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Default Oh, this is impressive

October 15th, 2012, 22:38…12;sector.html

OK, now follow me on this. Clinton pushes his Community Reinvestment Act thru, forcing banks to offer home loans to people that can't really afford them based on racial profiles. The crooks at ACORN engage in lawsuit blackmail to push a bad idea even further down the rabbithole. Fast forward a few years and this tremendously bad idea contributes to a financial meltdown. Now, they're going to sue because OFFERING the loans was a racism??? WTF?

Some lawyers and economists who work with the securities industry described the lawsuit as "novel" because investment banks are several steps removed from loan origination. Morgan Stanley was chosen because it is among the few remaining "deep pockets" in the financial industry now that so many direct subprime lenders have been shut down, they said.
Rubbie McCoy, a municipal swimming teacher in Detroit and one of the plaintiffs, said at the news conference that New Century pressured her to take out a loan that is now higher than the value of the home she purchased.
Clearly, they put a gun to her head, handed her the pen, and moved her hand to sign the contract. Good lord, let's find someone to blame because it just can't be possible that someone did something tremendously stupid to themselves. And while we're at it, let's make it a racial issue because we're quite certain that white people didn't do business with New Century.

Sorry. No pearls of wisdom in this oyster.
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