Holder Pressuring Banks To Use Loan Practices That Caused Financial Meltdown

Posted by Brian

In one more example of the Obama Administration not caring one iota about the state of the economy, the Obama/Holder Justice Department is pulling the race card on the banking industry, claiming that they are being discriminatory in their lending practices.  This is the exact same tactic and line of reasoning that the leftists used back in the '90s to relax regulations into giving loans to low income people who would not otherwise qualify for home loans that they couldn't afford.
In the latest incarnation of government interference of lending practices, banks are being told to consider public assistance as income for African Americans. Banks that are targeted by these investigations are capitulating to these outrageous demands for fear of being labeled racist.
What is criminal is that the Adminstration is using the Justice Department to create the exact same scenario which was the catylyst for our current economic mess.  And once again, it will be the poor who are hurt by a policy which sets them up for failure from the get-go.

‘Holder Launches Witch Hunt Against Biased Banks’

By PAUL SPERRY, INVESTOR'S BUSINESS DAILY

So reads the headline for a recent story in Investor’s Business Daily, which begins, “In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.” Read the whole article here.
Read more at Investors Business Daily

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