Law Protecting Against Racial Bias Repealed By GOP Lawmakers
Republican Official Targets GOP Candidate In Racially…
From Salon.com:
Staggering findings have emerged about the vast extent to which minority households were worse hit by the housing market crash than white households. Now the Department of Justice is preparing a lawsuit against Wells Fargo, the nation's largest home mortgage lender, for "allegedly preying upon African American borrowers during the housing bubble and steering them into high-cost sub-prime loans."
Read the full story here.
Comments: (45)
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By: max on 7/29/2011 7:14PM
What hypocrisy!! Obama's Negro "Justice Dept" accusing Wells Fargo of pushing mortgages on Negroes they couldn't afford, when in fact it was the Democrat's Community Re-development act, a bill Obama supported along with other radical leftists, that FORCED mortgage companies to make loans to "minorities", in the interests of allowing Negroes to own homes, even if everyone knew they couldn't afford a home.
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By: ........... on 7/29/2011 11:18PM
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By: pimpinperry2 on 7/30/2011 2:01PM
What is your fascination with Obama?
The community act has been around for a while. The banks recognized that once they approved a loan they wasn't going to hold the "paper".
Unfortunately too many people got caught up in the housing fever and took out loans they didn't understand or afford. Therefore some people have to accept responsibility for thier decisions - yet that doesn't obsolve the bankers from targeting even credit worthiness people from sub prime loans.
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By: Gail on 7/31/2011 7:30AM
@ max
You have been reported!
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By: Ken-W on 7/31/2011 12:00PM
No Max, its the ignorant Negros who wanted to keep up with the Jones in purchasing homes they could not afford. The only thing since you just want to kick the President name around to add imaginary facts to your BS. What the President did was force the bank to loan money to blacks, I am sure he didn't have the time to be at every mortgage signing of those who's eyes were larger than their pocketbook that they overlook the fine prints in the agreements and end up being done in with no grease by Wells Fargo.Check your facts and not talking points BS.
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By: sixpack3465 on 8/01/2011 8:49AM
Apparently, you must have woke up on the wrongside of history because your opinion is full of shit. This was a problem that occurred during the Bush era because no one kept there eyes on the ball when these lenders were giving loans to homeowners around the world knowing they would default on these loans. Let me take you back to the Clinton era for a moment.
When President Clinton left office for President Bush to take over our country had over a 300 billion dollars surplus. This surplus was created during the Clinton era when more jobs were created in our economy, less taxes taking out for the working poor & middle class worker. Then the working poor was giving a chance to purchased homes which the lenders helped thousands of working poor families to get homes for the 1st time with a descent mortgage rate. This all happen during the 90's when President Clinton was in office. Let's not forget he also made the wealthy pay more taxes during the 90's to improve our economy.
As far as I can tell, america was living the good life but all of this change when the Bush cronies got us in the Iraq war for no reason, giving tax breaks to the wealthy & letting the bankers give crazy ass loans to homeowners in america (especially black & latino americans)knowing these homeowners will default in a couple of years.
Don't come with that player hater mentality as if the Democrats & President Obama is stepping out of bounds for going after Wells Fargo for these high sub prime loans. As I stated before I stated again player hater "your entitled to your opinion but not the facts". Do your damn homework before coming out with a hypocritical comment. When individual or group of people are found guilty of a crime of any necessity, then a individual or group of people should be held accountable for their action. Start holding those during the Bush era as well as those in the GOP party for their action for letting things get out of hand.
Oh, by the way I forgot you're probably a Tea Bagger who don't know better or a simple ass GOP extremist who can't stand it when the truth is reveal. Grow some balls & act like you know what time it is player hater.
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By: Ron Norwood on 8/01/2011 3:26PM
I believe you're referring to the Community Reinvestment Act (CRA). FYI...there is no provision in the CRA that requires lenders to make loans to unqualified buyers. To me this was intentional theft-by-deception and predatory lending; when lenders knew when the ARM adjusted up to its top limits, the buyer would default.
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By: Eugene on 8/01/2011 6:32PM
I hope that moron Neil Cavuto reads this article because according to him it was because of black people that the Housing Market collapsed. Sorry Neil but blacks were victimized by the greedy corporate crooks that you fall down and worship.
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By: rlmccoy2 on 8/04/2011 11:50PM
I am sorry but your comment is full of BS because there were also white people was preyed upon too that could not afford their home. So therefore your comment is very racist.
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By: Janice K on 8/04/2011 10:57PM
to max
Hey max AOL has deleted all of you recent idiotic comments and with the new BV on the Huff Post as BV is phase out on AOL you and your kind of people will no longer comment if you haven't all ready been suspended. Good riddence stupid A... hahaha
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