T Nation

Architects of Ruin - Real Culprits of the Financial Meltdown

An excerpt from the summary of the book by the author. I’m sure the MSM will be all over this story so we don’t make the same mistakes again…right?

For all the ink that has been spilled about the mortgage crisis in America, there remains a secret that almost all the major media has ignored: for all the talk of unsold condos in South Florida and McMansions sitting empty in California, the epicenter of this crisis is really in urban and minority neighborhoods.

Why is this story being ignored? Simple. By identifying the epicenter of the crisis we can find the culprits who helped get us all in this mess in the first place.

Studies show that those hardest hit by the financial crisis are poor and minority neighborhoods. A massive study by the Boston Federal Reserve Bank looked and hundreds of thousands of mortgages and foreclosures and discovered that “in the current housing crisis foreclosures are highly concentrated in minority neighborhoods.” The study notes that this is a unique phenomenon, “even relative to past foreclosure booms.” The study found that those in poor and minority neighborhoods were seven times more likely to lose their homes to foreclosure that then general population.

Another study by the Pew Research Center has found the same thing. The study discovered that the most significant determinant of the rate of foreclosure was the “immigrant share of the population” and the “native-born Hispanic homeownership rate.” An analysis by the New York Times (one of the few media outlets who have picked up this story) echoed those findings. The paper discovered that in areas where default rates are at least double the national average, 85% of the neighborhoods are majority black and Latino. Minority mortgage holders had a foreclosure rate three and a half times higher than the national average.

This reality gives us evidence to find out who got us into this mess in the first place: housing activities and government officials who pushed for and got an aggressive affirmative-action lending program for home mortgages.

[quote]hedo wrote:

An excerpt from the summary of the book by the author. I’m sure the MSM will be all over this story so we don’t make the same mistakes again…right?

For all the ink that has been spilled about the mortgage crisis in America, there remains a secret that almost all the major media has ignored: for all the talk of unsold condos in South Florida and McMansions sitting empty in California, the epicenter of this crisis is really in urban and minority neighborhoods.

Why is this story being ignored? Simple. By identifying the epicenter of the crisis we can find the culprits who helped get us all in this mess in the first place.

Studies show that those hardest hit by the financial crisis are poor and minority neighborhoods. A massive study by the Boston Federal Reserve Bank looked and hundreds of thousands of mortgages and foreclosures and discovered that “in the current housing crisis foreclosures are highly concentrated in minority neighborhoods.” The study notes that this is a unique phenomenon, “even relative to past foreclosure booms.” The study found that those in poor and minority neighborhoods were seven times more likely to lose their homes to foreclosure that then general population.

Another study by the Pew Research Center has found the same thing. The study discovered that the most significant determinant of the rate of foreclosure was the “immigrant share of the population” and the “native-born Hispanic homeownership rate.” An analysis by the New York Times (one of the few media outlets who have picked up this story) echoed those findings. The paper discovered that in areas where default rates are at least double the national average, 85% of the neighborhoods are majority black and Latino. Minority mortgage holders had a foreclosure rate three and a half times higher than the national average.

This reality gives us evidence to find out who got us into this mess in the first place: housing activities and government officials who pushed for and got an aggressive affirmative-action lending program for home mortgages. [/quote]

Didn’t you know if you are poor you are entitled to own your own home even if it means stealing from rich, middle class, and blue collar people – you know, people who pay taxes?

[quote]hedo wrote:

An excerpt from the summary of the book by the author. I’m sure the MSM will be all over this story so we don’t make the same mistakes again…right?

For all the ink that has been spilled about the mortgage crisis in America, there remains a secret that almost all the major media has ignored: for all the talk of unsold condos in South Florida and McMansions sitting empty in California, the epicenter of this crisis is really in urban and minority neighborhoods.

Why is this story being ignored? Simple. By identifying the epicenter of the crisis we can find the culprits who helped get us all in this mess in the first place.

Studies show that those hardest hit by the financial crisis are poor and minority neighborhoods. A massive study by the Boston Federal Reserve Bank looked and hundreds of thousands of mortgages and foreclosures and discovered that “in the current housing crisis foreclosures are highly concentrated in minority neighborhoods.” The study notes that this is a unique phenomenon, “even relative to past foreclosure booms.” The study found that those in poor and minority neighborhoods were seven times more likely to lose their homes to foreclosure that then general population.

