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Smoking-gun document ties Govt policy to Housing Crisis

Smoking-gun document ties Govt policy to Housing Crisis. “At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. The threat was codified in a 20-page ‘Policy Statement on Discrimination in Lending’ and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending.” Politicians forced banks to make bad loans in the name of “fairness” and now are blaming the banks for making bad loans.

This post was last modified on January 26, 2021

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Bonfire of the Absurdities: After 35 year career writing software for IBM mainframes, am now self-employed contractor thinking of joining a union and striking for higher wages. Cured morbid fear of heights when I learned to look at them as lengths standing on end. Uncompromising in refusal to accept browser cookies. Amateur investor who has accumulated a small fortune in the market after starting out years ago with a large one. For recreation, I run, hike, kayak and play tennis but will not consider synchronized swimming under any circumstances.

View Comments (5)

sa_rose says:

November 3, 2011 at 10:25 am

While not always applicable to each individual, there is a reason stereotypes exist. The people not getting the loans didn't QUALIFY for the loans. And now it'seven HARDER for anyone to qualify. Thanks, guys!
RockingHorseGuy says:

November 2, 2011 at 9:09 am

And just like a good little communist sympathizer, Obama thinks that it just wasn't done right, or enough. He wants to do it some more. They just continue to pile stupidity on top of stupidity.
Kip Hooker says:

November 2, 2011 at 7:33 am

Some things just need a facepalm. This is one of them.
deepthinker says:

November 2, 2011 at 4:54 am

You will never convince the left that it was Bill Clinton along with Barney Franks responsibility for the collapse of the housing market. The evidence has been in their faces for at least two years and its “Bush’s fault” is all that you hear.
MDLION says:

November 2, 2011 at 12:12 am

I heard that Jesse Jackson and maybe even Al Sharpton threatened pickets unless lending restrictions were eased. I heard that the Democrats threatened to play the race card if lending restrictions weren't eased. Why didn't Bush bring this up in 2008? Maybe he didn't want to play the blame game but it bothered me that he didn't put up much of a fight and bring stuff like this up. Some Republicans complained and expressed frustration to the Bush White House that they were getting clobbered in the media and wondered why they didn't put up more of a fight.