Hi,

  I did not know where else to post this information.  I met with a Union leader who was involved with Occupy Homes and he expressed concern over the racial implication of the crisis and his concern was quite validated.  Since the Occupy movement is exploring the human/civil rights to the issue.        I hope somebody already has these links or the supporting evidence, and if not I'm posting a few that may be useful to back up these claims.         OVER 70% OF SUBPRIME BORROWERS ARE CAUCASIAN (upper middle-class, employed, many college educated...using them for speculative purposes)

THERE IS NO POSSIBLE WAY POOR MINORITIES HAVE THE CAPACITY OR THE EQUITY LINES TO CREATE A SCANDAL OF THIS MAGNITUDE. YOU'D HAVE TO BE ON STRONG CRACK TO BELIEVE THAT LINE OF BS. 

THE CRA BLAME WAS BLOWN OUT OF PROPORTION BY POLITICIANS (of course Republicans) TO PROTECT THE BANKS.    Compliance Technology did an indepth study on the different races and subprime lending. (and we can clean up their loose ends) 

"However, non‐Hispanic whites had thelargest number of subprime rate loans and consequently they are likely to experience the greatest number of defaults and foreclosures.  
Currently there is no public data available 

to ascertain the actual racial distributionof defaults and foreclosures."

http://www.compliancetech.com/files/The%20Foreclosure%20Crisis%20and%20Racial%20Disparities.pdf

I'm going to give Compliance Technologies a benefit of a doubt because they did put indepth insight on the issue which I perceive as genuity of their concern.  

However, there is public data available to ascertain the actual racial distribution of defautls and foreclosures.
The HUD database, because of the Patriot Act (and before) it has every last detail on the people who took out mortgages. it has their age, birthdate, country of origin, citizenship status, gender, OCCUPATION, net worth, annual salary, marital status-whether or not the property is a PRIMARY or SECONDARY/speculative residence and other personal notes. 

Also, the history of blockbusting shows the attitudes of predatory activities including discrimination and "social steering" by realtors.  Yes we have to watch the National Realtors Association like a hawk, they ARE a huge lobbyist to our politicians (they put forth a lot of money to politicians to pass TARP). 

• • p9- "To be sure, the blockbusters' methods were unsavory. In the classic example, speculators would target a white neighborhood on the border of an expanding black ghetto.36 White residents feared that the expanding ghettos would jeopardize their property values or their safety, and the speculators encouraged this fear.37 The speculators would make representations that minorities were moving in,38 or deluge the residents with offers of cash for homes.39 By inciting panic and offering to pay cash, 
    
    ***THE SPECULATORS PROCURED HOMES AT A DISCOUNT WHICH THEY IMMEDIATELY RESOLD TO BLACKS AT A SUBSTANTIAL MARKUP.40 ***
    
    If the markups failed to be profitable, blockbusters would still profit from the commissions available during the ensuing high turnover. The blockbusters' profits were further enhanced by the financing terms; because blacks generally could not obtain mortgage financing, THEY WERE FORCED TO ACCEPT USURIOUS LAND INSTALLMENT CONTRACTS."
    
    "3. Promoting Racism and Racial Tensions
    The third indictment of the blockbusters is that the industry promoted
    and exploited racism.'0 9 In order to get whites to sell, the
    blockbusters fomented damaging racial stereotypes about blacks. Not
    only did blockbusters make statements about what would happen to
    neighborhoods when blacks arrived," 0 but they also staged demonstrations,
    such as hiring black men to connit minor acts of vandalism,"'
    or hiring welfare mothers to walk with their many children
    through neighborhoods." 2 In addition, departing whites harbored lingering
    resentment against blacks simply for having been displaced.""
    
    http://ir.lawnet.fordham.edu/cgi/viewcontent.cgi?article=3528&context=flr
    

• • There are two other things I am aware of. 
  • 
    1. First, a bunch of realtors were the ones who took out subprime 'too scary for words '  adjustable rate mortgages to buy up property in order to speculate in real estate.  Which means they used these free loan from the banks (made available by subprime derivatives with no underlying collateral) to create artificial demand to push the price of housing way above the price equilibrium with regards to local salaries-regardless of race.  
    
    How do I know?  I worked with the HUD database before.  I was able to see who foreclosed, their race, their occupation, their marital status, their salary, their net worth, etc.  There's no such thing as privacy anymore.  
    
    So as a result of this ponzi scheme, people were kind of forced to get one of these types of loans to begin with if they wanted to "buy" a house at all because nobody is going to get a modest 4 bedroom house priced at $500,000 with an annual household salary of $45,000 and a legitimate 30  year mortgage.
  • This is called a "pump and dump" scheme and the SEC has already made it illegal on the stock exchange.  Unfortunately, it remained legal in the real estate market.  Forcing the banks to collateralize subprimes (not sure what this has to do with fannie mae or freddie mac to begin with) ... would not make the loans so easy to obtain and keep the market demands organic.
  • ALSO, realtors/brokers do prey on the non-English speaking immigrants and minorities and encourage them to get an Adjustable Rate Mortgage to "buy" a house.  This is no secret, they've been playing a lot of games with this.  
  • So if anything, I hope that people would at least clear up the pretenses and infiltrated prejudice in the Main Stream Media.   
  • Win the audience, the truth shall set you free.