White flight from SW side (Chicago, Olympia Fields: section 8, apartment, lenders)

[ajolotl]

Originally Posted by Lookout Kid

But clearly you AND the bum are to blame in this dubious transaction. And of course, you'd still give yourself a handsome year-end bonus, right?

And the government will reimburse your 100 bucks...

[Lookout Kid]

Originally Posted by ajolotl

And the government will reimburse your 100 bucks...

Sounds awesome! I guess I can keep lending money to bums.

[Attrill]

Originally Posted by ajolotl

And the government will reimburse your 100 bucks...

Exactly. Banks marketed to people who couldn't afford loans, they didn't verify people's income, and in many cases they misled people into thinking their rates wouldn't go up. If you loan money to someone you know can't pay it back (or don't even check to see if they can) you have no one but yourself to blame.

[Lookout Kid]

Originally Posted by Attrill

Exactly. Banks marketed to people who couldn't afford loans, they didn't verify people's income, and in many cases they misled people into thinking their rates wouldn't go up. If you loan money to someone you know can't pay it back (or don't even check to see if they can) you have no one but yourself to blame.

I still think the person borrowing the money shares blame. This is why we need to be careful about "bailing out homeowners". I got a 30-year fixed mortgage on my condo, but could have had a much better rate on a 5/1 ARM. If some joker who got the ARM and has been paying lower interest rates than me for the last four years gets some kind of bailout, I'm going to be hopping mad. People are still responsible for their own financial decisions.

[Basekamp]

Oh yes, no bailouts for the crazy people buyers UNLESS you are going to give it to everyone. I found out that if I make under 65k, I'd qualify for a "renegoted mortgage interest rate." So some guy out there that spent 400k on his home when he makes 65k is getting bailed out, but I spent less on my home responsibly, AND I make more (making it more responsible) but there is no bailout for me!

Are there no PRISONS!

Hahaha, jk. But seriously, all or none, quit hurting successful people!

[anoroc]

Originally Posted by vester72

Minorities have so many more advantages to get an education it is sickening - a smart, hard working black man has a golden ticket to get through school and and up the corporate ladder. Problem is, none want to take advantage.

Really, was that a typo, or have you met and interviewed EVERY college educated black man, and they have personally told you that they are willing to passed on escalating up the "corporate ladder" because it is simply not something they're interested in at the moment?

[dcisive]

Having come from the Jeffrey Manor area back in 1967 (yeah I know I'm old) I remember all too well that it had to do more with concerns over the fact that those of color moving in were possibly not intending to maintain a safe clean neighborhood as was present for the prior years. I agree this is quite a bit of presumption, however consider the neighborhoods around it on the South Side that had gone before. They typically brought with them increased crime rates and lower quaility schools along with the moves.

The riots down 87th street during the period right after MLK was assassinated only further supported such thoughts. It is indeed sad as I've had a number of African American friends and they were great folks. It is even more sad that the communication between those communities is nearly non existent. We are all people, but when you deal with such deep rooted beliefs that are hard to dispel the lies become reality. So it is entirely possible, that in time, the greatest portion of the City of Chicago will be African American with the exceptions of pockets where that so called "gentrification" has existed.

I read a touching note from an African American woman in a forum for the Bowen High School students that lived in the South Side neighborhoods from the 50's through the 70's. It was from a gal that stated she hoped she wasn't intruding upon the forum, but that she wanted to express how much she enjoyed living in the neighborhood we had left behind. She went into great depth and detail of her raising her 2 kids and living next to her parents there as well. It just brought home the fact that here was an example of someone I wish was MY neighbor.....regardless of WHAT neighborhood I lived in. Sad reality is you can't pick your neighbors nor eliminate the bad ones that spoil the greater area. This I fear is the fate of the City as we know it.

[oakparkdude]

Actually, the "pockets" of gentrification pretty much encompass the entire north lakefront and extend west to the Kennedy, and in many places, beyond. While it remains to be seen in the 2010 Census, estimates suggest that the African-American population is shrinking in the city, white populatin is stagnant, and Hispanic population increasing.

[Lookout Kid]

Originally Posted by sukwoo

Actually, the "pockets" of gentrification pretty much encompass the entire north lakefront and extend west to the Kennedy, and in many places, beyond. While it remains to be seen in the 2010 Census, estimates suggest that the African-American population is shrinking in the city, white populatin is stagnant, and Hispanic population increasing.

Yep. And black people are moving to the suburbs in droves. Or leaving the Chicago area entirely. The "black city/white suburbs" is a dated characterization, and couldn't be further from the truth today.

[Attrill]

Originally Posted by Lookout Kid

I still think the person borrowing the money shares blame. This is why we need to be careful about "bailing out homeowners"....... People are still responsible for their own financial decisions.

Many people need to be held accountable, but not everyone who is having problems making mortgage payments made unreasonable choices or overspent. Many people were outright lied to, there are thousands of mortgage fraud cases being prosecuted right now by the federal gov't with many more to come. Also with the unemployment rising at the rate it is there are plenty of people who took conservative loans who have just been hit hard by the economic downturn.

In many ways I think the "irresponsible homeowner" is a straw man. There is NO proposed bailout for homeowners that doesn't include a wide variety of qualifying conditions to make sure people aren't being bailed out of investment properties . The small programs that have been created to help homeowners have so many restrictions that almost no one qualifies for them. No restrictions are being placed on banks, to the point that they are using billions in bailout dollars to give themselves bonuses. If there was a federal program that was letting overextended people buy boats and vacation houses I'd be up in arms about it, but that is not what is happening at all.