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Racism saves World Economy: Subprime Crisis Caused by Affirmative Housing Loans


Affirmative Housing Bankrupts Blacks, Banks, Nations.

Racism saves Blacks from mortgage default, bankruptcy and saves the world economy.  Anti-Racism caused subprime crisis.

Anti-Racist affirmative housing rules forced banks to give mortgage loans to unqualified minorities [1,2, 3, 4, 5, 6].  US government forced banks to judge people by the color of their skin: Black and minority loan applicants did not need to fulfill the same tried-and-proven loan prerequisites as whites.

Subprime loans, in violation of scientifically derived sound banking practices, unsurprisingly  caused foreclosure and grave financial losses for many upstanding Blacks.  Affirmative action subprime loans were the root cause for bank distress and the world subprime crisis. {1, 2, 3]

See also Diversity destroys trust


Diversity is Strength!—and a Massive Housing Crisis Subprime crisis

Uncovering the roots of the disastrous home mortgage bubble that popped last year will keep economic historians busy for decades. Yet, one factor has so far been largely overlooked: the bipartisan social engineering crusade to drive up the rate of homeownership by handing out more mortgages to minorities.
More than a negligible amount of the blame for the mortgage meltdown can be traced back to multiculturalism: government-mandated affirmative-action lending, demographic change, illegal immigration, and the mind-numbing effects of political correctness.
The chickens have finally come home to roost.
About half of all mortgages for blacks and Hispanics are subprime, versus roughly one-sixth for whites. Not surprisingly, the biggest home price collapses have occurred in heavily Hispanic cities such as Las Vegas, Miami, Phoenix, and Los Angeles.
The mortgage bubble was essentially a bet on the purportedly increased creditworthiness of the bottom half of the American population. After three decades of the home ownership rate stalling at around 64 percent, a series of federal initiatives to increase minority and low-income ownership helped push the rate up to just below 70 percent.
As this graph from a 2006 article by three economists with the Federal Reserve Bank of St. Louis shows, the great bubble of the last dozen or so years was driven by bets on marginal households well below the median.
Long before Bush came up with the phrase “ownership society,” Democrats had gleefully been using this justification to funnel vast sums of mortgage money to their base voters among minorities through the liberal-dominated quasi-state institutions Fannie Mae (once run by former Obama adviser Jim Johnson) and Freddie Mac and via leftwing NGOs such as ACORN (to which Obama had long and close ties). The government both devised de jure quotas and leaned on lenders with discrimination lawsuits to get them to impose their own de facto quotas.[read more]


End of summary

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This is exactly how Democrats wrecked the economy with the subprime mortgage crisis. Then-Secretary of Housing and Urban Development, Andrew Cuomo, Sen. Chris Dodd and Rep. Barney Frank bragged about how they were helping minorities get mortgages by forcing banks to adopt ridiculously low lending standards.  But once traditional measures of credit-worthiness were jettisoned, they were jettisoned for everyone. You will notice that the housing market crash was concentrated not in black neighborhoods, but in house-flipping hot spots.  [Source: Ann Coulter]

Architects of Ruin: How Big Government Liberals Wrecked the Global Economy--and How They Will Do It Again If No One Stops Them 

Paperback – Bargain Price, November 23, 2010   by Peter Schweizer (Author)
Was the financial collapse caused by free-market capitalism and deregulation run amok, as liberals claim?
Not on your life, says Peter Schweizer. In Architects of Ruin, Schweizer describes how a coalition of left-wing activists, liberal politicians, and “do-good capitalists” on Wall Street leveraged government power to achieve their goal of broadening homeownership among minorities and the poor. The results were not only devastating to the economy, but hurt the very people they were supposedly trying to help.

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The Diversity Recession - Taki's Magazine

Sep 17, 2008 ... About half of all mortgages for blacks and Hispanics are subprime, versus ... The housing bubble, on the other hand, never made much sense. .... study and a new piece of legislation—ratcheted up mortgage affirmative action.


How the subprime crisis morphed into the Great Recession, Scott ...

... the recession, through affirmative policy steps beginning in 2007. ... E. Harding, After the housing industry slumped the Wicksellian equilibrium rate fell. .... of subprime loans sunk all home values, both prime and subprime.


Financial Affirmative Action | The American Spectator

Sep 29, 2008 ... Pointing to 2005 data that show subprime loans with high interest rates ... mortgage products, and investors kept inflating the housingbubble, ...


Affirmatively Furthering Fair Housing: Obama's Latest Disaster ...

Jul 20, 2015 ... It's difficult to say what's more striking about President Obama's Affirmatively Furthering Fair Housing (AFFH) regulation: its breathtaking ...


War on Suburbs: Obama, Julian Castro Rev Up Affirmative Action ...

Jul 29, 2015 ... Julian Castro, Secretary of Housing and Urban Development, wants more diversity in suburbs. And he'll use the federal government to get it.


The Case Of The “Disappeared” Subprime Minority Borrower ...

Sep 22, 2008 ... The financial debacle of a $1.4 trillion pool of subprime mortgages of which ... The US Fair Housing Act and the Equal Credit Opportunity Act prohibit ..... Noaffirmative redress action is available for short Ashkenazi Jews and ...


Unmasking the Real Culprits of the Housing Collapse | Frontpage Mag

Dec 20, 2011 ... ... a new bank shakedown at Justice for affirmative-action mortgages. ... His housing regulations actually created the subprime bubble and ...


Residents of Pr. George's Have Seen the Housing Crisis Erode ...


Jan 26, 2015 ... A Washington Post analysis of housing values in two suburban .... almost all Government workers who have rode the Affirmative Action gravy train to their .... It was the white homosexual left who forced subprime lending on the ...


Michelle Malkin | » The left-wing mortgage counseling racket

Apr 3, 2008 ... The White House has increased funding for housingcounseling by 150 percent ... were in operation when subprime borrowers got into the current mess. .... of poor people to accomplish energetic and affirmative advocacy.


Financial Affirmative Action Returns | The American Spectator

Jun 22, 2009 ... Financial Affirmative Action Returns ... helped to create the subprime mortgage bubble that violently burst and that continues to wreak havoc on ... Partnership Award from the Chicago office of Neighborhood Housing Services.