Posted on 01/18/2009 11:59:29 AM PST by Chet 99
WASHINGTON – When it comes to homeownership, Hispanics in New Jersey, single parents in California and senior citizens in Rhode Island all have something in common: More than a third have an unaffordable mortgage.
Inequality in America has traditionally followed familiar patterns of race, age and education. Those long-standing gaps have been magnified by the real estate boom and now the historic bust, according to an Associated Press analysis of 2007 Census Bureau data.
While minorities have made significant gains in wealth and home ownership since 1990, "things are going into reverse gear," and now the homeownership rate for blacks and Hispanics is falling, said Edward Wolff, a New York University economist who studies income and wealth distribution.
(Excerpt) Read more at news.yahoo.com ...
For the love of God, why is this our problem? If someone is one unexpected bill away from foreclosure, they have absolutely no business buying a house in the first place!!! This entitlement mentality is infuriating!
BOHICA
A place to live is a right afforded to all by the government. Home ownership is for thise who work hard and earn it. Luxury homes in good neighborhoods are for people who have succeeded in what they do and earn more than others.
“entitlement mentality is infuriating”
I second that. I was just reading in the AJC that the government is poised to help people who are having trouble affording their mortgages on $500,000 houses. What on earth drove these people to even think about that size of debt? A reasonable person surely would have realized that it would be impossible to sustain that kind of payment.
Every time I catch sight of that flaming queen, Barney Frank (whom some have dubbed “The Banking Queen), lecturing some business or banking type from his perch in a House hearing room, I want to HURL!
Let me see if I have this straight. And to borrow a line from a Jim Carey film “SOMEBODY stop me” if I get any part of it wrong:
Barney and some of his cohorts (Dodd, Schumer, et al) FORCED banks to make mortgage loans to people who had no prospect of making the payments under threat of losing their bank charters;
For a number of years BEFORE the current collapse, Barney was routinely waving a limp wrist and declaring that Freddie and Fannie were “…just fine”…while Barney was doing only God knows what with Herbie “The Love Bug” Moses who just HAPPENED TO BE A SENIOR EXECUTIVE AT FANNIE MAE! (How incredibly appropriate that Herbie was with FANNIE!)
If Barney and Herb had been Barney and Helen, and Barney weren’t a liberal media darling, the media would have been all over it. But since it was also one of those untouchable “homosexual relationships” political correctness places off limits, we heard nary a word, let alone a phrase like “conflict of interest.”
Now we have Barney, et al scrambling to slap a band aid (the soon to be proven idiotic BAIL-OUTS) over the gaping economic wound they created in the first place.
This, of course, explains Barney’s stridency in seeing that the bail-out dough goes to a rescue of those same home buyers who lacked the means to repay their ORIGINAL loans: So we can keep the cycle going and allow him and his buds to draw MORE power to Washington. It could soon be bail-outs as far as the eye can see.
Am I the only American who is puzzled and disgusted that we have put the foxes in charge of watching the chickens?
And am I the only American who believes that roosters aren’t the only edible on Barney’s highly varied diet.
This is precistely the kind of thinking that helped create our current financial mess. Home mortgages should not be some type of civil right dispensed in an “equal” manner regardless of ability to pay. They should be privileges bestowed only upon those who have shown personal responsibility to pay down their debts.
If someone’s mortgage is unaffordable to them, maybe they ought to consider downsiding, maybe buy a smaller, cheaper house or rent an apartment.
Pretty simple solution.
I believe the author of this piece is insinuating these people are stupid or selfish - I can't quite tell which.
To each according to their needs, (food stamps, section 8 housing, CRA, passed by a repub congress signed but Clinton, bailout money), from each according to their ability. (the funds to give to everyone else).
It isn’t their problem, it is ours. We have sat on our butts and done nothing while the marxists stole our liberty.
A people unwilling to use VIOLENT force to maintain their liberty deserves the tyrant who will rule them.
We are the problem, not them.
Sounds like this guy is beating up on Blarney Fwank and Chrissie Dodd now.
It will become more infuriating when the general tax-paying (I don’t mean SS and Medicare taxes) populace find out all they have to do is to be Hispanic, Black, a single homosexual parent or old to get a free mortgage on them. Somehow Asians and other ethnic groups don’t seem to make it into their equations, does it? Could it be they don’t toe the voting line?
one word comes to mind...
“whaaaaa”
Your not the only one. What do you want to do about it? I am fed up till I can’t see straight. I think the only thing we can do is show up in mass on the capital steps and demand that our congress people operate under a balanced budget. If there is a shortfall then cut government services and sell government assets.
YES WE CAN REFORM OUR GOVERNMENT. YES WE CAN DEFEAT SOCIALISM.
Don’t need violent revolt. WE need states like Texas, Fl, and Alaska to start up a secession movement. The rest of the south and the midwest would want to join in. We will keep OUR Constitution since the lefties don’t seem to want it. Let them have their entitlements and their debt. We will keep our natural resources, and watch them start to beg.
It was a great deal at one time. Two working professionals could get a 750K-1M home on an interest-only loan. Interest service monthly is doable and totally deductible as are property taxes. Couple that with the prospect that values would increase a lot in 5-10 years means a tidy get-out profit and on the next house. Trouble is that values tanked. Wouldn’t you like to live in a nice house, deduct your rent payments from your income, and then ‘sell’ your rental when you moved on and make a $100K or so?
Abolishing tenure is long overdue.
The short term goal of these congressional banking thugs was, as usual, the purchase of votes/loyalty. But the long term agenda was Big Brother ownership of the banking industry. What better way to break the bank than force it to make impossible loans to irresponsible or incapable borrowers! Break the auto companies by making mileage demands and supporting unions. Confiscate billions from tobacco companies. Prevent oil companies from finding/marketing oil. None of this happened by accident. Ain’t the Marxist mindset just wonderful!!
Like Madoff?
Besides the MORONS taking out two mortgages and illegals with with one mortgage they never could afford cutting grass for a living, just note the states with the highest foreclosures. Except for a few they all seem to be HIGH TAX DemoncRAT run states. And AP's real estate genius Alan Zibel fails to make that connection.
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