Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?

What can taxpayers do to help these poor people?





Should Obama take this fact to taxpayers so that we can ';share the wealth';?Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
No. They were ignorant--and careless.





BUYER BEWARE.





If you don't read the contract-or can't read the contract--and you don't hire an attorney to give you advice--then you make stupid mistakes.


Poor people ahve no business buying a house--it's not some inalienable right--to be a home owner.





God--would the communists please go back to East Germany!!!





BHO is an idiot.Why is it that Over 1/2 of All Mortgage Defaulters are Minorities? Were they treated unfairly?
Fact: White males get the best interest rates when buying a car, regardless of credit score. Then comes black men, then white women, then black women, getting the worst deals. [This only holds for those who do no know how to negotiate a car loan.]





Have you ever heard of ';red-lining';? Red-lining is when mainstream banks refuse to lend in certain downscale neighborhoods regardless of the race of the applicant. Now we have ';race-lining'; where blacks and Hispanics and the poor are given sub-standard treatment at the real estate office, since they can no longer be driven out of certain neighborhoods because of race or ethnicity. This is not news. This has been happening for decades. I bought my house in 2002, and I saw it coming back then. I was shown only homes more than 20% over my own budget. I was pointed to neighborhoods where I would never be able to live like a homeowner. My guess is that many of these people fell prey to dishonest mortgage brokers and lenders who inflated their role in the transaction to boost their own commissions. They got greedy. Most people only buy a home a few times in their lifetimes. They needed guidance and weren't offered any. They probably didn't know they needed it.





Their loans should be rewritten to reflect the true value of their homes, and not the inflated values of a market imploding with financial chaos. And, they should all get together in a class-action lawsuit against all those greedy sub-prime lenders, so this will never happen again!
This is the result of sub prime loans, Fannie Mae and Freddie Mack loans that the Dems helped enact. The mortgage companies gave loans with low interest rates that would balloon in several years to low income families. They shouldn't have qualified for the loans because they didn't earn enough to make the balloon payments,nor did the companys check out their social security numbers to see if they were even here legally.


The taxpayers are already overburdened.


If these people were stupid enough to take out a loan they knew they couldn't afford, and if the banks were stupid enough to do this, then they should be the ones penalized , not the taxpayer.
Clinton made lenders lower their standards so that more minorities could get mortgages... surprise surprise they couldn't pay up when the bill came and were foreclosed on... Blame Clinton, not Bush for this one.
According to who? I haven't seen any ethnic breakdown of foreclosures.
They were targeted.





That is a FACT.