Bush Rewards Predatory Lender With Ambassadorship
Bush Rewards Predatory Lender With Ambassadorship
President Bush repeatedly touts high levels of minority homeownership as the pride and joy of his economic expansion policies. Indeed, homeownership amongst minorities reached above 50% for the first time in 2004. But last year black home ownership fell back to 48.8 percent. And according to the New York Times, “neighborhoods with large poor and minority populations in places like Cleveland, Chicago, Philadelphia and Atlanta have experienced a sharp rise in foreclosures, in some cases more than a doubling.â€
Experts believe subprime loans make purchasing a home for low-income homebuyers easier at the start but harder to keep. Subprime loans are made available to homebuyers with poor credit histories. They have interest rates that are three points higher on average than the prime rate (about 6.2 percent now) and carry higher fees and prepayment penalties that make it expensive to refinance.
Just last month, Ameriquest, the nation’s largest sub-prime mortgage company specializing in financing housing purchases in heavily minority neighborhoods, settled predatory lending allegations by 49 states, agreeing to pay $295 million in restitution and clean up its lending practices.
Days after the settlement, Roland E. Arnall, Ameriquest’s founder and the largest campaign contributor to Bush since 2002, was confirmed to be U.S. ambassador to the Netherlands.
– Sam Davis
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Good to know that despite all the scandals, they just keep going and going…
February 24th, 2006 at 1:04 pmHey, that will give him a great opportunity to watch the trial at the International Court of Justice in the Peace Palace of the United States for violating international law in the rendition of foreign citizens, torture and killing of detainees and, of course, a pre-emptive war based on “facts fixed around the policy” of going to war to depose a ruler of a sovereign state.
February 24th, 2006 at 1:14 pmDon’t tell IRI, Puny Hermaphrodite, or Trashy…
..they’ll just blame the dumb victims…
…whose only crime was…
…wanting the “American dream”…
…Bushite “conservatives”…
…America’s vilest enemy since…
…the pre/post civil war, slave owning, Jim Crow loving southerners-turned-republiscum traitors…
February 24th, 2006 at 1:17 pmWait for it… there will be a GOPer coming on here to tell us all that it’s a good thing that so many minorities are being foreclosed on due to predatory lending practices.
It’ll happen.
February 24th, 2006 at 1:19 pmPeople think they are finally going to be able to participate in the “American Dream,” only to find they’ve been f*cked without even being kissed.
February 24th, 2006 at 1:20 pmEvil is as evil does.
February 24th, 2006 at 1:22 pmIt is all part of the No Corporate Felon Left Behind program.
-GSD
February 24th, 2006 at 1:25 pmPerhaps the port deal has put a crimp in the crumpets of the right-wing trolls. They must be a bit apoplectic about Chimpy giving away the management of 21 ports to a non-democractic Bin Laden loving Sheikdom.
-GSD
February 24th, 2006 at 1:27 pmmoney, Money , MONEY , more MONEY , CHERCHEZ LA MONEY . TOUJOUR LA MONEY .
February 24th, 2006 at 1:27 pmWhat else can be said about this fucking administration.
Perhaps the port deal has put a crimp in the crumpets of the right-wing trolls.
It’s tough for even the right to spin the fact that lots of people are losing their homes because of predatory lending practices.
They must be a bit apoplectic about Chimpy giving away the management of 21 ports to a non-democractic Bin Laden loving Sheikdom.
A picture’s worth a thousand words:
February 24th, 2006 at 1:29 pmFYI
The Prime lending rate is currently at 7.5%. The rate you referred to is the current average 30 year fixed rate for mortgages.
February 24th, 2006 at 1:32 pmJust a little slice of trickle ON economics
February 24th, 2006 at 1:34 pmGovernment positions available now! – No experience or resume required.
February 24th, 2006 at 1:35 pmSee the chimp at the front desk.
Welcome to the American Nightmare. And to all of the folks who voted for bush, and those that support the administration, let me just say: “fuck you very much!”
February 24th, 2006 at 1:40 pm#14
February 24th, 2006 at 1:50 pmIf you hate America so much, just leave. No one is forcing you to stay here and IMHO things are going pretty great! You’ll be hard pressed to find a country with as much freedom and opportunity though. Best of luck looking!
