Comments on: Are foreclosures racist? A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: streetsmart Tue, 12 Oct 2010 16:30:49 +0000 The problem is that you can turn down those with poor credit and be called racist or you can offer them credit with a higher interest rate to cover the anticipated losses and be called a racist and then when you have to foreclose on the defaulters you will be called a racist. Those looking for racists will always be able to find them according to their criteria.

By: Ritholtz Wed, 23 Jun 2010 21:18:05 +0000 Did you ever control foreclosures with unemployment

I suspect if you cross reference the two, you will s9olve the racist foreclosure quandry

IE, see 270/

By: meskarune Tue, 22 Jun 2010 17:02:52 +0000 So if an upper middle class white person loses their house (many many of them did) then its the bank’s fault, its the fault of morgages going way up, its the fault of minorities and a terrible and UNFAIR loss for white people.

BUT If an upper middle class minority loses their house, they are lazy and stupid and shouldn’t have bought the house in the first place. AND not only that, they caused white people to lose their houses TOO!

And yall don’t think you’re racist?!?

Read and inform yourselves. If you had minority friends, you’d know that they worked their butts off to get a good job and get that house. You’d know that they don’t have family memebers to advise them on getting a good morgage, because they come from poor families.

Why were minorities hit harder?

1. White people ussually come from families with money, so if they come upon hard times, they pick up the phone and get cash from mom and dad.

Minorities with money on the other hand often come from poor families. They have nothing to fall back on if they get sick or lose their job.

2. Unfair and RACIST morgage practices to minorities caused them to have a dispoportionate number of bad loan deals.

And WHY are minorities poor in the first place? Racist practices and assumptions like the ones above make it very very difficult to move up the social ladder. How will you get hired for a job when the employer thinks you’re lazy and stupid? Even if you went to harvard? How will you get a good morgage rate if the bank thinks you can’t pay?

Minorities just want to be treated with the same respect and privlege as white people in this country. And every time they point out a disparity, white people claim its all made up. I’m sorry, but statistics don’t lie.

By: r1000 Tue, 22 Jun 2010 16:27:25 +0000 Nonsense, just nonsense about imagined racism.
If certain groups can’t pay their bills, oh well..

By: hsvkitty Tue, 22 Jun 2010 01:04:56 +0000 Zarzuela, that is not a must read, that is a man trying his dangdest to BLAME the housing bubble on non whites! he should have called his blog triple k instead… *shudders*

And Denise 22 is no doubt an angry 22 year old so she can be forgiven as 25 is the age where we can start to judge as the mind is pretty well as adult as it ever will be. I do hope she starts to read rather then just spout off in future.

By: Zarzuela Mon, 21 Jun 2010 20:34:29 +0000 Absolute must-read: Steve Sailer on the topic meltdown.htm

By: SelenesMom Mon, 21 Jun 2010 19:07:47 +0000 Denise22, since you are “sick to bloody death of minorities screaming racism,” you are in the right place! No one screaming “racism” here at Felix Salmon Blog of any race, creed or color, that’s for sure!

Now, I suggest you read up a little on another thing done almost entirely, as it happens, by white people. It’s called investing in synthetic collateralized debt obligations and derivatives based on them. It may sound a little obscure, but it’s actually just the thing that made possible most of the bad mortgages that are making you so upset.

What happened to the bad mortgage or home equity loan after Mr. Whiner or Mr. Lazy or Mr. I-Can’t-Afford-It, or whoever you are mad at, took it from the bank (or whoever)? It didn’t just sit there in your local bank waiting for Mr. Whiner to come back and complain about it. It was sliced and diced and sold far, far away to some very hungry investors. This is what is meant by “there is a lot of blame to go around.”

By: Denise22 Mon, 21 Jun 2010 14:34:15 +0000 Mr Salom – I have a suggestion for “High Income Latinos” (and any-one else, for that matter) to avoid defaulting – pay your mortgage. Don’t buy homes you cannot afford. Find homes that you can afford. Then pay your mortgage.

It’s really simply. Pay your bills. I know this is an absolutely groundbreaking concept, for “minorities” – but it’s What White People Do. A top secret YT key to not defaulting.

And as far as “racism” – I am SICK TO BLOODY DEATH of “minorities” screaming “racism” EVERY time they do something stupid, wrong, or criminal. The real Racist are those that bring up Race.


By: keypusher Mon, 21 Jun 2010 12:07:39 +0000 “One might have hoped that blacks and Hispanics might have been less badly hit by the foreclosure crisis simply by dint of their much lower levels of homeownership.”

According to the federal Home Mortgage Disclosure Act database, minorities received half of all subprime mortgage dollars nationally between 2004-2007. In California in 2006, minorities got 77 percent of all home purchase subprime dollars and 56 percent of total home purchase dollars.

Since the housing bubble was all about making skeevy loans to uncreditworthy borrowers, and those borrowers are disproportionately black and latino, the popping of the bubble was always going to hurt minorities. It was also pretty devastating to those who lent to them and the country at large.

“I’ll hazard a guess and say that this probably has something to do with a lot of middle- and high-income Latinos in California and Arizona being sold subprime mortgages, even when they qualified for a prime loan.”

Black and Hispanic borrowers underperform their credit scores, i.e. they are much more likely to default than whites with the same credit score and wealth. And generally speaking, they have much less wealth.

You have a lot to learn in this area, Mr. Salmon.

By: charlie1939 Sun, 20 Jun 2010 22:06:11 +0000 Totally meaningless data without comparing foreclosures for people of similar economic status: income and other demographics. If you just compare ethnic heritage to foreclosures, you will learn nothing about the “why” of foreclosures…