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There
are various reasons. But a big one is this: The federal government
turned home ownership into an affirmative-action program, complete with
quotas. And a lot of people who had no business buying houses bought
them and then lost them.
"As sad as it is to say, this began in the Clinton Administration as a
response to the argument that the poor and minorities couldn't get
credit and were being left out of the home-ownership dream," says James Wright, a sociology professor at
University of Central Florida.
"They couldn't meet credit requirements. There was a lot of pressure in
progressive circles" to change those requirements.
[Full]
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Holy Crap! Orlando
Sentinal columnist Mike Thomas comes closeer to articulating the truth
about this as I've seen in print.
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To
further this goal, Fannie Mae agreed to buy high-risk subprime loans in
1999. This meant lenders could sell the loans to unqualified buyers and
then dump them on Fannie and the taxpayers.
The Department of Housing and Urban Development set a goal that, by
2001, half the portfolios of Freddie Mac and Fannie Mae should be
composed of loans to low-income and moderate-income buyers.
Once Freddie and Fannie were fully engaged in the subprime business,
the market went crazy. Lenders enticed unqualified and unsophisticated
borrowers into signing loans they couldn't possibly pay off.
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I'll take small victories where I can find them.
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Except I recall reading that it was the (former) Worst President Evah, Jimmuh, who started this ugly ball rolling. -- Skyhawker Doug
ReplyDelete"Sometimes I look at my children and I say to myself: 'Lillian, you should have remained a virgin.'" - Lillian Carter
Hell, you can trace it all the way back to LBJ, but if you follow this particular debacle back to it's roots it begins with a HUD memo as I recall, followed by a Clinton mandate for affordable housing. The nation will NOT survive the damage inflicted on it by the Clintons, and I include Obama in the list. BUSH 41 had it in his power to indict both of them in 1991 and didn't. What a freaking shame.
ReplyDelete"White households now have 20 times more wealth than black households and 18 times more wealth than Hispanic households."
ReplyDeleteWho in the hell cares?
Is there some kind of competition going on that I missed?
It's kind of hard to accumulate wealth when substantial portions of a community are in prison, are felons, or are sending all of their spare cash back to their country of origin (aka Mexico).
If you are trying to accumulate wealth (which is apparently what this survey guages), you may want to seriously consider:
a. How many children you have ("0" is an option);
b. How much of your life you plan to be incarcerated;
c. Whether you should use cocaine;
d. Whether you should smoke dope all day long;
e. Whether to take advantage of low interest student loans; and
f. Whether to take advantage of affirmative action programs which add points to your test scores and get you in very nice colleges, grad schools and professional schools.
I certainly considered items a. - e., above.
My answers to items a. and b. were "O".
My answers to items c., d. and e. were "yes".
Because I am a white male, item f. was something I had to contend with and not benefit from.