Andrew Neather, a White nationalist, writes:
You wrote yourself, in an earlier posting, that if you lend money to a black (or a Hispanic), you’ll most likely never see that money again.You based that post on your own personal experience of dealing with ‘minorities’ and lending them rather small amounts of cash.
Why do you think that their basic character changes if you lend them rather bigger amounts of cash, plus giving them more opportunity to do ‘fly-by-nights.’
White people, some of the scummiest White people on Earth, are the ones who caused this crisis. They ran the banks, packaged the loans as derivatives and peddled them to suckers. These White con artists preyed on Black, Brown and other folks, conning them into buying homes they had no business buying, since they didn’t care whether the buyers would make the payments or not.
Andrew is a White racist (White nationalist). We see once again that White people will go to any end to blame Black and Brown people any chance they get for problems that were the fault of the Whites alone. Is it so hard to believe that a lot of White people can be evil? Under neoliberal capitalism, no less?
There has never been any historical problem with mass defaults on mortgages with Blacks and Hispanics in the US. That is because banks only loaned to folks if they thought they were going to get paid back. So they made damn sure that they only loaned to creditworthy persons.
That all changed in the 1990’s with neoliberal deregulation. Banks farmed out loans to loan companies. The companies took the loans and sold them to bankster criminals who repackaged them as “derivatives” and sold them to suckers.
The banks and loan companies no longer cared whether the loans were going to be paid back or not, since the bank no longer owned the loan. It was out of their hands. Since they got paid with every loan they made, they deliberately went out and sought out low income Blacks and Hispanics (and many other folks too) and targeted them with crooked, criminal loans that were designed so that in most cases you would never be able to pay it back.
People made payments for a while, but then they were hit with massive “balloon payments” that someone in their income bracket would generally not be able to pay. For instance, you would have loan payments of $1000/month for a while, and then the payments would balloon to $4000-5000/month. Most folks kept trying to make payments, but they just kept getting further and further behind. Of course they defaulted.
The financial system was set up in such an insane way that that people making the loans no longer gave a fuck whether you would pay the loan back or not, violating the first rule of lending – only lend to folks you think will be able to pay you back. Once that rule was out the window, they would probably loan to a fucking dog if he showed up with the down payment and got some human to sign his papers for him.
The Blacks and Browns (and others, mind you) were deliberately targeted by criminals. They were crime victims, victims of con artists. We don’t condemn crime victims on this blog. Most of the slimy, dirty, filthy, scummy bankster garbage people, by the way, were White people.