An article entitled "Ethnic data on Subprime Loans"
Minorities with subprime loans probably have higher default rates than whites with subprime loans. For example, default rates on college loans are about five times higher for blacks, and more than two times higher for Hispanics, than they are for whites. (Asians are best of all at paying back college loans.) Normally, college loans are handed out more willy-nilly than mortgages, so the ethnic default rate gaps likely arent as big in mortgages, but willy-nilly pretty much describes 2004-2006 mortgage lending in some markets.
On the other hand, they likely tend to have lower value mortgages. On the other other hand, many Hispanics are found in expensive states, especially California, epicenter of the crisis. The largest defaults in America as measured in dollar losses (number of defaults times size) appear to have come out of Californias exurban fringe: the Inland Empire, Antelope Valley, and the Central Valley. All these areas tend to have mixed white and Hispanic populations
http://blog.vdare.com/archives/2008/...ic-data-on-sub prime-loans/
An article entitled "HUD: Five Million Fraudulent Mortgages Held by Illegals"
http://www.amren.com/mtnews/archives...ud_five_millio .php
An article entitled "The Second Great Depression Begins"
We are seeing truly historic losses right now. The subprime crisis includes millions of bad home loans with losses of perhaps $200k per loan, which could run into the trillions of dollars. This entire disaster stems from an insane liberal program that forced banks to increase home loans to millions of unqualified Blacks and Latinos.
For decades American corporations were undermined by racial quotas, which forced millions of less qualified (and often totally unqualified) minorities on corporate America. These racial quotas have been a drag on the economy and have severely harmed millions of White Americans who lost jobs and promotions thanks to this federally mandated anti-White discrimination. Amazingly, our economy was able to survive this colossal amount of sabotage.
A government cant pass a law and mandate "racial equality." Blacks and Latinos are much less reliable than White people on average, and there were sound business reasons for not giving most Black and Latino applicants home loans. Political correctness and liberal insanity however triumphed, and it looks like we finally found the straw that will break the camels back. Our economy is in huge trouble now with perhaps two trillion dollars in bad home loans, and a full blown financial panic that has already caused a 21 percent drop in just one month. Theres no telling how much worse this disaster could become, but one thing is certain: The US can no longer support the dead weight of 100 million Third World people. We need to start mass deporting non-Whites and ending politically correct policies that interfere with business if we want to see a financial recovery within our lifetimes.
http://www.whitecivilrights.com/the-...at-depression- begins_1348.html
An article entitled "Americas Minority Mortgage Meltdown/ Diversity Recession: The Smoking Gun?"
I looked at total mortgage dollars originated for home purchases in 2006. It appears the minority share of overall mortgage dollars was slightly larger (35%) than their share of the population (about 33% in 2006). This is due to higher average mortgage sizes for minorities ($188,000) than for whites ($183,000).
Not surprisingly, four heavily Hispanic statesCalifornia, Florida, Arizona, and Nevadaaccount for 50 percent of the mortgage defaults in America in 2007, and, due to California's ridiculous home prices, no doubt an even larger share of defaulted dollars.
Blacks also received far more mortgage dollars in that seven-year stretch from 1999 to 2006, up 397 percent from $17 billion to $84 billion. Both Hispanics and blacks participated heavily in the subprime market, with two to three times higher percentages of their mortgages being subprime than among whites. So much of this breakneck expansion in borrowing among Hispanics and blacks must have been due to subprimes, which is where the financial collapse started.
Therefore, it's likely that it will turn out that the majority of unexpected default dollars, above normal trend lines, in 2007 were from defaults by minorities.
http://www.vdare.com/sailer/081010_meltdown.htm
An article entitled "Diversity Recession Denounced"
You can tell that the "Diversity Recession" meme is catching on because its being denounced by Hispanic journalists and Media Matters
http://blog.vdare.com/archives/2008/...rsity-recessio n-denounced/
An article entitled "The Bipartisan Diversity Recession"
The irony is that both nominees have argued that The Problem with Washington is partisanship, and that bipartisanship is a big part of the solution.
And yet, perhaps the most catastrophic policy of recent decades, the relaxation of traditional credit standards to help people achieve the American Dream, was extremely bipartisan.
http://blog.vdare.com/archives/2008/...bipartisan-div ersity-recession/
An article entitled "The Sand States"
Last I checked 50% of the number of defaults were in the four sand states. I havent seen any estimates of dollars defaulted in those four states, but I imagine it was 70% or higher.
