Predator Bankers Make ‘Ghetto Loans’ for ‘Mud People’


hsbc has a lot of trouble lately they’re
the ones that admitted ali and we’ve been fixing live or and they’re gonna
pay over a billion dollar fine which is you know quest peanuts compared to the
money they made off of fixing ally burke
another being sued by a three atlanta area counties and they’re saying he listened very
depressed rural lending now is their truth to the fact that uh… to the claim that uh… these at banks that together
targeted minority neighborhoods of sold them bad mortgages which then
led to higher foreclosures well to visit over the summer first of all
wells fargo is a different bank uh… was stupid enough to actually
write down in internal that emails and documents the whole industry was too they call these quote ghetto loans for
quote mud people referring to blacks unwitting was just wells fargo of course that was
all the top banks including hsbc now the same things of the region is
really interesting before the some prime market got pumped up in
two thousand and three before the banks that all this you know what the foreclosure rate in
the metro atlanta area was it amber’s below one percent that’s amazing that’s a very low number i was really surprised by it now that’s not after that’s not during
the housing boom that’s before the housing at a housing boom of course there what
he’s doing great and then the housing crash comes now foreclosure rates after the atlanta area was pumped for the
fraudulent loans all you don’t have any money that’s up
to here alone anyway uh… well you do have money to is setting in
the in the normal prime on that we should give you wheeled into the
sub-prime instead because it has an exploding interest rate and we make more money off that expose
on your ass their lead you to your house be
foreclosed but it does matter later will blame it on the government and it doesn’t matter what kind of crap
worries we do ’cause we’re gonna lead pack is them up in a different point to
a transaction and sell ’em off to other suckers and how many people have gone to jail
for all that fraud of course is you know zero so after they did all these uh… mortgages in that area say merry cinnamon area in one kennedy average more than nine
percent the foreclosure rate in the other two of these are three
counties that are suing uptick eighteen percent in there uh… communities where they have the highest
percentage of minority borrowers not only the foreclosure rates go
through the roof and they were sold a bill goods that michael is the
same community that hadn’t less than one percent for good reason
for so that their bombs is whether they’re lazy is not the day the one in at the loans that abuse is
that it’s not their fault is the bank is improper rockies for some
of those not only to the rates foreclosure rates
go up but more minorities there are the higher rates are white kazi so worst loans with the worst deals back also most of my money that were the most for julie the people who are most all that’s what they called ghetto none of these bankers are grounded you now uh… should be fair to know the top executives that have
gone to jail uh… and the hsbc two are being pursued uh… or answer hsbc was not the library you u_b_s_ was alive
or although ampato for hsbc alive were is i’m sure imminent because they are all
the topics for a mild hsbc was a money-laundering i forget all the different crimes of the
space of committed added to the my owner for the drug
cartels in arcadia iraq back there state be paid the small fine for now but
none of them went to jail bake u_b_s_ which is the second day it meant live or
so far they also paid a small fine as a
percentage of the profits uh… but to be able wool beating
pursued on charges tom hazel eyes and erin are they copy
segments of course not were forty five executives involved in
this yesterday no absolutely investigation shows two thousand
different their request for inappropriate
submissions there that go all the way up to traitors managers senior managers there were aware of this it will not be
punished the lowest members and the totem pole
will be punished but uh… i wanted you to remember one
guy from u_b_s_ that has actually already gone to jail that’d be fair we talk about this is
another series items of ever going to jail for many of these banks base on india vis prog any of these crimes was somewhat lower
level guys is a twenty seven-year-old at goldman sachs that was made that
sacrificial lamb over their you’ve got these two guys at u_b_s_ or being that
made the section where more relied more there was one other guy that they got so so young trader that was at u_b_s_ it’s uh… this guy collect e a double lonely guy who’s gonna jail from u_b_s_ times that work collecting audible all league i who was going on in jail
from u_b_s_ today when i had justice works in the
sky equipment unbelievable then

100 comments on “Predator Bankers Make ‘Ghetto Loans’ for ‘Mud People’”

  1. mrgetrealpeople says:

    Captain Straw man……returns…..
    1.When did I ever write I think banks should be forced to make loan to people who can't pay the loans back?
    2.No moral hazard refers to a lender who knows the loan will fail when it resets but doesn't care, knowing he will sell it to get it of his books..
    3.I will have paid into medicare 51 years when I qualify, but I get the shaft up my ass with a 70% benefit cut….so my answer is start it now if its fair for me then its fair for your moms generations.

