Remember Red-Lining?

Remember the “red-lining” controversy of the 80’s when banks were accused of racism for refusing to lend money to people living in minority neighborhoods? Well if you don’t, the banks were accused of discriminating against the poor and minorities because they wouldn’t lend money to people who were unlikely to repay. Notice how you haven’t heard much about “red-lining” recently? Well that’s because the Democrats “fixed” that during the Clinton administration.

The politicians and pundits have been tip-toeing around this for days; that is, what role did Democratic pressure to make risky loans to minorities play in the current financial crisis? Senators Dole and Martinez came close to revealing the full dirty little secret in their opening statements at the Senate hearings as did a couple of reports on Fox’s Britt Hume show, but they pulled back, I suspect, for fear of having the R-word hurled at them.

So it was left to the fearless Ann to do the deed:

…This crisis was caused by political correctness being forced on the mortgage lending industry during the Clinton administration.

Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”

Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down-payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”

Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.

When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices.

In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration’s affirmative action lending policies as one of the “hidden success stories” of the Clinton administration, saying that “black and Latino homeownership has surged to the highest level ever recorded.”

Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn’t get out of their loans by selling their houses.

A decade later, the housing bubble burst and, as predicted, food-stamp-backed mortgages collapsed. Democrats set an affirmative action time-bomb and now it’s gone off.

In Bush’s first year in office, the White House chief economist, N. Gregory Mankiw, warned that the government’s “implicit subsidy” of Fannie Mae and Freddie Mac, combined with loans to unqualified borrowers, was creating a huge risk for the entire financial system.

Rep. Barney Frank denounced Mankiw, saying he had no “concern about housing.” How dare you oppose suicidal loans to people who can’t repay them! The New York Times reported that Fannie Mae and Freddie Mac were “under heavy assault by the Republicans,” but these entities still had “important political allies” in the Democrats.

Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats’ two most important constituent groups: rich Wall Street bankers and welfare recipients.

Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.

And in an article critical of McCain’s suggestion that he might appoint Andrew Cuomo to head the SEC, John Fund of the Wall Street Journal examines Cuomo’s role in the current financial crisis:

…Among the problems created by Mr. Cuomo while at HUD were what the liberal Village Voice called last month “a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis.” A Voice investigation found that Mr. Cuomo “took actions that — in combination with many other factors — helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded ‘kickbacks’ to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.”