Why? Because the bubble was worse in Florida and California than in Georgia and Indiana. In the sand states in the fall of 2006, there were still Greater Fools around who believed that Hispanicization meant an unending increase in home values. The idea never gets fully articulated are home prices high because Hispanics can pay high prices? Or are home prices high because non-Hispanics are desperately paying high home prices to get their kids away from public schools full of Hispanics? When you spell out the logical alternatives, neither one sounds terribly sustainable, but the point is that political correctness keeps people from thinking it through. Young Wall Streeters just all emotionally believed Diversity = Goodness = Money.
Its one of those ideas that a constant influx of Hispanics meant ever growing property values that people get in their heads vaguely, but arent allowed to interrogate under our reigning worldview and our reigning EEOC regulations, under which Malcolm Gladwell makes a fortune and Charles Murray makes nothing lecturing corporations.
http://blog.vdare.com/archives/2008/...e-sand-states/
An article entitled "Fraud and the Bubble"
I would suggest organizations capable of doing that sort of thing can do quite a lot more. That might include even developing subdivisions where the specific purpose is to funnel money out of a bank-and giving equity loans to people that arent even citizensand are willing to cooperate because they know they can leave the country when the hammer drops.
When that kind of pattern is established, there are a lot of folks who might be playing follow the leader. All they know is that they have a paper profit and they can send money to trusted relatives back home. Current US bankruptcy laws essentially mean their credit rating could be messed up for lifebut would they really care if they are retiring to a nice house in a warm country with people they love?
When I was working in this business, banks typically hid substantial fraud losses. Banks also typically hide the fact that they are hiring foreign nationals visa programs like H-1b(one way is by hiring "body shops") to manage key financial resources.
This makes it all very hard to figure out what is going on precisely. However, it is clear that many of the companies getting bailouts in recent years have been intense users of H-1b and similar programs and it is clear the big areas of mortgage defaults have been destinations of a very high level of immigration. I think we need a lot more in depth investigation of the connection here than has been done to date.
http://blog.vdare.com/archives/2008/...d-and-the-bubb le/
The housing bubble where the prices of houses soared above their true market value due to over loaning, mostly to nonwhite.
An article entitled "The Regional Bubble"
"the "Sand State" (FANC Florida, Arizona, Nevada, and California as in "FANCs for the mortgages, suckers!")"
More than anything else, the Housing Bubble was a bet that rapid Hispanicization of the population of the Sand States was compatible with high and continually rising home prices. This meant, in effect, that either Hispanics could earn enough money to pay off these huge mortgages or that they could find Greater Fools willing to pay even more money to live amidst ever increasing numbers of Hispanics.
As we can see now, neither assumption has proven valid. Home prices in the Sand States are dropping like a stone back to levels at which the increasingly Latino population might possibly be able to afford.
http://blog.vdare.com/archives/2008/...regional-bubbl e/
An article entitled "Ex-Chief Risk Officer Of Freddie Mac: Hispanics Particularly Likely To Default"
Syron sponsored the disastrous 1993 Boston Fed "study" claiming discrimination against minorities that served as justification for a whole series of steps to funnel more mortgage dollars to minorities. He was rewarded for this by being appointed head of Freddie Mac, where he received $38 million in compensation.
Mentioning the H-word in regard to mortgage defaults is evidently not good for your career. Is it any wonder so many blundered?
http://blog.vdare.com/archives/2008/...hief-risk-offi cer-of-freddie-mac-hispanics-particularly-likely-to-default/
An article entitled "Blagojevich And The Minority Mortgage Meltdown"
</LI>[/list]Heres how bad the program wasnot only was it, according to Blagojevich himself, only the second such program in the nation (which means it was wilder and crazier than almost anything else of its kind) it was designed to provide mortgages to minorities and immigrants who didnt have bank accounts.
The "unbanked" are people who for whatever reason dont have bank accounts, mostly poor people who arent that well organized, and cant afford to keep any money in the bank. Theyre the customers of check cashing agencies, and welfare workers worry about them, while activist try to get the banks to offer them free services. But its crazy to think of offering someone like that the mortgage on a house. It gets worsetwo other groups he was trying to help borrow six-figure sums were
* People with no credit rating (because of their "unbanked" status)
<UL>
<LI>People with no Social Security numbers (because they were illegals)
http://blog.vdare.com/archives/2008/...ojevich-and-th e-minority-mortgage-meltdown/
An article entitled "Major financial newspaper agrees with CofCC on housing crisis."