Randy, you miss Optimist’s (ironic board name, no) point.
We all love America. We don’t want to leave. We want to fix what’s wrong with it. And right now, there are a lot of things wrong with it.
And to stay on topic, Bush’s love with appointing either people aren’t qualified to do the job (Mike Brown at FEMA) or people that have shady business pasts (this ambassador) is one of the things wrong with it.
What ever happened to being requiring proper qualifications to do a job? Although, to be fair, Bush himself isn’t necessarily qualified for his job. Nothing like having a former executive of muliple failed business ventures trying to lecture us on sound economic policies.
February 24th, 2006 at 1:58 pmfreedom , Randy is that the “freedom is another word for nothing left to loose”, ?( with acknowledgement to Mr. Kristofferson)
February 24th, 2006 at 2:01 pm#15,
Glad to hear things are going just peachy for you. That’s great and, after all, it’s all about you right?
As for your assinine comment about me hating america, it’s sad to see that a third-grade education is not what it used to be. Let me know when you learn what the USA is all about and all that free speech, dissent, and democracy stuff. Then we can have an intelligent and informed conversation on the subjects of class division, exploitation of the working poor, elitism, maintaining an ignorant citizenry, and how such contributes to the fall of a nation. You have heard of the roman empire right?
February 24th, 2006 at 2:04 pmOur gain (getting rid of this guy) is the Netherlands loss.
February 24th, 2006 at 2:18 pmOk, please, let’s do a deal, when deport your neoconnies, DON’T DEPORT THEM TO EUROPE OR THE UN, PLEASE. There are some nice desert islands in South Pacific. Extremely loveable, nice weather, and the better for neocon plutocrats are these used by the french army to test nucular bombs. Thanks in advance.
February 24th, 2006 at 2:25 pmIMHO = In My Humble Opinion
Problem is Randy, that you are neither humble nor do we give a fvck about your opinion.
February 24th, 2006 at 2:26 pmCouldn’t this guy get a facelift or transplant before he goes on the job?
February 24th, 2006 at 2:40 pm#18 – I find it amusing that you are ‘bashed” for your love of America and the desire to return us to the 21st century, and away from Pres. Bush’s pre-1776 mindset.
Too bad that Randy hates the Constitution and the “rights” it used to extend to all Americans. The elected Republicans are slowly degrading this country with the jingoistic claims of “security” and “loyalty”. If Randy studied anything about history, he would find interesting parallels between the current administration and past dictatorships. When “healthy forest” legislation is used to justify clear cutting our national forests, we’ve become the dictatorship that we used to fight in WW-I, WW-II, Korea, Vietnam, and Iraq.
I guess it’s easy for Randy to “bash” anyone who doesn’t drink the kool-aid.
February 24th, 2006 at 2:46 pm#21
February 24th, 2006 at 2:46 pmThen why do you even acknowledge my comments then? That makes you the idiot and not me.
You’re right, Walt, he does look pretty evil in that photo. Maybe he could put a “good” face on?
February 24th, 2006 at 2:46 pmBecause I love to see if you morons will respond, which you did. Idiot.
February 24th, 2006 at 2:50 pmThis guy has the face of a sicilian “Don”
February 24th, 2006 at 2:55 pmSpudge –
February 24th, 2006 at 2:55 pmThe corporate world beckens me into yet another meeting. Before I go, I need you to check out the latest Zogby polls on where most democratic voters want your party to go and guess what, they are tired of the extreme left. See ya.
#28 Extreme left???? OMG, that was a good one. USA hasn’t seen an “extreme leftist” in his soil from the ’30s (the 19′).
February 24th, 2006 at 2:57 pm#24,
Randy, you’re back. Are you on recess?
Have you googled the Declaration of Independence or the Constitution of the United States of America yet? Let me give you a little hint of the treasure that you are about to find:
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.
Do you understand what that means? Let me know as it will help me to understand your level of comprehension so that I can frame future responses accordingly.
February 24th, 2006 at 2:57 pmHey dumbass, it is hard for me to be extreme left when I support the death penalty. Stupid.
