[BuffaloJack]

Twenty years go. Everyone bellyached that they were being redlined and not given mortgages or loans. Now banks give mortgages and loans to deadbeats and up their rates to everyone else to pay for the occasional loss. Now they arre finding out that the deadbeat part of the population actually are deadbeats and don’t pay.
Sorry, no tears here. If you can’t afford a mortgage and get one anyway, then eventually you will lose your house.

[pabianice]

Yup.

Foreclosures Up; Women, Minorities Hardest Hit

[Old Professer]

So they’ll lose a house they never should have had in the first place by this writer’s reasoning?

That’s as silly as rationalizing that it’s okay for poor people to have free abortions because the baby wouldn’t have had a rich life had he been born.

[toddlintown]

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

...opening themselves up [loan companies], of course, to charges of racial discrimination if they had disapproved the loan applications.

Race has nothing to do with this. It’s all about personal responsibility. Don’t bite off more than you can chew.

[Let's Roll]

They aren’t losing their homes because they are black or hispanic, they are losing their homes because they borrowed more than they could repay.

[bikerMD]

Subprime borrowers, who are disproportionately black and Hispanic, deserve strong protections to attain and sustain homeownership, regardless of whether they get a loan from a federal or state lender."

Anybody remember Janet Reno's (Hillary Clintoon's) houseboy in the Justice Department? I recall Deval Patrick and the US Attorneys going after Washington, DC area banks for not opening an acceptable number of branches or making enough mortgage loans in the inner city. Now we get to eat the crop planted by Hillary, Reno, and company. You can bet that the next Clintoon Admin. will force lenders to forgive minorities' loan defaults and surrender deeds to the deadbeats.

[Liberty Valance]

I remember a time when a quarter million was a mere
250,000 and we liked it!

[goldstategop]

Minorities And Women Hit Hardest. Film at 11.

"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

[nativist]

My first house payment was about 800 bucks a month, of course add insurance, taxes, PMI, and the general cost of upkeep on a house and the cost is considerably higher. There is more to owning a house than just being able to pay the mortgage. Most calculators at mortgage websites or real estate web sites give you the total of the mortgage payment without adding the cost of insurance and taxes. That can be 500 or more added to the monthly mortgage. If the buyer is unaware of these extra costs until signing they be to ashamed or scared to back out.

Its their responsibility to be informed but if you get a poor real estate agent or a greedy one, along with the dream of owning your home can make for a disaster. Throw in a couple of problems like A/C failure or roof leak and your screwed if your in over your head.

[meyer]

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

NO - the financial trouble will possibly be traceable to a mortgage which they never should have accepted! It's not the lender's fault if you can't handle your own finances.

[Jarhead_22]

Minorities Face Wave of Foreclosures

Hysterical. As though minorities are anymore put out by the subprime lending collapse than anyone else. I can just see the headlines in the NYT if a huge "Armageddon" style meteor was headed our way:

Earth to End! Blacks and Women Not Expected to Survive!

[NCLaw441]

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

Should say “a mortgage they should never have applied for.”