Posted on 07/09/2007 8:28:47 AM PDT by BenLurkin
Edited on 07/09/2007 8:30:20 AM PDT by Admin Moderator. [history]
More than a quarter million black and Hispanic families are expected to lose their homes in the next few years due to foreclosure. For many, the financial trouble will be traceable to a mortgage they should never have been given.
You roll the dice, you take your chances.
LOL! Is that yours?
Ding, ding, ding... we have a winnah.
I may be a cynic but how about paying your damn bills. Oh, please do not say “they could not afford these house”. Ok, then when you run into trouble - sell, get out.
Do not try and gain sympathy from people, take responsibility for your own actions.
These foreclosures effect everyone - interests rates, tightened money supplies, etc.
If this is cruel to bad, I am tired of people not stepping up to the plate and doing what’s right and tired of people blaming everyone else for their problems.
That's a fairly common one. Can't take credit.
Absolutely!
The creative financing is a lure. No doubt but you don’t have to take the bait. Anyone with half an ounce of sense should know that you need to look at the fine print too! Just because you are Hispanic doesn’t mean you can’t use your God given brain.
I’m sorry you’ve had a bad experience with a real estate agent, but please don’t paint the entire industry with one tainted brush.
Minority communities claime tha thte credit scoring system is racists because blacks have lower scores than whites.
Banks don’t want the negative image so they lend to people with shakey credit to avoid being labeled racist.
Banks also lend to borrowers with poor credit in order to make money on fees and on higher interest rates. When these mortgages were written, the real estate bubble was in full swing so even if there were foreclosures, the rapidly appreciating market would not, as the lenders believed, would more than make up for any loss from foreclosure.
Lnd to everyone who asks became the business model, if for no other reason than to avoid losses to your lending competitors.
Hence, credit worthiness or illegal immigration status became less relevant to the lending process.
Now, with the bubble bursting, the chickens are coming home to roost.
If a real estate agent does ANYTHING to "steer" a minority buyer away from a house, he/she is automatically presumed to be a racist and faces severe penalties.
It is a no-win situation.
Actually, they want “Section 8” mortgages. Minorities pay 1/3 of their paycheck (no matter how small...), the taxpayers have to pick up the rest.
No, I didn’t have a bad experience with one. I simply know for a fact how they operate. It’s not a secret. They’re in it for the money too! It's unfortunate that the low standards and easy entry to be a real estate agent do taint the industry in a negative way. There are far more shysters in the real estate industry because of that fact.
Yup. Exactly right.
Yup!
A government bailout of lenders AND targeted special interest group borrowers.
“If a real estate agent does ANYTHING to “steer” a minority buyer away from a house, he/she is automatically presumed to be a racist and faces severe penalties.
It is a no-win situation.”
Yes it is and another reason why they don’t need to care. So like others, they’re in it for the money!
I know some people that are ok with this. They made mistakes and bought homes they couldn’t afford and all the stuff that goes with them. They became slaves to the house, working two or three jobs to make the payments and finally said , no more. They don’t want the houses. They have found something more reasonable and will suffer thru re-building their credit.
“No one holds a gun to your head when taking out a mortgage.”
No kidding. We were approved for twice the house we bought. There was no way I was getting in that deep. Sure enough, I got laid off a couple years later. We were able to make it on my wife’s meager salary until the new business got going. Had we spent the whole amount we were approved, well, I don’t like to think about that.
Personally, I would neither ask for nor accept a mortgage that is over my abilibity to repay. This article is another diatribe about how the wealthy take advantage of the poor and the white males take advantage of the so-called 'minorities'. It's getting very tiresome, and it is not the fault of the lenders. The last thing on earth any lender wants to do is foreclose on a loan and take a house. They are not in the real estate business, nor do they want to be.
Yet, for those buyers and sellers who care about race, the realtors have developed a code for transmitting that federally forbidden information which leaves them in the clear.
The banks have been making loans to illegals. This is a crime and the banks should have to pay a hefty price for their lack of responsibility. In the long run though, the citizens and the taxpayers will pay for the banks’ lack of responsibility. The banks bubbled the housing market along with the corrupt politicians who approved this practice behind closed doors, more than likely. When will our politicians learn? the answer is Never!
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