NAACP says bank giants steered blacks to bad loans

"Amara Weaver of Milwaukee, said she was one of the victims of predatory lending. She bought her first home in 1984, receiving a 6.25 percent fixed-rate mortgage."

I almost bought a home in 1984 and 13% fixed-rate sounded good to me that year. Getting 6.25% would've been impossible unless the loan was subsidized. Maybe she refinanced in 2004 and got 6.25%.

Home ownership is for responsible adults. We bought what we knew we could afford and consequently we now own our home. The only thing that the NAACP is trying to do is get the whites and the blacks back to hating each other so they spread stories about the poor black man forced into his 250,000.00 home on his Walmart paycheck.(No offense, I used to work for Walmart so I know!)

We are no longer as a society happy with what is within our means. It has to be bigger and better and newer and more expensive. take note....IF YOU BELIEVE THAT PEOPLE WERE FORCED AGAINST THEIR WILL TO BUY THESE HOUSES YOU ARE A MORON AND YOU PROBABLY ARE PISSED OFF BECAUSE YOU ALSO SIGNED ON THE LINE. DO THE MATH 30 YEARS X 65O.OO/MONTH DOESN'T ADD UP. I KNOW YOU WERE ALL FORCED NOT TO TAKE MATH SO YOU HAD TO RELY ON THE MAN. BLAME NO ONE BUT YOURSELVES

Ben Dover wrote:

I know a guy that knows a guy that went to school with this guy that has a black friend. His black friend said he wasn't steered to a bad loan.

I know this guy! He's a third cousin of my uncle's friend.

The negro race card is back!!!

i had a black banker.....and he couldnt drive either......he kept telling me to go this way then that way.......damn ....i finally told him....ese learn your directions and quit steering me the wrong way sabes...??????? te watcho

That's why no one but the NAACP takes the NAACP seriously. Anytime they come on TV to complain, people are thinking, "oh crap, what are they crying about this time?"

here we go again with the you owe us thing . Always the NAACP speaking for the black person well most of my black friends do not agree with the NAACP and the racist views they provide whenever they feel the person of color got screwed more than white people well I am here to say I am white and I got screwed too so take your NAACP feeling to Africa or wait they don't like the NAACP either well just another suprimacy group without cause.

Futureshock wrote:

<quoted text>

Has anyone else noticed that liberal social programs always hurt the people they were intended to help?
In the current case, they just took EVERYONE DOWN.
Let's hear it for the well meaning Democrats!!

That's because in order for government social programs to work, we must all be "fitted in". Those who won't fit voluntarily must be COERCED. That's why the build walls around socialist governments to keep people in to "enjoy" the "benefits".
Most liberals are self-loathing narcissists who can't believe they might actually be wrong and make decisions based on their guilt, for what we don't know.

here in the San Francisco bay area look at all the big banks and see who are running the banks . a 5 year old can do better . get loans from a small local bank .

i'm sure glad Hipanics and whites didn't get bad loans or they would be having their houses forclosed too.

Just another NAACP shakedown.

Pull the race card - complain to the media - they will repeat the "whine" thousands of times through the mass media and then the NAACP will get more money from government, corporations and donations.

It's the same with the other "victim based groups".

Target an issue, send out press releases, hold press conferences, make reps available to media, i.e., television, radio, print, internet, etc.

Whether it's the NAACP, rodents rights, save the open-space, outlaw guns, mandatory bike helmets, no trans fats, etc.

Same old methods, but people are more and more aware of the P.R. methods and it's not achieving the same effect anymore.

Very evident right here just reading the posts.

True:
Blacks were targeted for sub-prime loans, and here's what happened.
1.)After WWI,the Gov't sponsored the GI Bill. This bill provided subsidies for housing, among other things.
2.) Realtors gamed the bill and found ways to keep suburbs white. Hence the enormous migration of whites to suburbs surrounding the cities.
3.) Insurance companies red-lined inner cities, esp. areas that had become predominantly Black. Block busting tactics and refusal of loans accelerated the migration of whites to the suburbs.
4.) Also jobs moved to suburbia, thus creating urban blight in the cities.
5.) Congress, to counter this trend passed the Community Reinvestment Act.
http://en.wikipedia.org/wiki/Community_Reinve...
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The purpose was to encourage banks to make prudent loans to inner city borrowers.
6.) With deregulation and "bundling" banks saw a way to make a killing. First came the S&L crisis.(This was largely due to Deregulation), but next came the sub-prime loans. These can be traced back to the Community Reinvestment Act.
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The moving force in all of this was the racist patterns initiated after WWII. Remember Cicero Illinois where Blacks were literally run out of homes. Similar situations developed in Detroit and elsewhere.
,,,

So the naacp is basically saying that blacks are too stupid to know when they are manking a mistake. All blacks should be insulted by this and I am sick of the naacp trying to make blacks look like stupid victims. Black people who accepted these loans knew exactly what time it was.

sassyntrashy wrote:

So the naacp is basically saying that blacks are too stupid to know when they are manking a mistake. All blacks should be insulted by this and I am sick of the naacp trying to make blacks look like stupid victims. Black people who accepted these loans knew exactly what time it was.

Wrong. You can't believe how stupid and uninformed your posts is. Proves my point about communist trolls. In a communist society, people don't own homes, so I wouldn't expect a troll to understand.
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Home purchases, at the time, made sense. People were retiring and moving into new homes, thus creating a demand. In California and other states as well, people were selling their homes at ridiculously high prices and purchasing new ones.
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During all of this activity, it's important to notice that the real estate market has been one of the most stable in our nation. Prices, over the generations, have tended to increase.
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The person applying for a mortgage can reasonably look at the increasing real estate prices, the availability of money and the demand and make a reasonable decision to buy. The idea is that if he/she loses the job, they can always sell for a profit. The beautiful thing about residential real estate is that not only is it an investment, you can live in it too.
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Obviously Commies like julius and Ethel Rosenberg wouldn't understand.
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Than God I live in America

Don't lend them money... racist.

Lend them money... racist.

If whatever we do is going to be "racist," we might as well get our money's worth. Reinstate slavery!!!

so so black wrote:

Don't lend them money... racist.
Lend them money... racist.
If whatever we do is going to be "racist," we might as well get our money's worth. Reinstate slavery!!!

I've been to La Grange Park. If we reinstated slavery, I don't think folks would want to own you. Answer this question, Who would want a commie troll from La Grange for anything.

There are approximately 18 million vacant homes in the US at this time. I think the Oligarchs skinned just about every color this time around.

tangosauce wrote:

There are approximately 18 million vacant homes in the US at this time. I think the Oligarchs skinned just about every color this time around.

Hi Glendale, and you got that right! But the Neighborhood Rehab Act opened financing to the poor, and that started the sub prime crises.

nosferatu wrote:

<quoted text>
G*d, give it a rest. Bush took away our rights, Obama is taking away our money. It's all a plot to keep us working for them. The only thing any of them will understand is violent revolution. Where IS Bill Ayers when you need him?

ANOTHER of your most stupid posts. As you would state: "How about an English interpretation" of your above statement. What ONE personal right did you lose under the Bush administration. Just give me ONE that you PERSONALLY suffered? If you wish to place blame on any administration, check out the administration of FDR...that's when it all began with THESE people.

Connecticut Sam wrote:

#63 is CRAZY Imposter. Who, should be ban for life.

#64 is CRAZY Imposter (ImpostEr). Who should be banned for life.
Ah, attempt a somewhat literate post next time!