Here’s a study you won’t find in the op-ed section
of your local liberal rag. You can be
damn sure of that.
A new study
from the widely respected National Bureau of Economic Research released this
week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community
Reinvestment Act--enacted under Carter, made shockingly more aggressive
under Clinton) is directly responsible for imploding the housing market and
destroying the economy.
The study
painstakingly sorted through failed home loans that caused the housing market
collapse and identified an overwhelming connection between them and CRA
mortgages.
Again, let's review:
-President Bush went
to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac
were going to destroy the economy (17 times in 2008 alone). Democrats continuously
ignored him, shut down his proposals along party lines and continued raiding
the institutions for campaign contributions on their way down.
But what you will find
are reports on how these financial institutions screwed over the “little guy.” The
Charlotte Observer reported a record amount of fines collected by the courts. Most of it due to the federal government’s
manufactured housing bubble.
The U.S. Attorney’s Office in
Charlotte and the Western District of North Carolina obtained record
collections – more than $5 billion – in civil and criminal actions in 2012.
The $5.05 billion was the fourth
highest collection amount among the nation’s 94 U.S. Attorney’s Offices. Much
of the money, federal prosecutors said, came from a $25 billion settlement with
the nation’s five largest mortgage servicers, including Bank of America and
Wells Fargo, to resolve allegations of abuse and fraud in mortgage loan
servicing and foreclosures.The $5 billion in collections represents a huge increase over the 2011 budget year, when the U.S. Attorney’s Office in Charlotte and the Western District of North Carolina collected more than $13.5 million in civil and criminal actions.
The vast majority of the 2012 money
– about $5.04 billion – was collected in civil actions. More than $11.3 million
was collected in criminal and civil forfeitures and more than $4.4 million was
collected in criminal actions.
Nearly $6.4 million was paid to the
federal court for distribution to victims of crimes, including individuals, companies
and government agencies.
Could those government agencies
include Fannie Mae and Freddie Mac? Because
the Democrats would have us believe they were the biggest victim of all.
Source: http://www.charlotteobserver.com/2012/12/27/3748011/western-nc-prosecutors-courts.html#storylink=cpy
No comments:
Post a Comment