  2. mrgetrealpeople says:

    "They were talking about efforts to rein in Fannie and Freddie."

    Then why the fuck is Bush asking freddie and Fannie and the federal loan banks to purchase 440 billion in risky minority loans?

  3. mrgetrealpeople says:

    That all well and great, but the private market underwrote 66% of subprime mortgages, the GSE's 33%

  4. A86 says:

    It was a mix of both bad regulation and deregulation. The Zero Down Payment Act and American Dream Initiative took away requirements long held that people applying for home loans had to provide proof of income that they could afford to pay back the loans or that they could afford the ARM rates.

    The banks WANTED to give these loans out because the banks usually bet on the homeowners defaulting and profited when they did. They weren't being forced against their will to give out bad loans.

  5. Grange34 says:

    Senior banking excecutives have gone to jail….In Iceland…politicians too

  6. Reggie Shelton says:

    I find it funny that blacks are always getting in these subprime mortgage deals.

  7. MrBadavidson9 says:

    if its the case i'm thinking of the'black guy' wasn't covering for his boss, he was a high flying investor initially, lost money and bet on high risk stocks and failed again getting himself and the world in crazy trouble, the dude that went to jail was the son of a African prince i'm sure

  8. MrBadavidson9 says:

    kweki, that is the guy, they make it out like its racist, go and look what he actually did and see if he is solely responsible, especially in the beginning, he was given too much power and lee way but he was the culprit

  9. A86 says:

    Au contraire. The vast majority of banks weren't being made to lend to people at all. They were basically allowed to just do whatever they want. What they wanted to do was give out to be people they knew would most likely default:

    (.) nytimes (.) com / 2009/12/24/business/24trading (.) html?pagewanted=all&_r=0

    It came back to bite them in the ass and they made us pick up the tab.

    Capitalists will do whatever is profitable. If giving out loans that people default on is profitable so be it.

  10. A86 says:

    That's what Cenk reported on here. No one forced banks like Wells Fargo give out bad loans to even minorities with good credit. No one except executives looking out for their bottom line.

    The only government intervention that made this a big trend was the govt getting rid of regulations that previously sharply divided commercial and investment lending. Ironically the "intervention" was govt getting rid of Red Tape that was NEEDED.

  11. A86 says:

    "to begin the practice to comply with the law"

    False since the vast, vast majority of subprime loans were not governed by CRA laws or regulations.

    (.) businessweek (.) com / investing/insights/blog/archives/2008/09/community_reinvestment_act_had_nothing_to_do_with_subprime_crisis (.) html

    No one made private banks knowingly give out bad loans. They intentionally gave them out and bet on people defaulting because it was profitable. CRA loans were rarely defaulted on.

  12. Michael Zhang says:

    Dogs may not be people, but their owners are. By not allowing the owners to marry their…animal or object of choice is discrimination against that human (at the very least) is it not? By not allowing two or more adults who love each other who may or may not be family members to marry is not too different from not allowing two people of the same sex to marry.

  13. mrgetrealpeople says:

    You have no argument, just blame N**ers and democrats,

    IN 1995 Republicans controlled house of representatives and did so for next ten years and the GSE's answered to them.
    From 2001 to 2008 a republican controlled the white house, and the Dept. of hud which controls CRA…..Nice try Ass wipe, 90% of subprime loans were written,when republican's controlled everything….

    When all else fails blame Maxine and her party,after 95 she had about as much influence over HUD as my left nut…

  14. A86 says:

    According to whom were the CRA loans motivation for subprime loans? Most CRA loans are not subprime loans and the vast majority of subprime loans had absolutely nothing to do with the CRA or have to meet CRA guideliens.

    "who could sell them to banks operating under the CRA"

    The vast majority of the main banks doing the lending has 0 connection to CRA programs or CRA-connected lenders. Even if the CRA did inspire subprime loans it would be fairly irrelevant since 91% of bad loans weren't CRA.

