The commie criminal in the White House continues to wreck the economy.

From Pushbacknow.net:

Obama Administration Brings Back Sub-Prime Mortgages??

St. Louis Equal Housing and Community Reinvestment Alliance

Here we go again, another bank is going to be forced to give loans to people who can’t afford to pay it back…

This is the same thing that got America in such a mess in the beginning , with Fannie and Freddy …

local banks in St Louis weren’t offering credit to the city’s poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

One certain bank, Midwest Bank Centre, a small bank that has been operating in St. Louis’s predominantly white, middle-class suburbs for over a century, has been cited for failing to issue home mortgages or open branches in disadvantaged areas. Although executives at the bank say they don’t discriminate…

The Obama Administration are scrutinizing financial institutions for a practice that last drew attention before the rise of sub-prime lending..

Bank lobbyists say the stepped-up government scrutiny could backfire if financial institutions decide to shrink their operations rather than yield to pressure to do business in areas that don’t make sense for them.

Our Man Rush Limbaugh Breaks It Down:

They’re bringing back the sub-prime mortgage. It’s simply unreal. While we’re all being distracted by other news, everybody but me, the regime and the Federal Reserve are again forcing banks to give mortgages to people who cannot afford them, which is exactly what got us into our current mess. That’s 90% of why we’re where we are today. And you note here that the government’s now telling banks where they have to put their branches. The Justice Department’s telling this little bank company where they have to open branches, just like the National Labor Relations Board told Boeing, “You cannot open a plant in South Carolina.” And it’s being ramrodded — if I read the whole story to you, you’d hear this — it’s being ramrodded by the same guy, Thomas Perez at the Justice Department, who opposed prosecuting the New Black Panthers.

The guy at Holder’s Department of Justice who refused to prosecute the Black Panthers is pushing this new loan program for people that can’t afford it, minority loans to people who can’t pay them back. Thomas Perez was also the lawyer in the Justice Department who led the charge against the Arizona immigration law. So it looks to me like while everybody’s focused on all these other things, hello subprime mortgages again, hello granting loans. This is exactly how it started in the first place. I know a lot of people want to blame Wall Street, but this is exactly how it started. Substitute the name Clinton for Obama in here and Janet Reno for Holder, and it’s exactly what happened. And they are threatening all of these people in the banking business with untold investigations and who knows what results they would provide if they don’t do this. And this group, the name of the group, the St. Louis Equal Housing and Community Reinvestment Alliance. What do you bet that’s just ACORN under a new name? So the cycle is continuing. Chew on that