Affluent Black County Mired In Mortgage Mess

[DrPhil]

DeltaBetaBaby, I agree but people need to stop putting the onus on the mortgage lenders and realtors. These people are in big business and, unless you have some networks in the industry, this is straight business and not personal for them. They have only changed practices now because the Federal government is getting more involved.

People need to do some research. There is actually a lot of information out there that potential homebuyers can access. That includes community organizations (including some BGLOs) that do economic or homebuyer seminars. It is extremely confusing but take the time to read, compare, question, challenge, research, talk to different mortgage lenders, talk to anyone you know who has bought a house, see what your options are...cry and pray to the Heavens if need be. Just don't sit around waiting for everyone else to look out for you. These are college-educated people who are considered to be among the higher SES of Blacks in America. Surely people can't boast intelligence and kickassness when it comes to careers but then expect to be spoon fed elsewhere, especially given the nature of capitalism and discriminatory lending practices.

As it pertains to racial and ethnic minorities, this can be even more difficult because the average Black and Hispanic in this country is first generation(insert education, career, salary level). That makes it even more difficult to talk to family, friends, and access networks who have bought a home and/or who know what they are talking about. Even then, still talk to people and read/watch/research. After you get the info, you can more prepared to decide whether you think what you've learned is complete bullshit.

[DeltaBetaBaby]

Originally Posted by DrPhil

Surely people can't boast intelligence and kickassness when it comes to careers but then expect to be spoon fed elsewhere, especially given the nature of capitalism and discriminatory lending practices.

I don't think we are really disagreeing here, but I want to be very clear on the fact that banks did things that were flat-out illegal.

I'm all for personal responsibility, but I'm not okay with it being used as a smokescreen that allows such behavior by corporations to go on unchecked.

[DrPhil]

Originally Posted by DeltaBetaBaby

I don't think we are really disagreeing here, but I want to be very clear on the fact that banks did things that were flat-out illegal.

We aren't. I said I agree with you and then typed about the topic. I already acknowledged what banks have done and continue to do if unsupervised.

Even in that, some of the information was out there and many people were simply choosing to be uninformed about the potential pros and cons. Again, this thread is about those who make a salary that is higher than that of the average America; and therefore people who would claim to have access to resources that the average American does not have access to.

Some people overestimated how flexible their spending should be, some people were just showing off, some people weren't researching--all within the context of bank practices and that other stuff.

***
As usual, today NPR was talking about the economic downturn and the implications for employment and housing.

[AOII Angel]

I used to practice in PG County in Lanham, MD specifically. While PG is the MOST affluent AA community, it is not affluent. As a DC suburb, prices are higher than your average community in the rest of the US. Predatory lending cannot be discounted as a factor in this topic as African Americans were a group hard hit by those perpetrating that fraud. People made bad choices, but for ten long years houses were ATMs that many times dispensed more money than people's full time jobs. If it sounds too good to be true...

[DrPhil]

Originally Posted by AOII Angel

While PG is the MOST affluent AA community, it is not affluent.

Of course the most affluent Black community would not really be affluent. LOL. Yay.

Originally Posted by AOII Angel

As a DC suburb, prices are higher than your average community in the rest of the US. Predatory lending cannot be discounted as a factor in this topic as African Americans were a group hard hit by those perpetrating that fraud. People made bad choices, but for ten long years houses were ATMs that many times dispensed more money than people's full time jobs. If it sounds too good to be true...

Exactly.

[AOII Angel]

Originally Posted by DrPhil

Of course the most affluent Black community would not really be affluent. LOL. Yay.



Exactly.

There are plenty of affluent people in PG, but there are mostly middle class African Amercans and poor AA in the county. Of course, hispanic, white and Asian people live there, too. It was explained well to me by my "Black" boss, he hated the term African American unless you were from Africa. I tried not to get him started. LOL

[DrPhil]

Originally Posted by AOII Angel

There are plenty of affluent people in PG, but there are mostly middle class African Amercans and poor AA in the county. Of course, hispanic, white and Asian people live there, too.

Yes, I know all about PG.

Originally Posted by AOII Angel

It was explained well to me by my "Black" boss...

Please don't just cite your Black/African American boss. I consider it the equivalent of "some of my bestfriends are Black" when a topic doesn't call for it.

[knight_shadow]

Originally Posted by Elephant Walk

It's typical to blame any other race for "failures", instead of taking responsibility.

Umm...what?

Originally Posted by DrPhil

DeltaBetaBaby, I agree but people need to stop putting the onus on the mortgage lenders and realtors.

...

People need to do some research. There is actually a lot of information out there that potential homebuyers can access.