Yet again, somehow, some kind of way, a particular face and a particular race has become the fall guy for the Subprime lending mess. I do understand that after any major event, an event that rocks the entire nation, an event that causes so much financial distress and turmoil for so many, some well placed blame needs to be directed at a villain of some sorts. This villain should be mortified and paraded in front on its victims. But who are the villains of the this big mess? Who has caused all of the lending problems, foreclosures, and the loss of countless jobs? Again, this morning Ann Coulter let me know that the villains are the many minority borrowers who knew they could not afford a home, knew their credit was shaky for a reason, and who have so carelessly and irresponsibly caused our financial ruin. Neither the problem, nor the cause is that simple. This mess was caused by a lack of responsibility taken by some of the borrowers, by the greedy investors, and banks. This mess is indeed great, and will require more education, money to help people in need and for all of us to spend less time pointing the finger more time figuring out how not to let this happen again.
Again, blame should not be placed on any particular race, but, if anyone’s curious the people who actually received a subprime loan are:
56.2%White
20.8% Hispanic
19.2% Black
2.9 %Asian
.6% Hawaiian
.4 %Native American
Just saying . . .
RealtorKristiJackson's Blog 