  15. A86 says:

    Countywide is one bank. The problem is these secondary loans represented a very small number of the toxic subprime loans. So they still bear nowhere near the brunt of responsibility for the crisis. The Federal Reserve itself has said this along with various other economic bureaus.

    It's all in those couple of articles I linked earlier.

  16. A86 says:

    The relaxing of standards (a type of deregulation) had little if anything to do with the CRA:

    (.) cbsnews (.) com/8301-505123_162-39741513/fannie-freddie-and-the-cra-are-not-responsible-for-the-financial-crisis/

    Data showed the more a loan had CRA-enforced standards the less likely people were to default on it.

  17. A86 says:

    According to the study, "Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics."

    There is no one source to pin this on but this 36 year old law had little to do with the whole mess no matter how you slice it.

  18. MrBadavidson9 says:

    you are correct sir

  19. mrgetrealpeople says:

    Okay it the government that did it…Now go get google crome,it has a transcript feature go to youtube watch?v=kNqQx7sjoS8

    it's Barney frank, and maxine waters who asked the GSE's to commit to 440 billion for there minoirty home ownership goals4:11i call it america's homeownership challenge
    4:21because people fannie mae and freddie mac
    4:24 as well as the federal loan banks
    4:26 will increase their commitment to minority markets by more than four
    4:30 hundred and forty
    4:32 billion dollars

  20. mrgetrealpeople says:

    watch?v=kNqQx7sjoS8 who is this skippy? And what's he asking for?

  21. grmpf says:

    The end w/ Kweku Adoboli, "I wonder how justice works in this country", was a non-point. You gave only to his looks & name, tried to make a point about racism & its history in the US.
    He was convicted in the UK.
    It's good that TYT wants to be rational & realistic, but when there's a great rhetorical point lacking solid logic, they make it anyway b/c it's effective. And that's bullshit.
    Don't assume your viewers are dumber than you, they can get that everywhere else with better production value.

  22. touretul says:

    the question was rhetorical.

  23. mrgetrealpeople says:

    If you want to put this on the government,and ignore the real reason greed with no regulation and a monster secondary market creation by reversal of Glass Steagal……. You can't run from President derangement syndrome own CRA goals, which make any democrat before him look like conservatives.

  24. mrgetrealpeople says:

    1.CRA causes the housing melt down. When there's a Flat 90's housing market,the 80's had much better years,9 years after you're so called 94 CRA law changes the housing market goes hog shit crazy,when they had a republican control congress from 95 on and a republican in the white house 02-08. What a laughable argument.Where was president derangement from 02-07? I know he was getting money from congress for down payments and asking the GSE's please buy 400 billion in minority loans.

  25. TheJoehope says:

    The Democratic Controlled Congress during the Bush presidency made all that possible..the Subprime loans and all..and after everything crashed in 2007..Who got bailed out..by Barry O and the Democratic controlled congress..WALLSTREET!!!! The guv'ment allowed this to happen!

  26. mrgetrealpeople says:

    Sweet…… you will not watch the video of president derangement, in 2002 trying to social engineer the minority housing market ,what are you scared of the truth….Bush was a housing socialist?

    "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."

    President derangement 2002

  27. mrgetrealpeople says:

    "Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin, I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem.It’s the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin told me at the meeting where we kicked this office, he said, I promise you we will help, and he has, like many others in this room have done." transcript

    Guess who?

  28. mrgetrealpeople says:

    President George W. Bush addresses the White House Conference on Increasing Minority Homeownership at The George Washington University Tuesday, Oct. 15, 2002
    Cut and paste Transcript……word for word…… Ain't it a bitch
    More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home.

  29. mrgetrealpeople says:

    That's a homeownership gap. It's a — it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future.

    We've got to work to knock down the barriers that have created a homeownership gap.

  30. mrgetrealpeople says:

    I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. (Applause.) … And it's going to require a strong commitment from those of you involved in the housing industry. …

  31. mrgetrealpeople says:

    I told Mel Martinez I was serious about this initiative… And the good news is, Mel Martinez believes it and means it, as well. He's doing a fine job of running HUD, and I'm glad he has joined my Cabinet. (Applause.)

