tag:blogger.com,1999:blog-9430835.post6401397638092945834..comments2024-03-29T05:14:33.223-07:00Comments on Steve Sailer: iSteve: Finally, Subprime Foreclosure Rates by RaceUnknownnoreply@blogger.comBlogger18125tag:blogger.com,1999:blog-9430835.post-72000571460072431382012-05-19T03:11:37.123-07:002012-05-19T03:11:37.123-07:00It would be interesting to see this data by nation...It would be interesting to see this data by nationality. As a Scotsman I strongly suspect that I am subsidizing other borrowers. Given Scottish "frugality" the income ratios of the general population are totally out of whack (too low)for us. The concept of "honor" in debt repayment means that people of Scottish decent will more likely pay off a loan even if they are "upside down" or in a position of financial hardship. To make believe that a persons "culture" make no difference in borrowing is inherently unfair. Loans are not insurance where risk is pooled.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-307680277305524392011-08-05T22:35:40.841-07:002011-08-05T22:35:40.841-07:00Very interesting statistical data here. Well writ...Very interesting statistical data here. Well written. I know the post is 3 years old, are there any updated stats on the ratio of foreclosures by race? <br /><a href="http://www.richmondforeclosedhomes.com/default.asp.pg-Foreclosures" rel="nofollow">foreclosed homes va</a>Marcushttps://www.blogger.com/profile/02910318217670170555noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-78250874789037582422010-09-16T16:32:57.316-07:002010-09-16T16:32:57.316-07:00I am now aware that this must have pushed up housi...I am now aware that this must have pushed up housing prices. In tandem with Bush's scheme for artificially increasing minority home ownership, which also pushed up prices of the banks.<br />-----------<br /><a href="http//www.loanrates.com" rel="nofollow">loanrates</a>ruthhttps://www.blogger.com/profile/18253461765218630374noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-26374562915671853772010-01-15T09:36:26.568-08:002010-01-15T09:36:26.568-08:00I hope you read this steve.. you must be a politic...I hope you read this steve.. you must be a political spin guy.. so i don't expect to see the comment i just wroteAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-39333264443089014462010-01-15T09:31:50.877-08:002010-01-15T09:31:50.877-08:00PEOPLE LISTEN PLEAS!... removing the political spi...PEOPLE LISTEN PLEAS!... removing the political spin that is done to promote ideology is important so this crap doesn't happen again... the fact is that the banks new what they were doing... loan originators were making a killing loaning money to PEOPLE OF ALL RACES that couldn't pay it back because they sold the risk down the road.. financial institutions didn't care that they were buying bundles of crappy mortgages cause they new that they could have the rating agencies rate them triple A and they could short the risk after they sold the product. the processing of so many loans drove housing prices through the roof by creating a false demand.. this resulted in good credited people taking out"no doc" loans because the house values were so high that they couldn't realize the american dream if they had to prove their income on paper. foreclosures look great on paper, but nobody talks about all the people "mostly white" who don't have as much spending money cause they have huge mortgage payments. basically if your local community bank turns you down for a loan then rent or buy something cheaper. the wall street banks are criminals and can't be trusted... the government only chartered 32% of mortgages issued so blaming the government is a little irrisponsable.. Blaming greed and ignorance is much more responsible.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-64399522709919206722009-07-01T07:44:04.546-07:002009-07-01T07:44:04.546-07:00Its not the minorities or the banks that are to bl...Its not the minorities or the banks that are to blame, its the damn government. They made this happen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-26163192536777933162009-07-01T06:55:59.532-07:002009-07-01T06:55:59.532-07:00whats interesting is that we do this racial hand o...whats interesting is that we do this racial hand out thing to help the loser minorities, like loans and housing projects, but even with gifts they still fail and only look worse for even having had the opportunity. (thinking of these fat obese pigs getting food stamps as well). Discriminatory charity that ignores whites has not only made whites look better by comparison but WITHOUT the free hand outs for whites to even compete with side by side with the loser minorities! amazing, i just wish this graph had asian default rates, which i bet were less than whites... asian houshold income has been much higher than whites for along time, maybe they have more people per house? i think they are just harder working and smarter...frundlehttps://www.blogger.com/profile/01077462096509729339noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-55290084932579822542009-03-06T20:41:00.000-08:002009-03-06T20:41:00.000-08:00Statistics like this certainly help to understand ...Statistics like this certainly help to understand the thinking of the different races of people. Why is it that the white people always seem to be the responsible ones? They have the lowest foreclosure rates meaning most pay their bills on time. But yet, they will now be the ones to "bailout" the other races, including illegal immigrants. Yes, I'm white and I'm tired of being blamed for everyone else's problem but yet have to be the one everybody looks to work his butt off to bail out yet someone else while at the same time watch my 401drop like a rock because of irresponsible people making unrealistic commitments and the government even encouraging it. So while others were playing while I was working, I guess I will continue to work until I'm 90 so I can continue to bailout those who are irresponsible. Seems like government money needs to go towards education for alot of people so they understand the rules next time and won't have excuses when we hit the next recession.