Minority Families Face Wave of Foreclosures

http://finance.yahoo.com/loans/article/103200/Minority-Families-Face-Wave-of-Foreclosures ^ | Friday, July 6, 2007 | Ruth Mantell

[BenLurkin]

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.

[nmh]

This is silly.

Perhaps there lack of understanding English and NOT reading the fine print did them in?

Regardless of race, anyone is eligible for a foreclosure. Just lose your job while you’re living beyond your means - not limited to just Hispanics.

[nmh]

“For many, the financial trouble will be traceable to a mortgage they should never have been given.”

Wrong!

No one holds a gun to your head when taking out a mortgage. Buyer Beware also applies to someone taking on a mortgage. It’s called being RESPONSIBLE. Again, irresponsibility is not a “race” issue - anyone can be irresponsible.

[TexasCajun]

First the institutions were racist for now giving minorities mortgages and now they are racist for foreclosing on those unpaid loans.

What do they want Welfare Mortgages, minorities pay a third and taxpayers pick up the rest?

[Anonymous Rex]

So what the same happens to whites as well. When you can’t afford your mortgage you lose your house. Simple as that. They shouldn’t be rescued simply because they are minorities.

[RayStacy]

for later

[PeteB570]

How about “People who don’t make their payments” face foreclosure?

All payment envelopes look the same to a bank.

[Clara Lou]

Dodd, chairman of the Senate Committee on Banking, Housing and Urban Affairs, said in a statement that he would like the Fed to further tighten standards and create laws applicable to all lenders to protect minorities.
When are we going to make laws to protect everyone instead of "minorities"?

[BenLurkin]

Not only that — 20 years ago lenders were excoriated in the media for NOT making these high risk loans.

They were accused of “redlining” and racism for declining to lend to marginal borrowers.

[Paperdoll]

For the most part, it’s called living over and above one’s means. Also, any real estate agent should have warned a client that adjustable rate mortgages are risky.

[nmh]

Yeah, I’ve yet to see a mortgage payment with a RACE mentioned on it. Money knows no race. Either you make the payment or you don’t. If anything people should SMARTEN UP not look for a government bailout because of stupidity.

[E. Pluribus Unum]

This is the logical result of insisting that it is discrimination to deny loans to minorities based upon their likelihood of default.

Minorities have a higher default rate than non-minorities, all other things held equal.

If you grant them affirmative-actioned loans that they really don't qualify for, they are going to have a lot of foreclosures.

It's not rocket surgery.

[Millee]

Must be because of all those cheating mortgage brokers that take advantage of these poor people.

[nmh]

Real estate agents value to measly commission too much to be honest. They don’t care. With the housing market in a slump in most states, they’ll lie even more to get THEIR money and then you’re on your own.

[RC2]

You took the words right out of my mouth. Some of these people just got free housing for a while. Not only that, the tax payer is, most likely, going to bail them out of this one....just watch.

[brytlea]

You’re correct in that people *should* be responsible. However anyone should have been able to predict this outcome with the *creative* financing that has been available. Unfortunately it will have repercussions for the rest of us.

susie

[Asclepius]

Watch. This will become the argument for a massive government bailout of banks and other lenders that invested in risky mortgages.

[nmh]

Yeah, and the rest of us, who are responsible will foot the bill for that too ... when will this end?

[spald]

This is terrible.

The government should just give these houses back to these poor people, gratis. Then the government can just print more money to make up the difference.

[Greenspan is spinning even before he dies]

[nmh]

Yeah, and the rest of us, who are responsible will foot the bill for that too ... when will this end?

Oh and if you don’t agree with this, you’re a RACIST!