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Just in case you STILL want proof Obama's trying to destroy the economy...
HT Drudge
The "community organizer" crowd's out in full force again, hoping to use feddle gummint power to force banks to once again offer mortgages to people who can't pay them back.
Lawyers and bank consultants say regulators and the Obama Administration are scrutinizing financial institutions for a practice that last drew attention before the rise of subprime lending: redlining. The term dates from the 1930s, when the Federal Housing Administration drew up maps using red ink to delineate inner-city neighborhoods considered too risky for lending. Congress later passed laws banning lending discrimination on the basis of race and other characteristics. "The agencies have refocused on banks having the incredible nerve to actually use prudent lending standards redlining because, in the wake of the subprime explosion and sudden implosion, they are looking at these disadvantaged neighborhoods and not seeing any credit access," says Jo Ann Barefoot, co-chair at Treliant Risk Advisors in Washington, D.C., which consults with banks on regulatory issues.

At the Justice Dept., a new 20-person unit dedicated to fair lending issues received a record number of discrimination referrals from regulators in 2010 and has dozens of open cases, according to a recent agency report. Potential penalties can reach into the millions of dollars. "We are using every tool in our arsenal to combat lending discrimination, because forcing banks to shovel out untold billions of dollars in NINJA loans was SO beneficial the last time around" Thomas E. Perez, the Bolshevik ratbag who quashed the DOJ's "New Black Panther" voter-intimidation case assistant attorney general for the Civil Rights Div., told a conference of rent-seeking communist thieves community development advocates in Washington in April.
Hmmm...guess it's time to load up on those dried-food and shotgun-shell futures contracts again...
Posted by: Whaiting Spavitch3233 2011-05-12
http://www.rantburg.com/poparticle.php?ID=322422