Mortgage Meltdown / Mortgage Crisis
Just an observation that irks me on a regular basis. Why is it that whenever the mainstream media does a story about the mortgage crisis and sub-prime borrowers, almost without exception they show the images of and profile low income borrowers who are black or ethnic?
Why isn’t CNN, CNBC, ABC, or any of the other networks profiling the brokers who misled borrowers and got rich doing it or the large number of whites and upper income individuals who were also obtaining loans beyond their means? Afterall, the liar loans were prevelant at every level of society. Take a look at the number of million dollar plus homes in southern California which were financed during the real estate boom and are now foreclosed upon. Let’s be real. All of this talk about bad loans should not be limited to those who are typically targeted by the media as scapegoats. People were in over their heads at every level of society.
If we are going to bail out the mortgage bankers and others who were actually supposed to be highly educated experts, then we should be willing to assist some (not all) homeowners who are in distress. Mark my words, the Feds would not be able to justify saving Countrywide Home Loans as a stand alone entity, but not to worry. Bank of America could not have made a worse investment, as it appears on the surface, anyway. Bank of America came to the aid of Countrywide and Bank of America will now be so saddled with bad debt that they will, as a bank, be able to run to the Feds for assistance. Of course, the feds will justify their propping up of yet another bank by saying that it is in the best interest of the economy. Of course, bush can think it critical enough that they fed rescue bear stearns but he refuses to characterize this economy as being in a recession. forget the clinical sense and semantics of the argument.
when will those “blue collar, middle Americans who vote their race and not their economic interests wake up? bush and the right wing conservative republicans are fucking you in the ass with no lube!
