Guest Post by Elliott Middleton
Joe Biden is introducing explicitly racist credit criteria into the American housing market, already struggling to remain at record-high prices. People of color will be given better deals on Fannie Mae and Freddie Mac mortgages if their credit scores are below 680, including lower fees and interest rates.
I spent 20 years as a decision scientist in banking building credit scoring models, so this is a topic I know something about. Federal law explicitly forbids using race as an independent variable in a credit scoring model, a measure introduced to prohibit “red lining.” So those with good credit and savings will be subsidizing mortgages for others who are less financially responsible. This is discrimination based on race, and it is illegal.
Credit scoring is actually the first place “artificial intelligence” or machine learning was employed en masse, and it has been successful.
Now, will this help the people of color being offered looser terms? No. The 2008 housing debacle was largely caused by the over-extension of credit to less creditworthy borrowers, and after the crash, their rates of homeownership declined as many were unable to service their mortgages.
Many of these new loans will default in the coming recession, ruining the credit of the borrowers for seven years. It is a cruel trick to play on them.
But this is what the Democrats have done again and again. They wanted to defund the police in 2020 even as AntiFa was trashing blue cities. The Democrat-run cities of America are now an international disgrace.
Here is GPT-4’s report:
According to an article by The New York Times1, interviews with 54 Democratic National Committee members, convention superdelegates and members of a criminal justice task force convened by Mr. Biden and Senator Bernie Sanders found a near-unanimous sentiment that local governments should redirect more money toward social services, education and mental health agencies. Very few advocate fully defunding or abolishing the police, as some activists have called for. But they are aligning themselves with an increasingly popular movement to drastically rethink the priorities surrounding law enforcement.
An article by Newsweek2 states that Democratic Congresswoman Alexandria Ocasio-Cortez of New York took to Twitter to criticize the New York City police budget: “It truly boggles my mind how anyone can see a $6 billion policing budget in ONE city alone – which is more than we spend on health, youth, housing, and homelessness services here combined – and say, ‘You know what will fix police brutality? More money.’”
It is important to note that while some Democrats have expressed support for defunding the police, it is not a position held by all Democrats13.
1. nytimes.com
2. newsweek.com
3. nbcnews.com
4. gop.gov
5. forbes.com
OF USA’S 30 MOST DANGEROUS CITIES, 27 ARE RUN BY DEMOCRATS
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
Does this mean we will start seeing commercials on how to LOWER your credit score?
The better deals from Fannie and Freddie aren’t FOR lower credit scores. They’re for people with lower INCOMES. If your income is low enough you’re absolved from extra charges for having a low credit score, but no one gets a better deal by having a lower score. Even when the press isn’t lying, they’re usually getting it wrong because they’re extremely stupid.
No, it means you see more mortgage defaults and even higher interest rates, Biden may be stupid, but money lenders are not
Are you trying to call me a Democrat?
“Well, what are you gonna do about it, whitey?!”
Reparations by stealth ?
It’s a bullshit list if Houston ain’t on it
What in holy hell is a “decision scientist” ?
Maybe he meant actuary.
No, he meant bullshit artist.
Biden isn’t racist…he’s considering one of Corn Pop’s kids for a cabinet post…if he comes up with the 10%
“DeMOcRatS aRe ThE rEaL RacIsTs”.
That’s the kind of genius political attack that could only come from a doofus like Paul Ryan who couldn’t even carry his own state in 2012. It’s almost as dumb as this argument …
GOP: “There’s more murders in blue cities.”
Dems: “No, red states have the most murders.” (both of which are generally true)
And here I thought it was just that there’s more murders wherever there’s more black people.
J**** Chr***! (It’s so hard not to take the Lord’s name.)
I was a successful mortgage correspondent lender back in 2007. It is happening all over again! Prepare for another extreme liquidity crisis/ housing market collapse!
What’s wrong with paying a million bucks for a pile of sticks ,vinyl,asphalt and pine . An investment for the ages.
