any of ya'll with Black owned banks?
Why the Foreclosure Crisis Is One of Most Devastating Examples of Systemic Racism in Generations
- Thread starter Medicate
- Start date
Mordith
H.E.N.R.Y.
this shyt got me so heated right now...
I'm going to put it like this for those you are quick to say, you shouldn't buy more than I can afford
muhfukka I could afford my townhouse in Montgomery County...I bought it below value with like $70K in equity back in 2006...then that shyt tumbled...this is not a predominantly Black neighborhood but its mixed with Asians, Whites and Blacks.
shyt its stillso I said fukk this shyt, why the fukk would I continue sending my investor profit and I am not getting shyt back...so I short sale it before I'm old and cripple still paying for a property that is not going to give me a cent back.
never buying property in the U.S. again
There's more to being able to afford a home than being able to afford to pay the mortgage every month. I assume your are referring to Montgomery County MD in your post. I was also looking to buy in that area during the housing boom but because home prices were literally double what the properties were actually worth in my opinion I decided to fall back. Best decision I ever made
...its your fault and it really is
Well, it's a two-way street.
1. Banks increased their risk by extending credit lines to people beyond their means. If someone earned $50,000, they would give them a max loan amount that would be more fitting for someone who earned $80,000. These banks should have lowered their lending limits, so at least people could "live" the American dream and own a home because they don't qualify for Freddie Mac because they earn too much.
2. People who previously would not quality for a mortgage were now able to get one. That's good. But, rather than taking out a mortgage they could afford, they would take on a bigger mortgage than they could afford. So, if someone earned $50,000 and they got a max mortgage of $300,000, they should have known that they could really afford a mortgage for $220,000 or whatever. These are example numbers.
1. Banks increased their risk by extending credit lines to people beyond their means. If someone earned $50,000, they would give them a max loan amount that would be more fitting for someone who earned $80,000. These banks should have lowered their lending limits, so at least people could "live" the American dream and own a home because they don't qualify for Freddie Mac because they earn too much.
2. People who previously would not quality for a mortgage were now able to get one. That's good. But, rather than taking out a mortgage they could afford, they would take on a bigger mortgage than they could afford. So, if someone earned $50,000 and they got a max mortgage of $300,000, they should have known that they could really afford a mortgage for $220,000 or whatever. These are example numbers.
MAAAAAANNN!!
my boss who is an economist...just gave us a little seminar on the housing crisis..cause that prince Georges county article is everywhere now...
and that shyt is goes waaaaaaaaaaaaaaaaayyyyyy beyond the single home buyers...
I'm talking about the SEC coming up with a new algorithm investment bundle formula back in the 90s...to the U.S. investment companies selling these real estate investments to foreigners and the foreigner eating it up because is the U.S. to the insurance company not giving a fukk about how accurate the representation on investment rating is actually...kickbacks , loan officers that are not really financial specialist etc.
is all fukked up...
just can't wait to get my money up and buy this condo on the beach in DR.
my boss who is an economist...just gave us a little seminar on the housing crisis..cause that prince Georges county article is everywhere now...
and that shyt is goes waaaaaaaaaaaaaaaaayyyyyy beyond the single home buyers...
I'm talking about the SEC coming up with a new algorithm investment bundle formula back in the 90s...to the U.S. investment companies selling these real estate investments to foreigners and the foreigner eating it up because is the U.S. to the insurance company not giving a fukk about how accurate the representation on investment rating is actually...kickbacks , loan officers that are not really financial specialist etc.
is all fukked up...
just can't wait to get my money up and buy this condo on the beach in DR.
There's more to being able to afford a home than being able to afford to pay the mortgage every month. I assume your are referring to Montgomery County MD in your post. I was also looking to buy in that area during the housing boom but because home prices were literally double what the properties were actually worth in my opinion I decided to fall back. Best decision I ever made
yeaaapp that county...I was also 24 years old too gung ho about getting that boom money...a friend warned me and told me to wait cause it was going to crash too
Heafcliffe
Hope there's puddin' in the clink...
and there you have it! Not one person in my family got trapped in that BS.....why because we get what we CAN AFFORD!!! #1 problem with a lot of people out here
Man
.... Crazy how things happen in your favor. I coulda been amongst these cases.My wife and I recently bought a home. FICO on 810 so I was set....or so I thought.
Pre-applied for loans to scope the scenery. Outta nowhere, had to buy a car bc the previous one broke down. Had to get back & forth to work and I knew financing a car could fukk my FICO & my efforts to buy a house.
Before the car, I was approved for $350k.
After the car, I was approved for $280k.
