File this under you can’t make this stuff up.
By any even semi-honest account, the vast majority of the sub-prime mortgage debacle was caused by butt-headed modern liberal politicians telling lending institutions ‘either you make loans to people who can’t afford it (read minorities) or else we’re going to sue the crap out of you.’ Lending institutions pointed out if they give money away to people who can’t pay it back, they will go broke. To which the fecal munching rectal wart modern liberal politicians replied ‘don’t worry about bad loans, we know a couple of guys (Freddie MAC and Fannie MAE) who will take care of the bodies. Trust us, we’ve got the tax payers by the onions. It’s covered’
So who do the modern liberals do? Start the entire entropic, downward cycle all over again.
(CNN) — The NAACP filed lawsuits Friday against two of the nation’s largest mortgage lenders — HSBC and Wells Fargo — alleging “systematic, institutionalized racism” in their subprime lending.
NAACP CEO Benjamin Jealous says, “We are not seeking damages; we just want them to fix the problem.”
“We have targeted these banks because we have gone through what we can get our hands on, and it seems like there’s a real problem here,” NAACP CEO Benjamin Jealous told CNN.
Jealous said the group wants “transparency.” “We want to see the books,” he added. “We are not seeking damages; we just want them to fix the problem.”
Both companies denied the allegations.