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Racists in the hands of an angry State

December 6, 2008
Rebellion Blog
Source …..

Observation: The squishy-soft definition of “racism” is designed to be easily modified in order to justify bigger government.

1999: It is racist to deny loans to people who cannot afford them:

Minorities trying to buy homes continue to face discrimination from mortgage lending institutions, according to a new report prepared by the Urban Institute for the U.S. Department of Housing and Urban Development.

The Urban Institute report issued today says that “not all Americans enjoy equal access to the benefits of homeownership, in part because of unequal access to capital.” It also says that “minorities are less likely than whites to obtain mortgage financing and, if successful in obtaining a mortgage, tend to receive less generous loan amounts and terms.”

HUD Secretary Andrew Cuomo released the Urban Institute report at a news conference with members of Congress and leaders of the Association of Community Organizations for Reform Now (ACORN). ACORN released its own study at the same time demonstrating continuing racial disparities in the national home purchase, mortgage and refinancing markets.

2008: It is racist to approve loans to people who cannot afford them:

In what is apparently the first legal action of its kind, an association of community-based organizations has filed a federal civil rights complaint against two of the three largest Wall Street rating firms, charging that their inflated ratings on subprime mortgage bonds disproportionately caused financial harm to African American and Latino home buyers across the country.

The complaint, filed by the National Community Reinvestment Coalition, alleges that Moody’s Investors Service and Fitch Ratings enriched themselves by assigning high ratings to bonds backed by mortgages “that were designed to fail” because of “unfair payment terms and insufficient borrower income levels.”

Racism: The Swiss Army Knife of Big Government.

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