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Post a Comment On: Steve Sailer: iSteve

"The Subprime Bubble in Living Color"

13 Comments -

1 – 13 of 13
Anonymous none of the above said...

Steve:

These graphs are wonderful. I assume you're using "non-hispanic blacks" as well as non-hispanic whites, since otherwise you might end up double-counting some people. (I guess that would be more of a problem on the East Coast, where there are a lot of black Puerto Ricans, rather than in the sand states, where hispanics are mostly Mestizo.)

Two nitpicks:

a. Is there any way to show, alongside these graphs, the fraction of total home loans that were subprime in those years? I have the sense that in 2005, a bigger fraction of all home loans were subprime than in, say, 2003. Showing that would make it easier to understand what was going on.

b. In the paragraph starting "in 2004," you say that minorities got 51% of home loans. Is that 51% of subprime loans, or 51% of all loans? From the graph, it looks like it's 51% of subprime loans. If so, you ought to fix the text to make that clear.

It seems to me that a whole bunch of hispanics were the last ones to the party--they saw and heard about other people getting rich buying homes, and managed to be the last folks buying into the bubble, with the worst prospects for paying it back when the bubble burst.

4/18/09, 7:27 AM

Anonymous Anonymous said...

"in the name of Bush's goal of adding 5.5 million minority homeowners."That should have been:

in the name of Bush's goal of adding 5.5 million minority GOP voters.

Goota give it to the Dems: They are better than the GOP at courting the minority vote using tax dollars.

4/18/09, 8:21 AM

Anonymous Anonymous said...

"Why haven't we been hearing this in the press? Well, it's just not the kind of thing that is talked about in polite society."Also, let’s not arrive at the right conclusions. We may have to start doing things which evil people like those racist Afrikaners in South Africa were doing. Let’s continue feeling good about ourselves for a little longer, even though the clock is ticking.

4/18/09, 8:24 AM

Anonymous anony-mouse said...

While I'm sure people will notice the huge rise in Hispanic and Black subprime borrowing, it looks to my eyes that Asians and 'Others' had similar percentage increases. Of course it was large absolute numbers that lead to the crisis (and that if America was 100% White there would still have been a problem, albeit a smaller one).

On a glass half-full perspective it seems that this was largely a 2 year bubble and that the problem appears to be subsiding.

4/18/09, 8:37 AM

Anonymous Lucius Vorenus said...

I think you're gonna get in trouble for painting the "Others" as red.

Remember, St John's University had to change their name from "The Redmen" and Stanford University had to change their name from "The Indians".

Although, maybe in a fit of underhanded passive-aggressive pique, St. John's teams now call themselves "The Red Storm", and Stanford teams now call themselves "The Cardinal".

4/18/09, 9:22 AM

Blogger RobertHume said...

It would be very interesting to see, instead of total amount, dollars per capita of subprime mortgages by ethnicity and year.

And then taxes per capita, mean and median, by ethnicity. See how the money flowed.

4/18/09, 9:39 AM

Anonymous rast said...

It took me a little while to figure out that the graphs were not referencing "New Hampshire Whites".

The whole "hispanic isn't a race, it's an ethnicity" thing is BS.

4/18/09, 11:38 AM

Anonymous Anonymous said...

"On a glass half-full perspective it seems that this was largely a 2 year bubble and that the problem appears to be subsiding."

Don't you worry about that:

http://www.bloomberg.com/apps/news?pid=20601087&sid=afYsmJyngAXQ&

---Recreating Bubble

“This is a strategy trying to recreate that bubble,” he said. “That’s not likely to provide a long-run solution. It’s a solution that says let’s kick the can down the road a little bit.”

While the strategy might put a floor under housing prices, it won’t do anything to speed the recovery, he said. “It’s a recipe for Japanese-style malaise.”---

See you in the streets...

4/18/09, 3:30 PM

Anonymous Anonymous said...

The total value of these sub prime loans is much less than the $2 trillion in existance, of which Fannie and Freddie held $400 billion when the music stopped last year.

There are a lot of mortgage borrowers, myself included, that are "decline to state" on the race question. Presumably the shortfall here is caused by leaving
out the "decline to state" borrowers.

If you had default rate by race you could quantitatively demonstrate the total cost of Washingon's affirmative action - affordable housing debacle.

Ipso Facto evidence that Washington caused the housing bubble, not Wall Street.

4/18/09, 4:37 PM

Anonymous Reg Cæsar said...

It took me a little while to figure out that the graphs were not referencing "New Hampshire Whites". --Rast


"New Hampshire whites" is redundant.

4/19/09, 8:22 AM

Anonymous Anonymous said...

i worked for ConquistAmerica for many months..many of the employees did not have legal papers and most of all had no knowledge of what they(we)were doing..we where forced to lie, forge signatures, and SALE. For what i hear now, besides doing loan mods;which they have over 1299 files untouched,they want to do Immigration Services..they are even doing Bankruptcys !!!WTF..can someone help put this out there?? Arturo Ochoa and Bill Cook are one of the biggest crroks in the MOrtgage Business.what a coincidence Bill Cook was one of the founders of AMERIQUEST,AND ENCORE CREDIT..BOTH WENT DOWNNNN..LOTS OF HOMEOWNERS ARE LOOSING THEIR HOMES BECAUSE OF THESE PEOPLE. BUT wait i cant forget about LARRY G. NOE AND LUIS SABROSO..THESE GUYS ARE ALSO CON-ARTIST WORKING TOGETHER UNDER WLC MORTGAGE SERVICES and conquistamerica. BASTARDS HAVENT PAID MANY OF HIS FORMER EMPLOYEES BECAUSE THEY HAVE BILLS TO PAY !!! PLEASE HELP US PUT THIS GUYS IN JAIL..AGAIN ;ARTURO (ART)OCHOA,BILL COOK,LUIS SABROSO, LARRY G. NOE, AND MARCELO AGUILAR BELONG IN JAIL..CAN SOMEONE HELP SPREAD THE WORD TO WASHINGTON DC OR SOMETHNG??ITS RIDICULOUS WHAT THEY ARE DOING..THEY ARE EVEN AVOIDING PAYING TAXES TO THE IRS, BY CLAIMING EMPLOYEES HAD BENEFITS, VACATIONS,SICK TIME, MEDICAL AND DENTAL in our paystubs and we didnt have anything..ALL ALONG WE WHERE PAYING FOR MEDICAL INSURANCE AND WE DIDNT HAVE ANY!!!!

12/16/09, 4:22 PM

Anonymous Anonymous said...

Regarding Conquista America and the parties in the last comment on this page, please contact my law office at www.stoploanmodfraud.com My law office is investigating a potential class action against Conquista and other associated parties. Chad M. Gordon, Attorney at Law www.gordonlegalgroup.com

1/18/10, 4:02 PM

Anonymous Eileen said...

'Racist US bankers' to blame for credit crisis

http://www.telegraph.co.uk/finance/financetopics/recession/8307115/Racist-US-bankers-to-blame-for-credit-crisis.html

2/8/11, 10:56 AM

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