Housing crisis redux

Garry Owen
The 2008 melt down of the economy was a lesson.  The government learned well and is doing it better this time. A new wave of subprime mortgages is here, more powerful than the  tsunami that washed away the worlds economy with the Community  Reinvestment Act.   William Tucker informs us in the 7-27-12 issue of the American  Spectator that Elizabeth Warren of the Consumer Finance Protection  Bureau, created by Dodd-Frank, has announced that the CFPB is adopting a  20 page "Policy Statement of Discrimination in Lending".  The policy  statement's position is that to deny a loan on the grounds that the  applicant can't repay the money is discrimination if the applicant is black or Hispanic.   Tucker points out that Wells Fargo has just paid $175 million for  alleged past discrimination against minority borrowers, along with  providing diversity training and sensitivity counseling for it's staff.  ...(Read Full Post)

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