Another study by the Pew Research Center has found the same thing. The study discovered that the most significant determinant of the rate of foreclosure was the “immigrant share of the population” and the “native-born Hispanic homeownership rate.” An analysis by the New York Times (one of the few media outlets who have picked up this story) echoed those findings. The paper discovered that in areas where default rates are at least double the national average, 85% of the neighborhoods are majority black and Latino. Minority mortgage holders had a foreclosure rate three and a half times higher than the national average.

This reality gives us evidence to find out who got us into this mess in the first place: housing activities and government officials who pushed for and got an aggressive affirmative-action lending program for home mortgages. [/quote]

Steve Sailer has been saying this for at least 3 years on his blog. Most of the people interviewed for CNBC’s “House of Cards” documentary were Mexicans. “I deeeedn’t understand deee loooan.” But they signed the papers anyway. One guy admitted that the loan officer inflated his income by 4 times and he knew it. Par for the Mexican course right there. It’s ok to steal if someone is dumb enough to let you.

Yet another reason to ship them back.

[quote]PRCalDude wrote:
hedo wrote:

An excerpt from the summary of the book by the author. I’m sure the MSM will be all over this story so we don’t make the same mistakes again…right?

For all the ink that has been spilled about the mortgage crisis in America, there remains a secret that almost all the major media has ignored: for all the talk of unsold condos in South Florida and McMansions sitting empty in California, the epicenter of this crisis is really in urban and minority neighborhoods.

Why is this story being ignored? Simple. By identifying the epicenter of the crisis we can find the culprits who helped get us all in this mess in the first place.

Studies show that those hardest hit by the financial crisis are poor and minority neighborhoods. A massive study by the Boston Federal Reserve Bank looked and hundreds of thousands of mortgages and foreclosures and discovered that “in the current housing crisis foreclosures are highly concentrated in minority neighborhoods.” The study notes that this is a unique phenomenon, “even relative to past foreclosure booms.” The study found that those in poor and minority neighborhoods were seven times more likely to lose their homes to foreclosure that then general population.

Another study by the Pew Research Center has found the same thing. The study discovered that the most significant determinant of the rate of foreclosure was the “immigrant share of the population” and the “native-born Hispanic homeownership rate.” An analysis by the New York Times (one of the few media outlets who have picked up this story) echoed those findings. The paper discovered that in areas where default rates are at least double the national average, 85% of the neighborhoods are majority black and Latino. Minority mortgage holders had a foreclosure rate three and a half times higher than the national average.

This reality gives us evidence to find out who got us into this mess in the first place: housing activities and government officials who pushed for and got an aggressive affirmative-action lending program for home mortgages.

Steve Sailer has been saying this for at least 3 years on his blog. Most of the people interviewed for CNBC’s “House of Cards” documentary were Mexicans. “I deeeedn’t understand deee loooan.” But they signed the papers anyway. One guy admitted that the loan officer inflated his income by 4 times and he knew it. Par for the Mexican course right there. It’s ok to steal if someone is dumb enough to let you.

Yet another reason to ship them back. [/quote]

You should have seen the Dateline episode I saw, with the mortgage mess. One illegal got a $600k loan who made $1200 a month. When reporters showed up to interview him about the loan, he could not speak or read English, yet signed for a $600k loan. America, just get here and we will take care of you at someone else’s expense.

[quote]
Steve Sailer has been saying this for at least 3 years on his blog. Most of the people interviewed for CNBC’s “House of Cards” documentary were Mexicans. “I deeeedn’t understand deee loooan.” But they signed the papers anyway. One guy admitted that the loan officer inflated his income by 4 times and he knew it. Par for the Mexican course right there. It’s ok to steal if someone is dumb enough to let you.

Yet another reason to ship them back.

You should have seen the Dateline episode I saw, with the mortgage mess. One illegal got a $600k loan who made $1200 a month. When reporters showed up to interview him about the loan, he could not speak or read English, yet signed for a $600k loan. America, just get here and we will take care of you at someone else’s expense. [/quote]

Yeah, I know what you fellers mean. It’s make me angry kind of like when I think of all the Italians on the East Coast, you know their all in the mafia and are nothing but criminals. Heck, if their involved in business you can be sure it’s because of mafioso ties. Man, it’s even worse if their from the old country you can be assured one of their godfathers sent em here to start a new ‘family’.

