How different are the big Wall Street banks circa 2008 from the loan sharks of the 1970s?
Not very.
Laura Gottesdiener has written a remarkable book that hits hard against the big Wall Street banks.
It’s called – A Dream Foreclosed: Black America and the Fight for a Place to Call Home (Zuccotti Park Press, August 2013).
At base, it’s a book about corporate crime.
Remember redlining?
Thirty years ago, banks were drawing imaginary red lines around inner city neighborhoods.
The banks refused to give mortgages to people living in those neighborhoods.
“For decades, the federal government and banks refused to lend in these communities,” Gottesdiener told Corporate Crime Reporter in an interview last week. “Finally, when these communities were completely starved for mortgages, they broke it open and pushed the most ridiculous and predatory mortgages they could come up with. And of course, people bought them because it was the first time that mortgages were ever being guaranteed by the government and by big mainstream banks in those communities.”
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5 comments:
Hey at least the Mob u could talk too?
This is what Obama did in his days as a community organizer. He preyed on people. People who could ill afford to buy homes were told they could be homeowners. A lot of these people were foreclosed upon losing everything and ruining their credit. Just about all others are underwater stuck with houses that aren't worth nearly what is owed on them.
The people are the ones who lost out because the banks got bailed out.
Anyone who cannot see Obama for what he is-a slave with his head stuck up big banks and businesses butts- is a fool. He continues to be dragged around by his nose by his corporate masters but the fools who support him are blind. The banks are corps are making billions off the obamaphones, food entitlement programs and the likes.
All the peons think he's so great because he gives them free stuff but in the end they are still poor without a pot to take a leak in while the corp executive masters are living the high life.
"Too Big To Prosecute"..., ain't that how Eric sees this?
people are not entitled to food?
I don't think people are entitled to food unless they work for it 10:25. I was raised to not ever take anything for free. I remember 40+ yrs ago someone was giving away free puppies on the side of the road and my father would not take one without paying for it.
We were taught that way-to be independent and not dependent and it's served me well because I have a wonderful life with very few worries because I was taught well and made excellent life choices.
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