Minorities and people with less education hit hardest by housing crisis

[w¡n9Nµ7 §£@¥€r 123]

A record 10 percent of U.S. homeowners with a mortgage are at least one payment behind or were in foreclosure as of last fall, compared with 7.5 percent a year earlier and just under 6 percent in 2006.

The burden is clearly more arduous among minority households, the AP analysis found.

Just under a third of Hispanic homeowners spend at least 38 percent of their income on housing expenses, compared with about a quarter of Asian and black households and nearly 16 percent of white households.

In much of the country, the trend is more pronounced. For example, included among those who spent at least 38 percent of their income on housing are:

About 40 percent of black borrowers in California, Nevada, Oregon and Massachusetts.

More than 30 percent of Asian borrowers in California and Florida.

Nearly half of Hispanic homeowners in Rhode Island and at least 40 percent in Alaska, California, Florida, Hawaii, Maryland, New Jersey and New York.

Many Latino families wound up with expensive subprime mortgages because they often have cash income and no bank account, said Janis Bowdler, associate director for wealth building at National Council of La Raza in Washington.

It is common for Latino families to have stable incomes, but limited credit histories — and hence lower credit scores, which lenders use to gauge risk. Many have multiple sources of income, some of it in cash.

...

The AP's analysis also found that education level is highly correlated with income and mortgage expenses. Nearly one in three of those without a high school or college diploma spend at least 38 percent of their income on housing, compared with only 12 percent of those with advanced degrees, the AP analysis found.

http://news.yahoo.com/s/ap/housing_thirty_eight_percent

[Niels Bohr 72]

Is STAT implying that Latino families are less educated?

[peejay 327]

Many Latino families wound up with expensive subprime mortgages because they often have cash income and no bank account, said Janis Bowdler, associate director for wealth building at National Council of La Raza in Washington.

They most likely don't pay any taxes or have Green Cards either. What else is new?

The financial institutions got so greedy they lowered standards to lend money to anyone.

What you sow is what you reap. #### everyone concerned. They all get what they richly deserve.

For the US taxpayer to bail out this stupidity is absurd, but watch it unfold. Pandering to the lowest common denominator is the new American way.

[Jasman0717 9]

The subprime mess wiped out my equity

[jundp 191]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

[HAL 9000 96]

Many Latino families wound up with expensive subprime mortgages because they often have cash income and no bank account, said Janis Bowdler, associate director for wealth building at National Council of La Raza in Washington.

They most likely don't pay any taxes or have Green Cards either. What else is new?

The financial institutions got so greedy they lowered standards to lend money to anyone.

What you sow is what you reap. #### everyone concerned. They all get what they richly deserve.

For the US taxpayer to bail out this stupidity is absurd, but watch it unfold. Pandering to the lowest common denominator is the new American way.

Nothing new there, nor in the likely response to go do exactly that to yourself.

[peejay 327]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

But wait...when there are 15 to 20 million of them in the USA and we aren't allowed to require verifiable or legitimate documentation...what do you expect?

People that live off the books do so for a reason. And that is....?

And when the government made it easy to lend money to these people by lowering the standards, the greedy bastards at institutions like Bank of America were all too willing to do so and even advertized that illegal aliens were welcome for credit cards and loans.

And now these pricks have their hand out to the US taxpayer. What you sow is what you reap. In this case, what you tolerate is what eventually costs everyone except the people that sowed it.

At some point the American people need to know the truth.

[HAL 9000 96]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

But wait...when there are 15 to 20 million of them in the USA and we aren't allowed to require verifiable or legitimate documentation...what do you expect?

People that live off the books do so for a reason. And that is....?

And when the government made it easy to lend money to these people by lowering the standards, the greedy bastards at institutions like Bank of America were all too willing to do so and even advertized that illegal aliens were welcome for credit cards and loans.

And now these pricks have their hand out to the US taxpayer. What you sow is what you reap. In this case, what you tolerate is what eventually costs everyone except the people that sowed it.

At some point the American people need to know the truth.

Really, if you want to make it an issue about illegals, open up your own thread that specifies it instead of stereotyping an estimated amount of 'them' as homeowners with mortgages when in fact this article goes quite beyond just what you want to see.

Fact of the matter is, that plenty of those Hispanics and other minorities mentioned ARE Americans so get over it.

[Tahoma 2,292]

I noticed that nowhere in the posting, nor anywhere in it's link, did it talk about who was actually defaulting on their mortgages...and at what rates. The article only talked about who spent a higher percentage of their "household" income on their mortgage and who was likely to have a subprime mortgage. It would be interesting to see the statistics for each population.

[peejay 327]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

But wait...when there are 15 to 20 million of them in the USA and we aren't allowed to require verifiable or legitimate documentation...what do you expect?

People that live off the books do so for a reason. And that is....?

And when the government made it easy to lend money to these people by lowering the standards, the greedy bastards at institutions like Bank of America were all too willing to do so and even advertized that illegal aliens were welcome for credit cards and loans.

And now these pricks have their hand out to the US taxpayer. What you sow is what you reap. In this case, what you tolerate is what eventually costs everyone except the people that sowed it.

At some point the American people need to know the truth.