  32. mrgetrealpeople says:

    Homeownership is also an important part of our economic vitality. If — when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America; …

  33. mrgetrealpeople says:

    I'm also going to encourage the lending industry to develop a mortgage market so that this script, these vouchers, can regularly be used as a source of payment to provide more capital to lenders, who can then help more families move from rental housing into houses of their own. …

  34. mrgetrealpeople says:

    Last June, I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what I'm talking about, I'm talking about your bankers and your brokers and developers, as well as members of faith-based community and community programs. And the response to the home owners challenge has been very strong and very gratifying. Twenty-two public and private partners have signed up to help meet our national goal.

  35. mrgetrealpeople says:

    Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities.

  36. mrgetrealpeople says:

    Freddie Mae — Fannie Mae and Freddie Mac — I see the heads who are here; I want to thank you all for coming — (laughter) — have committed to provide more money for lenders. They've committed to help meet the shortage of capital available for minority home buyers.

  37. Pr.G. McBeedy says:

    Why would one find the pain and suffering of others funny?

  38. Pr.G. McBeedy says:

    Yes, and it also was not funny.

  39. mrgetrealpeople says:

    When Bush began his first term in January 2001, total nonfarm employment was 132.47 million. When his second term began four years later, it was 132.45 million, or effectively zero job growth.
    Obama's first term isn't technically over yet, but so far, employment has risen from 133.56 million in January 2009 to 134.02 million in the latest report, for December 2012. That's a net gain of about 460,000 or 0.3 percent. As paltry as that is, it beats Bush's first-term performance.

  40. mrgetrealpeople says:

    I've done just that………. trig jr…..

  41. Pr.G. McBeedy says:

    You said you found it funny and I asked why.

  42. mrgetrealpeople says:

    CRA played little to nothing to do with the role of the meltdown,

    The boom in mortgage lending, including subprime lending, was also driven by a fast expansion of ——–NON BANK– independent mortgage originators SO NO CRA LAW APPLY'S HERE SKIPPY TRIG PALIN

    Which despite their smaller share (around 25 percent in 2002) in the market have contributed to around 50 percent of the increase in mortgage credit between 2003 and 2005.

  43. mrgetrealpeople says:

    GREED…..Money, it's a gas
    Grab that cash with both hands
    And make a stash.

  44. mrgetrealpeople says:

    Again ignoring the root cause of the industry's reaction,
    MONEY IS THE ROOT OF ALL EVIL..

  45. mrgetrealpeople says:

    They were talking about efforts to rein in Fannie and Freddie.
    TALK IS CHEAP…..
    ACTIONS—-BABY——–Fannie and Freddie we are going to need 440 billon in loan commitments for our 5.5 million new minority home owners we want by 2010…..
    Guess who? twigly….. Wigley

  46. Pr.G. McBeedy says:

    Present the full list or remain silent.

  47. Geek'd Daily says:

    Well put my friend. Kudos.

  48. mrgetrealpeople says:

    Truce one video watch?v=iGujjO_Za2c

  49. Pat Liewer says:

    From Wiki answers: Is Wells Fargo bank Mormon{or Jewish}?
    Is Wells Fargo bank Mormon?
    No.
    John Stumpf, chairman, of Well Fargo is German Catholic. He said this in interview
    "Mormon is a religion… people are Mormons, banks are not"
    To end your senseless b/s, it was the Vatican that was linked to the drug trade & money laundering.
    Present the full list, ok mel, any thing you say.
    Follow the money and it leads to Rome, whine and blame the Jews all you want. Popular opinions means squat!

  50. Pr.G. McBeedy says:

    Keep deflecting, I'm not blaming them for everything. It seems as if you want to go on random rants and avoid the issue at hand.

  51. mrgetrealpeople says:

    1.The corporate rate is so over blown,only 8% of corporations pay at the c-corp rate.92% of US businesses like myself have pass through taxes,That are taxed at the individual rate. Corporate taxes account for 8.9% of US tax revenue,at 191 billion.The effected rate is only 13.4% ,in 1950 it was 50% ,some of the most profitable corporations pay nothing,GE for example.
    2.Government regulations Play a role but would want to breath the air in China,China has become the most polluted country on earth.

  52. mrgetrealpeople says:

    1.Automation play's a role in job lost….

