US subprime lenders targeted blacks, poor:

[superman2004]

Yup... Colin Powell might show up but fuck it.

This mortgage company crisis has exposed black folks...think deeper.
We all now that black folks like to live beyond their means. As a businessman other industries capitalize off of this fact too. Rim companies, urban-wear, and alchol companies to name a few.

Having an MBA.. I know that Consumers Drive demand for a product. A business in a capitalist society creates a innovative product/service by meeting creatively meeting CONSUMER DEMAND.

I moved to ATL in 2003 and saw this shit unfold first hand. Here is essentially what happened. You had a business that may have say 1,000 employees.
Laquesha who has a 570 fico score and makes $38K/year after tax take home of $2200/month. Laquesha finds a mortgage guy that gets here into an ARM on a $150K property in a new construction subdivision down in College Park. Her mortgage starts at $1,100/month. Laquesha invites her coworkers that have the SAME salary as her to the housewarming. The see Laquesha in the house get excited thinking that they SHOULD be able to afford the same. So they all go see Laqueshas mortgage broker. THE PROCESS repeats itself like a virus.


Fast forward 5 years later.
Laquesha is now making $42K/ Year and taking home $2400/month. Her Arm has reset and her mortgage is now $1600/month. But last year before the ARM reset Laquesha went out and bought a HONDA ACCORD with $400/month car payments. SEE THE PROBLEM?

A year later Laquesha loses her house in foreclosure. Who is she going to blame for this? It can't be her fault? So of course it is going to be the "Crooked Mortgage Guy" who she says "put her in a house she couldn't afford". So Laquesha is now a victim........along with all her other friends in the same situation that do not want to take responsibility for making bad financial decisions.

Enter Jesse Jackson and Al Sharpton to the RESCUE!!! These guys make a living off of BLACK VICTIMHOOD. Jesse & AL see that a lot of fame/press/money can be made on BLAMING THE INDUSTRY for Black folks plight. ALL THE BLACK PEOPLE THAT GOT "CAUGHT UP" ARE MORE THAN HAPPY TO BE ABLE TO PLACE THE BLAME ON SOMEBODY OTHER THAN THEMSELVES.

"most" white folks don't seem to get caught up like that. At my job I see the MODEL THAT THE WHITE FOLKS USE.
If they married and have a combined household income of $80K and take home $4500 a month after taxes. Here is how THEY spend their money.

• 
  [*]The wife may drive a new Accord $400/ month
  [*]The Husband dives a 5-10 year old pickup truck that is paid off.
  [*]They qualified for a $300K house but decided to live within their means and buy a $200k house with a mortgage of $1600/month

Now a black couple that makes $80K is going to spend their money like this:

• 
  [*]The wife is going to drive a BRAND NEW BMW 5 series LEASED $600/month
  [*]The Husband Drives a BRAND NEW Yukon payments $500/month
  [*]They got approved for a $300K house and PURCHASED A house at $300K with a mortgage of close to $2500/month.
  [*]Plus the wife shops and has all the latest coach/prada bags
  [*]The husband keeps a clean set of 22" wheels on the Yukon

And we wonder why we stay in Economic Trouble as a people?

Let me add, cause i see a lot of documents.

They also INVEST THEIR MONEY in a variety of packages, and take out life insurance, annuities etc... Mention investments, and many are like huh?

 

[kew]

yep

 

[Daddy Warbuck$]

Niggas are not being REAL WITH THEMSELVES on here.

Every race does FRAUD. But we as black folks have that "smash and grab" mentality we want it all NOW. The white boys...did their shit on the low... enough to COME UP..but not ENOUGH to draw MAJOR ATTENTION.

