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.http://www.compliancetech.com/files/The%20Foreclosure%20Crisis%20and%20Racial%20Disparities.pdf
Currently there is no public data available
to ascertain the actual racial distributionof defaults and foreclosures."
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).