Skip to comments.Bernanke: Minority homebuyers face discrimination
Posted on 11/15/2012 1:03:30 PM PST by rightwingintelligentsia
NEW YORK (CNNMoney) -- The housing crisis hurt low-income communities and minorities more severely than other groups, Federal Reserve Chairman Ben Bernanke said Thursday.
"Lower-income and minority communities are often disproportionately affected by problems in the national economy, and the effects of the housing bust have followed that unfortunate pattern," Bernanke said in prepared remarks presented at the Operation HOPE Global Financial Dignity Summit in Atlanta.
Bernanke pointed to homeownership rates for African Americans, which fell 5 percentage points over the last eight years, compared to a 2 percentage-point drop for other groups.
While there has always been a gap in homeownership rates between white and black households, that gap has recently grown wider. The homeownership rate was 44% for blacks and 74% for whites as of September, according to the Census Bureau.
(Excerpt) Read more at money.cnn.com ...
Gee—I wonder if the fact that minority and poor women are having multiple babies out of wedlock has any bearing on their economic level.......
TZ’s easy guide to leftist housing terms:
“predatory lending”=loaning money
Hey, I’ve got an idea. Let’s make sure every last ‘minority’ gets into a new home with a nothin-down, no-doc, government-backed mortgage. What could possibly go wrong?
re: “’Lower-income and minority communities are often disproportionately affected by problems in the national economy, and the effects of the housing bust have followed that unfortunate pattern,’ Bernanke said in prepared remarks presented at the Operation HOPE Global Financial Dignity Summit in Atlanta.”
The same ol’ crap, Lord Above, must we go through this AGAIN!!
SOS Same old Sh-—stuff.
“Uh-oh. Here we go again.”
Isn’t this how the whole housing mess started??? OMG! I can’t take this anymore.
Does the discrimination still exist when you consider income level?
Just tax the “rich” some more. Oh, and hand out free condoms.
I can remember back when I was young and wanted a new house, motorcycles, boats, RVs, lavish vacations........ Somehow, I knew then that I would somehow have to climb out of low-income status to get all those things.
Under Dodd/Frank the government will tell lenders what is a “Qualified Mortgage” and what and how and to whom they can loan money. Violations can punished with jail time.
At the same time, government has regulations and, er, strong recommendations, to lenders to lend to poorer folk - write a “Not Qualified Mortgage.”
It is not a good time to be in the mortgage lending business.
What is encouraging, if anything, is that there are still banks not in the government program, who can loan based on their own judgement. This Free World needs to increase and spread to all industries and communities.
Good idea, but we need a name for it, why don't we call it something catchy like ObamaHousing?
The Bernanke is now grasping at straws. Banks need to free up lending “standards” again? He must know his QE failed.
Let’s just build large multi-apartment public housing projects in every big city and subsidize the rent. What could go wrong?
“I found out a long time ago if I emulated what successful people did I would become successful.”
That’s the winning post of the day.
Bush's Fault my A##!
That's all the further I had to read. Thank you.
If we learn nothing from history, we're doomed to repeat it, as is proof in our re-electing Obozo. We, as a nation, might be to stupid to govern ourselves anymore. But I suppose that was part of the liberal plan 60 years ago. Make them so stupid, they'll vote themselves into irrelevance. - Mission Accomplished!
Banks should post new loan notices that start with, "NOTICE: Our loan policy discriminates against applicants that will not be able to afford to pay our money back to us."