Posted on 01/18/2009 11:59:29 AM PST by Chet 99
WASHINGTON – When it comes to homeownership, Hispanics in New Jersey, single parents in California and senior citizens in Rhode Island all have something in common: More than a third have an unaffordable mortgage.
Inequality in America has traditionally followed familiar patterns of race, age and education. Those long-standing gaps have been magnified by the real estate boom and now the historic bust, according to an Associated Press analysis of 2007 Census Bureau data.
While minorities have made significant gains in wealth and home ownership since 1990, "things are going into reverse gear," and now the homeownership rate for blacks and Hispanics is falling, said Edward Wolff, a New York University economist who studies income and wealth distribution.
(Excerpt) Read more at news.yahoo.com ...
Be stupid, make poor financial decisions, play the victim card, belong to a protected class: SUBSIDIZED HOME PROVIDED BY THE GOVERNMENT.
Stay in school, get an education, get a job, save, invest, and be responsible: YOU’RE SCREWED.
That, however, is not the point.
The idiocy of the Mortgage Backed Securities fraud and the Housing Bubble is that, even in "luxury" neighborhoods, $1 million houses were being eagerly bought for $2 million by hardworking (although very foolish) people that had "earned" the ability to pay off only a $1 million mortgage.
The Mortgage Backed Securities fraud required warm bodies to sign the mortgages that were later sold to investors regardless of their ability to repay the borrowed amount. The warm bodies included high earners that had no business buying $2 million houses and also low earners that had no business buying $300,000 houses or any house at all.
The so-called "homeowners" buying houses at prices they should never have agreed to with mortgage amounts they could never repay were the props used in the scam to fleece the investor pigeons. The so-called "homeowners came in without the overpriced house and, if they leave without the overpriced house after foreclosure, they will have broken even and lost nothing.
“A little revolution every now and then is a good thing”
As we move forward in this socialist utopia the cities, aka blue areas, will collapse. People in the cities will come to the urban and outlaying areas for food and other needs.
People in the outer areas, aka red areas, will defend their property and lives via the 2nd amendment.
While what you suggest is a good idea, the leaders will not allow the host to pull off the parasites while they are still feeding.
Who is John Galt?
A+
You mean people who strive to be better educated make more money? Who knew that?
Is this for real??
Honest to God, the cause and effect is right there in black and white!! Home ownership among these populations increased due to meddling by Barney Frank and Bill Clinton in the mortgage markets. Giving loans to unqualified minorities was done on purpose. Does this idiot not make the connections? The mortgage market has failed because of it, and is on the brink of bringing down the entire world's financial system, and the brain trust at the Associated Press still doesn't get it?
I give up.
Secession can be done by a vote of the people of the state. There are enough organized conservatives out there to make a difference. Can you imagine if 2 Million conservatives showed up at the Capital and demanded all the old politicians to step down. Both parties. Any newbie could stay, even Franken if he manages to pull out the win.
Thomas Jefferson said every generation needed a revolution. I agree with your statements about migration. It is imminent unless they kill the suburban business. That is probably their plan, so more people will come to the cities.
TY.
Sadly, with the DUMBOCRATS IN CHARGE FOR THE NEXT 4, most of the usual suspects will escape the necessary PUBLIC HANGINGS.
Nobody forced them to sign it.....
Want the payoff, take the risk YOURSELF is what I say.
I didn't sign their mortgage.
As for me, I bought an affordable house based on one income and put over 50% down. Why should I help these DINK idiots when their t!t gets caught in the wringer?
Like your spirit — BUT you’re a bit off course. Allow me to ‘splain:
Years ago, Congressman and medical doctor Larry McDonald was working late in his Capitol Hill office when an old friend from medical school knocked on his door. Larry rose and greeted his guest and, after exchanging the usual pleasantries, looking a bit dejected, his friend slumped into a chair.
Larry asked him what was wrong.
With a little sigh, his friend said “Every few years, a group of us have to take time away from our practices and jobs and come all the way up here to meet with our representatives and senators to try to head off some new effort to trash the Constitution. And I often get the feeling that these guys up here just aren’t listening.”
Laughing, Larry offered, “You do know, don’t you, that there’s a better way?”
“What’s that, Larry?”
“You and your friends ought to get together at home and find a candidates who share your values and get behind them with support and resources and REPLACE those guys who aren’t listening. And if there is no candidate with those qualifications, go out and CREATE one – maybe even run yourself! And if, down the road, the new guy stops listening to you, work to replace HIM. The beauty of the House of Representatives is that the Founding Fathers designed it so that these folks have to come home every 24 months to get their tickets punched by the voters. And as we both know, the taxing and spending occur in the House. If the lower house refused to fund some liberty destroying or unconstitutional agency or program, it just won’t happen.”
“But, Larry, how do we convince the rest of the voters that the incumbent needs to be replaced?”
“That used to be a real challenge since poll after poll asking folks what they thought of congress usually got very negative answers. But when asked how they thought THEIR guys were doing up here got responses indicating that THEIR guys were doing a good job. There are programs that publish the rating of every member of congress using the yardstick of the United States Constitution.”
(One site where you can learn how YOUR guy is doing vis-à-vis the Constitution is at www.throwthemout.com. Check it out when you have an opportunity.)
“Does it work, Larry?”
