Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 10/19/2010 1:03:22 PM PDT by Abathar
The foreclosure crisis has hit blacks harder than any other group in America and it will be tough for them to regain their footing in the housing market.
Blacks' homeownership rate has plummeted nearly 6 percent to 46.2 percent since its peak in 2004. That's more than twice that of any other racial or ethnic group, as well as the nation's rate as a whole, which fell only 2.3 percent, according to U.S. Census data.
Also, among recent borrowers, nearly 8 percent of blacks have lost their homes to foreclosure, compared to 4.5 percent of whites, according to the Center for Responsible Lending. Latinos, who have also been pummeled by the mortgage meltdown, came in a close second behind blacks in foreclosure losses.
The consequences are devastating. Fewer blacks own their home now than any other racial or ethnic group and that makes it even more difficult for them to achieve financial security and attain wealth.
"We built the middle class on homeownership," said Marc Morial, head of the National Urban League, which works to empower the black community. "How many people have built their business with the equity in their home? How many people have sent their kids to college with the equity in their home?"
The loss of homeownership is more than the difference between a mortgage payment and a rent check, experts say. Purchasing property is the key to building wealth, which not only allows people to improve their quality of life and provide more for their children, but also gives them a cushion during tough economic times.
(Excerpt) Read more at cnn.com ...
This guy?
Illinois Candidate’s Name Misspelled As ‘Rich Whitey’ On Electronic-Voting Machines
http://www.freerepublic.com/focus/f-news/2607653/posts
Now you know why banks Red Lined certain communities - can’t pay, won’t pay and/or valuation depreciation are solid reasons to keep folks (seller, buyer, bank) from hanging themselves financially. But the CRA, Clinton, political correctness, Barney Frank, Chris Dodd and spineless Repubs made sure EVERYONE COULD OWN A HOME.
Exactly, short of life saving reasons home equity loans are for morons. I still remember the ads where they would give you interest only loans (with a huge balloon payment after the initial length of course) that touted up to 110% of the appraised value, and some of the people doing the appraising were as crooked as a mob boss.
I would love to see how many of these protected classes of people mentioned here have more than one mortgage, or they rolled them all into a single one to try and lower their payment when reality hit. It would also be interesting to see how many Escalades are parked in front of these homes too.
Oh my!
98% are sticking with Obama....how’s that working out for you!!!
This crazy black woman jumped up and down saying "Don't gotta worry 'bout no mortgage" and a bunch of idiots believed her!
Where’s Barney?
LOL, probably riding in Morial’s limo. Dat’s what friends do right ?
This is the problem. Homes are not meant to be investment vehicles or personal ATM's.
A long time friend who just happens to be Black has one favorite question that he asks other Blacks when they get to whining. “What do you use everyday that wasn’t invented by a White man”?
Of course they don’t have an answer so he says, “Well did it ever occur to you that is the reason why the White man is doing better than we are?”
I tried to nail him by saying peanut butter was invented by George Washington Carver. He said “Yeah, and you don’t eat it everyday, do you?”
I had to admit that I didn’t. He knows me too well to BS him.
When you post a picture like that,
you’re obligated to ping Laz...
They started doing no background check 100% financing on homes a while back.
The main ones complaining here IMO are people who never were in a position to own a home before the faulty government ordered financing came to be.
The rest of the folks who like others just lost jobs are in the boat with the rest of Americans who have it rough.
I don’t have sympathy as much for those who were given dream life terms for their loans. Never was realistic IMO.
This would be WAY too hard for your average 0bama voter to understand,
but it is easily proveable that blacks who met the same requirements as other groups were not getting turned down at a rate higher than the other groups.
Or, in other words, it’s easily proveable that higher standards were not required for blacks than for other groups.
If either of the above two scenarios were true,
black mortgage default rate would be MUCH LOWER than other groups.
It wasn’t.
“Which African country would you be better off in?”
is another good one.
Housing crisis hits people who didn't pay their mortgage hardest
It’s supposed to hit those who can least afford it.
Always. Only the color of money is the object. Race has nothing to do with it.
Egads!!! They were better off when George W. Bush was president and when there was a GOP Congress.
Heard Sunday about a woman who got her home from Carter’s Habitat homebuilding program.
She was in the Army for 4 years, then the Postal Service. Now works for some other govt. organization.
So when these measures get passed, with lotsa requirements and lotsa procedures to navigate through the bureaucracy,.....
U can bet there will be government employees and dependents and insiders skimming the cream off the top.
These black folks got the word on the FHA low standards for qualification, by their local government benefit community organizer types.
“Hey, go down to Countrywide. See Jamal. He is a Loan Rep. and he will get you “qualified.”
Then you just find the house you want, and you are a home owner.
They be goin up in price like knowhow. You can jus refinance.
Now de shit cum down. We gotta pay? Wha dat be about?
Betta scream to our rep dis be discriminatin, dis gotta pay up or get out.
Blacks be hit hardest, indeedy.
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