Posted on 07/23/2008 7:00:26 AM PDT by Kimberly GG
"As Congress heads into a critical week of votes on how to relieve America's home-foreclosure crisis, one of the toughest issues will be how to deal with the racial and ethnic dimensions of the problem. Minorities will be watching closely to see who gets the help.".....
......"Black and Hispanic families have gotten a disproportionate share of subprime lending, and subprime loans are the driving force behind the foreclosures," says Katheen Day, spokeswoman for the Center for Responsible Lending, a nonprofit research and policy group based in Durham, N.C. "We know that black and Hispanic communities are hardest hit.".....
(Excerpt) Read more at news.yahoo.com ...
....."Activist groups say this racial dimension to the problem puts a special responsibility on the federal government to relieve distress in these neighborhoods."
Finally, someone is touching on the subject of the number of subprime loans that were given to Hispanics. What still isn't being said is the number of recipients that are illegal aliens. Government issued Tax ID numbers and the acceptance of the Matricula Consular ID cards, IMO, led to the rush by banks to extend credit and subprime mortgages to illegal aliens. Pandering by our government and the banking system (including the Federal Reserve Bank) to illegal aliens has brought us this gigantic economic mess and now both the illegals and the banks will be rescued, at our expense, by the bipartisan, Open Borders wing of our government.
“Black and Hispanic families have gotten a disproportionate share of subprime lending, and subprime loans are the driving force behind the foreclosures,” says Katheen Day, spokeswoman for the Center for Responsible Lending, a nonprofit research and policy group based in Durham, N.C. “We know that black and Hispanic communities are hardest hit.”..
Yeah...because Congress put pressure on banks to lend money to these very people. Duh.
No Doc Loans were very popular
Anyone could get financing at a higher interest rate with no s.s. number or verification of income
Not my job to support the world or bail out bad business practices!!
Tip of the iceburg. In Las Vegas, the Culinary Workers Union worked with a major bank to get housing for their “undocumented” workers. Now they want a bailout.
How do we fix this (other than the obvious by requiring citizenship and a social security number)?
The lenders sold all the subprime mortgages in securitization deals. Make the purchasers of the subprime loans pay the bill. They created the mess by buyin it - let them pay the price!!!!!!!!!!!
oh... the mortgage mess is an illegal alien issue too?
Is there nothing they can’t do in your eyes?
Most Hispanics don’t run banks sweety....
Wait a minute, I thought government pressure on these institutions to “provide loans” to the underprivileged (i.e. those that cannot possibly every qualify or afford them) was all part of helping them to achieve the American dream ?
No, it was reverse racism and white guilt that “inspired” these companies to indiscriminately hand out cash and now the economy is reaping the benefits of the failed social engineering plan - which was doomed to fail with, or without, the current “crisis”.
Now everyone else has to subsidize their inability and refusal to pay - to live within their means.
Let me get this right...Because a bunch of illegals got subprimes, they want me to pay for the roof over their head while I have to pay mortgage/rent for me also...Give it all to the illegal....Thanks congress, and bush, for giving my country away! Sorry bunch of SOB’s on the invasion of our country, and faiing to do anything to stop it. We used to belong to a Republic, more and more, we are surfs to the socialistic incremental changes that are killing America.
Yep. You have it exactly right. That is what "your" government has become. PC butt smoochers to the third world.
Bleed Whitey, especially those who played by the rules.Wring money out of him like a washrag..Brown people are in White people are out...
Rich politicians from BOTH parties want to dominate this country at the expense of the white male...They know that the days of the white male are up, so they are catering to people of color...That’s Americas future!!!
Pardon me, but this whole mess is such a bunch of complete horsesh—.
Minorities had the largest share of sub-prime loans... because they are the least responsible when it comes to establishing and maintaining good credit. The very definition of “sub-prime” is someone who who does not meet the criteria of creditworthiness for a conforming or “A-line” loan.
I am so frigging sick and tired of paying money to a government that uses that same money to pander to the illegal aliens, the racists, the corrupt, the lazy, and the malcontent... and does it all in the name of white guilt and political power.
I am a student of business, history, and philosophy. At what point do we say enough is enough? At what point do American citizens get so fed up that they turn on their government? I know that this is the dividing line between current events and philosophy, but it seems that we are headed to a place where political uprising, armed or not, is the only way to reestablish citizen and Constitutional control over our monstrously corrupt and overreaching government. Interestingly enough, it seems that Obama (of muslim upbringing and himself a student of Marxism) is the only current politician that realizes this, which may be why he has proposed creating a “civilian security force” equal and size and strength to the US Army. Posse comitatus, anyone?
It is a sad state of affairs when the next US election will pit a liberal against a Marxist. No wonder the democrat party is salivating, and no wonder so many conservatives plan on staying home. After the liberal candidate met with La Raza, I became one of them.
If American history is any pretext for the coming decade, its going to get far worse before it gets better.
It is when the US government is holding a gun to your head and demanding your hard earned $$$$!
The liberal pansies we have elected from both parties and sent to Washington to rule us should begin to get nervous. Many of us have had quite enough.
The frosting on the cake would be to have an Obama (more dangerous to America than Osama) rule.
Foreign governments own $1.5 trillion of Fannie and Freddie...China $376 BILLION, Japan $228 Billion, Belgium $33.3 Billion, Luxumbourg $39 Billion, S Korea $560 MILLION, Cayman Islands, Britain $28 Billion, Russia $75 Billion, Taiwan $20.7 BillION..many other smaller owners fill out the total ...FIGURES FROM A NYTimes graph. The Fannie and Freddie bailout has added $800 billion in the current proposal on our backs...here is Deningers post this morning labelled ‘red alert’...http://market-ticker.denninger.net/
The man had lost his job.
No mention of whether or not he had taken out a mortgage he couldn't afford, how he lost his job, or why he couldn't get another one.
Hey, they thought they had those houses stolen fair and square - it isn't right that they might lose them, now. ;)
So, I bought a small house that I could qualify for, and spent 30 years praying that I would not lose my livelihood and the means to pay off the mortgage. My reward? My taxes will be used to bail out irresponsible people who “bought” more house than they could afford. Gee, I should have gotten on that gravy train. Why work when I can get Uncle Sucker to buy me a house? I’m bitter and clinging to my guns.
If you were one of the “irresponsible people” you mentioned and also happened to be an illegal alien, you could simply walk away from all debt (credit card, medical, mortgage, etc)...spend a couple hundred for a new identity, and start all over, scott free, again, and again, and again....AND if you’re a married male, your “unmarried” spouse could continue collecting welfare, housing vouchers, food stamps, etc. Since you’re not really a “criminal” alien, the worst that could happen, you get deported and have to walk back over the border.
Oh, it's racism that caused it all. Hopefully Obama will fix everything when he becomes king.
Rather than “being the hardest hit”, since it it the foreclosures and failure to pay what is owed that is hurting ALL of us, even those of us who DID take care to only borrow what we could afford -—
Isn’t it really the case that these poor and minority people are the CAUSE of the problem, the ones who are HITTING us the hardest, rather than the victims?
For years, most of us knew how to borrow within our means. Those who couldn’t make enough money rented. But then comes along the democrats and they want their “constituents” to own things, so they force bad loan practices, and the poor people come into the market and borrow money they know they can’t pay back, and ruin it for everybody.
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