Oh yeah, don’t forget to check out the latest Zogby poll that shows America is not happy with the direction of the Bush administartions handling of Iraq and the poll showing that they are not happy with how Congress is running.
“See ya.”
Screw you.
February 24th, 2006 at 3:05 pmThe corporate world beckens me into yet another meeting. Before I go, I need you to check out the latest Zogby polls on where most democratic voters want your party to go and guess what, they are tired of the extreme left. See ya.
Translation Karl wants a Knob polished.
February 24th, 2006 at 3:06 pmOh and was I supposed to be impressed with the corporate world comment. I am the Technical Media Manager and International Marketing Manager for a global company with 87 offices world wide. I am not impressed one bit.
February 24th, 2006 at 3:08 pmCronyism is becoming one of BushCo’s biggest trademarks!
February 24th, 2006 at 3:14 pmCopied from another thread because it’s relevant here. Jay Randal will love this:
Lending terms are related to risk; lower-risk borrowers get better terms. It has always been that way. The people who apply for “predatory†loans are the high-risk borrowers who were previously unable to borrow money under any terms at all. The terms suck, but do they suck more than not being ALLOWED to borrow money? If the government outlaws these loans, these people are back to being unable to borrow under any terms. If the government outlaws the risk/term relationship the entire lending industry will suffer, as will pretty much everybody else.
February 24th, 2006 at 3:16 pmSeth…recycling your original comment made to me :) You never did answer my question…where do you TRULY think Bush would be without being born into the family he has?
February 24th, 2006 at 3:38 pmWould it be fair to say that the moral here is that if you’re a corporate criminal in George Bush’s America, you’ll get in Dutch for it?
February 24th, 2006 at 3:41 pm#36,
Either in prison, dealing cocaine on the street or in a rehab center, or dead.
February 24th, 2006 at 3:49 pm#36 – CO,
February 24th, 2006 at 3:51 pmThree most likely are MIA, a military cemetery or a pauper’s grave.
#
#36,
Either in prison, dealing cocaine on the street or in a rehab center, or dead.
Comment by For Truth — February 24, 2006 @ 3:49 pm
#
#36 – CO,
Three most likely are MIA, a military cemetery or a pauper’s grave.
Comment by WaltTheMan — February 24, 2006 @ 3:51 pm
Or as one of Jeff Gannon’s stable, he’d have to pay for the crack ya know, since daddy’s money wouldn’t have been available to wisk him off to california for rehab…..
February 24th, 2006 at 3:58 pm“The people who apply for “predatory†loans are the high-risk borrowers who were previously unable to borrow money under any terms at all. The terms suck, but do they suck more than not being ALLOWED to borrow money? If the government outlaws these loans, these people are back to being unable to borrow under any terms. If the government outlaws the risk/term relationship the entire lending industry will suffer, as will pretty much everybody else.
Comment by Seth — February 24, 2006 @ 3:16 pm
So you’re saying that the expoitation of the desperate and the poor is doing them a service? Wow, now that’s partisan brain in action. Don’t worry pumpkin, I forgive you for your insensitive and uncaring perspective. I’m sure you believe you’re helping these victims of predation and bad business practices by permitting their victimization.
February 24th, 2006 at 4:04 pmsoutherners-turned-republiscum traitors…
Comment by big papa — February 24, 2006 @ 1:17 pm
Getting a bit weary of this ‘Grouping’ Speak.
Im a Southerner papa, always have been
February 24th, 2006 at 4:12 pmAnd I have never been a Republican.
Yep Tennessee is full of PayDay loans and they charge the poorest of the poor outrages interest fees. I was born in the South as a Yellow Dog Democrat and I’ll die one.
I’ll Be glad when we finally get a Yellow Dog in Washington then we’ll turn this country around so that every person has a real American Chance to advance and won’t have to stand in line at 2nd Harvest Food Bank for a box of food for his/hers family.
I want to ship bush co out to U.A.E. and there he can set up his own empire if they will allow the sucker.
