Posted on 11/12/2007 9:00:23 AM PST by SkyPilot
Watch this video. It is a really telling of blatant media bias.
ABC shows video of a blighted inner city neighborhood that is a ceaspool of crime, drugs, and children obviously raised without fathers. Moreover, the neighborhood is falling apart (literally). Siding has been torn off the houses, and litter is everywhere.
ABC brings in a local Democrat politician who blames the state of this neighborhood on the "greed" of banks who gave risky loans to poor minorities - who failed to pay their mortgages and had their homes go into foreclosure.
No where in this piece does ABC mention the other social factors that contributed to the sad state of this neighborhood. Moreover, ABC does not mention the Fair Lending Act, pushed for into law by President Clinton that forced banks and financial institutions to lend to minorities with risky credit.
The solution proposed by ABC and the Democrat? You guessed it - more Federal Money (your money).
Hey, where can I get a free mortgage?
You have to type in "Mortgage" into the small search engine and click the story. In the meantime, I will try and find a solid link.
The result — now the banks are criticized for making the very high risk loans it was demanded of them to make. It’s pathetic.
My wife enjoys so much that when the housing boom was at its absolute peak, I was the one screaming we had to buy a house even though some of the things being suggested to me by a lender who will remain nameless (cough**Wells Fargo**cough) were borderline illegal. She calmly told me we couldn’t afford it yet and things were bound to settle down. I could kiss her for being so level headed. Actually, I do. Often.
A few years back, the whining was about banks not lending to “qualified” minorities. Now that the media has gotten what they were demanding a decade ago, we now see WHY banks were not lending to the “sub-prime” crowd
I did not purchase a home until I was 37! Why is the govt pushing this “home ownership” shibboleth on people far less dependable than I?
“local Democrat politician”
How many of his cronies got kickbacks for these shady loans? Remember the Sopranos?
Again, the MSM hides the dirty little secret that most of those loans to minorities that are going into foreclosure are to illegal aliens.
Can’t endanger the open borders/amnesty/drvers license/illegal voters agenda, can we?
Democrats had been insisting for years that folks in poorer neighborhoods were denied mortgages because of bias.
Well... poor people got their mortgages...
This mortgage mess is a toxic brew of pressure from the left and compassionate conservatives to increase lending to risky borrowers and information asymmetry between the mortgage industry and financial industry. The mortgage industry discovered the huge profit potential from following the legal dictates to increase lending. The financial industry buying these loans has been duped or willingly blind to the risks. There has been plenty of fraud and illegal dealings to add fuel to the mess. There is plenty of blame for all players in this mess. The left and compassionate conservatives created the initial spark to ignite this mess so they should take the majority of the blame.
Left to its own, this mess will lead to readjustments to housing prices and lending practices. The left wants to subsidize everyone and prevent the necessary corrections.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Now is the time to gentrify. It can be done simply with a minimum of government money. In a case like this neighborhood, what the government should do is to condemn and bulldoze every other building, in a manner of speaking, and then rezone lots at twice the size.
This makes redevelopment of all kinds a *lot* more attractive, not just for residential, but for business builders.
And if there is whining about how unfair it is to the people who live there, point out that about half the people who lived there still live there. It isn’t unfair to the people who have already left that you don’t put low cost, cramped housing back up.
I’m sure ABC will ignore the fact that minority actually WERE harder hit in this subprime problem. The reason is that those minorities who couldn’t speak English were sold loans by their fellow minority comrades who screwed them badly just to get the quick commissions. Blacks got horrible loans from black loan officers, Phillipinos got horrible loans from Phillippino loan officers, Vietnamese etc, Mexican etc, Chinese etc, Laotian etc, etc, etc.
Nobody will want to place the blame where it really belongs in some of the poorest neighborhoods. On the people who pray on the stupid and uneducated within their own ethnic communities to make a quick buck. It was Africans selling other Africans to the Dutch after all.
And I can personally attest that I’m seen hispanics pimping other hispanics with loan products with balloon payments (something not seen since the early 80s) because they had HUGE commissions compared to standard loans. Because regulators and the rest of the lending community can’t read those flyers and mailers, they have no idea that immigrants were being sold loans which essentially made them hostages. And a lot of those illegals getting loans were really just getting fleeced by another hispanic who cared less about their welfare than the Minutemen Project does at the border.
If you simplistically want to place blame for the mortgage “crisis”, then blame the demonrats who forced lenders to make loans available to people who should have stayed renters. Home ownership is overrated and over hyped and more often than not, the home “owns” the person paying the mortgage. A large part of the “joy” of home ownership is maintenance, maintenance, maintenance and that means bills, bills, bills.
That's a good wife to have. Some wives are the opposite, so your if your wife (like mine) is always going for what you can afford instead of what will make other people think you have a lot, she is worth a lot.
Remember though, we’re talking about houses here, not shoes. I have filed a restraining order with New York & Company to keep her out of there.
Without that demand, call it greed if you want and blame Wall Street for it, there would have been no loans made to marginal or unqualified buyers.
This sub-prime mess is the free market in action. Boom and Bust. Caveat Emptor.
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