Didn't They Learn Already?

stephen_hannibal:

You know what, as a Black man this pisses me off.
The equal opportunity housing bullsh*t is not working.
And it's not because people are one race or another, it because they don't f*cking work for it.
The idea that because I'm black I need special rules is stupid.

You're absolutely right. There was a time when it was about race, and if some had their way it still would be, so that needs to be monitored, BUT, no matter what the color, the buyer needs to have some skin in the game. Opportunity should be for those who work for it, TANSTAAFL! (there ain't no such thing as a free lunch).

Speaking as a minority, I agree that "affirmative action" laws are insulting. If I get into a college or if I get hired, I want to know that I got that position based solely on my merit and accomplishments. I understand that there was a time when affirmative action laws were needed, but I think society has moved beyond that now and to keep keep these laws now would do more harm than good.

Speaking as a guy who's in the lending business, the government cracking down on redlining puts banks in a bind. While lending standards has tightened, the government wants banks to lend more to poor families who are typically not qualified for traditional loans. Banks can certainly lend to low-income applicants, but their inherent risk results in higher interest rates (subprime loans). Based on news from the past couple of years, the word "subprime" automatically generates a very negative reaction.

Subprime loans serve a purpose in this economy, just like payday loans and check cashing services. Like all things, when used wisely, it represents a net-benefit to society. What the government should be doing is not to force banks to lend in low-income communities, but rather regulate the professionals that sell and market these types of loans and also educate low-income families on what having a mortgage would entail. It was the combination of greed and ignorance that brought about this whole credit mess.

sightunseen:

It was the combination of greed and ignorance that brought about this whole credit mess.

+1,000,000

lol..i do what i can to help out! lol

I think there should have been a big washing out of all the companies that went over books and caused any damages. However that didn't happen. In fact the govt (fed) bought all the debt (well most of it) from the banks, and now we (the tax payers) get to pay for it. I think white house should have kept out of the mortgage debacle other than to crack down on these institutions and their foreclosures that were not lawful. Other than that I believe that if you can't afford a house than you shouldn't have signed. BOA, Wells Fargo, US Bank, and Citi should have all paid for their mistakes or went under. Nope, they got a pass and it's even worse now. It'll happen again and we will all get screwed worse. Sad thing is, because all these people lost their homes and such, now all the other homes are going to be suffering.

Joeyjoe21_8:

wel yeah i discredited him too on a lot of stuff but he did have a couple facts correct.

If a fact walked up to that bloated sac of festering puss and introduced itself as such, he'd still get wrong.