Protest affirmative action lending policies! (UPDATED)
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As the world’s attention is fixed on the financial crisis, it is time to pressure politicians to repeal the affirmative action lending policies that led to it. Please send the message below or one of your own composition to your US representative and senators. Contact information is available on the House of Representatives and Senate websites.
For more information on affirmative action lending policies and their link to the financial crisis, see this The Inverted World article and also:
- The Real Culprits In This Meltdown
- The Real Scandal: How Feds Invited the Mortgage Mess
- The Government-Created Subprime Mortgage Meltdown
- The Diversity Recession, or How Affirmative Action Helped Cause the Housing Crisis
- They gave your mortgage to a less qualified minority (Ann Coulter)
- Reckless Mortgages Brought Financial Market to Its Knees
- The American Dream Downpayment Initiative
Thanks for doing your part!
A recent editorial in Investor’s Business Daily, “The Real Culprits in This Meltdown,” exposes one of the major causes of the current financial crisis: affirmative action lending. For decades, government policies have encouraged home ownership among minorities who would not otherwise have qualified for home loans. The resulting erosion in lending standards is largely responsible for the recent turmoil in America’s financial institutions and the plummeting stock market.
Yet politicians have barely mentioned the role of affirmative action lending in creating the current debacle. It is time for you to step up to the plate and bring this issue the attention it deserves.
The editorial focuses on the Community Reinvestment Act, which requires financial institutions to make loans to minorities who do not meet traditional standards. The CRA also gives community organizations like the leftist ACORN authority to enforce the act: any bank merger or expansion can be held up if a local group claims that the bank’s loan practices violate the terms of the CRA. The result is that banks have made billions in loans and contributions to appease often irresponsible community groups. Even worse, the CRA was one of the policies that caused banks to abandon traditional lending practices to make it easier to get loans.
Other affirmative action lending policies included:
- A 1992 Congressional mandate that Freddie and Fannie increase purchases of minority home loans;
- 1992 Federal Reserve guidelines telling banks that they could be sued for racial discrimination if they denied minorities home loans on the basis of “outdated criteria,” like credit history and income;
- The 2003 American Dream Downpayment Initiative, which subsidized purchases of homes by minorities.
I know that it takes courage to stand up to the minority pressure groups who are all too ready to smear critics of affirmative action as racists. But that is the kind of courage we need to save America from yet further financial meltdown. If you demand the end of affirmative action lending, you will gain the support of many outraged voters.
For more information see these links:
http://www.ibdeditorials.com/IBDArticles.aspx?id=306370789279709
http://www.lewrockwell.com/dilorenzo/dilorenzo125.html
http://www.humanevents.com/article.php?id=28714
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