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A Dozen Democrats Want To Help Banks Hide Racial Discrimination In Mortgages

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Fergie

Fergie

Avenger
Oct 25, 2017
3,882
England m8.
These senators are finding common ground with President Trump.
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Sens. Tim Kaine and Mark Warner are both supporting a bill that would roll back anti-discrimination enforcement.
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Tim Kaine isn't shy about his work as a fair housing lawyer. When he ran as the Democratic Party's vice presidential nominee in 2016, the Virginia senator routinely touted his past pro bono efforts to help low-income families deal with shady landlords and racist lenders. Combined with his affable dork-dad delivery, Kaine helped shore up Hillary Clinton's credibility on an ambitious anti-discrimination agenda. And it didn't sound like empty politician talk: Kaine had done the work.


He still feels a connection with civil rights attorneys. "In representing people who are getting ripped off or who don't have anybody else to stand up for them or who don't even know the questions to ask or where to turn for help, you are the hero," Kaine told a Washington gathering of the nonprofit National Consumer Law Center in November.


And yet next week, the Senate is set to vote on a Kaine-sponsored bill that deliberately undermines the government's ability to enforce laws against racial discrimination in the housing market. The legislation would block the Consumer Financial Protection Bureau from collecting key data showing when and where families of color are being overcharged for home loans or steered into predatory products. It's just one small provision in a broad financial deregulation package, which, thanks to backing from 12 Democratic senators, is almost certain to clear both chambers of Congress and receive President Donald Trump's signature.

"This is a bad bill," Sen. Elizabeth Warren (D-Mass.) told HuffPost. "No Democrat and no Republican should support it."
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A Kaine spokesperson said the senator is just looking to provide "relief for small community banks and credit unions in Virginia while strengthening consumer protections for all Americans." The spokesperson also noted Kaine's background: "As a former fair housing attorney who fought against discriminatory lending practices, Senator Kaine supports stringent requirements to protect against unfair lending, and this legislation keeps those protections in place."

But the National Consumer Law Center isn't buying it. In December, the center teamed up with two other consumer groups to urge every senator to vote against the "harmful legislation" that Kaine is backing. "This bill contains destructive policies that roll back or eliminate essential protections," the groups wrote.

It's hard to find a liberal organization that likes anything about the bill. The AFL-CIO, the consumer watchdogs at Public Citizen, the establishment think-tankers at the Center for American Progress, the wonk-activists at Indivisible and the banking experts at Americans for Financial Reform have all weighed in against the legislation, citing harms to consumers and risks to financial stability. The National Fair Housing Alliance, the National Housing Law Project and the National Urban League have all specifically criticized the provision on anti-discrimination data.
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More: http://www.huffingtonpost.co.uk/ent...al-discrimination_us_5a96e489e4b0e6a523042fc8
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djplaeskool

djplaeskool

Member
Oct 26, 2017
19,751
Like the CFPB is going to be doing anything of import now that Mulvaney's at the wheel anyways. Ugh.
This is a lose-lose.
 
Shauni

Shauni

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Oct 25, 2017
5,728
Wow, both Kaine and Warner are generally good, too. I guess the both sides thing can be right once in a blue moon, because this sounds awful.
 
HStallion

HStallion

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Oct 25, 2017
62,262
I can never get what the fuck is going through the heads of certain Democrats. The GOP as shitty as they are, are at least consistent in their shitty actions.
 

Imperfected

Member
Nov 9, 2017
11,737
You know what, even beyond the fucking bullshit this is supporting, as soon as I hear "legislation to block collection of data" I want your ass gone yesterday.
 
shadowsdarknes

shadowsdarknes

Banned
Oct 30, 2017
8,706
Isnt Mortgage underwriting largely done automatically these days?
I could imagine how some smaller banks may have trouble complying with various regulations involved on this topic.
 
sangreal

sangreal

Banned
Oct 25, 2017
10,890
Bandage said:
God damn, Tim. The fuck are you doing.
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Removing a silly regulatory reporting requirement from banks that barely engage in mortgages. The CFPB under Cordray made the same change for open-ended LOCs so this would only bring closed-ended loans in line with that. They considered this exact change in 2015 but settled on a lower threshold for closed-ended loans (25/yr instead of 500/yr). Their rationale for not going with 500 at the time is that it would reduce the data available for 5000 (of 75000) census tracts by 20%+. 1/3 of those tracts were low to medium income. The quality of that lost data is questionable given the relatively tiny amount of mortgages these banks issue

The CFPB can make this change whether this law passed or not, just like they did last year and 2015. This provision does nothing to further Trump's agenda. There are far more noteworthy issues with this bill
 
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Red Cadet 015

Red Cadet 015

Banned
Oct 27, 2017
2,947
This is what we mean by "Corporate Democrats." They should really be moderate Republicans, but the Republican party has gone stark raving mad.

This is what happens when Progressives are afraid to articulate policies like universal healthcare and free college. No, it's not going to get done in the next 5 years. That's why you shift the debate to your issues. YOU define the battleground. Just like we did with gay marriage and trans rights.
 

Deleted member 13101

Banned
Oct 27, 2017
17,973
" the paucity of legislation during the Trump era makes the campaign finance strategy at work here fairly easy to interpret."

It's like saying "The paucity of legislation helps me make the little data I have fit the narrative I want."

Never mind the tax bill passed is so much worse over 10 years of time. And healthcare is still being undermined, one-sixth of the economy. But this article...this is just the worst, right? And "siding with Trump?" Come on, now.