February 24th, 2006 at 4:20 pmSurprise Cool – There is more ‘Sectarian Strife in Iraq’
People should be worried – About
February 24th, 2006 at 4:21 pmYeah, that was the comment meant for you in the other thread. I just mentioned Jay because he responded the best to it in that thread. ;)
Honestly, Bush would probably not be president, or governor, or owner of the Rangers if it weren’t for his lineage. Politics is kind of a family thing — Gore came from similar lineage. But nowhere in this country is it mandated that each child start from scratch. Parents work hard so that their children can start from a better place than they did. Without that incentive, there would be no progress.
RightPunch buttercup, all I’m saying is that the lending practices gave them borrowing options that the DIDN’T HAVE before. No forgiveness is necessary. Options are better than no options, don’t you think? I’m sure you do. You’re the compassionate sort, butterfly.
February 24th, 2006 at 4:26 pmSo, the people at the bottom are supposed to get ahead by using the predatory loan scheme? You don’t make sense.
February 24th, 2006 at 4:32 pmSeth, your argument is similar to the one that asserts that child labor is a good thing because it beats letting the kids starve to death. Which, of course, is based on a false assumption that these are the only two choices.
February 24th, 2006 at 4:32 pmSpudge_Boy, do keep up. That was an answer to CO’s question from the other thread. A bit off-topic here, perhaps, but you should have been able to sort it out.
February 24th, 2006 at 4:33 pm#15, “You’ll be hard pressed to find a country with as much freedom and opportunity though.”
Read the European Convention on Human Rights. The European Union recently added 10 new countries recently, and will expand again in 2007.
When is the last time a sovereign country petitioned to become part of the United States? 50+ years ago?
Maybe the U.S. ain’t so great as it’s cracked up to be after all….
February 24th, 2006 at 4:35 pmBut very few children are born in this country with the advantageGeorge W.Bush did, and did so little with it. Don’t give me the president or governour bit he was slid into those positions with out giving an accurate history of himself; like the DUI he hid, the business failures that daddy’s friends bailed him out of, the secert trip to rehab to correct his drinking et al. Most anybody else who did what GWB did before 35 wouldn’t have gotten a first look, he lived off his daddy’s connections right into the white house.
February 24th, 2006 at 4:35 pmPredatory lending is an abomination and if states cared for their citizens,they would deal with it as it arises. There is no federal standard,every state has different economics.
But ambassadorships have been handed out as party favors forever. Why would you think GWB is any different?
February 24th, 2006 at 4:37 pm#45-Seth,
Do you know where this comes from?
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.
February 24th, 2006 at 4:37 pmGary, other than reading people complain about sub-prime lending and suggesting shipping Bush to Dubai, I’m not hearing much in the way of constructive alternatives from anybody here. Just a lot of bitchin’. I’m merely pointing out that there are other factors in play. If nobody wants to hear about that, then this really is just an echo chamber.
February 24th, 2006 at 4:40 pmRandy is a typical rethug who believes he has earned his spectacular achievements, and to those who aren’t as capable as he, well, tough shit. He gives no credit to any advantages he may have been born into — like Bush’s bluebloods — they can’t conjure up an iota of compassion or understanding for anyone who has less than they do.
February 24th, 2006 at 4:44 pmIf nobody wants to hear about that, then this really is just an echo chamber.
Seth you get that when you go for the republican lobotomy
February 24th, 2006 at 4:54 pmWell, the obvious constructive alternative would be to tax the rich and give the money to the poor so they can afford shelter. (I imagine this suggestion will send the trolls into a whining fit.) Failing that, the public could at least provide loans to people who can’t get them at any reasonable rate from private sources, or provide incentives for private sources to offer these loans at reasonable terms.
February 24th, 2006 at 4:54 pmW’s education -
February 24th, 2006 at 5:00 pmW should go to northern Afghanistan, near the Pakistani border and set up a small encampment, alone. From there he could speak on Arab TV with the message: “OK, Osama, bring them on! I’m in Dodge, now.”. Me thinks that he would find Osama and ‘them’ in short order. He might also learn something about responsibility. (A bit of knowledge that he would not retain for very long.)
Walt he might as soon as he can find it on a map with out any help.
