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Default Oh, this is impressive

October 15th, 2012, 21:38
http://news.yahoo.com/civil-libertie…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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October 15th, 2012, 22:51
Ah, link is broken. Where is the claim of racism? Suing for this seems extremely desperate and foolish, but it is desperate times for many people…
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October 16th, 2012, 00:40
Yahoo doesn't link for me anymore. I guess they just hate me.

Let's try this first.

If that doesn't work, here is the original article off Reuters.

Sorry. No pearls of wisdom in this oyster.
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October 16th, 2012, 01:58
It's not you, Yahoo has been having troubles all day long.

Interesting. Well if the bank directed loans be made to a specific racial group (i.e. blacks), then sure enough the ACLU would have a case. They law referred to income, not races, I believe.
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October 16th, 2012, 11:52
Morgan Stanley ? Here we have the scandal of an friend (who was member of the Management of Morgan Stanley at that time) advising his friend, a Minister-President, to buy stock for the Federal State - through Morgan Stanley. Morgan Stanley has profited from that "deal" since then through massive honoraries, meanwhile the Federal state is now in debt for hundreds of Millions of Euros.
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