Putting all of the blame for this on CRA and efforts to boost minority home-ownership are just plain dumb, especially as whites comprised most subprime borrowers. This was systemic. It ran from poor home-buyers to rich real-estate speculators to dumb Wall Street managers. There’s plenty of blame to go around—to everyone. Bush and the Republicans had six years to prevent this and did nothing. More to the point, they boasted about growing minority home ownership.
Near as I can tell for every poor person who bought a house they couldnt really afford there is at least one idiot who bought a house at 150K, watched it go up to 275K, refinanced with an interest only loan confident that his house’s value would never stop rising, took the extra cash equity and bought a hummer or an escalade he otherwise could not afford, and when his house’s value dropped, could no longer refi. As far as I am concerned people like this can go fuck themselves, and I hope no-one helps them a lick. As for the banks that O.K’d these loans, and even initially profited on them, fuck them too.
For every poor person that bought a house they can’t afford, there is fucking moron that gave them the loan
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Putting all of the blame for this on CRA and efforts to boost minority home-ownership are just plain dumb, especially as whites comprised most subprime borrowers. This was systemic. It ran from poor home-buyers to rich real-estate speculators to dumb Wall Street managers. There’s plenty of blame to go around—to everyone. Bush and the Republicans had six years to prevent this and did nothing. More to the point, they boasted about growing minority home ownership.
Near as I can tell for every poor person who bought a house they couldnt really afford there is at least one idiot who bought a house at 150K, watched it go up to 275K, refinanced with an interest only loan confident that his house’s value would never stop rising, took the extra cash equity and bought a hummer or an escalade he otherwise could not afford, and when his house’s value dropped, could no longer refi.
As far as I am concerned people like this can go fuck themselves, and I hope no-one helps them a lick. As for the banks that O.K’d these loans, and even initially profited on them, fuck them too.
For every poor person that bought a house they can’t afford, there is fucking moron that gave them the loan
better bailout plan, spread the word!
http://www.daveramsey.com/etc/fed_bailout/3_steps_to_change_the_nations_future_10928.htmlc?ictid=sptlt1
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