The second largest financial newspaper after the Wall Street Journal has published an editorial explaining how "affirmative action" lending caused the mortgage crisis.
Investors Business Daily laid out how Democrats like Bill Clinton, Janet Reno, and Chris Dodd ran the US economy into ruin all in the name of getting more racial minorities into houses.
http://cofcc.org/?p=2784
An article entitled "Sailers Next Big Idea: Immigration Brings "Diversity Deduction"Not A "Diversity Dividend""
Californias strength was its diversity, right? So, of course, Californians could pay off all those half million dollar with zero down payment mortgages. Theyre diverse!
But in fact, as weve since seen, there is no "Diversity Dividend". The law of financial gravity wasnt suspended in California.
The realand quite frighteningquestion: is there a "Diversity Deduction"?
Theres no doubt that, say, Mexicans tend to be more economically productive in America than in Mexico, due to the superiority of American institutions and American managers. But how much more productive?
The conventional wisdom in America is that the simple act of immigration makes immigrants equally, if not more, productive, than the average American. When you point out that theres no statistical evidence for this widespread belief, then you are told that their children will no doubt rise up to complete equality. When you point out that Latino sociologists have studied this question out to the fourth and fifth generations after immigration and concluded that convergence just doesnt eventuatewell, typically the conversation ends.
http://www.vdare.com/sailer/081228_diversity.htm
An article entitled "WSJ: "Housing Push for Hispanics Spawns Wave of Foreclosures""
A very large fraction of the people steering Hispanics into risky and expensive subprime loans were Hispanics, so its hardly surprising that their political representatives werent interested in hearing about predatory lending abuses. Hispanic mortgage brokers, real estate agents, and construction workers were making a killing off easy credit, so why kill the goose that laid the golden egg?
And why was the Housing Bubble pronounced in those areas with large Hispanic populations? In the propaganda of the time, population growth was constantly cited as justifying rising home prices, but there was no mention of whether these new people had the earning capacity to pay back their mortgages.
http://blog.vdare.com/archives/2009/...housing-push-f or-hispanics-spawns-wave-of-foreclosures/
An article entitled "Finally, Subprime Foreclosure Rates by Race"
Back in October, my reader Tino calculated from the 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).
So, in Massachusetts, the Non-Asian Minority foreclosure rate on subprime mortgages was about twice the white rate. If that ratio holds true nationally, where minorities took out half the subprime dollars, then minorities would account for two-thirds of all defaulted subprime dollars.
http://blog.vdare.com/archives/2009/...lly-subprime-f oreclosure-rates-by-race/
Michael,
I cannot tell you how many people I have spoken with,and provided proof,about the diversity aspect of this situation,who are now not speaking to me,and these are White folks!
An article entitled "Predatory Real Estate Brokers: Latinos Preying On Latinos"
Heres an impressive data-crunching article by Zach Fox of the North County Times, a local newspaper in the relatively affluent northern reaches of San Diego County. As Ive been saying, one reason the enormous fraud during the Housing Bubble flew under the national medias radar was because a sizable fraction of the bogus business was being transacted in Spanish, among Spanish-speaking buyers, real estate agents, and mortgage brokers.
http://blog.vdare.com/archives/2009/...atory-real-est ate-brokers-latinos-preying-on-latinos/
Originally Posted by LabMan
LabMan,
That is strange unless these Whites have never seen nonwhites outside a control environment, or maybe they are just scared. The first real world expose will help, the second when the economy fails and they have nothing to lose they will know where to go!
Probably a combination of all of the above,but the constant inundation from the media,electronic and print,as to the over glorification of ,can't be in any social situation without,must believe that non-whites are better at all endeavors at sports,mixed in with vast amounts of White guilt and self loathing,all contribute!
I can't speak with any real authority on the subject, because after retirement I've tended to stick with a comparative handful of old friends who share my general outlook--in other words, fellow dinosaurs.
About a week ago, however, I attended a luncheon at which a rather mature (in appearance, not in perception) lady who was sitting next to me asked if I was going to watch history in the making, by which I assume she meant the inauguration. When I replied that I was not, had not voted in eight years, allowed my registration to expire, and considered politicians essentially a criminal class, she gave me a withering look and made no further attempt at conversation.
Whether or not she represented the current mainstream, I don't know; I hope not, but please remember that lumpenpackTV has been around now for 60 years, sowe have senior citizens who are just as brainwashed as teenagers.
I think the next couple of years--starting now--will turn on the alarm clock; for good or ill, I don't know.
Posting Permissions
Reply With Quote