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Cheese Sandwich

(9,086 posts)
Fri May 6, 2016, 11:25 PM May 2016

Clinton pal Julian Castro giving Wall St banks sweet deals as they snatch up distressed mortgages

Julian Castro is HUD Secretary and a prominent Hillary Clinton supporter. He has been a Clinton hatchet man and launched lame bullshit attacks against Bernie Sanders. He's been named as a possible Vice President pick for Hillary.

Here's an example of the type of crony capitalist governance we can expect from the Clinton crew:

Under Secretary Julian Castro, HUD promised to help homeowners avoid foreclosure by selling more overdue mortgage loans to nonprofit community organizations rather than Wall Street banks. But in reality HUD’s two most recent sales have sent 98% of the mortgages straight to Wall Street – and at a HUGE discount, almost half off! HUD’s mission is “to create strong, sustainable, inclusive communities and quality affordable homes for all.” Selling off our neighborhoods to Wall Street – at a steep discount – does not help keep people in their homes, nor fulfill that mission.

ColorOfChange.org, along with the organizations listed below, calls on Secretary Castro to immediately cease sales through the Distressed Asset Stabilization Program until they can ensure those loans will not be sold to the Wall St firms and speculators who caused the Housing crisis.

Alliance of Californians for Community Empowerment (ACCE) Action

American Family Voices

Courage Campaign

CPD Action

Daily Kos

Democracy for America

MoveOn

New York Communities for Change

Other 98%

Presente

RootsAction

Rootstrikers

Working Families Party

http://act.colorofchange.org/sign/castro-dasp-wall-street
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CentralCoaster

(1,163 posts)
1. Ya know that whole economic and mortgage breakdown? It was a planned wealth grab.
Fri May 6, 2016, 11:42 PM
May 2016

First you loosen up regulations, both on trading and speculation, and on the mortgage market.

Then, under the guise of "helping poor people reach the American Dream", you allow junk loans to be approved, loans that the borrowers cannot afford.

Then, boom! The bottom falls out of the market and those in power, who made money selling the shit, come back in and rack up cleaning up the mess.

The few at the top profited while millions suffered irreparable loss.

Now in poverty, millions are suffering and, as Sanders pointed out, losing many years from what would be a healthy lifespan.

 

Cheese Sandwich

(9,086 posts)
3. Even if it wasn't literally planned like that, it might as well have been. The result is the same.
Sat May 7, 2016, 12:07 AM
May 2016

It's pathetically sad and maddening. Black and Latino families are the hardest hit by this too, by far. Bernie should have talked about the foreclosures and bad mortgages a lot more in my opinion. Most people were either affected by this personally or know someone who was affected.

For that matter I'd like to hear him talking about what HUD is doing right now. It's awful.

NWCorona

(8,541 posts)
8. A very good point!
Sat May 7, 2016, 01:09 AM
May 2016

They are double and triple dipping like it was nothing. First from the fees of the initial mortgage and then from bundling and selling on. Now some investment banks are snapping up foreclosed houses, some before they even are able to hit the market.

MisterP

(23,730 posts)
12. it's corporate raiding--Eli Black's model applied to just a different sort of widget--mortgages
Sat May 7, 2016, 02:07 PM
May 2016

rather than whole companies

 

CobaltBlue

(1,122 posts)
2. Thank you, OP!
Fri May 6, 2016, 11:48 PM
May 2016

It lets me know that I will definitely be handling my voting, in the general election, as I should.

 

davidn3600

(6,342 posts)
4. This will be the most pro-Wall Street Democratic ticket in generations
Sat May 7, 2016, 12:19 AM
May 2016

This is supposed to be the working class party? There isn't one anymore.

 

Cheese Sandwich

(9,086 posts)
7. Oh that's interesting.
Sat May 7, 2016, 12:48 AM
May 2016

Or even just for few paid speeches or a high paid consulting gig.

He'll be rewarded one way or another for his service. That's how it works.

Zorra

(27,670 posts)
10. Sounds like the perfect VP choice for Clinton if she's nominated.
Sat May 7, 2016, 08:15 AM
May 2016

And where are those gosh darn transcripts? Anyone seen Hillary's Wall St transcripts? I can't seem to find them anywhere.

TheKentuckian

(25,029 posts)
11. Right here on this board someone argued that no discussion of democratic socialism was complete
Sat May 7, 2016, 12:16 PM
May 2016

without talking Julian Castro cause he is super liberal.

When pressed on why support of multilingual ballots was cited, when okay what else made him set the moon and stars his mother's politics was raised, when it was pointed out that doesn't transfer by blood I was declared a purist which at this point essentially means one has any values, principles, or ideology of any kind that dares expect more than "not a Republican right this moment".

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