Obama Regime Brings Back Subprime Mortgages

Obama Regime Brings Back Subprime Mortgages

RushLimbaugh.com ^ | May 11, 2011 | Rush Limbaugh



Posted on Thursday, May 12, 2011 2:57:01 AM by neverdem



RUSH: Now, I have a story here that's simply unreal, and it's from last week. I purposely sat on this story to see if I would see it anywhere else. I've had it in the stack since May the 5th, almost a week. It's from Business Week magazine, a story by Clea Benson, headline: "A Renewed Crackdown on Redlining -- In the wake of the subprime implosion, the Obama Administration has stepped up its scrutiny of disadvantaged neighborhoods' credit access.



Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.



"Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas. Although executives at the bank say they don't discriminate, Midwest BankCentre's latest annual report says it is in the process of negotiating a settlement with the US Justice Dept. over its lending practices."





Can I translate this for you? They're bringing back subprimes. Bringing back the subprime mortgage. It's simply unreal. While we're all being distracted by other news, everybody but me, the regime and the Federal Reserve are again forcing banks to give mortgages to people who cannot afford them, which is exactly what got us into our current mess. That's 90% of why we're where we are today. And you note here that the government's now telling banks where they have to put their branches. The Justice Department's telling this little bank company where they have to open branches, just like the National Labor Relations Board told Boeing, "You cannot open a plant in South Carolina." And it's being ramrodded -- if I read the whole story to you, you'd hear this -- it's being ramrodded by the same guy, Thomas Perez at the Justice Department, who opposed prosecuting the New Black Panthers.



The guy at Holder's Department of Justice who refused to prosecute the Black Panthers is pushing this new loan program for people that can't afford it, minority loans to people who can't pay them back. Thomas Perez was also the lawyer in the Justice Department who led the charge against the Arizona immigration law. So it looks to me like while everybody's focused on all these other things, hello subprime mortgages again, hello granting loans. This is exactly how it started in the first place.



I know a lot of people want to blame Wall Street, but this is exactly how it started. Substitute the name Clinton for Obama in here and Janet Reno for Holder, and it's exactly what happened. And they are threatening all of these people in the banking business with untold investigations and who knows what results they would provide if they don't do this. And this group, the name of the group, the St. Louis Equal Housing and Community Reinvestment Alliance. What do you bet that's just ACORN under a new name? So the cycle is continuing. Chew on that.