When the Dream of Owning a Home Became a Nightmare

New York Times ^ | October 19, 2019 | Keeanga-Yamahtta Taylor

[karpov]

Bankers will make a lot of bad loans if you insulate them from the consequences. This caused the 2008 financial crisis too. "Insanity is doing the same thing over and over again and expecting different results."

[bboop]

I thought the banks were ordered to make loans with lower financial standards so that it would ‘be fair,’ against their better business sense but mandated by the House, no?

[dynachrome]

“Keeanga-Yamahtta”

Someone overturned a scrabble box to pick out a name?

[jeffc]

...while subsidizing white flight to the suburbs.

Say what?

[ex91B10]

😂

[Gay State Conservative]

Once upon a time the chant was "banks unfairly deny mortgages to minorities".Then came Attorney General Re No who announced that any bank that denies a mortgage to a "minority" will have the weight of the US Government fall on its head.Banks got the message.

Then,about 15 years later,the chant changed to "predatory lending".

Banks just can't seem to get it right in the opinion of the Rat Party.

[Gay State Conservative]

See Post #6

[bgill]

The rest of us get to pay for those bad loans.

[ealgeone]

Richard Nixon gave voice to a shift in government policy in 1968 when he declared that “people who own their own homes don’t burn their neighborhoods.

Well, that theory has been disproven.

[ealgeone]

A down payment cost only $200; a buyer’s mortgage was linked to her income, not her house’s value; and the interest rate on the loan, subsidized by the federal government, was capped at 1 percent.

Wow...wish I could have gotten that deal.

[JennysCool]

Keeanga-Yamahtta Taylor

Ahh, the days when reporters had names like "H.L. Mencken."

[Demanwideplan]

Which is why we must get rid of the Federal Reserve. Bank decisions should benefit or cost the bank officials, board directors, and stockholders only. American taxpayers must stop the nonsense of bailing out bad decision makers.

[Professional]

If you don’t lend to them, you’re a racist.

If you DO lend to them, you’re a predatory lender.

= No Win

[CIB-173RDABN]

Bankers will make a lot of bad loans if you insulate them from the consequences

—

This is the mechanism behind “student loans”.

[Fungi]

A hyphenated first name, that's a new one.

Seems to be a whole lot of anger there, just a guess.

[Dilbert San Diego]

Is part of what’s going on, that people misunderstand what’s involved in home ownership?

For example, this house in the article needed lots of repairs and maintenance. The mother in the story may not have realized that it is her responsibility, her money needed, to maintain the home. If someone has been a renter their entire life, they may not understand/appreciate the fact, that the homeowner pays for all repairs out of pocket.

[Robert DeLong]

You are either a troll or you have a poor grasp on what really happened. Banks were forced into making loans available regardless of the realities.

Plenty of proof to back that up

[JennysCool]

YOW!

Lots of “Keep Me From Killing People” drugs going on in THAT head!

[SamAdams76]

To be fair, you don’t really own your home until you pay off your mortgage.

[Gay State Conservative]

Yup,I believe the Community Reinvestment Act was a big part of that...as was Attorney General Re No.