Holy crap, no!!!! People who cannot afford to buy houses should not buy houses! It is retardeadtion to try to throw an ethnicity or gender into it. PEOPLE who can’t afford it, shouldn’t!
What is the difference between low income and minorities? The article made the distinction by using both terms.
“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,”
That’s putting the cart before the horse! They are a significant part of the CAUSE, not the EFFECT.
The Bernank has a major reality or dishonesty problem - either way he needs to go.
I think there was a joke headline from the NYT in National Review a long time ago:
Nuclear War Devastates USA- poor hit hardest!
We did this once already - forcing banks to extend mortgages to unqualified applicants simply because those applicants are Black led to the banking crisis.
Now the Marxists in Washington are going to do the same thing all over again???
Obama’s really in a hurry to destroy the American economy and usher in the revolution, isn’t he.
People of Color....for the last time, here are the simple rules for a successful life:
Graduate from high school
Don’t get arrested
Stay sober and drug-free
Have children AFTER marriage
Stay married
Do all of these and you can buy a friggin’ house! And have a job. And do all those other “white” things that you are so jealous of!
It took me (hubby, too) (due to kept getting laid off from jobs.). years to build up my credit-then when it was there, most of the time I got turned down for either not making enough or making too much. Please, give it a rest. Get good credit, a job.. show the lender what you are made of ..No one gave me a free ride. Nobody-no family-they said, work for it. I did. Hubby did as well. As long as we can afford it, we chose to live in a community that the crime is low than on another section of town where he crime is high. Been there, done that.
I don’t understand this push to saddle poor people with a mortgage. There is a benefit to not being a homeowner also. You are a lot more mobile. A renter can pull ip stakes a lot easier than someone who has a house they have to put on the market and hope it sells so they can move somewhere where the jobs are. I guess if you don’t work than that is not a problem.
Another thing we can thank Bush II for - another appointee of his.
The only discrimination minorities or anyone else faces in securing a mortgage is employment status and credit rating.
Bad life choices and just bad luck will affect both of the aforementioned points of discrimination. There should be no expectation of equal outcomes in this country only equal opportunity.
Ben Bernanke. Another gift to the American people of George W. Bush that keeps giving.
That appears to be the current scam with all these mortgage commercials. They get $450 bucks and you get no refinancing..............
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Good and I hope none of these unqualified get a home. I started out very very poor. Hardly a dime in my pocked and worked my ass off getting to a position to qualify to buy a home. And it was a very small house to start with.
does the azzhole NOT remember how we got into this mess in the first place???Yes - the banks tend to “discriminate” against those who do not have the means to allow them to pay the loans...
Everything that was old and failed is new hope again? Reverse discrimination in Michigan and now let’s repeat loans to people based on race rather than economic qualification.
This is too wierd!
Took the words right out of my mouth. Actually, you said it more concisely than I.