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Homewreckers
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Meanwhile, George, my mother and the more than two million people who were barreling toward foreclosure as of May are tarred as having made "risky" choices. It's a tidy con job, to be sure. The financial industry has convinced far too many people of it. Let's hope Congress doesn't buy it now, too.
Kai Wright is author of "Drifting Toward Love: Black, Brown, Gay and Coming of Age on the Streets of New York."
Read Kai's discussion with readers on the housing crisis.
Also on The Root:
Kai Wright pulls us all out the closet, Brian Gilmore explains this old housing crisis, and Veronica Chambers builds her dream house.
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Homewreckers
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View All Comments »Jorge Push at 09/24/2008 12:15:19 AM
Comment:
The point isn't that the banks specifically preyed on Black folks. It's that at every turn in the Black existence in America, there was someone or something working to take what they hve. You aren't expected to understand.
Fact is that more caucasians were caught with these bad loans, and many, as it is proven, were high income households. So you should give the same speeches to your rich uncles.
jennyzig at 09/23/2008 10:53:39 PM
Comment:
Unfortunately people have bought into the myth that they can spend money they don't actually have - people who cashed out equity that may or may not have existed. Similarly the misuse of credit cards - using them for non-essentials with no means to repay.
I am sincerely sympathetic of those whom were mis-led or outright lied to. As a professional realtor, I see a lot of contracts. Even for those who do/did read every word of a contract, they may have been confused and relied on their LO or agent for explanation.
However, a large number of people are simply greedy. They want what they cannot afford but purchase it anyway. The believed that their homes were worth what the appraiser said because they wanted to - or they even encouraged them to give the highest number. Appraisers who didn't play this game often didn't get work.
Cory at 09/23/2008 5:16:30 PM
Comment:
Personal responsibility man. This website is all about blaming your problems on someone else. It is simple, read a contract before you sign it. I knew how to do this as an 18 year old.