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Finally, Subprime Foreclosure Rates by Race

Posted by LeifEriksson 
Finally, Subprime Foreclosure Rates by Race
January 23, 2009 03:17AM
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?

[www.nationalpolicyinstitute.org]
Re: Finally, Subprime Foreclosure Rates by Race
January 23, 2009 03:32AM
Still hung up on race, huh? You're a living anachronism.
Anonymous User
Re: Finally, Subprime Foreclosure Rates by Race
January 23, 2009 03:41AM
I doubt that many people would be surprised that minorities were often foreclosed upon. Even "The Daily Show" joked about that.

What your graph is saying that in 2006, 10% of Black homeowners were foreclosed upon, 6.5% of Hispanic homeowners were foreclosed upon, and 4% of White homeowners were foreclosed upon. In other words, a smaller percent but a greater number of Whites were foreclosed upon.

The datain your chart is only through 2006. I assume the numbers looked worse in 2007 and 2088. Also the data is only for Massachusetts.
Re: Finally, Subprime Foreclosure Rates by Race
January 23, 2009 04:38AM
When mortgae companies foreclose on a property, yhey do not look at the colour of the mortgagee. They look at a set of figures on a piece of paper.

If more of one colour were foreclosed on, then there are other reasons that are not hard to find. Reasons like the societal discrimination that leaves certain groups in disadvantaged circumstances.

At the Scopes Monkey Trial, Clarence Darrow gave a brilliant speech, but the cynical journalist H.L. Mencken told him "You may as well have shouted it up a waterspout in Outer Mongolia for all the effect it will have on your listeners ..

Ditto here.
HHH
Re: Finally, Subprime Foreclosure Rates by Race
January 23, 2009 05:33AM
Curt - That also means, of course, that NINETY PERCENT of blacks were NOT foreclosed upon, a much more telling figure, in my opinion.

____________________________________________
What kind of genius loses a billion dollars in a year?
Mill, and your liberal defination of discrimination against the disadvantaged would probably mean not giving money to irresponsible people that have no intention or ability to pay back under any circumstance. Not all liberals are idiots, but all idiots are liberals. Do you even have a clue of the people that were able to get mortgage loans during this time period. Thanks to leaders in the govt., ie. Barnie Freaky Franks plus ACORN, Fannie Mae, and Freddie Mack, the most unreliable people in the country got loans they didn't bother to read or question.
iMe
Re: Finally, Subprime Foreclosure Rates by Race
February 27, 2010 12:22PM
I think that it is funny that when we are referring to minorities, Asians are never included. Maybe because their statistics are so low that they would possibly bring the total average of minorities foreclosed close to the average of whites? I think that is possibly a good guess. And yes, as someone did mention, Whites do have a lower percentage, but a great number of people who forclosed. So, we are all equal in this error. What started all of this is GREED! GREED is to blame, not race. The governement, banks and people were all greedy. Stop making things a racial issue. And add a little more insight when you are reading statistics.

LeifEriksson Wrote:
-------------------------------------------------------
> 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.
>
> [4.bp.blogspot.com]
> AAAAAAAAAM4/8lb3tS64vVQ/s320/Foreclosure+Rates+by+
> Race.jpg
>
> 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?
>
> [www.nationalpolicyinstitute.org]
> finally-subprime-foreclosure-rates-by-race/
Re: Finally, Subprime Foreclosure Rates by Race
February 27, 2010 10:36PM
I love the GOP argument that the "EVIL MINORITIES MADE THE BANKS GIVE THEM THOSE SUBPRIME LOANS!!! THE THOUGHTFUL, KIND, CONSIDERATE BANKERS HAD ONLY THEIR BEST INTERESTS AT HEART - THEY WANTED TO REJECT THE MINORITIES - BUT THE EVIL "LIBERAL" GUVMINT MADE THE BANKERS GIVE THEM THOSE RIGGED LOANS THEY COULD NEVER AFFORD TO PAY BACK!!!! IF ONLY WE DIDN'T HAVE EVIL MINORITIES IN AMERICA THE BUSH DEPRESSION WOULD NEVER HAVE HAPPENED!!!!!"

ROFLMAO. You can't BUY entertainment like that.
Anonymous User
Re: Finally, Subprime Foreclosure Rates by Race
February 27, 2010 11:34PM
Minorities, collectively, are a great millstone 'round the neck of Americans of European descent.

Always have been.

Always will be.

It's GENETICS, don't 'cha see?.

Facts are facts.
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