Why the Foreclosure Crisis Is One of Most Devastating Examples of Systemic Racism in Generations

[DrX]

Its not for black ppl that understand white supremacy...nikkas walking with their heads up their ass better prepare for hell. Us with knowledge always gonna survive

 

[Mowgli]

Preying on black ignorance. Your median income is 6 figures and you cop a home worth more then 7 times you're yearly income. Not wise.

 

[dynamik]

I lucked out during the Real Estate Boom of '06. I bought a home in '02 that y mortgage got bought by Wells Fargo. I lived in it 4 years and then sold it. Made $90K+ profit and because it was my primary residence I didn't pay a penny in taxes. I caked.

Then I got a divorce and blew the cash brehs.

 

[dynamik]

After I sold my house in '06 and before I got a divorce, I got approved for a $310K mortgage with only a $60K "stated" income with a 3 year ARM. 3 days before closing they check your credit. Turns out I made an oversight and was 31 days late ony student loans. My FICO dropped like 20 points and the deal fell through. Best mistake I ever made in my life.

 

[Supercoolmayo]

No reason why this so be so far behind

 

[Medicate]

bump

 

[Sk3ptical]

stop bumping old ass thread bytch boy

 

[Kane1]

I understand completely, but there is a lot more to it than that. Some of my family was hit hard by it, lost a number of homes and they were with Wells Fargo btw, which is why I did research on them. They are a scandalous and racist instittution to be all honest.

And what went on with Wells Fargo happened in a lot of areas with other banking institutions also.

Most banks (about 99%) ain't shyt


They out to screw you every chance they get. But being an adult means BEING AN ADULT! Do your research...know what you can and CANT afford. When I went to buy my first house they kept trying to give me more then I was comfortable with, you know what I said....nope I'm good.


I do feel horrible when they screw over old people, but the people out here trying to 'keep up with the Jones' can get what they get.

 

[.r.]

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