While watching the presidential debates I was initially surprised that McCain didn't attack democrats more for their role in supporting the Community Redevelopment Act and reckless lending practices by Fannie and Freddie. Then I realized that the McCain camp may have felt that complaining about a program to help the poor and minorities afford their own homes might not be a politically good idea. But according to Gross the right is blaming the poor and blacks for this crisis. How absurd. Fannie and Freddie are the major players in this crisis and this author's attempt to play the race card and minimize Fannie and Freddies role is transparent and pathetic.

Loosened lending standards don't help poor people own their homes. They make the situation worse by allowing people (poor and others) to buy homes they can't afford, thus damaging their credit and (possibly) forcing them into foreclosure. It's a perfect example of good intentions gone horribly wrong.

[quote user="according to Gross the right is blaming the poor and blacks for this crisis. How absurd.quote]

I could almost believe this if I didn't have "dittohead"-type friends sending me emails over recent weeks saying precisely that it's the fault of the poor and minorities. And of Bill Clinton (I admit that I hadn't really encountered blame for Carter in the wild) and the CRA. Wonder where they're getting it?

I know exactly where the folks emailing me are getting their opinions: Rush, Hannity, Fox News and the like. That gives me quite a lot of confidence that the right is in fact blaming the poor and blacks for this crisis.

I am no "ditto-head"- thanks for the exercise in progressive "shaming language". However, I'm growing a tad bit tired of apologists for and enablers of hyphenated-American irresponsibility. Please show some rational thought and admit that that said demographic group holds SOME culpability in this mess.

(RE)read the article. there is a typical.25 percent default rate. much better than average..and way better than the goofs running those companies that have now been saved. The high adjusted interest rates put a lot of people behind, and that's simple greed..

You are simply wrong on the facts. CRA helped many poor and minorities to own their own homes AND they have BETTER HISTORIES OF MAKING THEIR PAYMENTS than the wealthy.

thats a fact that has been studied and verified by Fair Issac - the credit assessor that is involved in almost ALL mortgages.

How can you have read the article and not have gotten that FACT?

caved1ver:

I am no "ditto-head"- thanks for the exercise in progressive "shaming language".

If you're ashamed of dittohead-types, that's your business. I said the folks emailing me are my friends. I'm not ashamed to admit it. They're good people, even if I don't necessarily agree with their choice of radio and TV programming.

caved1ver:

Please show some rational thought and admit that that said demographic group holds SOME culpability in this mess.

I wasn't assigning blame at all, just saying that I think there is a strong racial subtext in play. Thank you for demonstrating that very fact.