‘A borrower cannot be turned down for having
      no credit.’ We took that in its literal sense.

      “Many times there would be collections from utility companies
      on the borrower’s credit report. The explanation was that
      they and other relatives were living together and the utilities
      were in our borrower’s name. When he moved, the utilities
      were left on and were paid late by those who continued to
      reside at the residence or they simply did not know to call to
      have them turned off. We required payment of the collection
      and would not deny the loan because it was a typical circumstance
      among many of our borrowers.

      “Many times the borrower would have more than one social
      security number. We would call the Social Security office to
      verify which was correct and would ensure that credit and
      employment information reflected the correct number.
      “First National used an innovative method to assist immigrants
      in establishing a credit history at little cost with a
      certificate of deposit (CD)-secured loan: the borrower applies
      for a 1-year, $1,000 term loan with monthly payments of
      approximately $85; funds from the loan ($1,000) are invested
      in a CD; and the bank holds the funds in the CD as collateral
      for the loan. The bank has almost no credit risk on these loans
      as the CD is used as collateral and, because the CD earns
      interest, the net cost to the borrower is less than $15.
      Through this lending mechanism, borrowers both establish a
      good credit history and gain confidence in the lending process
      and in the bank.”

    13. sgruber Says:

      When are niggers are jews gonna pay?

      They’re not going to be made to pay by themselves.

      Time to organize.

    14. shabbos s. shabazz Says:

      ” ‘A borrower cannot be turned down for having
      no credit.’ We took that in its literal sense.”

      Who cares? The borrower wants to be on equal footing with the lender.
      Since lending starts with nothing, shouldn’t the borrower have the same (equal) opportunity?

    15. Steve Says:

      Obama’s friends were heavily involved with Mae and Mac:
      http://www.youtube.com/watch?v=NU6fuFrdCJY

      Hell, the recent CEO of one of them was a nigger you’ll see in the video.

    16. Coup d'Etat Says:

      ‘“Many times the borrower would have more than one social
      security number. We would call the Social Security office to
      verify which was correct and would ensure that credit and
      employment information reflected the correct number.
      “First National used an innovative method to assist immigrants
      in establishing a credit history at little cost with a
      certificate of deposit (CD)-secured loan: the borrower applies
      for a 1-year, $1,000 term loan with monthly payments of
      approximately $85; funds from the loan ($1,000) are invested
      in a CD; and the bank holds the funds in the CD as collateral
      for the loan. The bank has almost no credit risk on these loans
      as the CD is used as collateral and, because the CD earns
      interest, the net cost to the borrower is less than $15.
      Through this lending mechanism, borrowers both establish a
      good credit history and gain confidence in the lending process
      and in the bank.”’

      The above is the Alice in Wonderland approach of giving handouts to illegals and non-English speaking non-Whites. True, many Vietnamese and Chinese share their SSN with their friends and family members. The ability to collect on these people if they default becomes impossible. In addition, these people have dual citizenship making it easy for them to take thousands of our dollars and leave this country.

      The jews approach that CD’s will take care of the circulation of money or the abundance of money is typically insane and doesn’t work that way. If there is no money returning to the banks, how is interest applied to money that is not there?

      Here, again, we have jews writing these articles that are so full of shit and so full of holes only the non-naive can figure out the jews are truly insane and have no business handling our money.

    17. Zarathustra Says:

      Well said, Coup D’. Those Jews are clever BS artists, but not nearly as clever as they think they are.