The other day I mentioned a liberal group that is planning on spending $8.5 million to convince everyone that Bush is a bad President. In this group's opinion, the current mortgage crisis is his fault. Well, it seems the idea that the government should be responsible for people making bad financial decisions is not a one-time thing.
This article highlights the great city of Cleveland, OH, and how thousands of homes are in foreclosure because the adjustable rate on people's adjustable rate mortgage did something completely unexpected and mean - it adjusted. Now, the city is suing lenders, accusing them of targeting black people and causing "the greatest drain of wealth the African-American community has ever experienced."
I don't have statistics to back this up, but I'd be willing to bet that the percentage of black people who are in foreclosure is less than the percentage of white people. It's not a race thing. It's a stupid people thing. And if there's one thing that transcends race in this country, it's stupidity. If you're making $30,000 a year and have never been able to qualify for a mortgage. And then all of a sudden you're inundated with junk mail telling you that you can afford a $250,000 house, you might want to look at the details. Maybe. Just an idea.
The article makes it sound like people had no choice. The lenders showed up on their apartment / trailer / RV doorstep with a loaded weapon, made them sign the mortgage papers, and then actually helped them move into this house. So, naturally, the government should step in and make sure people don't have to deal with the consequences of their idiotic decisions.
On the other hand, it really should come as no surprise that corporate America intentionally targeted black people. I will probably get shipped off to an Eastern European prison and turtored mercilessly for leaking this information, but I can remain silent no longer. The sub-prime mortgage phase is simply Bush's next step in his on-going campaign to destroy the African-American community. Phase one was implemented with his racist hurricane generator and the destruction of New Orleans - no other ethnic group was devastated by Katrina, mind you. Phase two is the current mortgage crisis. I can't go into any further detail. I just saw a black CIA helicopter. It may be too late....
Here's my question - if the market hadn't crashed, and the majority of the US continued to enjoy an expanding real estate market, would the African-American community be clamoring to turn over all the equity they made? Congress wanted to punish Exxon-Mobile for making record profits, so it's only fair to punish other people for being the recipient of favorable business circumstances, right?