Niggas were setting up shops to COOK UP DOCUMENTS.. having straw buyers.. buying CONDO buildings on FRAUD REFI and then let the shits go into Foreclosure on GRAND SCALES. Which is why it is hard as fuck to get a MORTGAGE in certain zipcodes in ATLANTA.

here you go...I'm not even looking at anything but I can run them shits in my head

30331
30310
30318
30314
30315

and yes the whiteboys did the same shit but they did it respectfully. A white guy will see 80k in spread and only snatch 25k and leave the rest in the property. He was able to hold on to the property plus keep the payment down to a respectable level so that he could have section 8 cover his ass.

Now niggas looked at the same 80k and said "fuck that shit I need more...so they would get this inflated appraisal done that added 30k to the 80k...then niggaz would say..sheeeeeeit I need all that money!! So what do they do?? Cashout the entire 110k. Now the Payment is sky high and section 8 can't cover it all...so they have to come out of pocket every month to cover the note...then niggaz be on some fuck that shit I need to keep MY $$$ so they decide to just let te bitch go into forclosure and say fuck it. Now when you have done this 5-6 times under your name and you use 15-20 straw buyers, shit can really start to get fucked up.

So there you have it "GETTING RICH ATL STYLE!!"

 

[Daddy Warbuck$]

and don't get me started on the nigga that went to the AUC and had young college girls with "FRESH" credit buy houses in their names and cashout 100k each. He would give the girls 10,000 and some dick and take that money and get the fuck out of dodge. He fucked over 18 girls in the AUC. Most of them went to Clark Atlanta. They finally caught his ass though

Personal experience..I know this one chick that was going to cashout 85k. When she got the money she went out and bought a Range Rover CASH!!!

Yall niggaz can try and blame the whiteman for this shit, but as I have pointed out NUMEROUS times in this thread NIGGAZ PLAY A HUGE PART!

 

[grownazzblakman]

and yes the whiteboys did the same shit but they did it respectfully. A white guy will see 80k in spread and only snatch 25k and leave the rest in the property. He was able to hold on to the property plus keep the payment down to a respectable level so that he could have section 8 cover his ass.

[A hand raises in the back of the room...]

Now I do not work in real estate, so I won't pretend to know everything there is to know about *flipping property* (legal or illegal) but I have read this ENTIRE thread from page 1. (Which has been very informative I must admit - props to Zero, DaleMabry & DiamondDon for their contributions, btw)

To Daddy Warbuck$...
- You've been dancing... correction.... BALLIN' all up & down this thread.
- Bragging about the all paper you got & property you own.
- So to you, I direct my 2 Questions...

1. If the WHITE GUY(s) you mentioned above NEEDED Section 8 Funding to *cover his ass* (your words, not mine), EXACTLY HOW were they able to pull off these scams without some sort of payoff to government officials who control Section 8 funding to begin with? Or did they merely *defraud the government* with the submission of false paperwork? Please explain.

2. Why do you consider THE ABUSE OF GOVERNMENT FUNDING DIRECTLY MEANT FOR LOW INCOME RESIDENTS (of ALL ethnicities) BY PEOPLE WHO DON'T NEED THE MONEY IN THE 1st PLACE to be *a respectful* (i.e. ethical) business practice? (your words, not mine.) Just curious.

[And the hand is lowered]

 

[water]

bump

 

[DaleMabry]

bump

 

[Daddy Warbuck$]

[A hand raises in the back of the room...]

Now I do not work in real estate, so I won't pretend to know everything there is to know about *flipping property* (legal or illegal) but I have read this ENTIRE thread from page 1. (Which has been very informative I must admit - props to Zero, DaleMabry & DiamondDon for their contributions, btw)

To Daddy Warbuck$...
- You've been dancing... correction.... BALLIN' all up & down this thread.
- Bragging about the all paper you got & property you own.
- So to you, I direct my 2 Questions...

1. If the WHITE GUY(s) you mentioned above NEEDED Section 8 Funding to *cover his ass* (your words, not mine), EXACTLY HOW were they able to pull off these scams without some sort of payoff to government officials who control Section 8 funding to begin with? Or did they merely *defraud the government* with the submission of false paperwork? Please explain.

