Posted on 01/18/2008 10:56:09 AM PST by Lorianne
... pessimism was hard to avoid during the early sessions of this latest economic summit, convened January 5-9 in New York City by the Rev. Jesse Jackson's Rainbow/PUSH Coalition. The summit's theme, Jackson reiterated time and again, was the "structural inequality" that has persisted in American society long after the end of legal segregation. The main item on the opening day's agenda was the subprime mortgage implosion, its impact on black communities and its larger ramifications for a national economy barreling toward recession. Black homeowners have been hit particularly hard by the mortgage crisis, largely because predatory lenders have been steering them toward subprime loans for years, even when they could afford prime rates. According to Valerie Rawlston Wilson of the Urban League, home equity accounts for nearly 90 percent of black homeowners' total net worth. So as the housing market collapses, much of the trumpeted new wealth that has accumulated in black communities in recent decades will go with it.
"There is no question that a black or Latino family is twice as likely to receive a subprime loan as a white family," fumed Lewis Fidler, a white New York City Councilman who participated in the day's second panel, "The State of Home Foreclosures." "If that's not a civil rights issue, I don't know what is."
ooops this is an excerpt
Perhaps it's because they're more likely NOT to pay their bills on time?
Maybe because they don’t have any ID???? And, shouldn’t be required to according to some who think voters ID is discriminatory!
“Perhaps it’s because they’re(blacks&Latinos) more likely NOT to pay their bills on time?”
....yep, and because of this banks used to decline lots of loan applications....they did this to protect themselves and their shareholders....for their prudence; they were attacked as “racist” and accused of “redlining”
World to end tomorrow - Women & Minorities hardest hit - NY Times.
Watch carefully as we march steadily towards November. Watch as the ususal suspects work hard to stir up the black vote, conjuring up all kinds of villans and boogeymen. Remember, it was George Bush who was responsible for the chain dragging death in Texas. Remember, Bill Clinton told us he saw many black churches burned as a boy.
Just you watch.
Seems a good FICO score, 20% downpayment, and requiring only 25% of your TAKEHOME pay to go to a mortgage is now RACIST???
Well my wife and I built our home here (Charleston, SC) 8-years ago and we didn’t have an issue with our loan nor have we ever paid our mortgage late. I hate articles like these articles because they assume to speak for all of black America.
I’ve been a member of this site since 2000 and have spent just about the last 20-years of my life traveling to some of the worst places on earth defending freedom. Stop painting with such a broad brush. We’re not all liberals loons. At least the members of this site should be smart enough to know better.
TD - USAF
What an @sshole. First they complained that they didn't get any loans . . . now they're complaining that they don't like -- MONTHS OR YEARS AFTER THEY SIGNED THE PAPERWORK, MIND YOU -- the terms of the loans they did get.
And you did all that you did without the help of the Nation, the country’s oldest Marxist publication, the Reverend Jesse Con Artist and any liar-in-chief such as Al Sharpton. Imagine that.
Heck, even a not so good FICO score and 20% down will get you a decent rate.
Didn’t Congress DEMAND that lender’s lend to people with bad credit and no money down?? Didn’t they want “red-lining” STOPPED ASAP??
Exactly the point that was NOT made in the article.
People who are not Black and who are not Latino but who have poor credit records are also ‘targeted’ for sub-prime loans. These people are also in for ‘catastrophic times’ if they cannot meet the terms of their loan agreements. But I guess if they are not Black or not Latino, it’s not as ‘catastrophic’.
Structural inequality is because of false leaders like da rev Jesse who moan and groan about discrimination, while the problem lies in self-inflicted pathologies such as no-father families, blind hatred of Whites and dependence on no-work handouts from a corrupt government.
Terrence...THANK you for your service.....There is NOTHING that covers everyone!!! You should know that. I’m a woman, and NOTHING about women covers all of my life, actually MOST don’t but I will admit that women are DUMBER than men in most things....finances, politics, business,news of the day, so I am stereotyping even though I don’t fit that stereotype. Don’t play the victim card.
I want to make sure you realize that I wasn’t personally painting with a broad brush. All I was pointing out is that those minorities who were previously turned down, and now getting subprime loans, in 99% + of those cases it was credit/income reason, not racism. I’m not saying that some loan officer out there didn’t have racist intentions, but I’d say the vast majority do not in this instance.
If you don’t have to worry about PMI, you can get an “A-paper” loan in the upper 500s if you have good income and 20% down. When you have less down it’s more an issue of whether or not you can get PMI than anything else.
Google “duval patrick” and redlining.
The man made a MINT by using the gov’t, as liberals do, to force business to act against market forces,
and when the consequences of this came home to roost, then the race pimps once again blame the businesses.
I think you’re right on that. The Federal government has been in the business of endorsing risky home loans for decades.
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