| | #2 (permalink) |
| Registered User Member Since: Jul 2007
Posts: 9,181
| One of the things that caused the failures was that minorities didnt qualify for loans. So: what did we do ?? we qualified everyone. The liberals can blame it on themselves, thats where the blame lies. |
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| | #3 (permalink) | |
| ... | Quote:
minorities were being denied loans at a higher rate than non minorities, so during the Clinton admin there were investigations into the despairity of the lending institutions. It was discovered that (as we already knew) the minorities were twice to three times as likely to not qualify. naturally, as with all studies of this type, the reason was not a major concern. so, the banks in an attempt to end the racist loan process were forced to find a way to loan 500 or 600k to a family that did not earn the income for that purchase. the way it was done was to give them a loan with an interest only payment for the first 5 0r 10 years, then, the full payment of principal and interest would be due each month there after. it was assumed that the loan holder would be making more money by that time, and the full payment would be well within his/her means. sounded good on paper. Remember, one of Clintons bragging points about his administration was how many more people owned homes under his watch. Now here is what happened. the housing market slumps a little near the end of the interest only term, they cant sell for what they owe. they did not maintain pay increases sufficient to cover the full payment. since they only paid interest, there was no equity to fall back on to re-negotiate their loan. so, they cant make the payments, they cant sell because they dont have the capital to pay off the upside down portion of the home, and the dont have equity to negotiate with the bank. they get forclosed on. Bush, gets blamed because it came about on his watch. sooner or later the libs are going to have to understand that not every disparity between the races can be called racism.
__________________ "What country can preserve its liberties, if its rulers are not warned from time to time that this people preserve the spirit of resistance? Let them take arms." (Thomas Jefferson) Congress has not unlimited powers to provide for the general welfare, but only those specifically enumerated. (Thomas Jefferson on the General Welfare) POOR PEOPLE HAVE BEEN VOTING FOR DEMOCRATS FOR 50 YEARS, AND THEY'RE STILL POOR | |
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