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Feb 12 - Stop-and-Frisk wasn't the only Bloomberg-era policy that hurt the black community


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 6 days ago '12        #1
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Gramz  topics gone triple plat - Number 1 spot x9
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Feb 12 - Stop-and-Frisk wasn't the only Bloomberg-era policy that hurt the black community
 

 

SubPrime Mike: How Mayor Bloomberg Fought Efforts To Protect Black Homeowners From Predatory Lenders

Soon after Michael Bloomberg took office in 2002, 40 of the 51 members of the New York City Council sponsored legislation aimed at curbing the growth of predatory lending practices by banks. According to the Daily News, “thousands of homeowners” had been taking on “subprime mortgages that have hidden charges, fees and conditions that are essentially designed to force homeowners into foreclosure.”


In May 2002, New York’s two most prominent black elected officials, State Comptroller Carl McCall and City Comptroller Bill Thompson, announced their support for the bill. In late September, the New York Times editorial board endorsed the measure.

Throughout the year, Mayor Bloomberg expressed opposition to the bill, known as Local Law 36. At the end of the Albany legislative session that June, the divided legislature (which had a Democratic a*sembly and a Republican Senate, while Republican George Pataki was governor) rushed through its own, less-stringent bill targeting predatory lending.

In early October, Governor Pataki signed the state legislation. A few weeks later, the City Council passed Local Law 36 by a vote of 44-5. Mayor Bloomberg then vetoed the bill, arguing that it was “not the appropriate vehicle” for addressing the dubious lending practices.

While the state bill outlawed scams including balloon payments (lump sums that, if not paid off, caused foreclosure) and required lenders to notify borrowers of the risks, the city bill went much further. It expanded the range of predatory practices to include excessive points and fees, required home loan counseling, and eliminated prepayment penalties.

Even more distressing for lenders was the provision of Local Law 36 that allowed the city comptroller to monitor banks’ compliance with the new rules. Failure to comply could have resulted in those lenders no longer being allowed to conduct business with the city government.

The lead architect of the legislation was then-councilman James Sanders of Southeast Queens, a hot-spot of subprime lending. As Sanders later observed, “We think the City Council was well within its authority to set some standards for who [the city] does business with.”

After the Council overrode his veto, Mayor Bloomberg then tried to stop the measure in court. In late January 2004, New York State Supreme Court Judge Michael D. Stallman struck down Local Law 36. Stallman did so almost entirely according to the doctrine of “preemption,” meaning that state law overrules city law. Without the state measure, most of the city’s provisions against predatory scams would have taken effect.

In early 2003, I asked City Comptroller Bill Thompson why Mayor Bloomberg fought so hard against Local Law 36. Thompson explained that in Bloomberg’s view, “you’ll do damage to the companies — you’ll undercut subprime lending.”

In New York City and across the nation, the subprime mortgage crisis was the key catalyst of the Great Recession of 2008, which saw black families lose more than one-third of their wealth. But Michael Bloomberg went to bat for his allies in the financial sector. In embracing Bloomberg, the 2020 Democratic establishment is showing that it simply does not care about the plight of the party’s large base of black voters.



visit this link https://indypendent.org/2 .. atory-lenders/
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 6 days ago '12        #2
Gramz  topics gone triple plat - Number 1 spot x9 OP
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feel the BERN.


Bernie or bust.


@ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @



Last edited by Gramz; 02-12-2020 at 12:51 PM..
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 6 days ago '15        #3
MemphisBleek 
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Bloomberg is only in play if the others fail. His policy against blacks will mean nothing during a general election.


Last edited by MemphisBleek; 02-12-2020 at 01:02 PM..
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 6 days ago '18        #4
SFamilyRep  topics gone triple plat - Number 1 spot x1
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fu*k Bloomberg & any enemy to the black community
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 6 days ago '04        #5
young_fletch 
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SO Bloomberg veto a law that a state law would overruled. nonstory

 6 days ago '06        #6
Darell_ftb  topics gone triple plat - Number 1 spot x3
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fu*k Bloomberg. fu*k the bi*ch I'm not gonna even attempt to spell her name lol. fu*k Pete, fu*k Warren. Bernie is the best candidate
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 6 days ago '12        #7
acefresh 
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 Darell_ftb said
fu*k Bloomberg. fu*k the bi*ch I'm not gonna even attempt to spell her name lol. fu*k Pete, fu*k Warren. Bernie is the best candidate
mother fu*k a Bloomberg
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 6 days ago '17        #8
andsam 
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bloomberg is a rich new york millionaire like another character in the white house. Imagine actually voting between these 2 d*ckheads in november
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 5 days ago '18        #9
antisocial100 
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This is sh*t that happened in the past, let’s talk about the sh*t he’s doing now. I hate when ppl bring all these old stories up when he’s done a lot and put his money where his mouth is
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 5 days ago '04        #10
Def Poet|M 
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 antisocial100 said
This is sh*t that happened in the past, let’s talk about the sh*t he’s doing now. I hate when ppl bring all these old stories up when he’s done a lot and put his money where his mouth is
you sound stupid as fu*k. his record matters. just like the stop and frisk sh*t he was so proud of up until it was time for his bi*ch a*s to run for president.

Bloomberg is a racist.
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 5 days ago '05        #11
P-Hill|M 
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 5 days ago '18        #12
antisocial100 
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 Def Poet said
you sound stupid as fu*k. his record matters. just like the stop and frisk sh*t he was so proud of up until it was time for his bi*ch a*s to run for president.

Bloomberg is a racist.
You calling me stupid is crazy cuz u don’t personally know me . I could tell you I’d slap the sh*t out of you but alas we’re talking over a blog site, so that threat is rather empty

I’ve lived in NYC all my life, we’ve had back to back good mayors , Bloomberg and de blasio. Bloomberg has went against trump and even financially back initiatives that trump took money out of ie his f*ght to go green and make the planet better. Let’s not let Bloomberg’s missteps distract us from selecting a highly qualified and smart candidate

And like I said I’d say I would knock ya head off but the threat is empty
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 5 days ago '04        #13
Def Poet|M 
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 antisocial100 said
You calling me stupid is crazy cuz u don’t personally know me . I could tell you I’d slap the sh*t out of you but alas we’re talking over a blog site, so that threat is rather empty

I’ve lived in NYC all my life, we’ve had back to back good mayors , Bloomberg and de blasio. Bloomberg has went against trump and even financially back initiatives that trump took money out of ie his f*ght to go green and make the planet better. Let’s not let Bloomberg’s missteps distract us from selecting a highly qualified and smart candidate

And like I said I’d say I would knock ya head off but the threat is empty
I didn't say you were a stupid fu*k. i said you sound stupid as fu*k. If you from NY you should know how bad stop and frisk is. I could careless what he did to f*ght trump. Words out of his mouth were racist so therefore it's a non starter for him to become president.
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 5 days ago '18        #14
antisocial100 
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 Def Poet said
I didn't say you were a stupid fu*k. i said you sound stupid as fu*k. If you from NY you should know how bad stop and frisk is. I could careless what he did to f*ght trump. Words out of his mouth were racist so therefore it's a non starter for him to become president.
I’m still voting for him or Bernie

 5 days ago '16        #15
Proveone  topics gone triple plat - Number 1 spot x1
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Watching members of the congressional black Caucus do what they do best is so sad. Watching the congressmen perform mental gymnastics to justify his endorsement of Bloomberg was... Sad





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