At the time when W made the original statement, I was thinking things like flat or declining real wages, excessive credit card debt W gutting enforcement of civil rights and voting rights laws and even the CRA itself. To say the least, I thought it was counterintuitive that those policies would lead to record levels of home ownership among minorities.
It's clear now that the combination of leaving consumer protection to the states, loopholes one can drive a Halliburton super transport through, and federal deregulation just unleashed a lot of vultures, wildly overleveraged ones at that.
Full disclosure: I suppose spouse and I qualified as underrepresented borrowers. I have experience with a Countrywide mortgage. I was astounded that our loan was approved and expected it not to be. There were big problems going in... Different choices should definitely have occurred, but I was not sorry to see them fall. There. Is that better?
DoreneC
On Tue, Oct 7, 2008 at 8:55 PM, John Thornton <jthorn65 at sbcglobal.net>wrote:
> Dorene Cornwell wrote:
>
>> Somewhere back in the hoary mists of the early Shrubya Reign of Error, I
>> remember quackin in Bush's very own voice about how minority home
>> ownership
>> was at an all-time high. I remember thinking if Shrubya said it, there was
>> probably a REALLY good reason to worry. Dang I wish I had been wrong to
>> worry! And with data to back up the worries. Yuck!
>>
>> DC
>>
>>
>
>
> So you're saying that the fact that minority home ownership is at an
> all-time high is reason for you to worry?
> Worry about what?
> I'm biting my keyboard to keep from typing something very unpleasant so
> please explain what you mean.
>
> John Thornton
>
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