"Bush Offers an Umbrella When We Need a Tent"–Jesse Jackson

News Type: Event — Seeded on Mon Dec 10, 2007 2:57 PM EST

Article Source: Democracy Now!

us-news, wall-street, foreclosure, mortgage-crisis, jesse-jackson, umbrella, bush-band-aid

Video, audio and text for interview with Jesse Jackson on the Bush proposal to fend off foreclosure for some of those affected by the mortgage crisis. Jackson is leading a march on Wall Street today (Monday) for what he feels is a band-aid for a huge crisis.

REV. JESSE JACKSON: He offers an umbrella when we need a tent, number one. We put together a resolution—a Reconstruction Finance Corporation to bail America out of the Great Depression, similar to the Resolution Trust Corporation, the S&Ls in the 1990s. This thing is so big it's beyond, in some sense, blame... In the meantime, you're looking at record levels of evictions and foreclosures. And when you cannot pay taxes, it undermines schools and public transportation and healthcare. And that's why the government has a role to play. Bush recognizes a role to play. He covers maybe 7% and leaves 93% out in the rain. We need a much more massive approach than this by our federal government, a kind of mortgage Marshall Plan.

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{"commentId":1257698,"authorDomain":"MinnieApolis"}

MinnieApolis

Jesse Jackson:

The rationale at first, Amy, was that for people who had low credit scores—sometimes artificially low, I might add—this was a way to get them loans. But this was abused rather quickly. You have evidence of redlining and targeting and steering; targeting seniors, for example, who are on fixed incomes, and to refinance beyond their ability to pay, sometimes not giving them good information about escrow, where they pay on the interest but not pay on, you know, taxes and insurance, that type of thing, and taking seniors from—the predators take your home; the vultures buy you out.

This is an interesting point -- that some of those victimized in this need not have taken such a risk. They were not advised of other, more appropriate financing options.

{"commentId":1257698,"threadId":"187403","contentId":"1154296","authorDomain":"MinnieApolis"}

1 vote

#1 - Mon Dec 10, 2007 3:04 PM EST

{"commentId":1258015,"authorDomain":"jasonford"}

Jason Ford

The rationale at first, Amy, was that for people who had low credit scores—sometimes artificially low, I might add—this was a way to get them loans.

I have been in lending for a long time and I have never seen "artificially" low credit scores. People's credit scores are right where the put them, whether that be high or low. He's making another excuse for people who haven't paid their bills for whatever reason.

{"commentId":1258015,"threadId":"187403","contentId":"1154296","authorDomain":"jasonford"}

1 vote

#1.1 - Mon Dec 10, 2007 5:02 PM EST

{"commentId":1258009,"authorDomain":"webquack"}

WebQuack Studios.

Make the "subcrime" market pay for this mess.

{"commentId":1258009,"threadId":"187403","contentId":"1154296","authorDomain":"webquack"}

1 vote

#2 - Mon Dec 10, 2007 4:59 PM EST

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"Bush Offers an Umbrella When We Need a Tent"–Jesse Jackson

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