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Thread: Finally, Subprime Foreclosure Rates by Race

  1. #1
    Finally, Subprime Foreclosure Rates by Race

    Many people can't believe that minorities could account for so much of mortgage meltdown, but there are now over 100 million minorities in the U.S. Furthermore, their mortgages tended to be relatively larger than one might expect because they tend to live in fairly expensive urban areas rather than in dirt cheap rural areas.



    A variety of evidence has long pointed toward minorities accounting for a disproportionate fraction of the defaulted subprime mortgage losses that set off the economic crash. This would hardly be surprising since the government pushed hard to increase lending to minorities of marginal creditworthiness in the name of increasing minority homeownership. The Clinton Administration teamed up with leftist groups like Obama’s colleagues at ACORN to push for more lending to minorities. The Bush Administration stepped up the pace, denouncing down payments as barriers holding minorities back from the American Dream, in part to convert the growing Hispanic population into homeowning Republicans.

    But, like the guns of Singapore in 1941, the government’s statistics-collecting apparatus is designed only to make sure that minorities are getting enough loans, not to count how often they default on their mortgages. So, we’ve been lacking direct data on foreclosure rates in the current Housing Bubble.

    Back in October, my reader Tino calculated from the federal Home Mortgage Disclosure Act database that minorities got half the subprime cash (for home purchases and refinancings) handed out in the big years of 2004-2007. Mortgage dollars (prime and subprime) for home purchases leant to Hispanics went up 691% from 1999 to 2006 and 397% for blacks (but only 218% for Asians and about 100% for whites). In other words, mortgage lending to Hispanics almost octupled from 1999 to the peak of the Housing Bubble in 2006. Thus, a sizable majority of defaulted dollars lost are in just four heavily Hispanic states: California, Arizona, Nevada, and Florida (what Wall Street called the “Sand States”).

    But, what about foreclosure rates by race?

    http://www.nationalpolicyinsti...osure-rates-by-race/

  2. #2
    Finally, Subprime Foreclosure Rates by Race

    Many people can't believe that minorities could account for so much of mortgage meltdown, but there are now over 100 million minorities in the U.S. Furthermore, their mortgages tended to be relatively larger than one might expect because they tend to live in fairly expensive urban areas rather than in dirt cheap rural areas.



    A variety of evidence has long pointed toward minorities accounting for a disproportionate fraction of the defaulted subprime mortgage losses that set off the economic crash. This would hardly be surprising since the government pushed hard to increase lending to minorities of marginal creditworthiness in the name of increasing minority homeownership. The Clinton Administration teamed up with leftist groups like Obama’s colleagues at ACORN to push for more lending to minorities. The Bush Administration stepped up the pace, denouncing down payments as barriers holding minorities back from the American Dream, in part to convert the growing Hispanic population into homeowning Republicans.

    But, like the guns of Singapore in 1941, the government’s statistics-collecting apparatus is designed only to make sure that minorities are getting enough loans, not to count how often they default on their mortgages. So, we’ve been lacking direct data on foreclosure rates in the current Housing Bubble.

    Back in October, my reader Tino calculated from the federal Home Mortgage Disclosure Act database that minorities got half the subprime cash (for home purchases and refinancings) handed out in the big years of 2004-2007. Mortgage dollars (prime and subprime) for home purchases leant to Hispanics went up 691% from 1999 to 2006 and 397% for blacks (but only 218% for Asians and about 100% for whites). In other words, mortgage lending to Hispanics almost octupled from 1999 to the peak of the Housing Bubble in 2006. Thus, a sizable majority of defaulted dollars lost are in just four heavily Hispanic states: California, Arizona, Nevada, and Florida (what Wall Street called the “Sand States”).

    But, what about foreclosure rates by race?

    http://www.nationalpolicyinsti...osure-rates-by-race/

  3. #3
    So, you have "whites" accounting for 4%, Hispanic around 7%, and "blacks" around 10% ending in 2007. So, if all foreclosures represent a percentage value of 100% and the total foreclosures being reported by "race" is 21%, then what happened eo the other 79%?
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

  4. #4
    WHAAAAATTTT??? Retards Not In There??? unacceptable!!!
    I Prefer advanced, more Aware individual! And The short Bus ROCKS!!! LOL.