    "Third world countries who are far more developed industrial bases than they were in the recent years"

    2. Because of foreign capital investment, so they would have access to a slave labor pool…

    "I agree with his assertion about the cuts to entitlements, though"

    Ryan's plan would have in 2030 reduced our medicare benefits by 68%.

  53. mrgetrealpeople says:

    What did I over oversimplify? Apple paid less then 10% AT&T 7%

  54. AriseNow says:

    The stuff about poor people repaying almost perfectly reflects the findings of microfinance with the extremely poor.

    It's only when you take a generation and tell them that they are no longer poor because they have "credit" that the crap hits the fan.

    I usually agree with Cenk but it's also partly the fault of the loan takers that they forgot the wisdom of their parents and listened to the shiny ads on the TV and the sleazy real estate agents that told them they deserved 500k homes.

  55. EFFtheCoolKids says:

    No, I think that was completely right on the mark. As an adult with experience who ACTUALLY interacts with people in the real world, you come to realize certain things that an individual says fits a certain character. You don't want to be looked at as a worthless loser, then stop saying uneducated and ignorant crap.

  56. AsifIcarebear3 says:

    Definition of THEISM
    : belief in the existence of a god or gods
    If you do not believe, you are without-belief; atheist.
    "Being on the fence" is the agnostic part, which means without-knowledge. We're all agnostics, with Cenk and myself being agnostic atheists. It's so retardedly simple I don't get why people are so fucking confused over this shit.

  57. yuukisama2001 says:

    I may not know much about the sub-prime mortgages, and while I hear all the finger pointing about why "these people" took these loans for what they couldn't afford, it shouldn't have happened. Before anyone sits down in a bank to take out a loan you have to have decent credit in order to get a decent mortgage %. If you don't look stable it shouldn't be given. Hell at one time you couldn't even get a CC w/o a decent credit score. But it seems they'll give it to anyone if it generates profit.

  58. mrgetrealpeople says:

    This Ain't progress

    BEIJING (AP) — People refused to venture outdoors and buildings disappeared into Beijing's murky skyline on Sunday as the air quality in China's notoriously polluted capital went off the index. Environmental Monitoring Center said on its website that the density of PM2.5 particulates had surpassed 700 micrograms per cubic meter in many parts of the city. The World Health Organization considers a safe daily level to be 25 micrograms per cubic meter.

  59. mrgetrealpeople says:

    Everything is about profit(greed) Again This Ain't progress,I like breathing clean air and not drinking toxic water,I guess it would be okay for you and your family to live in such a polluted filth country where everything goes such as China, where the air and water are not fit for human consumption.

    Your right
    They shoot dissenters in the middle of the night, who complain about dirty water and air, like I'm sure you would like to do here…

  60. Yamaze Riley says:

    It time for the REVOLUTION!!!!

  61. max klein says:

    and thats how the aztecs justified killing kids as part of their rituals

  62. ChrisGeez says:

    my point is that his claim that the UBS employee who was fired and went to jail because he was black is related to the racist treatment by the turds at HSBC because both of these institutions are banks. It is a ludicrous and prejudicial generalism that I though someone like Cenk, who usually speaks out against generalizing and guilt by association, wouldn't fall into making.

  63. ChrisGeez says:

    But if you would like a link, here is one that discusses the case of the UBS trader:
    edition.cnn.com/2012/11/20/business/ubs-trader-verdict/index.html

  64. ChrisGeez says:

    Here is another:
    dailymail.co.uk/news/article-2037632/Kweku-Adoboli-Swiss-bank-UBS-unaware-blew-whistle-HIMSELF.html

  65. ChrisGeez says:

    Add the typical World Wide Web prefix to the second link for it to work in a web browser.

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  67. mrgetrealpeople says:

    Government compassion on housing started with the GI bill,not bill Clinton …….Benefits included low-cost mortgages.
    The 90's housing market was flat, the historical average house price increases about 4-to 6% during the 90s it was below this….Fail again.
    AGAIN ANY CRA LAW ENFORCEMENT FALLS ON HUD/ JUSTICE DEPARTMENT WHICH IS UNDER BUSH , NOT CLINTON, NOT BARNEY FRANK, NOT MAXINE WATERS.

