News: We got another NAACP Image Award nomination!
News: The Roland Report

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January 07, 2009

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Good luck goin' up against Gumbel. I heard he hits low...

Congrats!!!

So after watching Barney Frank's interview yesterday on Good Morning America I feel I must comment, though it has nothing to do with this post. I remember your asinine post on Neil Cavuto "blaming minorities for the housing crisis". Of course Neil's word were twisted to sound as offensive as possible in your post, he was merely stating the fact of the matter as it stood. Your umbrage and outrage were predictable and as usual, completely irrational. So Barney does the interview in which he admits that yes the housing market collaspe was due to subprime loans. His exact words, "The biggest part of this problem was subprime loans: money lent to people to make them homeowners who couldn't afford the loans, who should not have been considered to be, in many cases, capable financially of homeowning. Now... Eh... You've gotta recognize reality. We have begun to adopt legislation to prevent that. We can stop the last problem from recurring. Nobody can know what the next problem will be.
Now we all know who the majority of the subprime loans were going to, due to aggressive wielding and misuse of the Community Re-investment Act by Acorn and their cronies. Now that Barney's come out and made it official, will you retract your comments? I won't hold my breath as grandly ignoring questions that you find inconveient are commonplace for you.

Will, yes that is right mortgage lenders were giving loans to people who couldn't afford them. I don't believe anybody has ever disputed that fact. Yes minorities were the majority of those sub-prime loans; however the objection came when it appeared Neil Cavuto was laying the blame at the borrowers. It is quite clear now what the mortgage lenders did was wrong and in some cases unethical. I know in my area they were appraising houses 20K to 30K higher than the market value. There is blame to go around for everyone and surely the minority borrowers are not the sole reason of the collapse. It is a great thing legislation is being put into place to hopefully prevent this from happening again. Will, you sure seem angry at Roland (and that's putting it mildly).

I'm never angry with Roland, I can anticipate his position at this point and have come to expect it. He rarely ever disappoints me, though I wish he would. Don't mind my sarcasm, i mean nothing by it. What Neil did was the opposite of what you are doing, he assigned responsibility to the individuals at fault. The lenders would be number two on the list, not number one. Yes, predatory lenders are out there, but you can't go through life expecting others to look out for you or you will be played like a chump every time. These people were not so simple that they weren't aware that they could not afford these homes they were getting. There is always a catch, if you're getting a hookup there will always be fine print. Subprime loans were a huge chunk of the problem as well as Fannie and Freddie selling these toxic assets to banks as securities.

I forgot to mention it in my first post - Congratulations Roland.
Hi Will, I don't think there is a number one or a number two. The borrowers didn't educate themselves on the process and the lenders were aware of this and in some case counted on it. I don't believe these people equated getting a home the same as getting a "hook-up". Neil didn't say the opposite of what I'm saying because I'm not saying the borrowers are not at fault. I think there is equal responsibility for all individuals (lenders and borrowers). When I explain the treatment process to someone I give them all the facts to include the pros and cons of thier decisions. They receive all available literature and alterantives. Now I am required to do this by law (would do it even if I wasn't); I have a friend who is a broker she wouldn't do these loans and discouraged people from doing it. Your faith that people aren't that simple is a nice idealogy but people are that simple. I live in an area right now where there is a lawsuit against a mortgage company for black balling appraisors who wouldn't cave into inflating prices. I could almost bet the average buyer had no idea of this. Again, as you stated earlier thank God there is legislation being put into place for this.

How can a post about recognizing an honor turn toward being critical of past comments and wanting a restatement...YOU ARE RIGHT WILL...what Barney Frank discussed on Good Morning America had nothing to do with the post that was given...CONGRATS Roland on your nomination. Will, why do you have to be such a CRAB IN A BUCKET!!!!

Roland,

Congrats on the nomination. You are right the competition is tough.

Congrats Roland. Time to get out the Stacy Adams.

I've watched both interviews you did and I thought they were very good. The competetion is tight but I think you will do fine. Good luck!

Democratic lawmakers have reached a deal with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures and urged other lenders to follow suit.

The lawmakers aim to attach the plan to President-elect Barack Obama’s economic stimulus legislation, and said Thursday the change in bankruptcy law could ease the foreclosure crisis that has dragged the economy into the worst recession in decades.

The compromise between Citigroup and Sens. Richard Durbin of Illinois, Charles Schumer and Christopher Dodd of Connecticut, would be limited to loans made before the bill is signed. Obama has said he backs the concept.
Bottom line: We will all pay higher mortgage rates because of this. Banks will have to factor it into their pricing.

Message from the government? As I’ve said before, these federal foreclosure prevention measures send a loud and clear signal to responsible borrowers:

Hey, chumps: Why are you still paying your mortages?

Congratulations are due. Why dont you respond to letters???
To all your "haters" remember that we live in a country where Freedom
of Speech is the law of The USA.
May the Lord Bless you and Keep you.

Will,

If you bother to state the facts, you'll recall that I took issue with Neil Cavuto saying it was minorities and subprime loans. The reality is that there were also whites getting the loans as well. Second, you can't just say it was folks who couldn't afford to buy the homes that was the problem. It was also the people who knew that folks couldn't afford to pay the mortgages but chose to sell them the homes anyway!

Second, there were many minorities who qualified for prime loans who were given subprime loans. That speaks to the institutional racism that we see going on.

The other issue is that you had whites with prime loans who were also living above their means. When the balloon loans hit them, they were toast. Pick up the January issue of GQ and read about the community in California that has been devastated by this.

It's easy to try to blame minorities, but EVERYONE was living on borrowed money, and it all caught up with them.

Sigh!!!! Institutionalized racism indeed, why do i even bother. I suppose ACORN and their various apparitions pressuring banks to make these loans using the aggressive intimidation tactics they are known for was also the "system's fault.

Congratulations Roland. Keep up the good work.

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