    Whats Up buddy.
    P.S. i rented This kamasutra video, And i think dolly Is gonna need Some surgery. I Tryed Duct Tape. But I Think a professional is required. Get The new Card yet???
    USC and Legal, Honest Immigrant Alike Must Fight Against Those That Deceive and Disrupt A Place Of Desirability! All Are Victims of Fraud, Both USC and Honest Immigrant Alike! The bad can and does make it more difficult for the good! Be careful who y

  5. #5
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
    As per unanimous request I will be posting my educational insight to enlighten the masses from time to time.

    The graph is not so simple Hudson. I'm sure you're aware of that. Question is, why try to discredit it?

    Anyhow, here is how it works. Each point on the graph represents the percentage of mortgages initiated in the year given that defaulted in 2007. For example. Of those loans opened in 1999. About 9% defaulted in 2007 for blacks, 5% for hispanics, and 2% for whites. </div></BLOCKQUOTE>
    The question is really not to discredit the graph, but "race" has nothing to do with why foreclosures have occurred. Again, most people misinterpret "income inequality" when attempting to do economic analysis of wages or compensation, such as this graph tries to do. the other problem with the graph is that foreclosures soared in 2007, yet according to this graph, it dropped. The data presented does not match the quantified data being presented that does not include race. Of the states hit hardest, Massachuessetts was 19, while Texas was 12 and California was 4th.

    BTW: Hispanic is not a race, but an ethnic group. That is why you see "white-non Hispanic" and "white-Hispanic" on the Census data or other ethnic/race data.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

  6. #6
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
    What surprises me about Hudson's response is the missed occasion to prop up his preferred race of which he isn't a member. But then again. It would have required credence to the article. Slam one or forsake the other. Must have been tough. </div></BLOCKQUOTE>
    The TARP money has some cause to the foreclosures Davdah, however, it does not represent all of the resources used for sub prime mortgage lending or traditional mortgage lending.

    As ot my "preferred" race, you are married to one, or maybe not anymore
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

  7. #7
    Lesson: Government should not use the market to implement social programs. The market efficiently weeded out deadbeats before government mandated loans be given to them. Minorities do not believe in paying debts and bills. This was well known for a long time. They should never be trusted with money.

  8. #8
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
    The card came but the issuer with the knowledge of probable 80% tax rates lowered the limit below the balance so they could qualify for some of the TARP money.

    What surprises me about Hudson's response is the missed occasion to prop up his preferred race of which he isn't a member. But then again. It would have required credence to the article. Slam one or forsake the other. Must have been tough. </div></BLOCKQUOTE>

    LOL! yes correct!
    USC and Legal, Honest Immigrant Alike Must Fight Against Those That Deceive and Disrupt A Place Of Desirability! All Are Victims of Fraud, Both USC and Honest Immigrant Alike! The bad can and does make it more difficult for the good! Be careful who y

  9. #9
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
    You still don't get it???? Ok, one more time for the chart challenged.

    The pictorial shows the percentage of mortgages that originated in the years given that defaulted in 2007. In short. All mortgages on the graph dropped dead in 07. It was to illustrate when the mortgages originated and by what group.

    I guess my second comment zoomed over your head. The term wigga should be examined. </div></BLOCKQUOTE>
    That is not what the chart says Davdah.

    It does not matter when you bought the home when the foreclosure happens. Say Ed McMahon. It is practically impossible to determine when the mortgage was obtained because of the very nature in the mortgage business. When people can refi, take equity, or mortgages are sold from one bank to another, etc, the determination of when the money is used or when the home is bought is practically indeterminable, even if you look at a deed search (not to mention a time consuming process).

    The problem is this site aong with the OP is attempting to blame minorities, like your wife Davdah, for the mortgage crisis. Again, there is a relationship between bankruptcies and foreclosures, between economic downturns and foreclosures, but attempting to blame a race or ethnic group is just plain ridiculous, not to mention borders on xenophobia and racism.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

  10. #10
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">As ot my "preferred" race, you are married to one, or maybe not anymore </div></BLOCKQUOTE>

    Lets see. Asked for a new prada purse. Just re-cemented the pool, </div></BLOCKQUOTE>

    Sorry, Davdah, but you need to reel her in. Steer her toward Coach or D&B - reasonable considering the price of Pradas!!!! Two grand for a handbag????? That's over two months of groceries for me!!!!

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