2. Why do you consider THE ABUSE OF GOVERNMENT FUNDING DIRECTLY MEANT FOR LOW INCOME RESIDENTS (of ALL ethnicities) BY PEOPLE WHO DON'T NEED THE MONEY IN THE 1st PLACE to be *a respectful* (i.e. ethical) business practice? (your words, not mine.) Just curious.

[And the hand is lowered]

to answer #1 all you need is proof that u own the property and the property must meet the sec 8 guidelines to be approved. no big deal.

#2 never said it was ethical, just the way the business is.

 

[grownazzblakman]

to answer #1 all you need is proof that u own the property and the property must meet the sec 8 guidelines to be approved. no big deal.

#2 never said it was ethical, just the way the business is.

The point I was getting at was...

1. If people were using Section 8 funding to *cover their ass* is that a FEDERAL crime?
or just an *abuse* of funds? or both? or neither? In your opinion.

2. And if it's *just the way the business is*... do you see ANY problems with that?

3. Lastly, if both Black & White people were pulling off these *scams*, then is one race *more respectful* than the other, in regards to their criminality...uh correction... UN-ethical behavior?

Because of your previous remarks, I'm confused by your overall stance on these 3 questions above...

You appeared to be *cheerleading* these actions by implying that the *White Guys* were SMARTER in their approach because NOT ONLY did they victimize the SPECIFIC INDIVIDUALS who were looking to buy houses, BUT AT THE SAME TIME they victimized the POOREST OF FOLKS in other communities whose Section 8 funding was being siphoned-off in the process. But since they were not being GREEDY when it's time to CUT & RUN... then NO RED-FLAGS got set off. Which makes it *respectful*, right? (according to you)

While the examples of *Black Guys* you cited (who ALSO victimized young COLLEGE GIRLS) seemed to only be looking for a QUICK PAYDAY + SOME ASS... which implies that it is probably viewed as *uncivilized behavior* among up & coming WHITE-COLLAR CRIMINALS of all shades. Which makes it *disrespectful*, right? (according to you)

Just my conclusion, based on your responses within this thread.

So is this really your opinion / stance on the WHOLE matter? I'm confused.
If so, should the *respectful scams* get a pass? Or the *disrespectful* ones? or both? or neither?

That is all I'm asking.

 

[DaleMabry]

Zero is right--dude is a clown. Don't expect any intellectual honesty or maturity from him.

 

[water]

There is so much distractions from particular posters that we never get to solutions.................




That is the nature of yt..............




Look at how the hispanic community has organized and extended support to its community.


Maybe we can learn something from their documents.............





Saving Homes, Saving Communities: Latino Brokers Speak Out on Hispanic Homeownership



Summary

The National Association of Hispanic Real Estate Professionals (NAHREP) and the National Council of La Raza (NCLR) released this joint report offering analysis on the impact of predatory lending practices on Hispanic homeownership and an insider’s view on ways to reduce and discourage such practices. The report’s findings and recommendations were derived from roundtable discussions with 56 NAHREP members, who are practicing mortgage professionals in six U.S. cities with high concentrations of Hispanic homeowners.

Author: NCLR and NAHREP Contact: Janis Bowdler Date: Sep 12, 2007 Adobe Acrobat (PDF) Download (509 KB) Related Topic: Community and Family Wealth-Building Program: NCLR Community Development Programs Policy: Homeownership

 

[water]

Protecting Latino Wealth: Alternatives to Foreclosure

Author: Janis Bowdler Contact: Janis Bowdler Date: Apr 16, 2007 Adobe Acrobat (PDF) Download (319 KB) Related Topic: Community and Family Wealth-Building Policy: Homeownership Summary

NCLR is deeply concerned that the rising foreclosure rate endangers the assets gained from homeownership for Latino families. NCLR testified before the U.S. House Committee on Financial Services to recommend that Congress create a national campaign to prevent foreclosures, support foreclosure prevention counseling, and create foreclosure rescue loans.