Really, if you want to make it an issue about illegals, open up your own thread that specifies it instead of stereotyping an estimated amount of 'them' as homeowners with mortgages when in fact this article goes quite beyond just what you want to see.

Fact of the matter is, that plenty of those Hispanics and other minorities mentioned ARE Americans so get over it.

So where are your stats? The sad fact is that many of these articles attempt to insinuate the obvious, but the truth is as elusive as the documentation used to get these sleazy loans. As I said, why does the article specifically make note of people living off the books? Why live off the books and keep money under the mattress instead of a bank? Is this how legit people conduct business? Why would a bank even lower their standards to even lend money in such cases? Because it is subprime. Loaning money to the lowest common denominator. And now these jackasses want the taxpayer to foot the bill.

I would love to see any taxpayer bailout of either homeowners or institutions contigent on legal status of people that got these loans. I'd bet you wouldn't.

As I said, the American people need to know the real truth.

[Danno 1,228]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

I would say from their actions, it's a pretty safe sterotype.

Get serious, do you really believe the majority of these people who don't use banks and hide there money in the heating vent are on the up-and-up?

[HAL 9000 96]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

But wait...when there are 15 to 20 million of them in the USA and we aren't allowed to require verifiable or legitimate documentation...what do you expect?

People that live off the books do so for a reason. And that is....?

And when the government made it easy to lend money to these people by lowering the standards, the greedy bastards at institutions like Bank of America were all too willing to do so and even advertized that illegal aliens were welcome for credit cards and loans.

And now these pricks have their hand out to the US taxpayer. What you sow is what you reap. In this case, what you tolerate is what eventually costs everyone except the people that sowed it.

At some point the American people need to know the truth.

Really, if you want to make it an issue about illegals, open up your own thread that specifies it instead of stereotyping an estimated amount of 'them' as homeowners with mortgages when in fact this article goes quite beyond just what you want to see.

Fact of the matter is, that plenty of those Hispanics and other minorities mentioned ARE Americans so get over it.

So where are your stats? The sad fact is that many of these articles attempt to insinuate the obvious, but the truth is as elusive as the documentation used to get these sleazy loans. As I said, why does the article specifically make note of people living off the books? Why live off the books and keep money under the mattress instead of a bank? Is this how legit people conduct business? Why would a bank even lower their standards to even lend money in such cases? Because it is subprime. Loaning money to the lowest common denominator. And now these jackasses want the taxpayer to foot the bill.

I would love to see any taxpayer bailout of either homeowners or institutions contigent on legal status of people that got these loans. I'd bet you wouldn't.

As I said, the American people need to know the real truth.

In your incessant drive to stereotype, I'm sure you'd love to bet whatever it is you'd like to bet.

The only lcd here is your near ####### fixation with seeing bolsheviks inside people's toilets because it is more than evident that you did not read the article very carefully. Plenty of people that are USC do not have bank accounts and they are not necessarily Hispanic. Like I said, you are only reading into what you want to read.

Get over it.

[peejay 327]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

I would say from their actions, it's a pretty safe sterotype.

Get serious, do you really believe the majority of these people who don't use banks and hide there money in the heating vent are on the up-and-up?

It seems like only yesterday, but more than a year ago before this subprime mess hit the fan there were posts right here on VJ concerning Bank of America's decision to openly target credit cards to illegal aliens. The usual crew of illegal alien cheerleaders and enablers were on hand to defend the decision. Their biggest point being that if the banks are stupid enough to lower standards to loan money to illegal aliens they deserve the consequences. They also pointed out that it wasn't illegal for BoA to do it either. None of your business they said and STFU.

Well who is stupid now? Who is bailing out these sleazy unscrupulous institutions now? Whose cosequences is it now that their tax $$$ are being misused to clean up the fruits of illegality and corruption?

At best, there are some here on VJ that are still too naive and clueless. At worst, there are some that are guilty of enabling this stupidness by continually defending it and ignoring it.

[HAL 9000 96]

They most likely don't pay any taxes or have Green Cards either. What else is new?

Really? Stereotype much? Oh wait! Yes, you do

I would say from their actions, it's a pretty safe sterotype.

Get serious, do you really believe the majority of these people who don't use banks and hide there money in the heating vent are on the up-and-up?

It seems like only yesterday, but more than a year ago before this subprime mess hit the fan there were posts right here on VJ concerning Bank of America's decision to openly target credit cards to illegal aliens. The usual crew of illegal alien cheerleaders and enablers were on hand to defend the decision. Their biggest point being that if the banks are stupid enough to lower standards to loan money to illegal aliens they deserve the consequences. They also pointed out that it wasn't illegal for BoA to do it either. None of your business they said and STFU.

Well who is stupid now? Who is bailing out these sleazy unscrupulous institutions now? Whose cosequences is it now that their tax $$ are being misused to clean up the fruits of illegality and corruption?

At best, there are some here on VJ that are still too naive and clueless. At worst, there are some that are guilty of enabling this stupidness by continually defending it and ignoring it.

Oh No! Who???

[w¡n9Nµ7 §£@¥€r 123]

Who is bailing out these sleazy unscrupulous institutions now? Whose cosequences is it now that their tax $$$ are being misused to clean up the fruits of illegality and corruption?

You're bailing them out.

They're your tax dollars.

And you didn't even support any of it.

Who's the dumbass now?