Dec
4
Do you think it may be the so-called ‘white guilt’ that was the catalyst of the mortage meltdown?
Filed Under Elections
MackDaddy10 asked:
Democrats proposed legislation that made it easier for low income individuals to purchase homes. The current mortgage meltdown shows that this was a terrible idea to promote loans to irresponsible and/or individuals who couldn’t afford the homes.
Democrats proposed legislation that made it easier for low income individuals to purchase homes. The current mortgage meltdown shows that this was a terrible idea to promote loans to irresponsible and/or individuals who couldn’t afford the homes.
Barny Frank, Barack Obama, and many other liberals just call it “affordable housing”.
Do you think the mortage meltdown is a result of a desire for “affordable housing” or a result from the so-called “white guilt”? Why or why not?
Kansieo.com
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23 Responses to “Do you think it may be the so-called ‘white guilt’ that was the catalyst of the mortage meltdown?”
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Well it had a lot of factors that is one but the other is greed.
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Wow, that’s reaching…
Deregulation could also be part of what led to the mortgage meltdown.
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Its a combination of many factors including questionable lending practices by banks.
People were getting mortgages without any type of paperwork. It was a bomb waiting to go off.
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Not white guilt, just Clinton in 1999 telling banks to give minorities loans or he would sic the SEC and other federal regulators on them. The banks that stood tall against his criminal actions are all doing well. Also, in 1999 Clinton got shorting made legal which made this even worse.
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More or less it was people not educating themselves enough in order to get their home loan.
mortage mortgage
Greenspan put the interest rate lower than it had been in 75 years to
PROP up Bush’s failing economic policies
THAT
got us where we are today
having to PAY IT BACK
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Are you f%^$@ing kidding?
How about the fact that the banks gave out crap loans and govt. failed to hold them accountable?
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Let’s not leave Phil Gramm out of the equation. P.S. he’s a McCain “economic advisor”. ‘He-he-he.’
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no it’s because of a bunch of greedy wall st guys made some bad investments and those investments couldn’t be paid off. quit making it a racial thing it’s getting boring.
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No. What does ethnicity have to do with it?
Many of the defaults are caused by middle class people who bought above their means. For example, taking on a 350k house when you can really only support a 275k house. Its very difficult to feel sorry for those people.
Have you seen the rows and rows of foreclosed homes in new developments? Those are not low income homes.
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You are exactly what the liberal, i mean democratic party needs. More people to come up with off the wall, lame rants that make no sense to anyone but them.
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No. You have got it wrong. Probably have been reading Rupert Murdoch’s news. The mortgage crisis WAS the catalyst to the overextended printing of money - backed by nothing but debt - by the Treasury Department for the last 40 plus years. That is the culprit of the current financial crisis. The funny part is the Federal Reserve is acting like they are surprised!!! and the people of the United States have been sadly undereducated for the same amount of time.
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i don’t understand how “white guilt” has any impact whatever
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The majority of poor people are white. Appalachia?
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Be Informed when the Bill pasted the Republicans had control of Both congress and the house
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Yet another shinining accomplishment of the ‘great’ society.
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It was a way to buy votes without going to jail. The Democrat party tricked low income individuals into mortgages they couldn’t afford to buy they’re votes then pulled the rug out from under them and gained a healthy profit. Just check were the money went, the Democrats are swimming in Freddy and Fannie money. And, the slaves are none the wiser because it’s “Bush’s fault”.
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The mortgage meltdown is a result of overzealous and greedy lenders giving ninja loans. Borrowers bet on the value of their property increasing without taking into account that the real estate market is cyclical. We are in a downward trend which happens every 7-10 years. Another 4 years and we will be back where we started. Unfortunately too many people now find themselves in homes they can no longer afford.
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No the melt down is not from the affordable housing or the so call white guilt. The problem was a top heavy real estate market where the price of land shot above what the average American could afford. The problem has risen in the low income level, affordable housing, it is the middle income families, and homes. They purchased more that what they could pay for in the long run. Many of them bought on a ARM (adjustable rate mortgage) where they got a low interest rate in the short term, but when the rates went up the payments went out of their range. When you add in these same people also have cars, boats, credit cards all factored into the problem. Many people also bought inflated valued homes out of fear if they didn’t buy now the could never buy a home, because prices where only going to continue to go up. Many factors contributed, but the banks are the biggest blame, at taking so many high risk in an already inflated market, when incomes were not going up to meet the market.
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The current mortgage meltdown is a direct result of too many people buying a house that they could not reasonably afford. A lot of the blame has to fall on the Government for forcing banks to lend to people who could not afford the house that they were buying or who was too financially illiterate to understand what they were signing. Finally, some of the blame is the greed of the banks for more business whether good or bad.
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The mortgage meltdown is the result of lenders lowering their standards in order to sell more loans. High risk loans were available to anyone regardless of ( as the disclosures say) race, religion, national origin, gender, etc., etc., etc.
Don’t you think that “white guilt” as a political motivator has largely been replaced by the political power of elected monority individuals who view the advancement of their particular interest group (race, ethnic identity, etc.) as their mandate?
The vast majority of recipients of all types of government assistance are Caucasian. “White guilt” has nothing to do with them, does it?
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This is something totally not understood. When congress set up funds to help low risk get mortgages weren’t they back by Freddie and Fannie. How did someone issue more than back and sell and resell bad paper.
Second item these funds were never meat to go to pure con artists. There was story on 60 Minutes few years ago of woman in NY that got home and she had no income. The kickers was she did it more than one time. Think all in prison on small amounts of possession of illegal drugs should be freed and jail space used for all that broke true and faithful disclosure laws. Who knowingly re-sold bad paper. Hope they have to sign something like everyone at lower levels.