 

[water]

Check out the rest of this website.

No need to re-invent the wheel............



http://www.nclr.org/content/publications/detail/48388/

 

[Daddy Warbuck$]

The point I was getting at was...

1. If people were using Section 8 funding to *cover their ass* is that a FEDERAL crime?
or just an *abuse* of funds? or both? or neither? In your opinion.

2. And if it's *just the way the business is*... do you see ANY problems with that?

3. Lastly, if both Black & White people were pulling off these *scams*, then is one race *more respectful* than the other, in regards to their criminality...uh correction... UN-ethical behavior?

Because of your previous remarks, I'm confused by your overall stance on these 3 questions above...

You appeared to be *cheerleading* these actions by implying that the *White Guys* were SMARTER in their approach because NOT ONLY did they victimize the SPECIFIC INDIVIDUALS who were looking to buy houses, BUT AT THE SAME TIME they victimized the POOREST OF FOLKS in other communities whose Section 8 funding was being siphoned-off in the process. But since they were not being GREEDY when it's time to CUT & RUN... then NO RED-FLAGS got set off. Which makes it *respectful*, right? (according to you)

While the examples of *Black Guys* you cited (who ALSO victimized young COLLEGE GIRLS) seemed to only be looking for a QUICK PAYDAY + SOME ASS... which implies that it is probably viewed as *uncivilized behavior* among up & coming WHITE-COLLAR CRIMINALS of all shades. Which makes it *disrespectful*, right? (according to you)

Just my conclusion, based on your responses within this thread.

So is this really your opinion / stance on the WHOLE matter? I'm confused.
If so, should the *respectful scams* get a pass? Or the *disrespectful* ones? or both? or neither?

That is all I'm asking.

that is my stance

 

[grownazzblakman]

Zero is right--dude is a clown. Don't expect any intellectual honesty or maturity from him.

that is my stance

Unbelievable.
You are unwilling / unable to answer 2 simple + DIRECT questions.

1. So if *RESPECTFUL BUSINESSMEN* (in your opinion) were using Section 8 funding to *cover their ass* is that a FEDERAL crime? or just an *abuse of funds*? or both? or neither? In your opinion.

2. Should these same *RESPECTFUL BUSINESSMEN* get a pass?
Or the *DISRESPECTFUL BUSINESSMEN*? or both? or neither? In your opinion.

What happened to??... BALL NIGGA.

"Ya stuttering prick... ya might fold under questioning!!" - Joe Pesci

[FLASH]http://www.youtube.com/v/twW_riHWz_4&rel=1[/FLASH]



I'm done here.

[walks out of thread]

 

[Zero]

Unbelievable.
You are unwilling / unable to answer 2 simple + DIRECT questions.

1. So if *RESPECTFUL BUSINESSMEN* (in your opinion) were using Section 8 funding to *cover their ass* is that a FEDERAL crime? or just an *abuse of funds*? or both? or neither? In your opinion.

2. Should these same *RESPECTFUL BUSINESSMEN* get a pass?
Or the *DISRESPECTFUL BUSINESSMEN*? or both? or neither? In your opinion.

What happened to??... BALL NIGGA.

"Ya stuttering prick... ya might fold under questioning!!" - Joe Pesci

[flash]http://www.youtube.com/v/twW_riHWz_4&rel=1[/flash]



I'm done here.

[walks out of thread]

It was Slowhands trolling. I actually feel dirty for "debating" the clown.

 

[big pimp]

are the caddilac and benz dealers targeting poor and black too?

it's the same old shit. people wanting to look more wealthy than they are.

america needs to learn to manage their money!

if your credit is descent and your debt to income ratios are descent then you can get a loan for these things. that doesn't mean that you can afford it, but the bank will loan you the money.

that's what's wrong with the country now!


we want to look more wealthy than we are!

CO-SIGN