Friday Links

From the daily news today:
A Brooklyn community had the highest subprime foreclosure rate in the state in October, according to Federal Reserve Bank of New York data.

One in four homeowners with subprime mortgages in the 11233 zip code, which spans Brooklyn's Bedford-Stuyvesant and Crown Heights neighborhoods, lost their homes, the Fed said.

The community had a foreclosure rate of almost four times the national subprime figure of 6.89%, which was the highest since March 2003.

Blacks and Latinos are 30% more likely to be charged a higher rate for a home loan than whites with similar credit histories, according to a 2006 study of 50,000 mortgages.

Bedford-Stuyvesant and Crown Heights had 194 foreclosures out of 770 subprime borrowers, Fed data show.

Posted by: guest at February 8, 2008 9:18 AM

and if these asshats would have just rented and saved so money for a down payment like normal folk they would not be in the mess they are in

i have no sympathy for these people

they are not victims

dig deeper, was there cash back at closing?

did they heloc the house ?

why won;t the msm ask these types of questions? oh becuase they have to be pc
and not come across as a racist ?

what a crock of crap

let em rot

this how thing makes me sick

Posted by: guest at February 8, 2008 10:19 AM

You make me sick, 10:19.

Maybe msm should dig deeper, but you just went ahead and assumed the worst - that there was money at the table, or that eveyone heloc'ed their homes.

Perhaps the real answer is somewhere in the middle, that the majority did everything wrong, for the right reasons, and got caught up in something that has happened to lower and middle class people all over the country, not just minorities in one part of one city.

Posted by: guest at February 8, 2008 12:47 PM

As crass as he is, 10:19 has a point. In the end, this is about people buying something that they couldn't really afford. Whether it's a car, clothes, a vacation, or a house, if it's beyond your means, you have no business buying it.

And don't give me that "lack of experience" excuse. There are plenty of first-time home buyers who make sensible decisions and don't wind up in foreclosure.

Posted by: guest at February 8, 2008 2:54 PM