Friday, March 13, 2009

Forcing blacks into subprime mortgages

AP reported The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
Do you have proof of that. The only example cited is a person buying a second home for her child.
Class-action lawsuits were to be filed against the banks Friday in federal court in Los Angeles, Austin Tighe, co-lead counsel for the National Association for the Advancement of Colored People, told The Associated Press.
Are you hoping a black President will force the banks to just give the houses to the people too stupid to realize what they were signing?
Black homebuyers have been 3 1/2 times more likely to receive a subprime loan than white borrowers,
Because the white borrowers read the terms before signing.
and six times more likely to get a subprime rate when refinancing, Tighe said.
Because the subprime conditions seem better until you see what will happen with adjustable rates and balloon payments.
Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers, he said.
Everything exactly the same???
Melissa Murray, vice president of corporate communications for Wells Fargo & Co., called the lawsuit "totally unfounded and reckless." The bank is receiving federal bailout funds.
What does that have to do with it. Oh, i see, it may give the government leverage for force the bank to make concessions that are not good business. No wonder the banks are wanting to return the money to prevent you from controlling them.
"We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products, or services," Murray said.... In 2004, she wanted to buy the house next door for her son to live in. She said the bank promised her a low fixed rate for a $40,000 loan, but at the closing, when reading the fine print, she noticed that the rate was actually 11 percent. "I was blown away," said Weaver, an NAACP member. "I didn't have any choice (but to sign).
You had plenty of choice. You could have refused to sign. That is the pirpose of a closing, to allow you to read the terms and make sure everyone knows what is expected of them.
... It made me feel violated."
And so now you speak up, because the government has given bailout money to the bank, and you think you can get them to force the bank to give you terms it would not give you when you bought the house for your kid.


Thursday, March 12, 2009

Why won’t Obama put the economy first?

George F. Will wrote Quicker than you can say "toxic assets," which TARP was supposedly designed to quarantine, TARP was subsidizing the manufacture of automobiles partially designed by Washington. Which recent government adventure in enterprise justifies such government confidence?
None, which is why they should not be running anything. But Obama and George Soros and a conspiracy of Asian and European currency traders want to end American supremacy and change us into a Socialist Country, and they are succeeding.
Fannie Mae? Freddie Mac? Amtrak? Ethanol? The government has subsidized ethanol, protected it with tariffs, mandated levels of production and authorized 10 percent ethanol in gasoline blends, and now the shrinking ethanol industry wants government to authorize 15 percent.... Mature political leaders know that to govern is to choose -- to choose what to do and thereby to choose what cannot be done. The administration insists that it really does have a single priority: Everything depends on fixing the economy.
But he does not want the economy fixed. That is why he and George Soros broke it. The problems in the economy are what are letting him pass things that are going to turn us into a socialist country, and that is his objective.
But it also says that everything depends on everything: Economic revival requires enactment of the entire liberal wish list of recent decades.
They have already stolen enough of our grandchildren's inheritance and put it in liberal special interest groups, where it will come back in campaign donations to keep the Democrats in perpetual power.
... Growth supposedly will cut the deficit in half -- growth and the $1.6 trillion "saved" by first assuming, and then "canceling," a 10-year continuation of the surge in Iraq. Why, one wonders, not "save" $5 trillion by proposing to spend that amount to cover the moon with yogurt and then canceling the proposal?
That is as good as what he is doing, but I don't think te press would be stupid enough to buy that idea.


Wednesday, March 11, 2009

Banks Want to Return Aid

NYTimes reported As public outrage swells over the rapidly growing cost of bailing out financial institutions,
Which we never should have done in the first place.
the Obama administration and lawmakers are attaching more and more strings to rescue funds.
The bigger government gets, the more it wants to control things. Power corrupts, and ultimate power corrupts ultimately.
The conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyond protecting taxpayers and border on social engineering.
"Borders on"??? That is exactly what it is, and it is what Obama intended from the start. That is why they are wasting so much of our grandchildren's money, to stuff it into dependably Democratic special interest groups, because they know that sooner or later the people that voted for Obama are going to figure out his intentions, and they will turn against him, but the stolen money will keep him and other Democrats in power permanently, they figure.
Some bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo.
When you sell your soul to the devil, it is hard to buy it back.
They say they plan to return the money as quickly as possible or as soon as regulators set up a process to accept the refunds. On Tuesday, Signature Bank of New York announced that because of new executive pay restrictions in the economic stimulus package, it notified the Treasury that it intended to return the $120 million it had received from the government only three months ago.
It is no longer "free money".
Other institutions like Johnson Bank of Racine, Wis., initially expressed interest in seeking bailout funds but have now changed their minds. Bank executives told The Milwaukee Journal Sentinel that one reason they rejected the government money was to avoid any disruption in the bank’s role in the local community, including supporting the zoo or opera company if they chose to.
Rather than letting Washington decide where to spend their money, like they want deciding where to spend our money.
One of the biggest concerns of the banks is that the program lets Congress and the administration pile on new conditions at any time.
"Ex post facto" is supposed to be illegal. Article I, section 9 of the Constitution, but who reads that old thing anymore.
The demands to modify mortgages or forestall evictions are especially onerous,
While Barney Frank controls the banks to give houses to people that have not earned them.
some bank executives and experts say, because they could prompt some institutions to take steps that could lead to greater losses.