Stereo types and bigotry are wonderful aren’t they!

D

[quote]Dedicated wrote:

Steve Sailer has been saying this for at least 3 years on his blog. Most of the people interviewed for CNBC’s “House of Cards” documentary were Mexicans. “I deeeedn’t understand deee loooan.” But they signed the papers anyway. One guy admitted that the loan officer inflated his income by 4 times and he knew it. Par for the Mexican course right there. It’s ok to steal if someone is dumb enough to let you.

Yet another reason to ship them back.

You should have seen the Dateline episode I saw, with the mortgage mess. One illegal got a $600k loan who made $1200 a month. When reporters showed up to interview him about the loan, he could not speak or read English, yet signed for a $600k loan. America, just get here and we will take care of you at someone else’s expense.

Yeah, I know what you fellers mean. It’s make me angry kind of like when I think of all the Italians on the East Coast, you know their all in the mafia and are nothing but criminals. Heck, if their involved in business you can be sure it’s because of mafioso ties. Man, it’s even worse if their from the old country you can be assured one of their godfathers sent em here to start a new ‘family’.

Stereo types and bigotry are wonderful aren’t they!

D[/quote]

Let’s put it this way: “stereotypes” and “bigotry” kept me from buying a house back in 2006 when all the other cretins like yourself were talking about how great the Mexican housing boom was for everyone. How’s it working out for us now?

I’ve got data. You’ve got the tired old “racism!” whine. Bye.

[quote]
Let’s put it this way: “stereotypes” and “bigotry” kept me from buying a house back in 2006 when all the other cretins like yourself were talking about how great the Mexican housing boom was for everyone. How’s it working out for us now?

I’ve got data. You’ve got the tired old “racism!” whine. Bye.[/quote]

It’s obvious (very much so) that you’ve got a lot of hate towards minorities and Mexicans in particular. I happen to be an American of Latino ethnicity. I was born here as were my parents, but my maternal grandparents were born in Mexico and my paternal grandparents have been here for Centuries and are of Spanish and Native American descent. We are what’s called Mestizos. My parents are college educated and very successful as are most of my friends and relatives who are of Mestizo origin. I just happen to find your insinuations of ‘Mexicans’ as dumb, violent, cheats, to be very offensive and was compelled to say something about it. But, I do know it’s akin to pissing in the wind as it won’t budge you from your angry and hateful position. My only comfort comes from knowing that your anger and hate will be far more damaging to yourself in the end then to anyone else.

As you said Bye and it’s good we’ll likely never meet in person.

D

[quote]Dedicated wrote:

Let’s put it this way: “stereotypes” and “bigotry” kept me from buying a house back in 2006 when all the other cretins like yourself were talking about how great the Mexican housing boom was for everyone. How’s it working out for us now?

I’ve got data. You’ve got the tired old “racism!” whine. Bye.

It’s obvious (very much so) that you’ve got a lot of hate towards minorities and Mexicans in particular. I happen to be an American of Latino ethnicity. I was born here as were my parents, but my maternal grandparents were born in Mexico and my paternal grandparents have been here for Centuries and are of Spanish and Native American descent. We are what’s called Mestizos. My parents are college educated and very successful as are most of my friends and relatives who are of Mestizo origin. I just happen to find your insinuations of ‘Mexicans’ as dumb, violent, cheats, to be very offensive and was compelled to say something about it. But, I do know it’s akin to pissing in the wind as it won’t budge you from your angry and hateful position. My only comfort comes from knowing that your anger and hate will be far more damaging to yourself in the end then to anyone else.

As you said Bye and it’s good we’ll likely never meet in person.

D[/quote]

Actually, if minority status helped these people get loans, it’s very pertinent to the discussion. In addition understanding the language, understanding financial maters, and income are all pertinent discussion topics. If you donâ??t like that, itâ??s your prerogative.

Either way, you are a very intolerant person. Just because someone has a different view than you, you thinly threaten physical violence? Why then, should anyone be tolerant of you?