“One of my favorite stories about that is the 16 year-old paperboy out in the Midwest who every quarter paid to have 10,000 bulletins printed displaying HIS member’s rating and threw them on his route and in another 9,500 lawns in his district – FROM HIS BIKE! After 3 quarters of that, the incumbent was ousted for someone who more closely represented the views of the voters. On election night, the red-faced loser was interviewed on TV and, waving one of those bulletin, sputtered that it was a right-wing plot to “get him.” It was GREAT TV.”
“A ‘plot’ by a 16 year-old paperboy.” Larry and his guest laughed.
“And it’s happening all over the country – even in my state, Georgia. My supporters down there are keeping the voters in the 7th informed about my votes up here. Since my only standard is the Constitution, they keep sending me back. So it works both ways: The good guys get reelected and the bad guys get sent home – or hang around as lobbyists.” Another chuckle.
“But what about the presidential election?”
“While important, if we had 300 or so decent representatives up here on the Hill, they’d take back much of the power they’ve shipped down to 1600 over the past years and the 4 year beauty contest would become far less important than it now is. A metaphor for these elections for president, representatives and senate is a 3 card Monte game: While everyone is focused on the card marked with the “P,” the “R” and “S” cards are largely ignored.”
Larry continued.
“After the last election, I boarded a plane to Washington here in Atlanta and just happened to be seated next to another representative who had changed planes at Hartsfield. This guy never met a tax or spending bill he didn’t love. About 1 hour – and his 2 or 3 adult beverages – into the flight, he chuckled. I asked him what was so funny.”
“Looks like we fooled the voters – again!”
Larry’s friend returned home, got his friends and neighbors up to speed with educating those around them – and within a year, had a new and improved representative.
And here’s ANOTHER — PERSONAL — story to drive the point even harder.
Around 6 am one dark morning in the early 80s, 4 of us piled into a car in Atlanta with a few hundred TRIM bulletins and other fact-packed flyers detailing how then Georgia Representative Ed Jenkins and Senator Sam Nunn were voting on issues important to all citizens. Our destination was Hartwell, Georgia and an “Eggs and Issues Breakfast” hosted by a large Hartwell church.
We arrived at the church about an hour early and deployed. As folks arrived for the buffet line, each was handed some of this highly informative literature. As they waited in line, they read and chatted as new information came to their attention. Just before the invited dignitaries were to make their 20 minute speeches (aka, pitches for re-election), we made certain a supply of these flyers made it to the head table. Ed and Sam ate precious little of the fine southern breakfast cuisine before them as they periodically glanced menacingly at the table we occupied. In unison, the 4 of us smiled sweetly and waved.
When Ed and Sam each rose to speak, each devoted 16 or 17 minutes of the allotted 20 minutes TRYING TO DEFEND their DOCUMENTED VOTING RECORDS to an increasingly hostile gathering as we returned Ed and Sam’s withering stares with more sweet smiles and waves. It was truly one of the highlights of my early years as a political bomb-thrower. YOU should try it!
After a bit more bomb-throwing in other parts of his district, Ed Jenkins was defeated in the next election. Because he ran state-wide and we lacked the resources and manpower to cover the entire state (and he did begin to clean up his act) Sam hung on for another term or two.
We shouldn't.
What infuriates me, after all that has happened, is to hear politicians and talking heads on TV still whining about "falling house prices" as if falling Bubble prices were a bad thing.
The Bubble prices on houses SHOULD be falling back to the level where the average buyer for the average house can afford a down payment PLUS payment of interest PLUS payment of principal from Day One without going bankrupt.
Anything else does not qualify such a person as a "home buyer". It only qualifies him as the renter of a rent subsidized house that has been bought at a ridiculously inflated price, first by a fleeced Mortgage Backed Securities investor and then by the U.S. taxpayer.
I *just* finished reading this article at Yahoo!.
The entitlement mentality is especially infuriating to those who knew it wouldn’t be prudent to buy a house, despite the easy access; most places don’t have rent control and rents have gone through the roof, with none of the advantages of home ownership such as tax deductions. As usual, bad behavior will be rewarded.
It’s gonna be a long four years...equality, equality, equality. Well, show me one place that states life is supposed to be fair. The Bible? There have always been well people and sick people. There have always been rich people and poor people. There have always been fat people and thin people.
This is life, folks, get a grip. Grow up, already.
My dad always said "Life isn't fair, get used to it.
The racism, class warfare, and "equality" issues are attempts to legislate "fairness".
There is no such thing. No matter what you do things are not fair. Giving these over leveraged home owners my money certainly isn't fair....to those of us who resisted the "$1 Million dollar home" temptation.
I say it was their risk, and it should be their loss. Now THAT is fair.
I figure that way he'll be able to find enough blame available to pin the whole problem on Bush 43.
The Dems pulled that stunt in the 9/11 commission having Gorelick (who put up the wall between the FBI and CIA in place) sit on the panel.
But some men have more strength than others; some more health; some more industry; and some more skill and ingenuity, than others; and according to these, and other circumstances the products of their labor must be various, and their property must become unequal.
The rights of property must be sacred, and must be protected; otherwise there could be no exertion of either ingenuity or industry, and consequently nothing but extreme poverty, misery, and brutal ignorance.
St. George Tucker, "View of the Constitution of the United States" 1803
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Government continues to destroy the country by operating contrary to both natural and political law......and the sheeple still sleep.
I think that would be the point where we learn if our troops will fire on conservatives.
Obama’s citizen police force would.
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