Let us never forget that Karl Marx said the state should have a monopoly on lending money. Marx believed a loan should not be made based on such things as value of collateral, ability to repay, or willingness to repay, but the criteria should be equality in granting of loans and need of the borrower. This is part of an article from the "Center for American Progress" website. This is the organization John Podesta started and used to head. It is a Marxist/Progressive think tank.
Blaming people of color for low FICO scores and insufficient funding for a down payment represents a myopic perspective of unequal access to homeownership in the United States. Instead, a number of other factors contribute to inequality in the mortgage market. First, people of color’s inability to pay higher down payments is due in large part to decades, if not centuries, of discrimination that have created exceptional wealth gaps between communities of color and white populations. Second, credit scoring is not the best measure of risk and often has a discriminatory effect on communities of color, as a National Fair Housing Alliance study shows.
Third, racial segregation—created and perpetuated by both institutionalized public and private discriminatory practices—has historically precluded communities of color from accessing safe and affordable home purchase financing. It has also limited their opportunities and conditions for wealth accumulation. As Jacob Rugh and Douglas Massey explain, residential segregation and the ongoing lack of access to mortgage credit in black and Hispanic neighborhoods have combined to create the ideal conditions for predatory lending in those communities
These are the exact arguments the Marxists used in the past. It did not make the devastation of the crash any less horrendous. It did bring about an international crisis that hurt the middle class the worst. This will happen again if the Marxists again insist on making loans without following sound underwriting practices. History does repeat itself.