anotherlook

Ok so I got a rant on an article I wrote on the Partisan vote regarding the Stimulus Package. The rant, which was basically laced with undercover racism with statements like “Why are they (Democrats) working so hard to create what amounts to a bottomless slush fund for those ACORN housing entitlement thugs; “These are the same clowns that helped sow the seeds of the subprime meltdown…”; “They aggressively played the race card and pressured banks to loosen standards…” and claims that the “Obama stimulus package stimulates nothing. It is a political payback package.”

Now the reality of this is that out of 800 pages of the stimulus package, there were maybe ten or twelve “pork” items in it and to some degree, Obama was and is willing to have Republican’s input and delete some things.

Not only this but if low income families were given a break in employment possibilities under the equal opportunity employment criteria that has been on paper for quite some time, then maybe, just maybe, they would be in a better position financially to achieve the “American Dream”. Not only that but lending to minorities has always shown inequalities so if ACORN got a little pushy then these are the reasons.

Let’s take the auto industry. While there were some whites that got caught up in the layoffs that occurred there were many blacks in Detroit, Lansing and no telling where else, who got laid off as well and this was not due to anything they specifically did it was more the fault of the auto industry. With no job and no money how were they expected to pay their house notes?

These financial institutions loaned these people this money after a “test run” where it seemed feasible to get involved with subprime loans and to lend to these “high risk” low income minorities (as the article I was directed to states). These loans were backed by Fannie and Freddie. Now the article states that these seeds of today’s financial meltdown started in 1977 by the Community Reinvestment Act which were made riskier by unwise amendments and regulatory ruling in later decades.

To make a long story short, this ranter accuses Madeline Talbott, an activist with extensive ties to, you guessed it, Barack Obama, and her bully tactics of creating the situation we are in now by “forcing” banks to make loans to people who were not worthy and because Obama was affiliated with her, this is all Obama’s fault along with ACORN and the Democratic Party. It scares me to see how some people think things through.

Let me just explain something about “associations”. I can sit and socialize with my neighbor everyday but that does not mean that I know all their business. If they are not paying their taxes, do you think they would tell me that? If they had just robbed a seven eleven, do you think they would tell me that?

If they asked me to train their staff, for whatever reason, but they were ripping their staff off, on some level, do you think they would share that with me? If my neighbor was smoking dope every day and knew I did not smoke do you think they would necessarily tell me they were drugging. You people take “associations” too far.

How is a bank going to lend to a person who they see as being a risk and increase the risk by the way the loan is written up. If you know someone may have a problem paying a $700.00 house note, why would you write in the contract that the loan increase faster than any cost of living raise that person may be entitled to.

The way I see it, these bankers knew what they were doing and thought, on some level, they would end up benefitting from these acts but the plan blew up in there faces. These predatory lenders preyed on people, who had a desire for the American dream that had been denied to them, for so long, and look where the greed led these lenders and this nation.

How anyone can turn this around and attempt to blame this on Obama or on Madeline Talbott, for attempting to stand up to issues that have been plaguing the housing industry for decades is beyond my level of reasoning or understanding.

Truth be told, I hope the government makes these banks draw up new paperwork to refinance these homeowners at a lower interest rate otherwise this will be a nail in the coffin for many who desire the “American Dream” and maybe that was the plan all along since we are talking about minorities and low income people.

And that’s the way I see it!!!