> THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY
> by Ann Coulter
> September 24, 2008
> On MSNBC this week, Newsweek's Jonathan Alter tried to connect John
> to the current financial disaster, saying: "If you remember the
> Five scandal that (McCain) was a part of. ... He's really getting a
> ride on the fact that he was in the middle of the last great financial
> scandal in our country."
> McCain was "in the middle of" the Keating Five case in the sense
> that he
> was "exonerated." The lawyer for the Senate Ethics Committee wanted
> removed from the investigation altogether, but, as The New York Times
> reported: "Sen. McCain was the only Republican embroiled in the
> affair, and
> Democrats on the panel would not release him."
> So John McCain has been held hostage by both the Viet Cong and the
> Alter couldn't be expected to know that: As usual, he was lifting
> directly from Kausfiles. What is unusual was that he was stealing a
> thought sent in by Kausfiles' mother, who, the day before, had e-
> "It's time to bring up the Keating Five. Let McCain explain that
> The Senate Ethics Committee lawyer who investigated McCain already had
> explained that scandal away -- repeatedly. It was celebrated lawyer
> Bennett, most famous for defending a certain horny hick president a
> years ago.
> In February this year, on Fox News' "Hannity and Colmes," Bennett
> said, for
> the eight billionth time:
> "First, I should tell your listeners I'm a registered Democrat, so
> I'm not
> on (McCain's) side of a lot of issues. But I investigated John
> McCain for a
> year and a half, at least, when I was special counsel to the Senate
> Committee in the Keating Five. ... And if there is one thing I am
> absolutely confident of, it is John McCain is an honest man. I
> to the Senate Ethics Committee that he be cut out of the case, that
> was no evidence against him."
> It's bad enough for Alter to be constantly ripping off Kausfiles.
> Now he's
> so devoid of his own ideas, he's ripping off the idle musings of
> Even if McCain had been implicated in the Keating Five scandal --
> and he
> wasn't -- that would still have absolutely nothing to do with the
> mortgage crisis currently roiling the financial markets. This crisis
> caused by political correctness being forced on the mortgage lending
> industry in the Clinton era.
> Before the Democrats' affirmative action lending policies became an
> embarrassment, the Los Angeles Times reported that, starting in
> 1992, a
> majority-Democratic Congress "mandated that Fannie and Freddie
> their purchases of mortgages for low-income and medium-income
> Operating under that requirement, Fannie Mae, in particular, has been
> aggressive and creative in stimulating minority gains."
> Under Clinton, the entire federal government put massive pressure on
> to grant more mortgages to the poor and minorities. Clinton's
> secretary of
> Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae
> racial discrimination and proposed that 50 percent of Fannie Mae's and
> Freddie Mac's portfolio be made up of loans to low- to moderate-income
> borrowers by the year 2001.
> Instead of looking at "outdated criteria," such as the mortgage
> credit history and ability to make a down payment, banks were
> encouraged to
> consider nontraditional measures of credit-worthiness, such as
> having a
> good jump shot or having a missing child named "Caylee."
> Threatening lawsuits, Clinton's Federal Reserve demanded that banks
> welfare payments and unemployment benefits as valid income sources to
> qualify for a mortgage. That isn't a joke -- it's a fact.
> When Democrats controlled both the executive and legislative branches,
> political correctness was given a veto over sound business practices.
> In 1999, liberals were bragging about extending affirmative action
> to the
> financial sector. Los Angeles Times reporter Ron Brownstein hailed the
> Clinton administration's affirmative action lending policies as one
> of the
> "hidden success stories" of the Clinton administration, saying that
> and Latino homeownership has surged to the highest level ever
> Meanwhile, economists were screaming from the rooftops that the
> were forcing mortgage lenders to issue loans that would fail the
> moment the
> housing market slowed and deadbeat borrowers couldn't get out of their
> loans by selling their houses.
> A decade later, the housing bubble burst and, as predicted,
> food-stamp-backed mortgages collapsed. Democrats set an affirmative
> time-bomb and now it's gone off.
> In Bush's first year in office, the White House chief economist, N.
> Mankiw, warned that the government's "implicit subsidy" of Fannie
> Mae and
> Freddie Mac, combined with loans to unqualified borrowers, was
> creating a
> huge risk for the entire financial system.
> Rep. Barney Frank denounced Mankiw, saying he had no "concern about
> housing." How dare you oppose suicidal loans to people who can't repay
> them! The New York Times reported that Fannie Mae and Freddie Mac were
> "under heavy assault by the Republicans," but these entities still had
> "important political allies" in the Democrats.
> Now, at a cost of hundreds of billions of dollars, middle-class
> are going to be forced to bail out the Democrats' two most important
> constituent groups: rich Wall Street bankers and welfare recipients.
> Political correctness had already ruined education, sports, science
> entertainment. But it took a Democratic president with a Democratic
> congress for political correctness to wreck the financial industry.
10/02/2008 11:18:00 PM
ANN COULTER IS ONE SMART GAL,
NEW YORK TIMES,
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ANN COULTER IS ONE SMART GAL
NEW YORK TIMES
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