Posted on 11/15/2012 1:03:30 PM PST by rightwingintelligentsia
NEW YORK (CNNMoney) -- The housing crisis hurt low-income communities and minorities more severely than other groups, Federal Reserve Chairman Ben Bernanke said Thursday.
"Lower-income and minority communities are often disproportionately affected by problems in the national economy, and the effects of the housing bust have followed that unfortunate pattern," Bernanke said in prepared remarks presented at the Operation HOPE Global Financial Dignity Summit in Atlanta.
Bernanke pointed to homeownership rates for African Americans, which fell 5 percentage points over the last eight years, compared to a 2 percentage-point drop for other groups.
While there has always been a gap in homeownership rates between white and black households, that gap has recently grown wider. The homeownership rate was 44% for blacks and 74% for whites as of September, according to the Census Bureau.
(Excerpt) Read more at money.cnn.com ...
Sounds like a great idea. Don’t forget to put some democrat party hacks in charge of the program. Maxine Waters has some relatives who are available to run the program. Also, we need to make loans to people without social security numbers. People who have multiple identities need mortgages too. What could possibly go wrong? /s
Eddie Murphy Voiceover: Slowly, I began to realize that when white people are alone, they give things to each other for free.
[ cut to Eddie at a bank, talking to a black Loan Officer, discussing budgeting and other money matters ]
Loan Officer: Now, let me get this straight, Mr., ..uh.. Mr. White. You’d like to borrow $50,000 from our bank, but you have no collateral, you have no credit. You don’t even have any I.D. Is that correct?
Eddie Murphy: That’s right.
Loan Officer: Mr. White, I’m sorry. This is not a charity. This is a business...
White Loan Officer: Uh, Harry, why don’t you, uh, take your break now? I’ll take care of.. uh.. Mr. White.
Loan Officer: Well.. okay. Thanks, Bob. [ exits ]
White Loan Officer: [ laughs, then sits ] That was a close one, wasn’t it?
Eddie Murphy: It certainly was.
White Loan Officer: We don’t have to bother with these formalities, do we, Mr. White? Huh?
Eddie Murphy: What a silly Negro!
White Loan Officer: Just take what you want, Mr. White. Pay us back anytime. Or don’t. We don’t care.
Eddie Murphy: Tell me, do you know of any other banks like this in this area?
Bull. Giving these mortgages to people who couldn’t afford these houses overinflated the prices for the people who could have afforded them without the artificial boost. Now those people are stuck with houses that aren’t worth a crap.
“Bernanke: Minority homebuyers face discrimination”
STFU!! I have really had it with this lame old tune!
Ditto: that was my first thought.
Oh here we go again...1977 all over.
This is why the crash needed to be investigated! This is why appropriate blame needed to be affixed!
Yo bro...they blamed the banks for bad loans, when the issue was BAD REGULATIONS that forced them to load the money!
Holy crap, no!!!! People who cannot afford to buy houses should not buy houses! It is retardeadtion to try to throw an ethnicity or gender into it. PEOPLE who can’t afford it, shouldn’t!
What is the difference between low income and minorities? The article made the distinction by using both terms.
Well Stated!
“Lower-income and minority communities are often disproportionately affected by problems in the national economy, and the effects of the housing bust have followed that unfortunate pattern,”
That’s putting the cart before the horse! They are a significant part of the CAUSE, not the EFFECT.
The Bernank has a major reality or dishonesty problem - either way he needs to go.
I think there was a joke headline from the NYT in National Review a long time ago:
Nuclear War Devastates USA- poor hit hardest!
We did this once already - forcing banks to extend mortgages to unqualified applicants simply because those applicants are Black led to the banking crisis.
Now the Marxists in Washington are going to do the same thing all over again???
Obama’s really in a hurry to destroy the American economy and usher in the revolution, isn’t he.
Bullshit Bernanke!
Holder is already suing banks for “disparate impact.” Banks have quotas on lending to minority even if their credit sucks.
People of Color....for the last time, here are the simple rules for a successful life:
Graduate from high school
Don’t get arrested
Stay sober and drug-free
Have children AFTER marriage
Stay married
Do all of these and you can buy a friggin’ house! And have a job. And do all those other “white” things that you are so jealous of!
The mortgage. Kind of a problem in the first place. Just give them the deed right off the bat, no mortgage to worry about. Then go ahead and waive their property taxes when they go unpaid. Rebuild for them when a fire burns it down and they have no insurance. Give them more, more more... because otherwise some dolt like Bernanke will say that the only reason they don’t own their own homes like millions of hard-working, tax-paying Americans, is due to they face racial discrimination.
It took me (hubby, too) (due to kept getting laid off from jobs.). years to build up my credit-then when it was there, most of the time I got turned down for either not making enough or making too much. Please, give it a rest. Get good credit, a job.. show the lender what you are made of ..No one gave me a free ride. Nobody-no family-they said, work for it. I did. Hubby did as well. As long as we can afford it, we chose to live in a community that the crime is low than on another section of town where he crime is high. Been there, done that.
Re the Eddy Murphy skit at the bank:
Murphy thought he was being a comedian at the time. If he had reversed the colors, he would have been a prophet.
I don’t understand this push to saddle poor people with a mortgage. There is a benefit to not being a homeowner also. You are a lot more mobile. A renter can pull ip stakes a lot easier than someone who has a house they have to put on the market and hope it sells so they can move somewhere where the jobs are. I guess if you don’t work than that is not a problem.
Another thing we can thank Bush II for - another appointee of his.
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