Can Xanax Be Injected
Is Tramadol Legal Status
Ambien And Mental Side Effects
Ambien Gift Viagra
Ambien Ghb
Tramadol Lorazepan Interactions
Valium American Pharmacy
Codeine Tramadol Online Without Presciption
Employer Drug Testing Xanax
Online Pharmacies Ambien
Gold Xanax Bar
Ingredient Tramadol
Xanax Alcohol Peripheral Neuropathy
Valium Alcohol Interaction
Coming Off Valium Medical Information
Took Too Many Ambien
Xanax Immune System
What Drug Category Is Ambien Cr
Tramadol 5pm
Purcahse Tramadol
No Order Prescription Xanax
Purhasing Ambien
Mixing Ambien And Xanax And Lexapro
Cheap Xanax
Buy Line Valium Umaxppc
Canadian Xanax
Is Tramadol A Morphine Derivitive
Xanax Online With No Prescriptions
Is Xanax An Maoi Drug
Nordiazepam The Same As Valium
Ambien Cause Swelling
Ambien Overnight In United States
Tramadol Online Free Consultation
Diazepam Generic Online Valium
Buy Tramadol Ultram
Successful Treatment Of Migraines With Valium
Tramadol Online Ordering
Rem Sleep Xanax
No Prescribtion Xanax
Side Effects Of Tramadol In Dogs
Ambien And How It Works
Cash Loans Online Tramadol
Dangers Of Abruptly Stopping Xanax
Ambien Cr Lethal Dose
Ambien Labor
Xanax As Muscle Relaxant
Xanax Drug Testing Times
Ambien 90 Pills
Where To Buy Valium
Xanax Perfume
Cat Health Buy Tramadol
Buy Valium Fedex Overnight
Drug Interaction Valium
Ambien Effective Time
Where Can I Purchase Xanax
Valium Without Prescription Online
Xanax Dosages Dogs
Alcohol And Ambien
Ambien From Us Pharmacies
No Prescription Wholesale Xanax
Generic Ambien Internet
Doctor Online Xanax
Buy Xanax With Prescription
Xanax On Line No Prescription
.25 Xanax
Mixing Valium With Cocaine
Half-life Ambien Zolpidem
Naproxam And Ambien
Melanie Mcguire Convicted Of Murder Xanax
Snort Valium
Ambien Side Effects Fda
Ambien People Magazine
Diclofenac Sodium Compared With Tramadol
Xanax Bars Mg
Prenatal Ambien
Kava Xanax
Xanax Cause Weight Gain
Online Online Tramadol
Cod Pharmacy Tramadol
Moclobemide Tramadol
Order Valium No Prescription
News Ambien Sleep
Getting Valium Out Of Your System
Vicodin And Ambien
Xanax Urine Detected Days
Site Tramadol
Is Xanax Safe During Pregnancy
Photos Of Xanax Pills
Pharmacy Tramadol Hcl Dosing
Valium Medications
Valium Dependence
Ambien Causes Memory Loss
Tramadol Very
Chlor-trimeton Drug Interactions Ambien Cr Cymbalta
Slang Name For Xanax
Tramadol Online To Florida With Mastercard
Valium Experiences
Buy Ambien Without Prescription Overnight
Valium Rectal Gel
Discount Xanax Forum
Suicide Ambien Overdose
Valium In Small Dose
Xanax And Withdrawel
Free Ambien
Xanax Abuse Health Affects
Can’t Pee Tramadol
Ambien Chemical Name
Tramadol Use In Pregnancy
Phase Safety Study Tramadol Extended
Treatment Of Xanax Withdrawl Side Effects
Psoriasis Tramadol
Crushing Tramadol For Quick Release
Tramadol Zyrtec Xenical
Dui Charges Dropped Valium
Ambien Buy Cheap Domain
Drug Interaction With Tramadol
Taking Tramadol And Ibuprofen Together
35 Ad Psychoneurotic Single Valium
Valium Dosage Mg
Tinitus With Xanax
Tramadol Withdraw Pharmacy Online
Xanax Pie
Tramadol Dosing Instructions
Identifing Tramadol Pills
Buy Xanax With Rx
Drug Company Identification 4096 Tl Valium
Xanax Without A Perscribtion
Ambien Creativity
Mix Tramadol And Benedryl
Tramadol With Tylonel
Xanax In Body
345 Valium
Ambien Cr 6.25
Ambien Erectile Dysfunction
When Was Ambien Invented
Xanax Interactions
Valium 2102
Tramadol Makes You Feel
Cheap Valium Generic
Fee Lowest No Price Tramadol
24.10 Valium
Xanax Kidney
Dosing Valium
Ambien Alcohol Effects
1 Mg Valium Tablets
No Prescription Xanax Online
Benzodiazpines And Xanax
Ambien And Stroke
Missed Xanax
Order Xanax To Merica
Ambien 5mg Cost
Dangers Of Xanax Bars And Hydrocodone
Getting High Xanax