I would even bet your accusations of racism and “hatred of minorities” is based in large part on the previous poster being white. If he were a minority or more specifically Mexican, I have no doubt your opinion would change. That means that you are basing your judgments of people on race. In fact, that makes you racist.

Pot, meet kettle.

Many people off all races have gotten bad loans for a variety of reasons. My post really wasn’t aimed at that, but rather the extremely ugly and negative characterizations I read specifically about Mexicans that had nothing to do with loans. I am sure if there are any other readers here of Mexican heritage they’d be offended as well. You are free (obviously) to think what you wish.

D

[quote]Dedicated wrote:

Actually, if minority status helped these people get loans, it’s very pertinent to the discussion. In addition understanding the language, understanding financial maters, and income are all pertinent discussion topics. If you don’t like that, it’s your prerogative.

Either way, you are a very intolerant person. Just because someone has a different view than you, you thinly threaten physical violence? Why then, should anyone be tolerant of you?

I would even bet your accusations of racism and “hatred of minorities” is based in large part on the previous poster being white. If he were a minority or more specifically Mexican, I have no doubt your opinion would change. That means that you are basing your judgments of people on race. In fact, that makes you racist.

Pot, meet kettle.

Many people off all races have gotten bad loans for a variety of reasons. My post really wasn’t aimed at that, but rather the extremely ugly and negative characterizations I read specifically about Mexicans that had nothing to do with loans. I am sure if there are any other readers here of Mexican heritage they’d be offended as well. You are free (obviously) to think what you wish.

D
[/quote]

Just seemed to me that you were playing on the “good old boy white guy racist” stereotype and it offended me. You seem to have a deep seeded dislike of white people. However, I don’t think I have the right to try to shut you up.

Mexican immigration has a place in the discussion. Though I’d like to see some statistics on how big a piece of the pie it is, I’m willing to bet it’s a larger issue with Mexican Americans than the average. If so, it’s something that should be addressed.

[quote]Dedicated wrote:
…I just happen to find your insinuations of ‘Mexicans’ as …violent…to be very offensive…

[/quote]
and then…

[quote]Dedicated wrote:
it’s good we’ll likely never meet in person.

[/quote]

Solid.

[quote]
Just seemed to me that you were playing on the “good old boy white guy racist” stereotype and it offended me. You seem to have a deep seeded dislike of white people. However, I don’t think I have the right to try to shut you up.

Mexican immigration has a place in the discussion. Though I’d like to see some statistics on how big a piece of the pie it is, I’m willing to bet it’s a larger issue with Mexican Americans than the average. If so, it’s something that should be addressed.[/quote]

Please pray tell what have I ever said that could be construed as a ‘deep seated dislike of white people’? Seems you have an agenda to portray me in that light because I spoke up about some ugly things I could copy and paste from this and another thread about Mexicans. I recall one such comment as ‘all other latinos hate Mexicans’ and on and on.

You know nothing about me who my friends are, who I associate with, anything. If you did have a view into my social circle you would see it’s mainly compromised of intelligent and thoughtful people from a variety of backgrounds.

Anyway, I’m done. I read some things that offended me enough to say something about it, I’ve done so and I feel good enough to depart from this.

Have fun!

D

[quote]Stronghold wrote:
Dedicated wrote:
…I just happen to find your insinuations of ‘Mexicans’ as …violent…to be very offensive…

and then…

Dedicated wrote:
it’s good we’ll likely never meet in person.

Solid.[/quote]

You could interpret that anyway that will fit your argument. I know how I meant it.

Take care.

D

[quote]Dedicated wrote:

Just seemed to me that you were playing on the “good old boy white guy racist” stereotype and it offended me. You seem to have a deep seeded dislike of white people. However, I don’t think I have the right to try to shut you up.

Mexican immigration has a place in the discussion. Though I’d like to see some statistics on how big a piece of the pie it is, I’m willing to bet it’s a larger issue with Mexican Americans than the average. If so, it’s something that should be addressed.

Please pray tell what have I ever said that could construed as a ‘deep seated dislike of white people’?

[/quote]
I explained this previously with you basing judgments on race.

Itâ??s not hard to do, if you have an agenda…

Doesnâ??t make you not racist.

