09-23-2008Daddy
Neil Cavuto say’s it’s the fault of minorities that there is a mortgage meltdown.
Okay I know there are a lot of Black folks that got into a home loan cheap only to find out that in 2-3 years they couldn’t afford the monthly payment.
But at the same time there are a hell of a lot more White middle and upper class folks that can’t make their mortgage payment either. And especially when you see the million dollar homes on all of the news channels. Black folks aren’t buying those homes. And if they are we know for sure that there are not enough of them to cause a mortgage meltdown.
Now it’s our fault. No fault to the lender, just the people who were enticed. Yes I said enticed into a loan payment that looked far too good to be true. And now we see they were too good to be true. And you know you can't pay out what you don't bring in. Well you should know that.
Washington deregulated the mortgage machine, and then it was every man for himself.
Hey I know some of those loans looked good. They tried to give me money. I needed $110.000 for a home makeover. “Hey no problem” they said. Then they informed me that if I were to take $200,000 they could fix it so my payment wouldn’t go up for 5 years. Well I thought about it for about 30 seconds. That was an easy one to figure out.
No way Jose’. As a matter of fact why don’t you just give me $85,000, and let’s call this a done deal. And 5 years after the loan my wife and I are in a very affordable, FIXED loan. Even if I lose my job (God forbid) I have a rate that I could make working at McDonalds.
My point being, that you can try to lay blame on the Black folks, the lenders, other minorities, Washington, whoever. You know, I've never seen a statistic on the folks that got caught up in this thing trying to flip houses! I know there are quite a few of them involved.
It all comes down to the fact that these people (Black, White or whatever) took money they couldn’t afford to pay back. Hey I wanted to sell my little house and get in on the boom with everyone else. But I couldn’t, knowing that these days having a job does not mean lifetime security as it once did. And I can understand the thinking of some folks for the first time in their lives being able to get into a home of their own.
Hey, I just don’t like these people laying this off on minorities. This is a problem for every race. And now it's going to become a problem for those of us that chose to do the right thing.
PEACE!
Daddy.
Cavuto suggests Congress should have warned that "[l]oaning to minorities and risky folks is a disaster"
Summary: On September 18, Fox News' Neil Cavuto conflated giving home mortgages to minorities with risky lending practices, suggesting that there should have been "a clarion call that said, 'Fannie and Freddie are a disaster. Loaning to minorities and risky folks is a disaster.' "
Foreclosures Hitting Wealthy Areas
Posted on July 11th, 2008 by saman
Foreclosures are not only a problem of poor or middle class homeowners. The foreclosure crisis has become so widespread that it is affecting the wealthy population of the United States.
As a rule, expensive houses do not go into foreclosure unless there has been a serious illness or death in the family and this has affected the finances of the family. However, this is no longer the reality.
http://www.nytimes.com/2007/11/04/weekinreview/04bajaj.html
1 comment:
Oh, man. When I heard what Cavuto said, I was fuming. It's plainly clear that not all foreclosures are by minorities. It's plainly clear that, for the majority of the loans in foreclosure, it's not the borrower that is the issue, it's the type and amount of loan that was OFFERED.
What gets me most about what Cavuto said is that he pretty explicitly said "Don't lend to minorities". There is no place for that on any TV station in this country. Even on FOX. He should be fired immediately.
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