sunset from behind the wire

sunset from behind the wire

Tuesday, May 19, 2015

Credit Inequality

Those evil white men are at it again and the Obama Regime has instituted an amnesty program,  to expand credit to 45 million potential deadbeats — including illegal immigrants — whose credit files are too spotty even to score for risk.
(IBD) In a just-released federal report, the administration portrays these "credit invisibles" as victims of a traditional credit-scoring system. And since most are minorities, it claims that excluding them from the financial mainstream is discriminatory.
Analysts say most of these "unscorables" are not creditworthy, and according to preliminary estimates, their median credit score falls well below the subprime cutoff (535 vs. 620). Public records show many are subject to third-party debt collection and tax liens.

buying votes for Hillary
The ObamaCredit program seeks to give everyone a credit score irrespective of a credit history because failure to do it is sexist and racist - possibly even Islamophobic. The stated program will restore the balance created by "credit inequality". No, I'm not kidding. You can't even make this stuff up.
The Federal Consumer Financial Protection Bureau states, "Our report found that black and Hispanic consumers are more likely than white or Asian consumers to have limited credit records," CFPB Director Richard Cordray said in a press call. 
"About 15% of black and Hispanic consumers are credit invisibles compared to 9% of white consumers (and) about 13% of black consumers and 12% of Hispanic consumers are thought to be among the unscored — compared to only 7% of white consumers." 
Added Cordray, "These consumers face reduced access to credit that continues to hamper their opportunities for growth throughout their lives." 
To remedy the "credit inequality," credit reporting agencies are being pressed to generate scores for this high-risk group based on payments of cellphone and utility bills, as well as immigrant remittances.
And when these deadbeats default on their mortgages, who will ultimately pay for it?? ...yeah.


34 comments:

  1. Replies
    1. What are these people thinking? I guess they want another Dodd-Frank style economic collapse. The last one wasn't harsh enough for them.

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  2. This is pretty much the same thinking used in the housing scheme where almost anyone could get a house loan. Investigation showed that almost all of them lied about income and jobs on the loan app. Yet if the loan institution didn't give them the loan they were investigated by the gubment for racism. Thank you, Democrats.

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    Replies
    1. Yeah, they want to break the back of the economy once again. And for what good reason? So that hard core debtors can get another home and then default? The last depression was bitter. This next one is unthinkable.

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  3. Sorry, not racism so much and discrimination toward the poor.

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    Replies
    1. Economic hard times go especially hard on those who are at the bottom. And that's what they want to bring back through their "good deeds".

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  4. Of course the more in debt we become the richer we'll be. Just like it's colder now, because it's warmer.

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    Replies
    1. Stop bashing global warming. Follow the example of Stephy-the-Hobbit and give all you have to the Clinton Foundation. That money will stop global warming, and it might even stop the Moon from generating tides...Ask George Stephanopolous, the ABC News Anchor. He'll tell you, with a smile on his face.

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  5. Replies
    1. Have you donated to the Clinton Global Foundation? See, weather will remain unpredictable until you do. And if it's still unpredictable, it only means that you haven't donated enough.

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    2. I'm not sure which is the most dirty word - Clinton or Obama. Might be a tie.

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    3. Both words are portents of doom.

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  6. Added Cordray, "These consumers face reduced access to credit that continues to hamper their opportunities for growth throughout their lives."

    The truth is just the opposite. Easy credit is what ruins lives. Besides mortgages they can't afford, they'll head off to the local furniture "rent to own" store, the car lot, and Target and end up with payments out the wazoo. We haven't used credit for anything except our house, which was purchased for the exorbitant sum of 90K, in over 20 years (including cars) and our lives are way richer.

    Dave Ramsey is dead right about credit.

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    Replies
    1. Yes, but progressives don't see it the same way that you do.

      I use credit. I pay my bills. My credit rating is high. I'm sure that it's because I'm white.

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    2. Of course it's because you're white. Silly you...

      I'm not talking about the day to day stuff where credit can be applied. Someone who travels as you do pretty much needs to do so. I use my AMX at Costco and get some reward money at the end of the year. But - I also shop with a list and absolutely nothing goes on that card that I can't afford. I'm talking about the peeps who completely overextend on houses, cars, boats, furniture, and other manner of "toys."

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    3. Credit is particularly useful for emergencies and trips. I don't limit it to that because I also buy things on-line and that requires a card or PayPal more recently.

      If you pay your bills, you have credit. If you don't, you don't. I think that President Obama and his coterie of vote panderers don't look at it the same way. If they can give somebody credit who doesn't have it, they'll get a vote. Simple.

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  7. I'd like to know what kind of pressure is being brought to bear on lending institutions to give money away on guaranteed bad loans, and who's bringing it. I'm sure our watch dog Republicans will nip this in the bud.

    (my sarcasm button on my computer was off when I wrote that stuff about the watch dog thing.)

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    1. The Obama Administration uses the heavy stick of racism. Look at the B of A fines for "perceived" racism. They're draconian.

      Fredd, what's the difference between a white rat and a black rat? The color of the hair on the rat. What's the difference between a Republican incumbent and a Democrat incumbent? Same thing (almost).

      The Democrats in power have made a science of ripping everyone off and they have been most successful in doing so. That's not to say that the Republicans aren't capable of doing the same thing.

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  8. Again we are hit with the communist doctrine of equal outcomes rather than equal opportunities.

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    1. I'm tired of communists.

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    2. It was commonly said back in the day that 'the only good communist was a dead communist.' What ever happened to those days?

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    3. I don't know.

      on September 12, 2001 if you'd predicted that the next president would be a semi-Muslim, mixed race, communist, who lied about his citizenship (telling people he was Indonesian) to get free government money when he went to school, what would people have said?

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  9. In thirty years of retailing automobiles, I saw thousands of credit reports and scores. We had our inside jokes.

    "They need a cosigner for cash".

    "They qualify for Chinese financing; One Lump Sum".

    No matter how bad their credit, we could usually find someone stupid enough to finance them. That is why I never lacked for repo work.

    Subprime mortgages, special finance auto loans, "rent" to own furniture, etc., someone always pays for it in the end and that someone is a responsible citizen. Guess that is the new norm as the responsible citizen is the focus of Progressive's scorn.

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    Replies
    1. The responsible citizen doesn't eat other men's bread - and may vote their conscience...what good are they to progressives?

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  10. The (P)regressives fail to realize the responsible citizens are the plankton of our economic food chain. When the economic crash comes (and it will) the responsible citizens will survive in greater numbers than the freeloader simply because they know how to be productive and goal focused.

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    1. And we've also stocked up on beans, bullets, band-aids, and bibles......

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    2. Dr. Jim, you're bitterly clinging to God and Guns and you don't even live in fly-over country. Of course, neither do I.

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    3. WSF - Yes, that's always the case and the poor beg for charity.

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  11. OK, time to buckle up again.

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    Replies
    1. Maybe they want to insure that there is no "recovery" and blame George W. Bush?

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  12. Here we go again... dammit...

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    Replies
    1. It's just one more day of ObamaNation to endure as 40% of the population wants to vote for Hillary.

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  13. Sir, i find your blog refreshing and alarming, and in today's America, both are good things. I would like to repost this blog of yours here, on my own Conservative blog, as well as highlight your bloggie in my bloglog, if I may~

    Heyyah, and thank you for being out there, in New Hampshire

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