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View Diary: Race Baiting And The Mortgage Crisis by Gretchen Morgenson (12 comments)

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  •  The most commonly referenced straw man concerning (1+ / 0-)
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    Times Truth Teller

    Fannie and Freddie and affirmative action being responsible for the entire mortgage meltdown usually involves invoking Acorn, Fannie and Freddie, Barney Frank and most importantly, the Community Re-investment Act (of 1977!). All commentary I have read along these lines invariably contains an element of subtle or not so subtle race baiting, usually with the requisite coy sentence about  "making loans to people who didn't 'deserve'  them".

    I've read more than I care to think about in terms of the housing crisis and the resultant foreclosure fraud. The GSE's were very very late to the sub-prime dance and were basically forced into it when they saw themselves losing market share. They were involved in approximately 1/5 of the loans that went south, leaving 4/5 at the doorsteps of others, yet they have always been the favorite scapegoat and whipping boy - much nicer to blame things on liberal groups and Barney Frank than the actual real bad actors that were driving the entire bubble.

    I think the diarist makes compelling points regarding the
    reporting of Morgenson that are quoted in this diary. I wonder how she would respond?

    While at one time I revered the NYT, the whole Judith Miller thing caused me to rethink my ranking system. I feel like I get a lot more information on economics by reading nakedcapitalism and zero hedge and then seeing how much filters through to MSM. Firedoglake and nakedcapitalism and 4closurefraud all did reporting and analysis on foreclosure fraud  that completely and totally eclipsed any offered up by the mainstream.

    “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

    by Phoebe Loosinhouse on Tue Jun 12, 2012 at 01:28:27 PM PDT

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