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Nobody "pushed" minorities into owning homes. The standards were lowered to allow poorer people (many of whom are minorities) to purchase homes.
Home ownership is one way to stablize neighborhoods. If stability and improvement of minority neighborhoods is a goal we all have, then it was a good idea on paper, just effed up by greedy bankers who made a killing while the gettin' was good, and then took their ball and went home once the *** was up.
Some people just can't speak without crapping on minorities, that guy is one of them.
Nobody "pushed" minorities into owning homes. The standards were lowered to allow poorer people (many of whom are minorities) to purchase homes.
Home ownership is one way to stablize neighborhoods. If stability and improvement of minority neighborhoods is a goal we all have, then it was a good idea on paper, just effed up by greedy bankers who made a killing while the gettin' was good, and then took their ball and went home once the *** was up.
OH no no no !
The banks and Congress were threatened by lawsuits and large numbers of people outside the banks .
Loan officers made bonuses available to themselves , they always do. Yes the pushed blacks into loans , they do it to everyone.
We needs to invest more and stop thinking homes equal massive profit. I agree with you on this. I don't think the government pushed minorities into homes just poor people who are mostly minorities.
Good points - it's debatable whether highly-leveraged home equity should even be considered a component of net worth - some govt statistics do not.
And while I agree that the "official" intent was to help all the poor, there was some hope that it would help minorities in particular.
I don't see the drop from median net worth of $12K to $6K as very significant though - both numbers might as well be zero for all practical purposes. Even the median white net worth of $100K+ isn't very impressive and could vanish quickly if home prices keep falling...
Nobody "pushed" minorities into owning homes. The standards were lowered to allow poorer people (many of whom are minorities) to purchase homes.
Home ownership is one way to stablize neighborhoods. If stability and improvement of minority neighborhoods is a goal we all have, then it was a good idea on paper, just effed up by greedy bankers who made a killing while the gettin' was good, and then took their ball and went home once the *** was up.
When you put all your eggs into one basket that is taking a huge risk.
And the DOJ is right back at it again today pushing the banks to lower standards to give mortgages to minorities.
Home ownership doesn't stabilize anything if you can't afford the mortgage.
Good points - it's debatable whether highly-leveraged home equity should even be considered a component of net worth - some govt statistics do not.
And while I agree that the "official" intent was to help all the poor, there was some hope that it would help minorities in particular.
I don't see the drop from median net worth of $12K to $6K as very significant though - both numbers might as well be zero for all practical purposes. Even the median white net worth of $100K+ isn't very impressive and could vanish quickly if home prices keep falling...
But that includes stock market investments which seems to be lacking in minority wealth.
So, what exactly is the point of making sure that every group has like an equal amount of money? Why does that matter? I thought as we progress we are supposed to live color blind? Does that only matter when race comes up in a negative way?
As a white person, I am not wealthy.
But I've always worked, and my pay rate has increased over the years.
My pay should be decreased while minorities get paid more, just so it can look good on a report..? What would the point of that be.?
Seems most of that increase for Whites was due to stock market investments (401K, investing, IRA, etc) while the minorities put all their money into housing.
And we all know what happened to housing. The government push to get minorities into homes seems to have backfired.
But it DOES help keep alive class/racial divisions....and that helps...the politicians.
This is the direct result of liberal policies that keep blacks and hispanics dependent on the government. It's hard to break out of the cycle of poverty without incentive, and the government gives no incentive to do so. Restructure entitlements and you will see the wealth gap close on its own.
Liberals will undoubtedly use this as another reason why we should throw more money and resources to entitlements and government handouts, but that is exactly what is perpetuating the problem seen today.
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