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#1 User is offline   pepperonikkid 

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  Posted 04 December 2018 - 07:03 AM

Maxine Wants Revenge

By Derrick Wilburn
December 4, 2018


"La vengeance est un plat qui se mange froide" ("revenge is a dish best served cold") is an oft-cited proverb from Pierre Choderlos de Laclos's novel Les Liaisons Dangereuses, published in 1782. A good line in a book or play, but a mentality that should have no place in the business of public policy. Such is not the case.

Last month an elected representative publicly stated that revenge is a part of her motivation and agenda when Representative Maxine Waters (D-CA) told a constituent gathering in Los Angeles that she is "going to do to you what you did to us." The "you" Waters was referring to are players in the mortgage and banking industry. The odd twist here is that Waters is planning revenge on institutions for doing what she herself instructed them to do.

Waters, who was easily re-elected in the 2018 midterms with nearly 76% of votes cast, represents California's 43rd congressional district which includes much of south-central Los Angeles. She appears poised to chair the House Financial Services Committee when Democrats assume control of the House of Representatives in January.

In a speech at The Proud Bird, a historic restaurant in L.A., Waters made clear her intentions upon assuming the chairmanship:

"I have not forgotten you foreclosed on our houses. I have not forgotten that you undermined our community. I have not forgotten that you sold us those exotic products, had us sign on the line for junk and for mess we could not afford. …What am I going to do you? What I'm going to do you is fair, I'm going to do to you what you did to us!"

A sitting House representative threatening U.S. businesses with retribution is remarkable enough, but retribution for what?

Apart from the dismissal of personal responsibility inherent in the idea that people were somehow forced into purchasing something they couldn't afford, of note here is how the situation came about in the first place; how citizens of Waters' community found themselves able to qualify for mortgages that were beyond their financial means. Making such loans is not in a lending institution's best interests, so why would one do it? The institutions did it because Maxine Waters, among others, forced them to.

In the late 1990s and early 2000s a small cadre of House Democrats, most prominently Waters and Barney Frank (D-MA), worked in cahoots with then-CEO of Fannie Mae, Franklin Raines, to loosen mortgage lending standards and practices for the purpose of making homeownership a reality for a greater number of economically disadvantaged Americans. (Raines was subsequently embroiled in a scandal at Freddie Mac and Fannie Mae that resulted in him having to pay a record $24.7 million settlement.)

At the time Waters heaped praise upon banks and lending institutions for allowing people to sign on the line for loans they could not afford, saying in a September 2003 hearing of the House Committee on Financial Services:

"Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100 percent loans."

My link


#2 User is offline   RedSoloCup 

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Posted 04 December 2018 - 08:09 AM

Try it, Grandma.

#3 User is offline   Ben Cranklin 

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Posted 04 December 2018 - 08:21 AM

She’s always been at war with East Asia.

#4 User is offline   Noclevermoniker 

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Posted 04 December 2018 - 08:55 AM

Interesting message she sends: "We blecks were not qualified for the mortgages we begged you for used the law to force you to sell us, and knew we weren't going to pay them any old how."

Fly away on the broom you arrived on.

#5 User is offline   zurg 

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Posted 04 December 2018 - 08:59 AM

We forced you to give us loans we couldn’t afford.

Now we gonna force you to pay for forcing us to foreclose.

We gonna force you mother<censored>ers to pay!


#6 User is offline   LongKnife 

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Posted 04 December 2018 - 12:03 PM

Of course, under Obama, they weren't supposed to have to worry about paying their mortgages anymore.

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