The Big Pickle wrote:I tried to tell people that the subprime mess happened because poor negroes thought it was racist that they couldn't live in a White picketed house in the suburbs too. Nothing more than affirmative action mortgages for negroes! But when I say it, does anybody believe me?
NOOOOOOOOOOOOOOOO!
That's because you're an ignorant dumbfuck who hasn't a clue of what you speak.
Blacks make up a small % of those defaulting on loans, just like they make up a small % of home owners, and the population in general.
The subprime mortgage mess happened predominantly because of poor,
stupid whites with shitty credit refinancing using variable APR's. They took out home equity loans (equity that in reality didn't exist) that all too eager lenders and shady appraisers were stepping all over their dicks trying to offer in a surging housing market.
Oh, and another contributor to escalating monthly house payments that dumbfucks can't afford...
Insurance companies in the past year have started basing and
raising homeowners rates based on their credit worthiness. Sometimes as much as 50%. That adds up.
There's a domino effect occuring, or better put, a snake feeding upon itself.