Just another clusterfuck like the ninja loans on the 2000’s
The democratic party was founded by the KKK. FACT. It is astonishing to me how many blacks are ignorant to this fact.
Black people have been under relentless attack by both political parties from the jump. COINTELPRO and the ravages of US race/color apartheid are still being felt in the Black community today. Our indigenous righteous leaders were harassed, publicly killed, jailed or coopted/bought off. Black politicians are suckered into grift and graft by a corrupt system just like their white peers. But they are prosecuted at higher rates under a little known program called Operation Fruhmenschen https://larouchepub.com/eiw/public/1995/eirv22n27-19950630/eirv22n27-19950630_011-the_doj_targets_black_officials.pdf, https://jrswriter.wordpress.com/2015/08/24/operation-fruhmenschen/
The plutocrats who own and control the financial system, both political parties, radio stations, record companies and media distribution companies foisted “Gansta Rap” and other forms of degenerate “pop culture” first on the Black community and the nation and viciously attacked anyone who dared speak out (Rev Calvin Butts., C. Delores Tucker and to a lesser degree Louis Farrakhan) against the self-negating depraved media.
Drugs were dumped into the Black community and the police either looked the other way or were so overwhelmed they could do little to stem the tide of violence and mayhem that still goes on today.
The crooks, parasites and charlatans who run Wall Street and their media cohorts blamed the 2008 economic implosion on poor folks who were duped into taking high interest rate loans even if and when they qualified for conventional mortgages by greedy and unscrupulous mortgage brokers and banksters!
My people have failed to learn the lessons of history primarily because we have been duped into not wanting to know our history and we’ve had an anti-intellectual con game run on us.
The Republicans sold Blacks out in 1877 and the Democrats became the party of power in the South that unleashed hell on Black folks. We still haven’t learned that lesson: don’t put all your eggs in one basket. So today Black folks are enamored with the Democratic Party and fail to realize how they are selling us out as we speak. Most Black people want more public safety not less! The Democrats are selling us out and the media made heroes out of the Black Lives Matter con artists until their greed finally came to light. I’ve argued with people like them for years over the fratricide (abortion, violence and homicide) in our community but all they want to talk about is police brutality!
This is why our communities are in such dysfunction. But beware pointing fingers because we are the canaries in the mine, what the plutocrats do to us they eventually do to the rest of the nation. Take a look around if you doubt what I’m saying.
I’ve always had a soft spot for Farrakhan.
Drugs were dumped into the Black community
They were dumped in all communities…
In 1980 cocaine in OC was $100 a gram, $300 for 3.5 grams.
In 1988 in the same OC, cocaine was $60 for 1.75 grams. $220 for 7 grams.
Market was flooded.
Thankyou barry seals and team cia!
Democrats, et. al. hate humanity. FIFY
Democratic Déjà vu! 2007-08 all over again.
The Democrats love the colored, as long as they stay down on the (Democratic) plantation.
The colored people of color have exclusive constitutional and institutionally codified rights to advocate for their own interests, preferences, and representation and receive manifold exclusive benefits of such.
IDGAF if the Party that colored people of color support as a monolith hates them. Especially given those exclusive rights are granted as a function of zero-sum exclusion of Heritage Americans.
That the other half of the Uniparty loves them and rubs that fetish at every opportunity into the White faces of their default constituents, to whom they regularly refuse to advocate for along those same sets of interests and preferences granted to colored people of color, and the colored people of color still refuse to cross that dreaded line in political theater means they are right where they belong.
Colored people of color want to stay on the plantation. Fine. The rest of us, however, are imprisoned on this same plantation. Yet the ink flows over the great debate of who actually loves the colored people of color more. SMH.
Let The inner cities resolve their own issues by providing them with the proper tools:
■Drugs
■Alcohol
■Firearms
■No interference, unless they attempt to punch outside their class.
Then just wait, as the problem people sort out their people problems.
Here comes the free shit army!!!!
FSA