Tell the Senate to repudiate affirmative action housing policies
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As the Dow plummets to new lows as a result of the mortgage crisis, I thought it was a good time to write on this issue to the Senate, which is currently considering a bailout bill for banks that made bad loans. My e-mail urges Senators to acknowledge and repudiate the affirmative action housing policies that led banks to issue so many irresponsible loans.
For more information on affirmative action housing policies, see here and here.
Please send the message below or one of your own composition to your senators. Contact information for senators is available at the Senate website.
Thanks for doing your part!
The current mortgage crisis has been precipitated by decades of affirmative action housing initiatives and programs that have gutted lending standards and caused home loans to be issued to minorities who could not pay them back. Despite the role that the government’s history of coddling minorities has played in the current crisis, I have yet to hear a single politician raise this issue in the debate over the housing bill currently before the Senate.
In a New York Post article earlier this year, University of Texas economist Stan Liebowitz declared that the real scandal leading to the mortgage crisis was the erosion of lending standards due to minority activism, particularly by the group ACORN. Crying racial discrimination at an industry that was really innocent of this practice, ACORN insisted that banks lower their criteria for making loans.
The result was a wholesale gutting of standards. In 1992, the Federal Reserve told banks that they might be subject to discrimination lawsuits if they went on using “outdated” criteria that hindered minority applicants from getting loans. As Lieobowitz says:
“Some of these ‘outdated’ criteria included the size of the mortgage payment relative to income, credit history, savings history and income verification. Instead, the Boston Fed ruled that participation in a credit-counseling program should be taken as evidence of an applicant’s ability to manage debt.”
Also, through the 1977 Community Redlining Act (CRA), ACORN was able to force banks to make imprudent loans to minorities. Banks have issued about one trillion dollars of CRA loans. The 1992 Government Sponsored Enterprises bill required Fannie Mae and Freddie Mac to issue loans at highly favorable rates to minorities. A list of all the government programs of this sort would go on for a long time.
The way out of our current financial crisis is to end affirmative action home loans, as well as the constant threat of discrimination lawsuits against banks. We need to tell minorities clearly that they will not get any special favors from the US government and need to compete for loans on the same terms as the rest of us. If we don’t, we’ll get more of the same: recession, a plummeting stock market, and taxpayer-funded bank bailouts.
I hope you will be the first to make this crucial point in the Senate.
Sincerely,
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Thank you. I sent the E-mail a while ago.
By Jewish Race Realist on 7/5/08 at 2:20 pm