Posted on 05/15/2009 8:40:10 PM PDT by Eric Blair 2084
Turn the corner on 145th Street in Jamaica, Queens, and it is as though a cyclone has wheeled through. One resident, Lakisha Brown, a hospital worker and mother of two, snatched her house back from foreclosure last month, if only temporarily. “We need to sell fast,” she says. “I’m just trying to save what’s left of my credit.” Across the street in this black middle-class neighborhood, Patrick Nicholas, a surgical technician in blue scrubs, shakes his dreadlocks and shrugs. He rents but is moving out. “The owner got foreclosed and told us to leave,” he says.
Six doors away, past two foreclosed and boarded-up homes, a burly man in a blue union jacket declines to give his name but his problem is evident. A foreclosure notice is pasted to the door of his house. His tone is mournful. “Tough times, man,” he says. “Tough, tough times.”
Late to arrive in the Northeast, the foreclosure crisis has swept through the New York region at an explosive pace in the past two years, destroying billions of dollars in housing wealth, according to a New York Times analysis of foreclosures filed since 2005 and federal mortgage data
(Excerpt) Read more at nytimes.com ...
one of my neighbors son’s is good friends with my oldest boy
both his parents are Chinese and physicians....the dad is first generation, the mom’s family ahd been here since the railroads and laundry days...she even speaks southern...
the boy is quite smart but his folks do his science projects for him...lol....they’re very good
my family has a Viet boat baby that works for us and she is an engineer, all her siblings are docs or engineers too
her dad was ARVN Mekong delta bigwig but came over broker than hell and started shrimping in Pass Christian
just got wiped out in Katrina...stayed on the boat during storm to try to save it
some Asian groups don’t do quite as well.....Laotians around here are mixed bag....plenty on the dole
South Sea Islanders too...don’t do too good as a group
Indians...it depends on class and family connections...most are like syndicates but they do work however their business practices are not highly respected
it seems to me most Mongolian race cultures do best as a rule
who knows...they are eager and stress family and education
some though are drawn to crime too....again laotians...around here...big issue, Chinese in NYC used to be pretty strong criminal orgs..but not stupid criminals
I personally think the Japanese are the biggest achievers ...them and Jews could rule the world together...lol
We’re all going to die. The NY Times will be first. What a classic title!
...or from storefront "Mortgage Brokers" (funded by drug money) that advertised NINJA and Liar loans which they sold up the financial food chain (to help banks comply with gov't. demands for 'low income' mortgages) before the balloon payments hit.
"“So you turn to local brokers, even if they don’t offer the best rates.”"
So it was their own damn fault!
Only because it is against the law now. Formerly NO ONE was lent money beyond their expected ability to honor the loan contract. Blacks had less income so they got smaller loans. My recollection is that as a group they still had higher default rates than whites. Now we're probably not even allowed to study this.
ML/NJ
What destroys housing wealth is people who have no experience being an owner not knowing how to maintain a house, not even how to use a plunger, and no one in their circle either. They think the house takes care of itself like their old apartment. Other than that, housing wealth has not been destroyed. A 4-bedroom house is still a 4-bedroom house. It will sell for less now but another can be bought for a similar price so it's a wash. The only way wealth is lost is if someone sells the house to go into a different asset class. If they make their mortgage payments, nothing has changed. They have just lost the ability to use it to buy jet skis, home theaters, vacations, plastic surgery. Leftists have no understanding of what wealth is.
Regarding this issue, I never get tired of these two stories from my old hometown. They say it all:
http://blog.cleveland.com/metro/2008/01/the_foreclosure_crisis_he_didn.html
http://blog.cleveland.com/metro/2008/01/the_foreclosure_crisis_dream_h.html
First, they complained because their credit scores were too low to get a mortgage, now they complain because their low credit scores were ignored.
You can't reject reality and not suffer. A similar problem was caused by admitting minorities with low SAT scores into universities. The poor suckers were not equipped to keep up with non-minorities, and had high drop-out rates and need for remedial tutoring. These kind of hi-jinks always hurt the ones they are supposed to "help".
LOL, I saw the headline and KNEW it was the punchline of a joke.
The current situation is that the average black person with the same income as the average white person has more outstanding debt and a worse record of repayment than his white counterpart. This is why - on average - a white person will get a cheaper loan than a black person of the same income - the white person is simply a better credit risk because of fewer outstanding obligations and a better repayment history. Note that decisions are not being made on the basis of "this guy's the average black person, so I will charge him more". They are made on the basis of "John Doe of indeterminate race has a high level of debt relative to income and a lousy record of repayment". It's only when we sort the data according to race and income, after the credit decisions are made, that we spot the differences by race despite similar income levels.
That is true of many people, regardless of race. I have learned the hard way not to lend money to some family members.
That second link is absolutely tragic. Bless her heart, the lady needed a mentor.
One of the groups I belong to was founded to help out orphans and the like - it focuses on teaching life skills to kids who otherwise would not learn them.
Liberals are working to rid the world of those destructive, violent, bigoted, homophobic neanderthals. We'll all be better off when they've accomplished that goal.
We should just get rid of white people who are obviously standing in the way of Nirvana.
Indian Americans, Japanese Americans, Korean Americans, and Persian Americans (the last classified as “white”) all have income levels exceeding those of whites. I believe that among European Americans (excluding Jews, who cut across national boundaries) Greek Americans happen to have the highest per capita income. Its been over a decade since I’ve looked at income by ethnicity in my sociology class, but I wouldn’t be surprised if the figures were the same.
Oh. My. God. The New York Times is unconsciously parodying its own absurd knee-jerk lefist views of the world. Do they realize just about everyone is laughing at them?
Here’s some data on all this:
http://www.success-and-culture.net/articles/incomes.shtml
http://factfinder.census.gov/jsp/saff/SAFFInfo.jsp?_pageId=tp6_income_employment
http://www.asian-nation.org/demographics.shtml
one has to wonder to be candid, since they do so well here why are the cultures they come from so messed up except for Japan?
there is a lot of disparity between various Asian groups too..
People that never should have been allowed to buy in the first place.
Kick them out!
Don't give them any ideas. The reductio ad absurdum argument doesn't work with libs. You can ask them in an attempt to make them look silly "Ban smoking in bars in the name of public health and to coerce people to quit smoking? What are you gonna do next? Ban trans fats and put calories on the menu to coerce fat asses to stop gorging on chicken wings?"
Answer: Yes, that's a good idea.
I'm not even "white". It's your ass on the line for suggesting it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.