The "heartbreaking" decrease in black homeownership - The Washington Post
Vanessa Bulnes and her husband, Richard, bought their house on 104th Avenue in East Oakland, Calif., in 1992. The modest two-bedroom property is where they lived for 20 years, raising three ...
In 2004, the pinnacle of homeownership in the United States, nearly half of all African American families owned a home, according to census data.
I work in the mortgage industry.
Unemployed Third Worlders could buy homes in 2004 thanks to stated income ["liar"] loans and "no-doc" loans.
Now there are rigorous underwriting guidelines in place that help protect home buyers, investors, as well as lenders.
What does this tell you about lenders' appetite for risk in 2004?
N.S.: The Washington Post has turned good news into bad news. I believe, though I can't prove this, that during the run-up to the Summer 2008 Minoritty Mortgage Meltdown (MMM), mortgage lenders assumed, in the back of their minds, that the feds would bail them out, when the inevitable occurred.
1 comment:
Just bad loans for the most part period. Persons not able to pay and just abandoning home. And trashing the inside on the way out as an indication of frustration.
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