Dallas County Rental Voucher Marathon Run

[Grainraiser]

Like stated there are several reasons why the housing market crashed. You really can't put your finger on just one event. I worked in loss mitigation departments for several large banks and I can promise you there is enough blame to go around. The truth of the matter is lending institutions relaxed common underwriting practices to make record profits. I can sell a house to every Tom, Dick and Harry with little no income when prices are going thru the roof. If they default I take the house back and can still sell it for a profit. It's a no lose business as long as property values go up. When the values drop like a brick the crap really hit the fan. Some folks should have never been given loans, some folks lost their jobs while others bought more house than they could afford. One group did not dominate the other.Skids I have to agree with your comments. I think whites and blacks understand each other much better now than then. Lots of work needs to be done but we are certainly moving forward. I see class warfare as the next largest issue facing this country.

[Trae713]

Originally Posted by padcrasher

Ironically, the harder things become on the poor and middle class. The more they will blame lazy, unemployed, citizens for their circumstances and the more they will rally behind a tiny club of rich elites. The gap between rich and poor is the greatest it's been since the age of the Robber Barons and it hasn't even hit people how profoundly ignorant they are of what hard times lie ahead. Few people have the intellect to cut through the propaganda and stick up for their family's livelihoods. It's basically 70% mass psychosis. I feel sorry for those who understand and have been watching this slow motion train wreck in progress for Decades.


Just to put this in perspective. The ENTIRE Federal budget in 2010 devoted to housing and community assistance was 2%.

https://lh3.googleusercontent.com/-G...ith+cutout.jpg

The Defense budget was 24% and no elites in power utter a word about cutting that needless, absurd figure.

Originally Posted by padcrasher

How is that the highest standard of living countries have the most expensive social programs?

Universal health care, 5 weeks vacation, minimum wage double the USA's, better unemployment benefits, and better retirement benefits?

They've being doing this for 50 years now. When is all this treating people humanely going to back fire on them?

So sad isn't it? The problems in America are so striking and out in the open for anyone to see. This debt ceiling would have been a perfect time to fix the entire country. It's too bad Obama was too passive when he first got into office and the Democrats lost in 2010. There is a lot of buyer's remorse among those who voted the Republicans in now. We should be funding more community assistance, not giving tax breaks to giant energy companies or fighting the "war" on drugs. We should be pumping money into our own infrastructure and not to another country's infrastructure across the pond. Makes no sense. No party has what it takes to truly tackle Wall Street though. Too much money, too much power. This **** will never change, IMO.

[BigDGeek]

Originally Posted by Trae713

So sad isn't it? The problems in America are so striking and out in the open for anyone to see. This debt ceiling would have been a perfect time to fix the entire country. It's too bad Obama was too passive when he first got into office and the Democrats lost in 2010. There is a lot of buyer's remorse among those who voted the Republicans in now. We should be funding more community assistance, not giving tax breaks to giant energy companies or fighting the "war" on drugs. We should be pumping money into our own infrastructure and not to another country's infrastructure across the pond. Makes no sense. No party has what it takes to truly tackle Wall Street though. Too much money, too much power. This **** will never change, IMO.

I agree with all of this and share your pessimism about the future.

[Trae713]

Originally Posted by BigDGeek

I agree with all of this and share your pessimism about the future.

Thank God for the internet, is what I say. A lot of the corruption is being exposed for all to see. The Chinese are just kicking our ass right now. The roads, freeways, rail networks they are building make America look so 20th Century, tbh. Their education system is better as well. Why is America so behind in everything? Why does the Government seem to not give a damn? I use to never think this way until I started paying attention. I'm 19 and don't even feel the need to vote. It's not like my vote would make a difference. You see reversals happening all the time for things you thought you "voted" for/against.

[coregis]

Originally Posted by skids929

There were alot of reasons for the bubble, but if one were looking for an impetus as to why so many people aren't able to pay the loans back, CRA is a good place to start.

That's not true at all. Only 6% of subprime lending was originated by institutions affected by the CRA.

FRB: Speech--Kroszner, The Community Reinvestment Act and the Recent Mortgage Crisis--December 3, 2008

[skids929]

Originally Posted by Trae713

Thank God for the internet, is what I say. A lot of the corruption is being exposed for all to see. The Chinese are just kicking our ass right now. The roads, freeways, rail networks they are building make America look so 20th Century, tbh. Their education system is better as well. Why is America so behind in everything? Why does the Government seem to not give a damn? I use to never think this way until I started paying attention. I'm 19 and don't even feel the need to vote. It's not like my vote would make a difference. You see reversals happening all the time for things you thought you "voted" for/against.

China's economy is far from exempt from the laws of economics we've suffered from, and not quite the Juggernaut the media would have you believe. China relies heavily on investing in residential and commercial construction projects in some localities it's up to 60% of their revenue stream. This is why everything is shiny and new..They are feeling inflationary pressures right now, particularly in real estate where supply is finally showing signs of beating demand in new builds with months of inventory. Inflation is outstripping the savings deposit rate actually, which prompted alot of people to put some of their savings into apartments. If apartment prices fall steeply ordinary chinese people could stand to lose their savings, much like Americans with their homes. At which point the cash rich Government would step in and have to prop this up, ultimately reducing their ability to repay loans on new projects, and ultimately raw materials. It's a balancing act for them as well so I wouldn't worry about the Chinese too much..If there is one thing we have here in the US, particularly over a centrally planned Chinese economy, it's the entrepreneurial spirit-something that is alive and well in places like Dallas.

[BoiWonder13]

just saw the video.. that is so SAD..

waiting in line for hours when you could be applying to jobs and finding available work around. I'm glad I have family that raised me better than to sit around and wait for a handout...PRAISE GOD

Who needs housing projects when you got Section 8 and can move into a 4 bedroom house paying 100 dollars a month in rent....? The American Dream is in full effect.

[Darbro]

I saw this story this morning. Just crazy and a damn shame!

[shereeking]

Sad but true It has become a way of life for some ppl some have little or no initiative 2 do better get on their feet and move on. People dont use welfare 2 help them out of their situation its a way of life. That's scarry my son had brain surgery last year @ age 4 . I am a 30 yr old nurse assistant and student but I make 2 much money for assistance Wow, really which means . I would qualify if I quit my job. Catch 22....Not happening

[SouthernBelleInUtah]

A lot of racist comments deleted (24 actually) and closed until FarNorthDallas can review. Gotten pretty far off topic into Politics.