February 24th, 2006 at 5:06 pmIf you want to hear a real “echo chamber”, go to a pro-Rush Limbaugh blog. Or any ultra-radical right talking head web site.
How about this for a great “idea from the left”:
Appointments must include PUBLIC dispersal of the persons qualifications for the position they’re being given. “He’s my best friend!” and “I gave him money!” are automatic disqualifications for the appointment.
This applies to ANY President, Republican, Democrat, or “other”.
Or do the anti-Think Progress posters have problems with people actually having prior experience doing the job they’ll be appointed to???
February 24th, 2006 at 5:15 pmAPRIL FIRST IS IMPEACH THE FOOL DAY …
get out and get heard, plan a rally or a march, put signs in your yard and on your car…
IMPEACH THE FOOL ON APRIL FOOL’S DAY!
a day of protest and civil disobedience
pass it on!
February 24th, 2006 at 5:22 pmSeth,
Is this your answer to CO from another thread?
Is this your answer in this thread?
You keep the fvck up.
February 24th, 2006 at 5:24 pmBasically Most Americans are waiting for the wealth to come from stealing Iraqs oil wealth and possibly Irans too (( as in American Battle plans for Iran here http://www.craigmurray.co.uk/ archives/ 2006/ 02/ battle_plans_fo_1.html
The democrats I think dont speak out against the war because monkey boy Bush might just manage to steal all the worlds oil reserves …therefore most say morgage paying americans , workers, fear for their future …and have hidden ajendas …If Bush pulls this steal off …and America becomes rich again the democatrats will look very foolish …I think and thats why they do not speak out
February 24th, 2006 at 5:47 pm#61 Seth was answering me with regard to where Bush would be without his family…THEN he was replying to RightPunch about his support for sub-prime lending. The two comments were meant to be read separately…not that I agree with them!
February 24th, 2006 at 5:47 pm#61 -
February 24th, 2006 at 6:15 pmLink with spaces removed:
http://www.craigmurray.co.uk/archives/2006/02/battle_plans_fo_1.html
That’s #62, sorry folks.
February 24th, 2006 at 6:16 pmI think subprime loans are basically worse than no loans at all. There used to be federal/state /local government programs for first time home buyers. I don’t like the idea of predatory loan sharks being given ambassadorships.
February 24th, 2006 at 6:32 pmIm sure the people in the Netherlands will be happy to have a Bush Neo-Con in their Peaceful Land?
NOT.
If you want to hear a real “echo chamberâ€, go to a pro-Rush Limbaugh blog. Or any ultra-radical right talking head web site
No thanks, their form of debate is called Racism.
February 24th, 2006 at 7:03 pmOptimist: Yes, I know where that comes from. What do you feel are government’s responsibilities under the “equal” and “pursuit of happiness” clauses?
Gary: Your obvious alternative is also called “redistribution of wealth.” When stated in those terms a lot of people realize that they don’t want that. Don’t get me wrong, it’s a totally legit alternative. It’s just that a legit debate then ensues.
I guess to be a little bit on topic I should add that I don’t much about this Arnall guy, but I don’t see what would qualify him as an ambassador. It does smell like cronyism.
February 24th, 2006 at 7:05 pmif you dont agree with their Hate or Bias they remove the Posts even if you are being courteus.
Very Unbalanced. Kinda like talking to IRI or Wwallace.
February 24th, 2006 at 7:05 pmCronyism creates conflicts of interest.
February 24th, 2006 at 7:08 pmIf you hate America so much, just leave. No one is forcing you to stay here and IMHO things are going pretty great! You’ll be hard pressed to find a country with as much freedom and opportunity though. Best of luck looking!
Comment by Randy — February 24, 2006 @ 1:50 pm
I dont hate America Randy, but you by hating 80% of its people do. It seems we are the Majority. Perhaps you should go first?
February 24th, 2006 at 7:16 pmI see that SETH is plugging away for Bush on here with Randy > lol. I think Rove sends his agents in here in pairs so they piss off everybody! Spudge_Boy watch out for SETH > he is a very clever troll!
February 24th, 2006 at 9:56 pmI am laughing so hard..
