Jesse Jackson Plans Wall Street March on Foreclosure `Crisis'

Jesse Jackson Plans Wall Street March on Foreclosure `Crisis'

www.bloomberg.com

Dec. 4 (Bloomberg) -- Civil rights leaders including Jesse Jackson, founder of the Rainbow PUSH coalition, plan to hold rallies in New York City's Wall Street district and at least six other cities to call for a corporate response to the ``crisis'' of surging home foreclosures.

Jackson's plans show how the increase in delinquencies on subprime mortgages, some of which were the product of what Federal Reserve officials said were ``lax'' lending practices, is capturing political attention. Democratic Senator Hillary Clinton, a candidate for her party's presidential nomination, this week called for a 90-day moratorium on foreclosures.

(visit the link for the full news article)

Here we go. A few years ago Mr. Jackson and his puppet Chuch Schumer were screaming and yelling that "blacks" could not get home loans at the same rate as whites. Now they are accusing the Federal Reserve as being "lax" in their lending practices allowing unqualified "blacks" to obtain mortgages. Those mortgages are now being foreclosed upon in a dis-proportionate number as compared to whites. The banks at the time were afraid of a threat by Chuck Schumer that Congress would regulate fair banking practices (setting minimums on the number of African American mortgages) so they began lowering the standards of their loan qualifications. This along with much reduced rates led to a much higher number of "UNQUALIFIED" (not black, white, brown, yellow, BUT unqualified) people getting loans. Yes, there was a lot of greed involved with the mortgage originators, but qualifications have been a level below the norm since the early 2000's.

Here is a link to an article from 2000 concerning Chuck Schumer. There are a ton more, but one should do for now.

query.nytimes.com...

We can not let Jesse Jackson march on Wall Street anytime he feels money should be out. When I used to work there (from 1996 to 2002) he regularly walked and marched. he demanded payout from corporations, and generally received them under threat of a boycot. It was completely sickening to see publicly traded companies respond to the threat of a boycot, without first consulting the shareholder (the true owners of the company).


www.bloomberg.com
(visit the link for the full news article)

I thought the foreclosures were a result of variable rates? People that couldn't afford it got variable rates, then a year or so down the road the rate would spike and they couldn't pay?

Yes, the foreclosure is targeting a big part of the population that happens to be black, at least here in the south our state is number 4 on over all states foreclosure.

For sometime locally it has been talks about marching in Washington to make congress do something about the people that are losing their homes and not the bankers.

I agree with this march is needed and long due.

reply to post by marg6043


Please explain as to why a march is necessary? I surely do not want my taxes to increase to bail someone out. Any bail out has to be paid for. So please.....explain to me why this march is necessary.

reply to post by marg6043


Please explain as to why a march is necessary? I surely do not want my taxes to increase to bail someone out. Any bail out has to be paid for. So please.....explain to me why this march is necessary.


Sorry for the double post....Moderator please remove.

[edit on 4-12-2007 by traderonwallst]

Well I don't know why you complain about our tax money going to bail out people that once they lose their homes they will become a burden to the system when right now we are bailing out the bankers that got us into this economical situation.

Why bail the bankers and not the people? is our tax payer money and most people losing homes are tax payers also.

[edit on 4-12-2007 by marg6043]

Mortgage Industry Execs Praise Treasury Plan As They Warn of Further Slides in Housing Market.

The gloomy assessments of the housing market were made Monday at a conference sponsored by the Office of Thrift Supervision, where Treasury Secretary Henry Paulson said an agreement is imminent to temporarily freeze interest rates on thousands of mortgages at risk of default

.

www.rawstory.com...

For what I can see coming from our country's biggest mortgage lender it seems that they are desperate to put of a stop to the millions of morgagers that will default on their loans.

This is beyond bailing out the home owners but rescuing the lenders that are looking to a very ugly future.

However, Democrats and Republicans continue to debate the issue even as Fannie and Freddie's profits plunge and their stock prices crash.

.

This people are losing money, they are losing their ourageous bonuses and and the wealth they reaped from the shady business deals when it was ok to lie to the cosumers and lure them into loans that when the economy started to down slide was going to come back and bite them in their rear ends.

With $361 billion in subprime loans made to borrowers with weak credit resetting at higher interest rates next year, foreclosures will peak in the third quarter of next year and won't drop back to more normal levels until 2011, said a Banc of America Securities report out last month.

.

Most American never even dreamed that their American dream of been home owners was going to be in the hands of congress one day.

Nothing guarantees anyone that the American dream involves owning a house. Owning a house is a privilege and not a right. It took me a long time to afford my first house, I am still working hard to pay for it.

I can not afford nor am I willing to bail anyone out, whether it be banks, mortgage companies or OTHER PEOPLE.

Sorry. its my money and I earned it.

'Ole Jessee is going to Exact that "40 Acres & a Mule" Repariations Pledge one-way-or-another....as his legacy


JJ ain't looking out for all the peoples, only his followers


gimme a break, the greedy bankers/lenders allowed this mess to
germinate, grow & flourish ...
but it turns out that 10s of thousands of those staffers at the investment banks are no longer rolling in the clover either, pink slips are falling instead of snow...

the people with unworthy credit & 0$ down payments are not to blame,
they are just reaching for the brass-ring, trying to achieve the 'American Dream' of home ownership...
the maze of financial engineering is the problem & the manipulators
are the cause...
Jessee is just distracting our focus