WaPo: The American Dream shatters-in Prince Georges County

[EdwardA]

Originally Posted by adelphi_sky

I wasn't hung up on white people in this God-awful old thread that was resurrected. Some people seem to think that the housing crises was a black problem when it was a national problem. Few people know, and many probably don't care to know, that the African American population is always hit the hardest during an economic downturn. But we get caught up talking about how African Americans aren't responsible and are dumb. But wait, this is one county in a whole nation that was affected, white people, asians, and latinos included. So, let's not loose sight of the fact that the effects will be ten times as much in the black community than anywhere else. But pain and suffering sells headlines. So then you have your annual requisite "African Americans hit hard" story. Trust me, next year the WAPO will print another story about the same thing.

So, I'm not hung up on white people.

Why is this thread God awful? It was a major piece of local reporting that spawned numerous discussions online and on talk radio. Everyone knows that foreclosures aren't uniquely African-American but they were impacted more and their homes have not recovered in value on average to the same level of white owned homes.

Why does reporting on facts bother some people?

[adelphi_sky]

Originally Posted by EdwardA

Why is this thread God awful? It was a major piece of local reporting that spawned numerous discussions online and on talk radio. Everyone knows that foreclosures aren't uniquely African-American but they were impacted more and their homes have not recovered in value on average to the same level of white owned homes.

Why does reporting on facts bother some people?

It was a repeat of a completely identical piece a few years prior. They just rehashed the same exact talking points.

I have no problem with the fact that PG county was hit hard, but the article seemed redundant and the thread was equally redundant because there was a previous thread about the exact same thing. lol

I have a feeling another thread about another article about the same thing will be started next year.

My point in the thread earlier was like, hey, let's talk about the banks, the appraisers, and the loan originators and how some took advantage. But that story never gets traction.

[adelphi_sky]

Originally Posted by EdwardA

I agree but we already have truth-in-lending laws. At some point people have to be responsible for themselves. I hope your personal housing situation resolves itself though.

I'm not angry. It is what it is. I was never looking to sell anytime soon. I'm pretty satisfied with my neighborhood.

But we must also agree that banks know how to find loopholes in the laws. I'm pretty confident that if the banks followed the laws as they were intended and didn't try to find backdoors, loopholes, and ways around the original intent of the laws, we wouldn't need new laws and we certainly wouldn't have experienced a bubble or the massive recession we just experienced.

There would be no need for all these laws and regulations if the banks understood and adhered to their fiduciary responsibility to make sure they don't drive the economy into the ground looking for a fast buck. The public wouldn't necessarily have to "arm" themselves if there was no threat of being exploited in the first place.

The origin of the crises wasn't the public, it was the banks. The public can only buy and borrow what the banks allow them to at the rates the banks set. The banks manipulate the markets through appraisals and what they feel the mortgages are worth.

Hell, the banks even have the power to influence legislation. lol I wouldn't put anything past them.

Why would we need truth-in-lending laws if there wasn't a problem with telling the truth?

[adelphi_sky]

This just proves my point about banks looking out for the little guy. lol

Citibank will be required to pay $700 million to 8.8 million customers for illegal credit card practices, the Consumer Financial Protection Bureau said Tuesday.

Note that the CFPB had to order and "force" Citi to correct its practices. Citi didn't first say, "Opps. We're so sorry. We made a mistake. Please, accept a refund on our behalf." Nope. It takes an act of government for them to come clean.