tag:blogger.com,1999:blog-9430835.post7008957919824473989..comments2024-03-27T18:24:19.683-07:00Comments on Steve Sailer: iSteve: Beverly Hills vs. Compton ForeclosuresUnknownnoreply@blogger.comBlogger18125tag:blogger.com,1999:blog-9430835.post-5824942973939090882008-10-27T16:22:00.000-07:002008-10-27T16:22:00.000-07:00Anon,Uh, most everyone under 50 has heard of Compt...Anon,<BR/><BR/>Uh, most everyone under 50 has heard of Compton. NWA and Snoop, and Dr Dre have been giving Compton props since the mid-late 90's.Sebastianhttps://www.blogger.com/profile/08688256778151544515noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-12150245295261396062008-10-27T16:20:00.000-07:002008-10-27T16:20:00.000-07:00Any data on whether these properties were to be ow...Any data on whether these properties were to be owner occupied or investment?<BR/><BR/>Did I miss that in the quick read?<BR/><BR/>My wife and I looked at picking up a couple of properties in the "second" area Steve speaks of. <BR/><BR/>But we had no intention of living there.<BR/><BR/>I imagine that most were for owner occupied. Just wonder what the mix is.<BR/><BR/>Again, it goes to show you the power of daytime TV advertising. As well as the power of what a company can accomplish if it is tosses out credit ratings, down payments, and common sense.<BR/><BR/>Totally agree with The Outlaw.Sebastianhttps://www.blogger.com/profile/08688256778151544515noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-52217372038260183902008-10-25T10:27:00.000-07:002008-10-25T10:27:00.000-07:00Oh, the uniformed masses.http://www.youtube.com/wa...Oh, the uniformed masses.<BR/><BR/>http://www.youtube.com/watch?v=<BR/>nkPb4s0-QcI&feature=relatedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-90954164121208285932008-10-25T04:41:00.000-07:002008-10-25T04:41:00.000-07:00the obvious relevant data point is that NAMs defau...the obvious relevant data point is that NAMs default on education loans at a much higher rate as steve showed several posts back<BR/><BR/>beggars the imagination to assume pattern is starkly different for home loansAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-83424279481636026972008-10-24T20:44:00.000-07:002008-10-24T20:44:00.000-07:00You'd have to have been living in a hole not to ha...You'd have to have been living in a hole not to have heard of Compton.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-90309709841747884832008-10-24T18:35:00.000-07:002008-10-24T18:35:00.000-07:00If nothing else some of us Brits have heard of NWA...If nothing else some of us Brits have heard of NWA and thus of Compton.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-55257388485768727672008-10-24T16:40:00.000-07:002008-10-24T16:40:00.000-07:00Re: Robert LindsayI don't seen any links to any te...Re: Robert Lindsay<BR/><BR/>I don't seen any links to any text sources, just this assertion:<BR/><BR/>"Rate of subprime mortgage defaults by race:<BR/><BR/>"Whites 19%<BR/>"Blacks 19%<BR/>"Hispanics 19% <BR/><BR/>"End of discussion!"<BR/><BR/>Well, if that's not convincing, I don't know what is ...<BR/><BR/>Even if it were true, the rate of subprime borrowing is much higher among minorities, so it's a red herring.Steve Sailerhttps://www.blogger.com/profile/11920109042402850214noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-36030575565214809972008-10-24T16:38:00.000-07:002008-10-24T16:38:00.000-07:00The first gangsta rap album was NWA's "Straight Ou...The first gangsta rap album was NWA's "Straight Outta Compton" in 1988.Steve Sailerhttps://www.blogger.com/profile/11920109042402850214noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-34457922582033574022008-10-24T16:18:00.000-07:002008-10-24T16:18:00.000-07:00Robert Lindsay distorting the facts?Heaven forbid!...Robert Lindsay distorting the facts?<BR/>Heaven forbid!racketmenschhttps://www.blogger.com/profile/15310712144886544713noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-58323294900156569862008-10-24T14:20:00.000-07:002008-10-24T14:20:00.000-07:00"News for you, Steve. Outside of Californians, Ame..."News for you, Steve. Outside of Californians, Americans haven't heard of Compton, either."<BR/><BR/>Well, I realize a single example does not a trend make, but as a data point, I live in Wyoming, and I certainly HAVE heard of Compton and the Crips and Tookie Williams.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-47415812663768970642008-10-24T14:01:00.000-07:002008-10-24T14:01:00.000-07:00Robert Lindsay's blog in criticising you, claimed ...Robert Lindsay's blog in criticising you, claimed the rate of foreclosures was constant between ethnic groups. Is he distorting the facts?