February 25th, 2006 at 1:07 amI just found this site and already I love it !!
You guys totally rock.. (sorry for sounding sycophantic and teenage) but I really enjoyed the commentary here,., Thank god there are a few Yankees with brains in their heads, And by the way.. good luck to you few. You will need it and the world needs you too.
HOW ABOUT THAT?
I KNEW BUSH WAS SCAMMING THE AMERICAN PEOPLE TO DO FAVORS FOR HIS DONORS WITH HIS POLICIES ON PHARMACEUTICAL AND OIL PRICES, THE WAR, THE BANKRUPTCY LEGISLATION, LAWSUIT CAPS AND ALL HIS ANTI-ENVIRONMENTAL MEASURES, BUT I FIGURED THE REAL ESTATE BOOM WASN’T A BUSH SCAM.
HOW FOOLISH OF ME. EVERYTHING BUSH DOES IS A SCAM.
February 25th, 2006 at 9:21 amIf we review the actions of the bush administration, even at the most superficial, it becomes apparent that all their efforts are to reward those who are already successful and prevent those who aren’t from having the potential from becoming successful. From block grants to small business funding to education expenditures to higher education spending the bush administration has done whatever it can to make it more successful for the poor to leave this lifestyle. Predatory lenders simply take advantage of these people.
February 25th, 2006 at 11:10 amBut of course the Bush administration believes that minimum wage jobs with no benefits is gameful employment and that in addition to working 100 hours a week to make the rent they should just improve themselves.
” the bush administration has done whatever it can to make it more successful for the poor to leave this lifestyle.”
should be…
‘ the bush administration has done whatever it can to make it more difficult for the poor to leave this lifestyle.”
my bad
P.S. before anyone jumps on tax cuts, you have to be wealthy for tax cuts to make any substantial change in your lifestyle. Someone earning $30,000 a year only saves about $700.00 a year in a 3% tax cut. $2.00 a day doesn’t even buy a happymeal anymore.
February 25th, 2006 at 11:15 amsince calvin has nine lives, he is able to recall in a previous life, that during the 2000 campaign, one of the candidates promised to restore “…dignity and honor….” to the White House.
It’s what people wanted, but all they got was another unfilled promise. If he had just followed that pledge, we’d all be much better off, even the tuna-eaters among us.
February 25th, 2006 at 2:10 pmThis is hardly new. Bush’a ambassador to Spain, George Argyros, was forced to cough up some big dough for ripping off apartment tenants in Garden Grove, California, by illegally witholding their security deposits.
The irony here is that the tenants were largely Republicans, members of Orange County’s rightwing Vietnamese-American community.
http://www.twistedbadge.com/solidarity/reluctantda.htm
February 25th, 2006 at 5:39 pmhttp://www.twistedbadge.com/solidarity/ControlFreak.htm
http://www.motherjones.com/news/feature/2001/11/spain.html
If you hate America so much, just leave. No one is forcing you to stay here and IMHO things are going pretty great! You’ll be hard pressed to find a country with as much freedom and opportunity though. Best of luck looking!
Comment by Randy — February 24, 2006 @ 1:50 pm
I recommend Finland. Finland has had the world’s most competitive economy for the past 3 years (the US is second).
“The Nordic countries share a number of characteristics that make them extremely competitive, such as very healthy macroeconomic environments and public institutions that are highly transparent and efficient,” said Augusto Lopez-Claros, chief economist and director of the World Economic Forum’s Global Competitiveness Programme.
Finland was the world’s least corrupt nation in 2004 but was just edged out by Iceland in 2005 and is tied with New Zealand (the US is 17th).
Trouble is, if you want to go to Finland you have to have a job there. Either that, or apply for political asylum.
February 25th, 2006 at 7:14 pm#79 – Frankly, my dear, …,
February 25th, 2006 at 7:34 pmDoes it help if my spouse is a second generation Finnish-American and still communicates with her relatives in Finnish?
Continuing Sectarian Violence Kills 68 in Iraq
did you see this it is getting worse
February 28th, 2006 at 7:33 pmI need a short term loan of 175,000….Can you handle such a request.
January 10th, 2007 at 10:47 pm