Well, when Obama said that the Biden administration was “finishing the job” of his own administration, he sure meant that.
After all, considering one of the landmark “achievements” of the Obama administration was bailing out the big banks and ushering in massive quantitative easing, which has been widely cited as a major cause of raging inflation today, it seems that said big banks are eager to get in on some easy money again, knowing that Biden likely has their back when their little schemes predictably go off course.
Specifically, Bank of America CEO Brian Moynihan has apparently decided it’s a great idea to resume the exact same practices that led to a massive financial crisis in 2007-2009, chiefly by permitting selected individuals to acquire homes with zero down payment.
That’s right: In an age of ever-escalating interest rates, which makes monthly payments vastly more expensive, Moynihan has decided it’s a swell idea to basically give out houses to people with no savings for a down payment, expecting them to magically come up with much higher, regular monthly payments underneath an enhanced interest scheme.
Almost as if big banks and the government want more people to fall into poverty, and, by default, government dependency.
“Back in the [Gerald] Ford administration in 1974, there was an Equal Credit Opportunity Act. And under that were created the ability to make loans in neighborhoods that are not economically vibrant,” Moynihan began as justification for his absurd scheme.
Someone should inform Moynihan that “back in 2008” the scheme of giving away houses to all didn’t end very well for anyone, aside from big banks and the political elites.
No real surprise the banks are resuming the same practices again, predictably under the guise of some noble intention.
“So this is about granting a down-payment – which we’ve been doing with lots of special programs for years – to a buyer who, no matter who they are, as long as they meet the income requirements, to buy a house in a majority-minority neighborhood,” Moynihan declared.
Right. Because easy credit has proven to be so valuable when in the hands of fiscally irresponsible individuals.
Just look at how many people don’t even want to work anymore following massive, continuous unemployment benefits that commenced during the pandemic.
Apparently, the Bank of America CEO thinks people should acquire a house before acquiring sufficient savings for a down payment, much in the same way students majoring in gender studies think that conservative taxpayers should be on the hook for paying their student loans later on.
Even when such conservative taxpayers never went to college themselves.
Moynihan’s announcement is especially amusing in light of a current lawsuit in which the big bank is embroiled, which ties back to the 2008 financial crisis.
As reported by Bloomberg, Bank of America is currently facing off with Ambac Financial Group over Countrywide Financial, a remarkably shady mortgage lender that Bank of America decided it would be a great idea to acquire for pennies on the dollar in 2008.
In spite of the enormous chaos Countrywide Financial caused to the economy.
According to the lawyer for Ambac, Michael Carlinksy, Countrywide Financial was one of the absolute “worst of the worst” in terms of contributing to the prevalence of bad loans.
“Blinded by sheer greed, [Countrywide Financial] ran a factory where it literally churned out billions and billions of dollars in bad mortgage loans,” Carlinsky intoned, “it didn’t care about the quality of those mortgage loans because it was passing the risk on to others.”
Well, isn’t that ironic. Bank of America acquires an incredibly shady mortgage lender that never faced any real accountability for its fraud, while Bank of America decides to resume the same practices that led to the mortgage lender going belly up in the first place.
Meanwhile, the insurer of Countrywide Financial is still hunting for its billions from a big bank that received who knows how many billions from the Obama administration.
So, basically, Bank of America is facing off with a major insurer in court over a mortgage lender it acquired that deliberately made bad mortgage loans … while Bank of America simultaneously continues to make bad loans as part of its new and unimproved policies.
Banks sure have learned a whole lot from being “bailed out” it seems … Mainly how to collude with corrupt political elites for their own mutual enrichment, regardless of the impact such collusion really has on the well-being of the nation.
After all, Obama was surely not able to acquire tens of millions of dollars in real estate following a few years of so-called “public service” … though he certainly could do so after being paid upwards of $400,000 or more to speeches at big banks following his presidency, and who knows how many shady foreign deals engineered through the Biden family.
And Obama is quite gleeful about the apparent power he still retains, which is evident from the multiple interviews he’s done in recent times.
“I think that what we’re seeing now, is Joe and the administration are essentially finishing the job. And I think it’ll be an interesting test,” Obama bragged during an interview on “The Ezra Klein Show.”
It will be “an interesting test” indeed … especially as Hunter’s chickens continue coming home to roost.
Author: Ofelia Thornton