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Title: Revealing the racial makeup of California's foreclosures (The truth hurts liberals)
Source:
http://www.sfgate.com/cgi-bin/blogs/kalw/detail?entry_id=704
URL Source: http://www.sfgate.com/cgi-bin/blogs/kalw/detail?entry_id=70480
Published: Aug 22, 2010
Author: Hana Baba
Post Date: 2010-08-22 09:29:06 by Nebuchadnezzar
Keywords: None
Views: 38072
Comments: 77
Revealing the racial makeup of California's foreclosures 21 2 KALWNews.org By Hana Baba The Center for Responsible Lending-a non-profit research and public policy group-released a study, this week, focused on the racial makeup of foreclosures in California. It found that Latinos have experienced notably higher foreclosure rates than non-Hispanic borrowers in the state. In what's being called a "first of its kind," the report, entitled Dreams Deferred: Impact and Characteristics of the California Foreclosure Crisis, analyzed more than half a million statewide cases of foreclosures and found that the vast majority-48%-has been on Latinos. Whites totaled 35%, African Americans 8% and Asians 6%. The study also looked at the types of homes foreclosed upon. While it was commonly believed that these homes were the kind of cookie-cutter, so-called "McMansions" built within expensive subdivisions, the study revealed that 75% of foreclosed homes were actually modest properties. This indicates that not all homebuyers bought beyond their means, as has been frequently noted throughout the housing crisis. Of course, a discussion of the housing crisis is never complete without some analysis of the reasons behind the numbers. According to the Center's report, Latino and African American borrowers were more likely to acquire higher-cost subprime mortgages with loan terms that generally increased the risk of default, compared with safer loans made to similarly situated non-Hispanic white borrowers. An in-depth 2009 report on Latino home ownership by the Wall Street Journal found another reason why so many Latinos sought home ownership in the first place. According to the US Census Bureau, between 2000 and 2007, Hispanic homeownership grew 47%. Over that same period, homeownership nationally grew by only 8%. And, according to the Federal Financial Institutions Examination Council, in 2005 alone, mortgages to Hispanics jumped by 29%, with expensive nonprime mortgages soaring 169%. The Journal's investigation found "a push by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, who all were pushing to increase homeownership among Latinos." It looks like this push to seek the American dream may have backfired. Some solutions to the problem offered by the Center for Responsible Lending in its latest report include lifting the ban on bankruptcy judges to modify principal residence mortgages, and increasing funding for agencies that offer housing counseling and legal help to borrowers. Read more: http://www.sfgate.com/cgi-bin/blogs/kalw/detail?entry_id=70480#ixzz0xLD9vp00
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Begin Trace Mode for Comment # 14.
#1. To: Nebuchadnezzar (#0)
So, Latinos increase their home ownership by 47% and we're ***GASP*** surprised that in a state with a high Latino population has hi Latino foreclosures. Mountain meet molehill...molehill...mountain...
Proves my point from earlier this week.
That you're a GOP shill who has no life... I've known that quite before earlier last week,,,
I've known that quite before earlier last week,,, I make no bones about wanting the Reps to win in November. And, unlike you, I'll criticize them for selling-out to the Corporations and other special interest groups. You, on the other hand, never have a bad word to say against Obama. All you do is shill, shill, shill. By the way, any time you want to stop being a labia would be a good time to do so.
And I make no bones that I want that party to die a quick death. Since Ike, they have fucked this country up EVERY time they have taken the reins. Debt...deficits...international and financial crises ALL traceable to their policies. There has yet to be a GOP presidency without them. The WORST dem is better than the best 'pube any day of the week. You are in no way morally superior to me. Stop acting as if you are.
Your alternative universe of Up=Down, Evil=Good is simply bizarro. 0bama - your Marxist-Muslim-Gay hero - has wasted $800 billion on a so-called "Stimulus" that did WHAT exactly? Where did it go? Your Progressive Party (through Dem-controlled Congress) and 0bama shoved TARP up our ass. Your dopey Party and Marxist "leader" are cratering the economy and knee-capping growth and investment with communist policies - yet you claim the policies that are ruining the country are Republican? NO COMPANY IS WILLING TO EXPAND! THE ECONOMY IS CONSTRICTING. That's the Commie/Progressive Party and 0bama's Plan. Have you always been THIS detached from reality? Nevermind - you're just a Godless, Marxist Politburo-wannabe.
Obama is a piker given the debt and deficits the Boy Blunder ran up prior.
The numbers don't support your assertion. Here is a very scary graph: Both Bush and Obama are HORRIBLE.
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#2. To: war (#1)
#3. To: Nebuchadnezzar (#2)
#4. To: war (#3)
That you're a GOP shill who has no life...
#6. To: Nebuchadnezzar (#4)
(Edited)
I make no bones about wanting the Reps to win in November.
#10. To: war, Nebuchadnezzar (#6)
Since Ike, they have fucked this country up EVERY time they have taken the reins. Debt...deficits...international and financial crises ALL traceable to their policies.
#11. To: Liberator (#10)
#14. To: war (#11)
Obama is a piker given the debt and deficits the Boy Blunder ran up prior.
Replies to Comment # 14.
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