  68. mrgetrealpeople says:

    THERE IS NO SPIKING REAL ESTATE PRICES DURING THE 90'S,IF ANYTHING DURING THE LAST TWO YEARS OF 90'S IT WAS BELOW-HISTORICAL AVERAGE, 2003 IS WHEN THE REAL ESTATE BOOM STARTED TO TAKE OFF.
    CLINTON IS IRRELEVANT, THE SITTING PRESIDENT DECIDES ON HOW HIS HUD/ JUSTICE DEPARTMENT ENFORCES CURRENT CRA LAWS.
    JUST LIKE BUSH STOPPED ENFORCEMENT OF MINE SAFETY REGULATIONS.

  69. mrgetrealpeople says:

    Tell what the Average real estate appreciation rate during the 80s
    Versus the decade of the 90s?
    Okay I'll do it, I just looked it up myself.
    source….U.S. Census data census.gov/const/uspriceann pdf
    The price of new homes increased by 5.4% is a historical average

    US average house price….
    1980-76,400
    1990-149,800
    So from 1980 to 1990 about 9.5% yearly appreciation, 3.9% above average…

    1990-149,800
    2000 -207,000
    So from 1990 to 2000 about 4.1% yearly appreciation,1.3% below average.

  70. mrgetrealpeople says:

    1.

    2.What started this mess was artificially low interest rates, with the stock market tanked after 911 with no other investments that paid a decent rate of return

  71. mrgetrealpeople says:

    "It most certainly started with Clinton and if you look at the charts, the spike began during the time period following the implementation of the legislation itself."

    The math doesn't bear this statement out, the 90's real-estate appreciation rates were below average.

    I gave you my source, census.gov/const/uspriceann.pdf.

  72. mrgetrealpeople says:

    Profits within themselves are not greedy, it's the ethics behind the profits and how you get the profits, drug dealers make profits,do you think if i own a chemical I should be able dump anywhere I see fit?

  73. mrgetrealpeople says:

    Could it be framed any better.
    1. Clinton years 90's real estate below average historical appreciation rates.
    2.Republicans controlled the Government.
    3. CRA controlled by George Bush Department of HUD and his Justice Department
    4.

  74. mrgetrealpeople says:

    2.FED Lower's interest rate to an artificial low,this creates no other alternative investments then real estate. Stock Markets sucks,bonds are not doing well,l T-bills are not doing well. Reverse Glass Steagal, this create a huge real-estate secondary market, that didn't exist before.Banks can now sell their loans to their new investment banks,who now can sell them as investments
    3.This creates Demand for real estate investments.
    4. But what happens when you run out qualified people to loan to?

  75. mrgetrealpeople says:

    The biggest players are the banking secondary market which was created after the reversal of Glass-Steagall, before that investment banks, insurance company, and a Lending banks had to be three separate entities.

  76. mrgetrealpeople says:

    You lay the blame squarely on the government, So It's a valid point when you completely ignore Bush's minority housing goals which are bigger then Clinton/Waters/Frank.
    You might actually have an argument, if you didn't have a regime change in the 1996/2000 elections, I haven't seen an effective argument that Waters being the minority party has any influence over lending threats after 1996 the GSE's answer to congress..

  77. mrgetrealpeople says:

    Evidence is a bitch…

  78. mrgetrealpeople says:

    You think this started with CARTER/Clinton What about GI BILL HOUSING …..

  79. mrgetrealpeople says:

    Geez…ok lets try it a different way… Why were those subprime loans written in the first place?

    They were written to make money, then pass the risk to someone else, the same reason all loans are written money, money, money, if the loan resets after the teaser rate expires and they can't pay,who cares, we got our money, and will buy the insurance on its failure and make money on that to.
    There is no risk to a bank to loan to someone with a credit score of 10 if they sell the loan..

  80. mrgetrealpeople says:

    lol…He was a drunk long before he got Bush's no down payment house loan,it must be all the MD 22 ads,he hears between his drunken black outs on right wing radio every day.

    Where the risk for a bank to loan to someone with a credit score of 10 if they sell the loan, what does the CRA have to do with it?
    The massive secondary market that was created in 1999 with reversal of Glass-steagal underwrote 66 % of subprime loans…
    THe GSE's underwrote 33%, so take 66%away, no housing meltdown…

  81. mrgetrealpeople says:

    The CRA laws are were created By Carter because banks redlined Black neighborhoods….
    Even if they qualified they could not get loans.