Also, the CFPB collecting this data on people, especially THIS CFPB, just to possibly discriminate against them later, is not a good thing. So action should be taken here. More action can be taken later should people want to vote a Democratic majority to congress.
 
Kirblar

Kirblar

Banned
Oct 25, 2017
30,744
djplaeskool said:
Like the CFPB is going to be doing anything of import now that Mulvaney's at the wheel anyways. Ugh.
This is a lose-lose.
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This is why this particular concession doesn't mean much. The CPFB is completely neutered under Trump.

The senators voting for this (who aren't from Delaware) represent purple/red states up for election in 2016 or 2020 and are doing this because of the positive impacts on local banks and credit unions in an a election year and are doing this to buttress local support and burnish their "bipartisan" credentials. "All Politics is local" is a saying for a reason.

This is a cynical political move to help get themselves re-elected with knowlege that the next 2 election cycles aren't going to go well for the GOP and that Dems will likely reverse a lot of the stuff if/when they take power next.
 
Shauni

Shauni

Banned
Oct 25, 2017
5,728
Kirblar said:
This is why this particular concession doesn't mean much. The CPFB is completely neutered under Trump.

The senators voting for this (who aren't from Delaware) represent purple/red states up for election in 2016 or 2020 and are doing this because of the positive impacts on local banks and credit unions in an a election year and are doing this to buttress local support and burnish their "bipartisan" credentials. "All Politics is local" is a saying for a reason.

This is a cynical political move to help get themselves re-elected with knowlege that the next 2 election cycles aren't going to go well for the GOP and that Dems will likely reverse a lot of the stuff if/when they take power next.
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That's some wishful thinking tbh. Whenever rights are stripped and neutered, they are rarely given back without blood spilling or a major disaster that threats the former if no action is taken
 
tabris

tabris

Member
Oct 27, 2017
4,236
Kaine was always awful. He's typical corrupt democrat imo. While there's a lot less corrupt democrats then republicans - and democrats are usually on the right side of history on social issues - they tend to be "moderates" on economic issues due to being paid off the same as the republicans who are more upfront about it.

Hell he gave up his position as DNC chair for Debbie Schultz in 2011 - many suspect that he did this in a quid pro quo deal for the VP selection in next election in 2016.
 
Aftervirtue

Aftervirtue

Banned
Nov 13, 2017
1,616
Who is going to be the face of the next wave of progressives in America? These representatives are part of the swamp that still needs to be drained. We all know the republicans have proven themselves enemies of civilization, but unless we have democrats that have spines we won't make any progress in 2018.
 
Shauni

Shauni

Banned
Oct 25, 2017
5,728
Aftervirtue said:
Who is going to be the face of the next wave of progressives in America? These representatives are part of the swamp that still needs to be drained. We all know the republicans have proven themselves enemies of civilization, but unless we have democrats that have spines we won't make any progress in 2018.
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I mean, it's impossible to say who will step forward. Several possible names float around, but you never know who will step forward. But my feeling is ultimately progressivism is basically dead in America at this point. What little time Dems may have in power will have to used to fix the damage done to bring things back to status quo until another GOP majority come in to destroy everything again, and most likely that will be a more effective fascist regime that will kill dissent and take over the government fully.
 
RoyaleDuke

RoyaleDuke

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Oct 26, 2017
1,397
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Super Corpse Soldier said:
What do you call greenlighting racial discrimination in mortgages?
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Oh boy, here we go.

Let's not get this twisted man, the republican party and trump supporters are nazis.

The Democrats, at least don't want to exterminate me for being bisexual, or my friends for being a different color.

The corporate democrats want to make money off of us but they at least still throw us a few good sized bones, instead of oh, bullets and ropes like the republican party.

Bonen no Max'd said:
Glad my voting choices range from overt state oppression of minorities to just allowing private companies to brutally exploit them. That is a healthy democracy.
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So you'd rather vote for the entirely racist party, that will kill you and everyone else, that is pretty much working with other countries, undermining the democracy...

That makes perfectly logical sense...oh wait no it doesn't.
 
Hierophant

Hierophant

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Oct 25, 2017
2,196
Sydney
RoyaleDuke said:
Oh boy, here we go.

Let's not get this twisted man, the republican party and trump supporters are nazis.

The Democrats, at least don't want to exterminate me for being bisexual, or my friends for being a different color.

The corporate democrats want to make money off of us but they at least still throw us a few good sized bones, instead of oh, bullets and ropes like the republican party.


So you'd rather vote for the entirely racist party, that will kill you and everyone else, that is pretty much working with other countries, undermining the democracy...

That makes perfectly logical sense...oh wait no it doesn't.
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It's not a sin to want a better democratic party.
 
Bonen no Max'd

Bonen no Max'd

Member
Oct 25, 2017
523
RoyaleDuke said:
Oh boy, here we go.

Let's not get this twisted man, the republican party and trump supporters are nazis.

The Democrats, at least don't want to exterminate me for being bisexual, or my friends for being a different color.

The corporate democrats want to make money off of us but they at least still throw us a few good sized bones, instead of oh, bullets and ropes like the republican party.


So you'd rather vote for the entirely racist party, that will kill you and everyone else, that is pretty much working with other countries, undermining the democracy...

That makes perfectly logical sense...oh wait no it doesn't.
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Why do you think I want to vote for a racist party? I want to vote for a real center-left to left-wing social democratic party.
 
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