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-16227721634807270692009-02-02T06:55:00.000-08:002009-02-02T06:55:00.000-08:00I love how minorities are getting blamed, and not ...I love how minorities are getting blamed, and not the banks for their SHADY lending practices. They know they are dealing with less educated people than the average home buyer, so they give them a home with a low ARM at say 6%, and their mortgage payment jumps $500 a month when that rate adjusts in 2 years. You are also overlooking the impact the facts hiring mortgage brokers to call existing homeowners to refinance! Say a customer had a 30 year fixed rate, a credit score of 550, and 20k in credit card debt. The brokers offered them a 2 year arm at 8%, where they could pay off their debt with their credit cards, and improve their credit score 100 points bringing it to 650. As long as they made their payments ontime, after the 2 year arm, they would be able to refinance at the original 6%. After these people took the loans and made the payments ontime, the banks changed the minimum credit scores to refinance from 650 to (say for example) 700. Now the guy is stuck with a mortgage that is 2% higher, and on a 300k house, that's an extra $500 a month in interest alone!<BR/>But lets not talk about that! Lets instead blame people who were making say 30-40k a year and got laid off because the corporation they were working for, outsourced their job to Mexico, so that they could cut labor costs and increase shareholder profits.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-45882368913134876342009-01-22T04:13:00.000-08:002009-01-22T04:13:00.000-08:00"Where are the Asians? Why is it acceptable to do ..."Where are the Asians? Why is it acceptable to do a national racial breakdown of anything today and leave out Asians?"<BR/><BR/><BR/>There always is a problem, isn’t there?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-9079384136391938592009-01-21T22:50:00.000-08:002009-01-21T22:50:00.000-08:00Where are the Asians? Why is it acceptable to do a...<I>Where are the Asians? Why is it acceptable to do a national racial breakdown of anything today and leave out Asians?</I><BR/><BR/>Well, duh. Leaving Asians out allows the press to continue the "disparity is all racist Whitey's fault." Because, as everyone knows, Whitey may not be color blind but he is completely incapable of distinguishing a slant eye from a round eye.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-25342173117813516112009-01-21T17:10:00.000-08:002009-01-21T17:10:00.000-08:00Slightly related to this post, but property values...Slightly related to this post, but property values here in the US are going to drop anyway even if we do not have a long recession. Since the Brown wave hasn't receded a lot of neighborhoods are going to go Brown, Black or other undesirable minority soon. This means that any person that took out a 30 year mortgage will actually end up being upside down on their loan as the neighborhood changes. So no matter where you live if you did not pay the Mestizo price, you overpaid.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-80042495401384923202009-01-21T13:53:00.000-08:002009-01-21T13:53:00.000-08:00These are "cumulative foreclosure rates," not annu...These are "cumulative foreclosure rates," not annual foreclosure rates. <BR/><BR/>If, say, 1% defaulted annually due to random family tragedies, then the 1998 vintage mortgages should have a 9% cumulative default rate, the 1999 mortgages an 8% rate, and so on down to a 1% rate for 2006. Instead, you see the opposite pattern, showing the creditworthiness of borrowers was declining, sharply after 2003.Steve Sailerhttps://www.blogger.com/profile/11920109042402850214noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-61967189767287424192009-01-21T13:20:00.000-08:002009-01-21T13:20:00.000-08:00I am Lugash.Tommy Shanks,I think you have it right...I am Lugash.<BR/><BR/>Tommy Shanks,<BR/><BR/>I think you have it right, but you're thinking in terms of prime borrowers. They get raises, cut expenses, clear up the family balance sheet etc. Subprime borrowers lose their jobs, have unexpected expenses etc. The mortgage is always a struggle for them.<BR/><BR/>The 2005 loans have aged for 4 years right now in 2009. In 2011, when the 2007 loans have aged the same amount of ageing we're going to see the same high default rates. <BR/><BR/>I am Lugash.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-36085284812599072502009-01-21T12:23:00.000-08:002009-01-21T12:23:00.000-08:00Where are the Asians? Why is it acceptable to do a...Where are the Asians? Why is it acceptable to do a national racial breakdown of anything today and leave out Asians?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-67571809166977655952009-01-21T07:37:00.000-08:002009-01-21T07:37:00.000-08:00>>Normally, you would expect cumulative fore...>>Normally, you would expect cumulative foreclosure percentages to decline as you get closer to the present since, say, a 2005 vintage mortgage has had less time for bad things to happen to the borrower than a 1999 vintage mortgage. <BR/><BR/>I'm not sure this is true. I'll bet the first few years of a mortgage are the most vulnerable. <BR/><BR/>Think about it -- the buyer has stretched himself to the limit to buy a house, but over time, he gets pay raises and promotions, and the payment becomes easier. Once you're past the five-year mark, foreclosures probably decline substantially.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-21016612422368970322009-01-21T06:17:00.000-08:002009-01-21T06:17:00.000-08:00Another aspect that needs to be looked into is the...Another aspect that needs to be looked into is the effect of Greenspan's inflation on housing. After 9/11, he panicked and began vastly expanding the money supply; since then, gold's price has more than tripled. This must have pushed up housing prices. In tandem with Bush's scheme for artificially increasing minority home ownership, which also pushed up prices, housing affordability rapidly dropped even as banks were handing out loan money at a ridiculous pace, especially to minorities. Then the bubble burst. Even with the recent housing crash, prices in Orange County, Calif. still are 67% above what they were on 9/11 -- although who knows if that will last.John Seilerhttps://www.blogger.com/profile/03795977089953532965noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-35997338887874889802009-01-21T04:46:00.000-08:002009-01-21T04:46:00.000-08:00Ouch.Ouch.Anonymousnoreply@blogger.com