I know as much about you as you do about the previous posters you were judging. Are you now saying internet posting arenâ??t enough to judge someone?

[quote]

Anyway, I’m done. I read some things that offended me enough to say something about it, I’ve done so and I feel good enough to depart from this.

Have fun!

D[/quote]

Exactly what Iâ??m doing.

My comfort lies in watching all the Mexican illegals and raza banditos lose their houses that they lied to get. It’s the greatest destruction of wealth since the Great Depression. Enjoy! You can take a Mexican out of Mexico, but can’t take Mexico out of of the Mexican. It’s like Vicente Fox said, “Wherever there is a Mexican, there is Mexico.”

I’m sure you’ve got plenty of compassion for your own race. You have zero for guys like me with families who couldn’t get into the market because prices were rising so much more than wages as drywallers from Chiapas reported $100k incomes to get their jumbo ARMs. Here I and people like me were saving our money, delaying gratification, and living frugally so that we could eventually put down that 25% down and get a loan we could actually repay.

I’ll tell you what, when you’ve been shot at by Mexicans, lied to by Mexicans, been robbed by Mexicans, and had to move because Mexicans were shooting in your neighborhood and harassing your wife, you can lecture me on race. Sound fair?

[quote]DoubleDuce wrote:

Actually, if minority status helped these people get loans, it’s very pertinent to the discussion…
[/quote]

Yup, unless they changed the law recently, they judge banks by their acceptance rates for various minorities. Not, as they should, for the default rates.

[quote]DoubleDuce wrote:
Dedicated wrote:

Actually, if minority status helped these people get loans, it’s very pertinent to the discussion. In addition understanding the language, understanding financial maters, and income are all pertinent discussion topics. If you don’t like that, it’s your prerogative.

Either way, you are a very intolerant person. Just because someone has a different view than you, you thinly threaten physical violence? Why then, should anyone be tolerant of you?

I would even bet your accusations of racism and “hatred of minorities” is based in large part on the previous poster being white. If he were a minority or more specifically Mexican, I have no doubt your opinion would change. That means that you are basing your judgments of people on race. In fact, that makes you racist.

Pot, meet kettle.

Many people off all races have gotten bad loans for a variety of reasons. My post really wasn’t aimed at that, but rather the extremely ugly and negative characterizations I read specifically about Mexicans that had nothing to do with loans. I am sure if there are any other readers here of Mexican heritage they’d be offended as well. You are free (obviously) to think what you wish.

D

Just seemed to me that you were playing on the “good old boy white guy racist” stereotype and it offended me. You seem to have a deep seeded dislike of white people. However, I don’t think I have the right to try to shut you up.

Mexican immigration has a place in the discussion. Though I’d like to see some statistics on how big a piece of the pie it is, I’m willing to bet it’s a larger issue with Mexican Americans than the average. If so, it’s something that should be addressed.[/quote]

http://isteve.blogspot.com/search/label/real%20estate

[quote]Stronghold wrote:
Dedicated wrote:
…I just happen to find your insinuations of ‘Mexicans’ as …violent…to be very offensive…

and then…

Dedicated wrote:
it’s good we’ll likely never meet in person.

Solid.[/quote]

LMFAO. I never even picked that up. Stop confirming stereotypes, Dedicated!

[quote]cremaster wrote:
DoubleDuce wrote:

Actually, if minority status helped these people get loans, it’s very pertinent to the discussion…

Yup, unless they changed the law recently, they judge banks by their acceptance rates for various minorities. Not, as they should, for the default rates. [/quote]

Banks that follow CRA lending rules are allowed to grow in size and acquire other banks. Banks that do not cannot. Barney Frank is setting about to close the loopholes that exempted credit unions from CRA rules:

Time to get your money and put it in an overseas bank. I have data suggesting that the FDIC is insolvent from all of the bank failures, btw.

[quote]PRCalDude wrote:
Stronghold wrote:
Dedicated wrote:
…I just happen to find your insinuations of ‘Mexicans’ as …violent…to be very offensive…

and then…

Dedicated wrote:
it’s good we’ll likely never meet in person.

Solid.

LMFAO. I never even picked that up. Stop confirming stereotypes, Dedicated!
[/quote]

Stereotypes are baad, Mmmm’kayyy