NY Post Tries to Blame Subprime Crisis on ACORN, other Anti-discrimination Groups.

[El Pinko]

This is the bigest load of crap I have EVER seen. No community advocacy group I've heard of ever had a problem with lenders denying credit on the basis of bad credit. Redlining is a whole different problem.

But here it is - enjoy the whore-age....


http://www.nypost.com/php/pfriendly/print.php?url=http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm


THE REAL SCANDAL
By STAN LIEBOWITZ


February 5, 2008 -- PERHAPS the greatest scandal of the mortgage crisis is that it is a direct result of an intentional loosening of underwriting standards - done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.

....

In the 1980s, groups such as the activists at ACORN began pushing charges of "redlining" - claims that banks discriminated against minorities in mortgage lending. In 1989, sympathetic members of Congress got the Home Mortgage Disclosure Act amended to force banks to collect racial data on mortgage applicants; this allowed various studies to be ginned up that seemed to validate the original accusation.

In fact, minority mortgage applications were rejected more frequently than other applications - but the overwhelming reason wasn't racial discrimination, but simply that minorities tend to have weaker finances.

Yet a "landmark" 1992 study from the Boston Fed concluded that mortgage-lending discrimination was systemic.

That study was tremendously flawed - a colleague and I later showed that the data it had used contained thousands of egregious typos, such as loans with negative interest rates. Our study found no evidence of discrimination.


Visit link for full hack-job...


http://www.nypost.com/php/pfriendly/print.php?url=http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm

[Yavin4]

1. The Right Wing Propaganda Machine Goes To Work

ACORN had nothing whatsoever to do with the Subprime crisis. Lending standards were relaxed because the Fed wanted to create a housing bubble in order to give the masses the illusion of prosperity.

[DCKit]

2. We know that...

But the wingers are in desperate need of a fairy tale right now, and what could be better than "Teh Evil Brown Peoples who Wrecked the Economies and Destroyed Amurika"?

The gotta have something to take their minds off the primaries and they all ran out of "happy" pills early last night.

[Radical Activist]

3. If lenders acted more like ACORN there would have been no crisis.

ACORN helps people plan their finances and improve their credit rating. A lot of these lenders could care less, or more likely, are happy to have borrowers get behind on payments so that they have to pay extra fees and interest.

What a load of BS that article is.

[ursi]

4. that's because more right wing bastards are going to be implicated in fraud

by the FBI and they want to blame someone other than their own greedy selves.

[Ganja Ninja]

5. It wasn't bad credit that caused the mortgage crisis.

It was bad loans.