Nikka was pissed. Pride hurt.Lucked up and found a house for $270k and the pymt/incidentals/bills were on some
cuz I could work with it with extra $ left. Soon after realized if I had the $350k available, a nikka would've had a bigger house but struggling, bytching and moaning.It was a blessing that the amount available was lowered, allowing me to downsize my aspirations/ house size, search harder and live below my means.
The irony is the house we bought is perfect and more than we could ask for.
Lesson learned!
I've been looking into it over the years......I do think they have some online one's such as these ones I was interested in awhile back, I think I may pull the trigger on an online one soon, but the only thing all of them are outside of my area right now, Here's a list of some I was reading up on
http://hbcumoney.com/2013/03/01/2013s-african-american-owned-bank-directory/
http://www.alamericabank.com/
http://www.broadwayfederalbank.com/
https://www.capitolcitybank-atl.com/Default.aspx
http://www.carverstatebank.com/
http://www.ctbconnect.com/
https://www.citynatbank.com/
https://www.ecommonwealthbank.com/
http://www.firstindependence.com/
http://www.efirststatebank.com/
https://www.firsttuskegeebank.com/
http://highlandcommunitybankchicago.com/index.php
http://www.isfbank.com/
http://www.industrial-bank.com/
http://www.libertybank.net/
https://nmsbank.com/
https://www.oneunited.com/
https://www.seawaybank.us/
http://www.ubphila.com/
http://www.unitybanktexas.com/
Lets talk facts. Alan Greenspan was the one who was cutting interests rates after 9/11 to ''jumpstart'' the econcomy
He then went on to endorse predator lending even when HIS OWN people was telling him the shyt was wrong and out of control.He encouraged and allowed all of this to get the deficit down because the war was eating at the gdp.
The Washington Post just did a story on how they predatory lending crushed one of the richest black neighborhoods in America.
The decade-old neighborhood is 73 percent black and its residents have a median household income of more than $170,000, according to the census. Some houses there once sold for more than $1 million.
But half the loans on newly constructed homes in Fairwood during the housing boom in 2006 and 2007 wound up in foreclosure — 723 of 1,441 so far, according to a Washington Post analysis of private and public mortgage data.
Fairwood, one of the nation’s most aspirational black communities, is a symbol of what blacks lost in the crisis. For all its wealth, the community had the second-highest foreclosure rate in the county for a neighborhood with more than 100 loans, behind only one in Adelphi, which had a much-lower median income of $64,398.
He then went on to endorse predator lending even when HIS OWN people was telling him the shyt was wrong and out of control.He encouraged and allowed all of this to get the deficit down because the war was eating at the gdp.The Washington Post just did a story on how they predatory lending crushed one of the richest black neighborhoods in America.
The decade-old neighborhood is 73 percent black and its residents have a median household income of more than $170,000, according to the census. Some houses there once sold for more than $1 million.
But half the loans on newly constructed homes in Fairwood during the housing boom in 2006 and 2007 wound up in foreclosure — 723 of 1,441 so far, according to a Washington Post analysis of private and public mortgage data.
Fairwood, one of the nation’s most aspirational black communities, is a symbol of what blacks lost in the crisis. For all its wealth, the community had the second-highest foreclosure rate in the county for a neighborhood with more than 100 loans, behind only one in Adelphi, which had a much-lower median income of $64,398.
I'm moving to Raleigh in the spring so I'm thinking about looking into this mechanics & farmers bank in Durham. I was going to be in the market for a house but this thread got me like
Lets talk facts. Alan Greenspan was the one who was cutting interests rates after 9/11 to ''jumpstart'' the econcomy
The Washington Post just did a story on how they predatory lending crushed one of the richest black neighborhoods in America.
The decade-old neighborhood is 73 percent black and its residents have a median household income of more than $170,000, according to the census. Some houses there once sold for more than $1 million.
But half the loans on newly constructed homes in Fairwood during the housing boom in 2006 and 2007 wound up in foreclosure — 723 of 1,441 so far, according to a Washington Post analysis of private and public mortgage data.
Fairwood, one of the nation’s most aspirational black communities, is a symbol of what blacks lost in the crisis. For all its wealth, the community had the second-highest foreclosure rate in the county for a neighborhood with more than 100 loans, behind only one in Adelphi, which had a much-lower median income of $64,398.
Damn shameWhat kind of car did you buy that lowered your loan amount from 350 to 280???
Glad you got a good house at 270K.
I'm moving to Raleigh in the spring so I'm thinking about looking into this mechanics & farmers bank in Durham. I was going to be in the market for a house but this thread got me like
Good luck breh.....Just make sure you do your research, before you jump in.......
