Posted on 10/19/2010 1:03:22 PM PDT by Abathar
“The foreclosure crisis has hit blacks hardest”
What the numbers actually demonstrate is that during the housing bubble (1) blacks more than than others were specifically targeted for obtaining reduced financial standards for getting a mortgage, (2) as part of the government programs to improve “minority” participation in government “affordable housing” quotas, (3) in a process that contributed to the making of the housing bubble, (4)which left those whose mortgages had begun on the weakest financial standards more vulnerable to defaulting on their mortgage when that bubble burst.
Those who created the housing bubble for “affordable housing” goals created the conditions (the bubble) whereby the financially weakest beneficiaries of that bubble would be among its largest groups of losers when it burst.
That is the fateful consequences of all liberal and Marxist programs - give out with one hand and take with the other.
The consequences are devastating.
THAT WAS THE POINT from the START!
What did the Romans ever do for US?
What about women, children and transexuals?
Well, they were also giving mortgages to mexicans with no positive ID, i.e., the matricula consular. THOSE people aren’t bitching, because they just disappeared. Those black folk didn’t have much to lose either - especially if they had already cashed out the equity. They’re just pissed the gravy train has stopped.
Well, I'm not black and I still think Big-O is their man.
What does that make me?
How about the traffic light? Betcha he uses that every day.
Actually he doesn’t. He works from home.
I wonder how many of these folks mined their “equity” when the prices went up? If so, they are walking away from underwater mortgages with a pocket full of cash.
That is a big problem with many of the underwater mortgages out there now. Banks were loaning 110% of the value of the house, people were buying new cars, vacationing, you name it. If the banks LET these people put themselves underwater before the damn prices even started to drop then who is the real victim here except the US taxpayer?
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