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-41354895540221949872008-10-24T13:36:00.000-07:002008-10-24T13:36:00.000-07:00The problem with the derivatives is that they magn...The problem with the derivatives is that they magnified the effects of bad loans due to high leverage ratios. <BR/><BR/>Would there have been an issue with derivatives if none of the loans defaulted? At first glance it does not sound like it would. <BR/><BR/>Clearly bad loans are an issue, perhaps *the* issue. It is foolish to think otherwise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-59771241088254138522008-10-24T09:58:00.000-07:002008-10-24T09:58:00.000-07:00MSN's real estate section has an article on how La...MSN's real estate section has an article on how Lancaster, California is performing <A HREF="http://realestate.msn.com/buying/Article2.aspx?cp-documentid=11536612>1=35000" REL="nofollow">here</A>.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-90551849970820424142008-10-24T08:28:00.000-07:002008-10-24T08:28:00.000-07:00However, those mortgages were then packaged as mor...However, those mortgages were then packaged as mortgage backed securities and sold to the wealthy!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-82513017304832962242008-10-24T07:50:00.000-07:002008-10-24T07:50:00.000-07:00What about the show trial in which Al Greenspan bl...What about the show trial in which Al Greenspan blames derivatives and lack of regulation for the meltdown? <BR/><BR/>The fed was supposed to have resorted to the 1994 Home Owner Equity Protection Act to prohibit Liar Loans and ARMs. No mention of why the global market for mortgage based securities was so high. Freddie and Fannie are INNOCENT of all wrong doing. No, according to Greenspan, foreign investors wanted those mortgage based securities so Wall Street cracked the whip and insisted on ever more suspect home loans! <BR/><BR/>This is the official source of the catastrophe, derivatives and not bad loans. Unwarranted faith in Fannie and Freddie who went to pains to hide their volatility by hiding the profits that indicated they were risky ventures despite being GSEs wasn't the problem. Nor was the CRA which was the basis for undermining the traditional lending standards starting in the early 90s.<BR/><BR/>There are people who get very angry (and may even act as tattle tales hanging by blog threads) if you blame anything but derivatives for the mortgage crises. But no one discusses Home Owner Equity Protection Act vs the suspension of lending standards. Didn't the PC suspension of lending standards automatically cancel the Equity Protection Act? And if traditional lending standards had remained intact, would there have been a significant increase in homeownership among minority and lower income buyers?<BR/><BR/>Subprime loans on used cars and trailers have never become an issue because the people who choose to pay high interest to get loans they wouldn't otherwise qualify for take the risk in the form of higher interest rates. The lenders are more than protected if and when such a borrower defaults yet no one gets to upset about it. The borrower was free to evaluate the terms of the loan and suffer the consequences. So I can't draw any other conclusion than that the PC attempt to engineer outcomes while denying the reasons for the lower rates of home ownership among minorities is the true source of the problem. <BR/><BR/>But for most purposes practical and political, we all must believe the derivatives did it!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-68637780467273226422008-10-24T07:24:00.000-07:002008-10-24T07:24:00.000-07:00The mortgage originators only had to keep the loan...The mortgage originators only had to keep the loan current for either 90 or 180 days after they sold it to a financial company to be securitized.<BR/><BR/>Of course the mortgage agents knew that most of these people couldn't pay their mortgage, but there was no incentive to act on this knowledge. As long as they paid their loan for the required period, the agent gets their fee. After that it's OPP.<BR/><BR/>That's why you got 2/28 ARM's, with sweet-heart terms in the beginning. I doubt there was pressure to get more black people, or get more hispanics specifically (there was certainly no such law mandating it for private originators), I think they just needed warm bodies to sign on the line that is dotted.<BR/><BR/>Of course there is this whole notion of the "American Dream" of home ownership, but I don't see why that should be a national policy. I think Republicans believed that turning people into homeowners would make them vote Republican, which was presumably based on some statistics. Hence the whole "ownership society" BS.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-80037524883749468152008-10-24T06:49:00.000-07:002008-10-24T06:49:00.000-07:00You might think that even money managers would clu...You might think that even money managers would clue into the names of Hawaiian Gardens, Bell Gardens, and the preposterously named Santa Fe Springs. They sound like the names of trailer parks.Dennis Manganhttps://www.blogger.com/profile/16934802482968611507noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-59194864979167609852008-10-24T05:21:00.000-07:002008-10-24T05:21:00.000-07:00News for you, Steve. Outside of Californians, Ame...News for you, Steve. Outside of Californians, Americans haven't heard of Compton, either.Anonymousnoreply@blogger.com