I believe the end result of the mortgage crisis, this failed Government mandated social engineering, will only increase the crying of “racism” by certain minority groups.
During the 1990’s there was a Federal mandate to lenders, that they should be more lenient with black borrowers. We say professional black race hustlers screaming that the “banks are racist,” and we say spineless politicians pandering to these race hustlers. By 2000, the message to lenders from Congress was “be more lenient with credit.”
Well, the social engineering has backfired. What came about was lenders giving high interest “subprime” loans to virtually anyone with no verification of the ability of the person to pay the loan back. While many banks and many brokers undoubtedly acted unscrupulous in getting people to take loans they could not afford, ultimately millions of people accepted loans they could not afford.
Here the New York Times provides an interactive math to see where the highest percentage of sub prime loans were given out. View Map.
While there are some poor white areas, such as the Appalachian Mountains, were the percentage of subprime loans exceed 50% of all loans given. However, the majority of areas with astronomical subprime loans are counties that are majority Hispanic or Majority Black. Dozens of majority black counties in the deep south exceed 50% subprime. Mississippi even has two majority black counties that exceed 70% subprime!
In fact, visit the government census site. Examine for yourself. The blacker a county, the higher the percentage of subprime loans. It matches up perfectly.
Next, bring your attention to Texas. Texas has several counties near the border that are between 50-82% subprime. Look at the census site. Watch out, because the Federal government classifies Mestizos as “white.” Look at the “percent Hispanic or Latino origin” line. You will find that the percentage of Hispanics rises in proportion to the rate of subprime loans. The trend carries over to California and other states with large percentages of Hispanics.
Even a poor white state like Kentucky, the percentages of subprime loans never even gets close to the rates in majority black Mississippi counties or majority Hispanic Texas counties. So what do we have? Social engineering by the Federal Government to put more racial minorities into houses has backfired. It has backfired in a major way. In many parts of the country the vast majority of foreclosures are among blacks and Hispanics.
Here is how it all lines up. Asians are slightly less likely than whites to be in a subprime loan. Blacks and Hispanic are far more likely than whites. Thus foreclosures follow the same pattern. We can exspect even greater cries of “racism.” The race hustlers will most surely blame whitey for blacks and Hispanics losing their homes. Huge numbers of blacks living in majority white suburbs will return to poorer majority black neighborhoods. Racial integration of many US neighborhoods will reverse. The Jesse Jackson and Al Sharptons will cry that blacks are being re-Ghetto-ized.
America will look more and more like Brazil every day. Whites and Asians living in houses in gated communities. Blacks and Mestizos living in run down Ghettos. Of course I should add that that Black and Hispanics communities are run down, because the people living there don’t maintain them. However, destroying ones own environment has never stopped American blacks from blaming white people for it in the past.
In the city where I grew up, the government would build brand new public housing that looked superior to what many working class whites lived in. Black welfare recipients would move in and pay as little as $6 a month “rent.” In two years brand new townhouses would already look like total crap. Each December all the pine trees are stolen to use as Christmas trees. Windows are smashed. Trash is everywhere. There is so much crime people are afraid to even drive past them.
Then come the cries of “racism.” The tenants, who spend peanuts of “subsidized rent” while having enough money left over for a big screen tvs and HBO subscriptions, blame the squalid conditions of their recently brand new dwelling on “white racism.” Somehow it becomes the white man’s fault that trash is everywhere. That they are breaking into each others apartments and stealing from each other. That they break all their own free appliances in record time by mistreating them.
I believe the end result of the mortgage crisis, this failed Government mandated social engineering, will only increase the crying of “racism” by certain minority groups. Which, by the way, these minorities will have an ever harder time of getting a mortgage than the 90’s.
Starting March 17th, all but one company ceased issuing mortgage insurance of 100% or more financing. The one insurer left has over doubled their premium. Many lender are now requiring a minimum of a 5% downpayment. The days of no downpayment, or even 103%+ financing are over. Credit score requirements are becoming more strict. 621 is no longer considered “good” or “fair.” The nations lower wage earners will have a much harder time getting a martgage. Since the majority of blacks and Hispanics fall in this category, it will effect them the hardest.
Prepare for the nationwide accusations of “racism” and “oppression.” Don’t expect the race hustlers to mention that there are poor white people in the same boat either.