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Politics : The Obama - Clinton Disaster
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To: SGJ who wrote (41933)12/9/2010 11:14:11 AM
From: John1 Recommendation  Read Replies (1) of 103300
 
The problems came about because of the Community Reinvestment Act [1], which legally pressured lenders to ignore the credit scores of Black and Browns, throw their risk management models out the window, and hand over capital to high-risk credit applicants, based on the color of their skin.

Suddenly, many burger flippers, convenience store cashiers, and car wash laborers earning minimum wage were buying new homes and new cars. The assets were routinely on par with those owned by highly-educated, responsible men and women earning six figures, with FICO scores well north of 820.

This all transpired during Bill Clinton's infamous and disastrous urban empowerment initiatives, which greatly expanded the work of Jimmy Carter.

[1] investors.com
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