Drummond: Bank foreclosures are an urban blight
Full story: Inside Bay Area
I guess cause heartless mortgage co./Banks have tons of forclosed black single parent homes,due to first-hired first-fired layoffs..and hispanics picking up and moving in the night cause they weren't suppose to get houses in the first place cause they were ILLEGAL!
Well,no. That isn't what happened.
Back in 2007 Barney Frank, and Christopher Dodd, both Democrats, passed legislation forcing banks to give mortgages to people they knew could not repay their loans.
That legislation is the cause of today's recession and housing market implosion.
The banks were not preditors, they were forced to make the loans and layoffs had nothing to do with it, there are just some people who are not currently credit worthy who should not have mortgages.
It's a prime example of governmentmeddling where it doesn't belong. For more facts read "Reckless Endangerment" by Gretchen Morgansen of the New York Times.
Oh boy. I'm not talking about survivalist propaganda, I'm talking about what really happened.
It's always propaganda till it hits your doorstep...like midway!!!
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