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Originally Posted by John Drake
Go back and read what was said, the amount of money lost so far exceeds the value of all the mortgages on all the property ever sold in the history of the world, and certainly the almost piddling number of mortgages lost by "poor" people.
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Then they were, indeed, lost at least partly because the poor violated the contract. So how is it invalid to blame them for that?
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The actual pool of defaults does, however, contain a disproportionate number of Hispanics and blacks, as it always does because they compose a disproportionate number of the poor and the poor are more likely to have money problems by definition.
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Then racist beliefs are true?
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I remember back when this all started it was rich people who had overextended themselves who were to blame, lotsa pictures of mansions being repoed and rather prosperous looking people bemoaning their fate. Then it came out that some poor folk had done this too. Instantly, all those losing their homes became either black or Hispanic, and the whole thing an inner city phenomena.
This is one of the sickest parts of this, the way the real causers of this problem have shifted the blame to the most vulnerable of their victims. People who were hoodwinked and often outright defrauded by unscrupulous mortgage brokers into buying into the American dream, and the worst part is how far they seem to have succeeded.
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Oh yes, its the lender's fault they took the mortgage with no intention of paying.
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I will say that I think racist is an unfortunate choice of words. I would prefer classist. The technique being to blame those poor who have dared to try and rise above their "station" in life for all our problems.
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No, that's not what they're being blamed for. They are being blamed for the dishonest means they used to try and rise above it.
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This is a typical ploy of those who still believe, as of whom one of the FF said, that "..they believe some are born with saddles and themselves are given spurs."
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