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Foreclosure Rate High Among Immigrants, Minorities

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A recent report from the Pew Hispanic Center pretty much points out what would be expected when you give loans to people who can't afford them. The study shows that foreclosures are highest among minorities and immigrants and that these groups disproportionately received sub-prime loans. As we know these sub-prime loans were loans given with low scrutiny of someone's ability to pay them back and usually made with little to no down payment to people with poor credit.

We also know that these sub-prime loans were instigated by legislators in congress who under the guise of "feel good politics" and "humanitarianism" thought it would be a good idea to threaten to fine banks and potentially shut them down if they didn't make these sub-prime loans to those who couldn't pay them back.

This was all done under the Community Reinvestment Act. Strong-arming banks into bad loans. And this type of thing is exactly what is wrong with Liberals and the humanitarian argument when it comes to legislation.

With the mortgage market collapse many good hard working people who were doing things right and paying their mortgage and bills, following the rules and making timely payments and keeping their credit records clean now have been severely punished under this guise of humanitarianism.

This is why Liberalism is wrong and always will be. Rather than teach a man to fish for himself they have given people fish they could not afford. None of this was done based on logic or forethought, unless of course you consider that it was also done so that these shysters in congress could get votes.

NY Times

After a decade of growth, the gains made in homeownership by African-Americans and native-born Latinos have been eroding faster in the economic downturn than those of whites, according to a report issued Tuesday by the Pew Hispanic Center.

The report also suggests that the gains for minority groups, achieved from 1995 to 2004, were disproportionately tied to relaxed lending standards and subprime loans.


These loans, which typically require little or no down payment and are meant for borrowers with low credit scores, made homeownership possible for many black and Hispanic families during the boom years, but also led to high rates of foreclosure.

“Basically, that gap was closed on poor loans that never should have been made and wound up harming folks and their neighborhoods,” said Kevin Stein, associate director of the California Reinvestment Coalition, an organization of nonprofit housing groups.

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Posted by Digger on May 13, 2009 08:26 AM (Permalink)

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