Comments on: Did Racism Help Cause the Mortgage Crisis? The Bubble Bursts http://thestrangedeathofliberalamerica.com/did-racism-help-cause-the-mortgage-crisis-the-bubble-bursts.html An Independent Netzine About Ideas Tue, 15 May 2012 16:14:24 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Mortgage http://thestrangedeathofliberalamerica.com/did-racism-help-cause-the-mortgage-crisis-the-bubble-bursts.html/comment-page-1#comment-11218 Mortgage Tue, 16 Dec 2008 21:03:28 +0000 http://thestrangedeathofliberalamerica.com/?p=1820#comment-11218 There is so much information here! IT's great to have an much info as you possibly can. There is so much information here! IT’s great to have an much info as you possibly can.

]]> By: Hathor http://thestrangedeathofliberalamerica.com/did-racism-help-cause-the-mortgage-crisis-the-bubble-bursts.html/comment-page-1#comment-11209 Hathor Tue, 16 Dec 2008 04:20:09 +0000 http://thestrangedeathofliberalamerica.com/?p=1820#comment-11209 Reed. Just how do you know this. What afflict blacks today afflicts white folks when it come to credit. It is a modern affliction, consumerism. You have no idea how much the previous generation saved, doing porter and days work. Working in the Records Department, I saw how financing of repairs and improvements differed between black and white neighborhoods. In black neighborhoods, most of those household financing interest rates were higher than credit card, in the late eighties they were as much as 21% and much higher than standard home equity loans. I don't think most of them were aware that they have lost their home for defaulting on as little as $2000. When I purchased my house I didn't have any trouble getting a mortgage as did my co-worker, which had job stability and a prudent person. My advantage was that I was a veteran. Were are both black. Once more, though not said explicitly, it is blame those ignorant black folks for this mess. No one blame the speculators, who took these mortgages, hoping to flip the house, before the increase in the monthly payments. Reed.
Just how do you know this. What afflict blacks today afflicts white folks when it come to credit. It is a modern affliction, consumerism. You have no idea how much the previous generation saved, doing porter and days work.

Working in the Records Department, I saw how financing of repairs and improvements differed between black and white neighborhoods. In black neighborhoods, most of those household financing interest rates were higher than credit card, in the late eighties they were as much as 21% and much higher than standard home equity loans. I don’t think most of them were aware that they have lost their home for defaulting on as little as $2000.

When I purchased my house I didn’t have any trouble getting a mortgage as did my co-worker, which had job stability and a prudent person. My advantage was that I was a veteran. Were are both black.

Once more, though not said explicitly, it is blame those ignorant black folks for this mess. No one blame the speculators, who took these mortgages, hoping to flip the house, before the increase in the monthly payments.

]]> By: Reed http://thestrangedeathofliberalamerica.com/did-racism-help-cause-the-mortgage-crisis-the-bubble-bursts.html/comment-page-1#comment-11204 Reed Mon, 15 Dec 2008 12:55:09 +0000 http://thestrangedeathofliberalamerica.com/?p=1820#comment-11204 I hear you loud and clear. Lenders and Wall Street forgot what it meant to be a "Customers Man". Regulators did not realize their responsibility to encourage if not regulate the doctrine of being a "Customers Man" African Americans have a tough time getting the education and job experience they need to not just get a job but keep a job. When they have a job they have never been able to earn enough to have "disposable income" to save it for a rainy day. I could go on but bottom line....their credit has historically been...awful. Not meant to be an excuse for irreprehensible treatment but a fact. If you cannot keep a job for more than 3 years and if you can't make enough money to save for a rainy day and you lose your job, which we often do, your credit suffers. Everyone is responsible for this mess.....some more than others. I hear you loud and clear. Lenders and Wall Street forgot what it meant to be a “Customers Man”. Regulators did not realize their responsibility to encourage if not regulate the doctrine of being a “Customers Man”

African Americans have a tough time getting the education and job experience they need to not just get a job but keep a job. When they have a job they have never been able to earn enough to have “disposable income” to save it for a rainy day. I could go on but bottom line….their credit has historically been…awful. Not meant to be an excuse for irreprehensible treatment but a fact. If you cannot keep a job for more than 3 years and if you can’t make enough money to save for a rainy day and you lose your job, which we often do, your credit suffers.

Everyone is responsible for this mess…..some more than others.

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