Monday, March 09, 2009

Obama phones NYT to explain why he’s not a socialist

Washington Times reported The phone call came after the president was asked aboard his plane: "Are you a socialist as some people have suggested?"
Maybe he is not going to stop with Socialism, and move on to Communism.
He was clear in his first answer: "You know, let’s take a look at the budget – the answer would be no."
What is there in the budget that says no.
"Is there anything wrong with saying, 'Yes'?" a Times reporter pressed.
And he did not answer the question.
"Let’s just take a look at what we’ve done," Obama said, ticking off efforts his administration has made to stabilize the economy. But he acknowledged that, as he told Joe the Plumber, he plans to try to spread the wealth around.
And is that Socialism or Communism or just crooked Chicago politics?
"If you look on the revenue side what we’re proposing, what we’re looking at is essentially to go back to the tax rates that existed during the 1990s when, as I recall, rich people were doing very well. In fact everybody was doing very well. . . . We said that we’d give a tax cut to 95 percent of working Americans. That’s exactly what we have done."
$13 a month, decreasing to $8 a month. Whoopee!!! And meantime you destroy small businesses so people don't have jobs and are just dependent on government handouts.


40 lashes for 75-year-old woman

CNN reported A Saudi Arabian court has sentenced a 75-year-old Syrian woman to 40 lashes, four months imprisonment and deportation from the kingdom
Deportation is unnecessary. The 40 lashes will probably kill her.
for having two unrelated men in her house, according to local media reports.
Hey world. Take note. This is Sharia law.
According to the Saudi daily newspaper Al-Watan, troubles for the woman, Khamisa Mohammed Sawadi, began last year when a member of the religious police entered her house in the city of Al-Chamli and found her with two unrelated men, "Fahd" and "Hadian." Fahd told the policeman that he had the right to be there, because Sawadi had breast-fed him as a baby
An interesting excuse, but that is Islamic law.
and was therefore considered to be a son to her in Islam, according to Al-Watan. Fahd, 24, added that his friend Hadian was escorting him as he delivered bread for the elderly woman. The policeman then arrested both men.... The court also doled out punishment to the two men. Fahd was sentenced to four months in prison and 40 lashes; Hadian was sentenced to six months in prison and 60 lashes.
Bread delivery is apparantly more serious than being breast fed as a baby.
In a phone call with Al Watan, the judge declined to comment and suggested the newspaper review the case with the Ministry of Justice. Sawadi told the newspaper that she will appeal, adding that Fahd is indeed her son through breastfeeding.


Sunday, March 08, 2009

Less Than 100 Months To Save The World

Sky News reported The Prince of Wales is preparing to tell the world we have "less than 100 months to act" before the damage caused by global warming becomes irreversible.
Even though the earth has been steady or cooling the past ten years? Anyway Chuck, I hope you are not counting on the US to help, because by the time 100 months have passed, if we keep spending as much as Obama has spent in the past month, there will be nothing left to fight Global Warming or Global Cooling, or anything else.
Charles will issue the warming in a speech to business leaders in Rio de Janeiro in Brazil next week.


More FHA-Backed Mortgages Go Bad Without a Single Payment

WaPo reported Many borrowers are defaulting as quickly as they take out the loans.
That means that people are borrowing with no intent to pay, and fools are loaning them money. Both should be prosecuted.
In the past year alone, the number of borrowers who failed to make more than a single payment before defaulting on FHA-backed mortgages has nearly tripled, far outpacing the agency's overall growth in new loans, according to a Washington Post analysis of federal data.

Many industry experts attribute the jump in these instant defaults to factors that include the weak economy, lax scrutiny of prospective borrowers and most notably, foul play among unscrupulous lenders looking to make a quick buck.
Prosecute the lender, and the person that took out the loan with no intention to pay.
If a loan "is going into default immediately, it clearly suggests impropriety and fraudulent activity,"
Precisely. They are expecting the government to bail them out.
said Kenneth Donohue, the inspector general of the Department of Housing and Urban Development, which includes the FHA.