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Home ownership: For the white and rich

Discussion in 'Sports and News' started by Stitch, Jun 8, 2011.

  1. cjericho

    cjericho Well-Known Member

    the title comes from a quote in the article.
     
  2. Ben_Hecht

    Ben_Hecht Active Member

    I'm frankly surprised the percentage noted is that low . . .
     
  3. Mystery Meat II

    Mystery Meat II Well-Known Member

    It's a racebait in the article, too.
     
  4. secretariat

    secretariat Active Member

    Oh no! Now you've ruined the faux outrage from the board's resident troll and fetishist.
     
  5. Stitch

    Stitch Active Member

    MSNBC.com used white and wealthy on the front page. Sorry for the confusion by using rich.
     
  6. Pastor

    Pastor Active Member

    I agree.

    All I was stating is what the bill will do, which is crash the housing market, again. It certainly screws the people that took out a mortgage and, for some reason or another, have to sell or are looking to move.

    I don’t like the bill at all. I think it forces too many of those in homes now to regret that decision.
     
  7. printdust

    printdust New Member

    This is a racist statement. MSNBC is saying that blacks don't make six-figure incomes.
     
  8. Baron Scicluna

    Baron Scicluna Well-Known Member

    I'm well aware of that. A lot of people won't be able to afford to put 20 percent down.

    The problem with the mortgage crisis was that you had people putting nothing, or a small percentage down, and their payments were a huge chunk of income. I can see using 33 percent as the basis of income-to-payment (with taxes and insurance included). But a lot of people won't be able to afford 20 percent.

    Which is why I feel that 10 percent is fair.
     
  9. Mystery Meat II

    Mystery Meat II Well-Known Member

    Except it's not a very good translation. Guy in the article said this would hurt minorities (which is still racebait, or at the very least using race as a prop to his point). Thread title says home ownership is for the white AND rich, implying that people with plenty of money will still get stiff-armed because of their race.
     
  10. Stitch

    Stitch Active Member

     
  11. printdust

    printdust New Member

    Used to, you SAVED for a down payment and monthly payments were realistic.
    The system is fucked and either way you fix it, there's a pain process.
    Simple as going to the doctor for surgery and then going through rehab - it isn't easy, but if we're ever going to be healthy again....well that's that.
     
  12. LongTimeListener

    LongTimeListener Well-Known Member

    I am white but not rich. I am, however, in very good shape on home equity, mostly because we bought what we knew we could afford and not what the bank told us we qualified for, which was about 50 percent more. Whatever your political stripe, it's pretty difficult to argue against the notion that easy credit is the #1 reason the economy went in the tank.

    As it is applied statistically now, yes, it would create a racial imbalance. But there is nothing preventing anyone from saving a little while longer, and as noted previously, prices will adjust downward to reflect the market. A middle-class family in China saves 35 percent of its income. In the United States we tell people they will be just fine if they save 6 percent. Reducing bad individual debt -- credit-card and automobile debt mostly -- is excellent social policy, and if this forces more people to save, so be it.

    When you own 0 or 3 percent of a home, what do you really own and how much do you care about it? I would say the last five years have answered that question pretty emphatically.
     
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