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August 8, 2013

Obama administration using housing department in effort to diversify neighborhoods

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The Department of Housing and Urban Development, (HUD) is about to add another to its list of failures with its latest attempt at socialist engineering.

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As is pointed out in Cato Institution's evaluation: "Five Decades of Failure are Enough."

With its $60 billion annual budget, HUDs negative impact on the economy is far larger than its multi-billion-dollar budget.

HUD's policies played a key role in causing the housing boom and bust and then the recession in its wake.

Weak lending standards on HUD-insured mortgage loans helped fuel risky non-prime lending.

HUD also put pressure on banks and the failed housing giants Fannie Mae and Freddie Mac to make risky loans to under qualified borrowers.

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Thanks to those policies, Fannie and Freddie went bankrupt and already have received $112 billion in taxpayer bailouts.

Via Fox News: In a move some claim is tantamount to social engineering, the Department of Housing and Urban Development is imposing a new rule that would allow the feds to track diversity in America's neighborhoods and then push policies to change those it deems discriminatory:

The policy is called, "Affirmatively Furthering Fair Housing." It will require HUD to gather data on segregation and discrimination in every single neighborhood and try to remedy it.

HUD Secretary Shaun Donovan unveiled the federal rule at the NAACP convention in July.

Read more here.


Partially cross posted (edited) from We The People Blog

Posted by DancingCzars at August 8, 2013 1:49 PM



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