Remember, Jews have long played a disproportionate role in banking. When government instructs bankers on how they may invest their funds and forces them to extend loans to politically protected minorities with bad credit and a low likelihood of paying back such loans, that is bad for America and bad for the Jews.
Talk about not learning from past mistakes: A government department is again intimidating banks into lending to minority borrowers at below-market rates, all in the name of combating “discrimination.” Welcome to the next housing mess.
The 1990s may have brought us supercharged politicized lending, but Eric Holder’s Department of Justice is taking the game to an entirely new level, and then some. The weapon is a “fair lending” unit created in early 2010, led by special counsel Eric Halperin and overseen by Civil Rights Division head Thomas Perez.
A sampling of Mr. Perez’s thinking, from April 2010 congressional testimony: “The foreclosure crisis has touched virtually every community in this country, but it disproportionately touches communities of color, in particular African-Americans and Latinos.” And: “[C]ross burnings are the most overt form of discrimination and bigotry. Lending discrimination is some of the most subtle. It’s what I call discrimination with a smile.”
Even for the Obama administration’s antidiscrimination cops, this is a shocker: A political appointee who’s supposed to neutrally enforce the law loosely equates bankers with Klu Klux Klan thugs. But let’s move from what may be Mr. Perez’s personal bias, and focus on the broader brush strokes of the Justice Department—which seem designed to paint bankers into a corner.
I cover the housing and mortgage industries:
- How Do You Find The Lowest Mortgage Rates?
- Mortgage Rates Stay Close To All Time Lows
- Reducing The Size Of Federally Guaranteed Loans
- Another Mortgage Refinance Plan