Ambien Increased Anxiety
Adverse Affects Of Ambien
Side Effects Of Xanax And Methamphetamine
Tramadol With Valium
Buy Online Pharmacy Search Results Xanax
Ambien Cr Recreational Use
3.75 Order Valium
Klonopin Or Xanax
Ambien Equivalent Imovane Effects Side
Aspirin And Tramadol Together
Ambien Achole Side Effects
Action Ambien Class Lawsuit
As Carisoprodol Get Pain Tramadol
Online Consultation Ambien
Tramadol Addiction And Withdrawal
Xanax Pill
Valium Date Rape Drug
Ambien Er
Tramadol With Hydrocodone And Reaction
Valium And Grapefruit
Tramadol 120 Ea Cod
Can You Shoot Up Xanax
Ambien Sleep Driving Massachusetts Lawsuit
.5 Xanax
Ambien Addiction Symptos
Injecting Shooting Up Xanax
Online Cheapest Prescription Tramadol
What Can Xanax Do To You
Info On Valium
Tramadol Cod Next Day
Diazepam Persciptions Tramadol Mg Tablet Diazepam
Fedex Overnight Shipping Xanax
Ambien And Date Rape
Ambien For Dogs
Tramadol Zydol
Generic Valium 10mg Look Like
Can Xanax Cause Fasiculations
Order Generic Ambien
Xanax Xr Forum
Xanax For Severe Anxiety
Ambien Cr Vs Lunesta
Tramadol Except Information
Xanax Alcohol Death
Valium Gas Rumsfeld
Can Ambien Kill You
Fun With Xanax
Medical Treatment Of Withdrawal Fron Xanax
Order Oklahoma Ambien Cod
Buy B Ambien B
Xanax For Treating Lower Back Pain
When Is Generic Ambien Release
Calm Stomach Down Xanax
2mg Bar Xanax
Zolpidem Sleeping Pills Buy Ambien
Tramadol For Canines
Tramadol Er Dosages
Xanax Bulimia
Valium Letal Dose
Diclofenac Interactions With Xanax
Zolpidem Buy Ambien
Side Effects Of Tramadol Hcl 50mg
Buy Valium Without Prescription
Xanax Buy It Here Online
Ambien Sleeping Pill Side Effects
Overdose On Ambien
Ambien 90
Cheap Tramadol Online Prescriptions Zyrtec Zyrtec
Xanax Cheap Without A Prescription
Identifing Xanax
Xanax E R
Parenteral Ambien
Valium No Prescription Needed
Fake Xanax Werrick
Getttin Off Large Amout Of Xanax
Is Ambien Safe
Adderal Valium
Electronic Check Payment Xanax
Compare Prices For Non Prescription Xanax
10mg Valium
Buy Xanax Now
Half-life Valium
Ambien Medical News
Ambien Cr What Is It
Lortab Xanax
Name Of Generic Xanax
Buy Xanax Overnght
Acyclovir Online Pharmacy Prevacid Tramadol
Ambien Eq
Is Xanax Stronger That Klonopin
Valium From South America
Ambien La Date D
What Do Generis Valium Look Like
Ambien Cr Offer Card
10mg Picture Valium
News Syracuse Ny Ambien
Ambien While Pregnant
Xanax Overnight Fed Ex
Ambien Cr Online No Rx
Valium Fast Shipping
Ambien Amaryl Tiazac
Drug Testing For Tramadol
Xanax In Beijing
Cheap Tramadol With Free Overnight Shipping
Tramadol When Pregnant
Tramadol Acetaminophen Pill Identification 537
Does Xanax Impact Mdma
Bill Consolidation Buy Tramadol
Xanax Depression
Xanax Guaranteed Overnight
Off Shore Tramadol
Ambien Is Great
Ambien Cheap Ambien Buy Ambien Online
Side Effects From Ambien Overdose
Valium Withdrawal Time
Buy Ambien Where
Xanax And Niravam
Ambien Us Pharmacy
Tramadol Dogs And People
Ambien Medication
Xanax Alprazolam 2mg 90 Tablets
Methadone Maintenance Tramadol
Search Results Wholesale Mg Xanax
Drug Residue Test Xanax
Ambien And Anxiety
Xanax Estrogen
Medical Use Of Valium
Ambien Cr Lunesta
Online Pharmacy Valium
Ambien Cr And Dinks
Is Zora Ambien
Clonazepam Versus Xanax
Tramadol Head Trauma
Cod Tramadol 180
My Xanax Hydrocodone Good
Ambien And Dose
2mg Xanax No Prescribtion
Buy Tramadol And Xenical At Jagtek
Wellbutrin Xanax
Buy Ambien Online Pharmacy
Can You Get High On Tramadol
Canine Valium Dose
Tramadol 50mg Tablet
Ambien Double Vision
Zolpidem Compared To Ambien
Ambien Overnight Saturday Delivery
Xanax No Prescription Required
Physician’s Desk Reference Xanax Purepac Photo

Both comments and trackbacks are currently closed.
%d bloggers like this: