http://www.nytimes.com/2009/06/07/us/07baltimore.html?_r=1
of course the NAACP is jumping on a lawsuit against wells fargo, accusing them of systematic discrimination, apparently its evil for a bank to sell mortages to black people.
i know Walter Block is on top of attacking the PC crowd, this article is full of irrationality imo.
how was it that these loan officers ''steered'' people into higher interest loans? they didn't explain. Is it so difficult to understand that many people who rent in the inner city probably don't have a great credit history (<600)? And the entire concept of subprime lending is for banks to loan money to people with low credit. low credit score= higher interest rates for borrowers- there's no reason for that, except for discrimination according to NAACP. But hey, this is all racist and corporate greed amarite
do we get free cheezeburger in socielism?
Lol. Apparently they forgot about the Community Reinvestment Act.
To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process. Rabbi Lapin: "Let's make bricks!" Stephan Kinsella: "Say you and I both want to make a German chocolate cake."
Yeah, because NOT lending would have also led to a lawsuit by the NAACP and Operation PUSH and all those other groups.