  82. mrgetrealpeople says:

    Thanks for making my point,

    Why did a white bad credit risk drunk even get the loan,what did that have to do with CRA laws……. ANSWER NOTHING…….. The banks and mortgage houses made theses same kind of loans millions of times,why, for one reason, they had buyer for the loans in a newly created secondary market, so it was no risk to them.
    That's why I don't blame Bush, I blame Phil GRAHAM and his bull shit 1999 repeal of Glass-Steagall.

    Drunk, did take Bush's down payment money though.

  83. mrgetrealpeople says:

    They made loans to make money, they didn't give a shit about CRA laws….or threats from Waters

    Answer this simple question THREAT of regulation, by who after the republicans win the 1996 and 2000 elections.

    1.GSE's answer to a republican congress after 1996/ Not Frank or Waters.
    2. HUD is BUSH's in 2000
    3. The 90's housing market is below average…
    4.90% of subprime loans happened in Bush second term….Something he had no problem with.

  84. mrgetrealpeople says:

    WTF….. Demand was created by the FED's monetary policy,
    Competition from a new created secondary mortgage market, from deregulation…. MELTDOWN PHIL'S congressional repeal of the Depression-era Glass-Steagall Act, which separated commercial banks from Wall Street, Not CRA Laws.

  85. mrgetrealpeople says:

    MELTDOWN also inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives like credit-default swaps from regulation by the Commodity Futures Trading Commission. Credit-default swaps took down AIG, which has cost the U.S. $150 billion

  86. mrgetrealpeople says:

    I MADE ARGUMENT CAPTAIN AD HOMINEM….

  87. mrgetrealpeople says:

    Your the Chicken shit,I answered every post ten times over, to the point I should puke
    1. Waters did it, 1990 real-estate was below average,1996, no threat from Waters, so non-CRA banks don't have to loan shit, from 96 on…
    2. Suprime loans during the 90's were 5% of the total housing market, even 6 years into Maxine Waters so called regulations.
    3. The unregulated investment banks underwrote 66% from 2003-2007 of all subprime with no threats from anybody unless it was a republican…

  88. mrgetrealpeople says:

    You're a fucking idiot Trig…… actually calling you Trig is an insult to Trig. Your right it is a waste of time, to argue with a mental midget.

  89. mrgetrealpeople says:

    bull shit…..Lehman Brothers owned BNC Mortgage who's sold billions in subprime loans and and then Lehman package as mortgage investments.In August 2007, the firm closed its subprime lender, BNC Mortgage, eliminating 1,200 positions in 23 locations.

    Bear
    Issued large amounts of mortgage backed securities
    Collateralized debt obligations Doomed Bear Stearns, which were non regulated thanks to meltdown Phil

    Now Defunked Wachovia Securities packaged loans directly from it's banking operations.

  90. mrgetrealpeople says:

    Lehman Brothers, Bear Stearns, and Merrill Lynch—were not affiliated with any of the insured banks that had major losses
    Of course they were, where do you think they got the loans they packaged for investments.

  91. mrgetrealpeople says:

    Hey dumb ass you made the argument, the reason US corporations leave they have regulations they don't like, like they can't dump as they see fit, so go live in China they don't have Business pollution standards there,

  92. mrgetrealpeople says:

    Shut the fuck Trig.

  93. mrgetrealpeople says:

    Like I said Go fuck yourself…..reasoning with you is like talking to box dried turds…..

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  95. Banana Bandana says:

    its because hes black with a middle eastern name.

  96. Stablemable2 says:

    This report shows American Blacks are more like Gravy-People and the predators/bankers are the Vomit-People.

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  98. W Leon says:

    I have flagged this up to YouTube, simply because of the racist, inflammatory title.

  99. Adorecream 1976 says:

    That happens here a lot. Loaners like GE MOney and Loan shop introduce ghetto loans to Islanders and Maoris (Our equivalent of blacks) living in poor suburbs at ramped up interest rates and fees. Mainly as mainstream lenders won't lend to them.

  100. emerson smith008 says:

    this will have terrible concequences,, shoudnt be alowed to do that.. is gona back fire.

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