Last month an elected representative publicly stated that revenge is a part of her motivation and agenda when Representative Maxine Waters told a constituent gathering in Los Angeles that she is "Going to do to you what you did to us." The "You" Waters was referring to are players in the mortgage and banking industry.
The odd twist here is that Waters is planning revenge on institutions for doing what she herself instructed them to do.
Apart from the dismissal of personal responsibility inherent in the idea that people were somehow forced into purchasing something they couldn't afford, of note here is how the situation came about in the first place; how citizens of Waters' community found themselves able to qualify for mortgages that were beyond their financial means.
Making such loans is not in a lending institution's best interests, so why would one do it? The institutions did it because Maxine Waters, among others, forced them to.
In the late 1990s and early 2000s a small cadre of House Democrats, most prominently Waters and Barney Frank, worked in cahoots with then-CEO of Fannie Mae, Franklin Raines, to loosen mortgage lending standards and practices for the purpose of making homeownership a reality for a greater number of economically disadvantaged Americans.
In later comments during the hearing, Waters made clear the true mission for Fannie and Freddie that Democrats had in mind, which was finding ways to get minorities into mortgaged houses even if they could not meet qualification requirements for standard loans, such as the ability to bring a down payment to the closing transaction or to borrow an amount in excess of typical underwriting limits.
Default they have, which brings the story full circle to last month when Waters vowed revenge on those banks and lenders that have "Done this" to her constituent communities.
https://www.americanthinker.com/articles/2018/12/maxine_wants_revenge.html
The odd twist here is that Waters is planning revenge on institutions for doing what she herself instructed them to do.
Apart from the dismissal of personal responsibility inherent in the idea that people were somehow forced into purchasing something they couldn't afford, of note here is how the situation came about in the first place; how citizens of Waters' community found themselves able to qualify for mortgages that were beyond their financial means.
Making such loans is not in a lending institution's best interests, so why would one do it? The institutions did it because Maxine Waters, among others, forced them to.
In the late 1990s and early 2000s a small cadre of House Democrats, most prominently Waters and Barney Frank, worked in cahoots with then-CEO of Fannie Mae, Franklin Raines, to loosen mortgage lending standards and practices for the purpose of making homeownership a reality for a greater number of economically disadvantaged Americans.
In later comments during the hearing, Waters made clear the true mission for Fannie and Freddie that Democrats had in mind, which was finding ways to get minorities into mortgaged houses even if they could not meet qualification requirements for standard loans, such as the ability to bring a down payment to the closing transaction or to borrow an amount in excess of typical underwriting limits.
Default they have, which brings the story full circle to last month when Waters vowed revenge on those banks and lenders that have "Done this" to her constituent communities.
https://www.americanthinker.com/articles/2018/12/maxine_wants_revenge.html
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