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Post a Comment On: Steve Sailer: iSteve

"Minority Foreclosures in Minneapolis"

11 Comments -

1 – 11 of 11
Anonymous Anonymous said...

"among homeowners, the foreign born lost their homes at a much higher rate - and the majority were Spanish-speaking."
This refers to Hispanics as the majority of foreign born defaulters.

4/14/09, 11:53 AM

Anonymous Captain Jack Aubrey said...

Clearly the Minneapolis brokers haven't taregtted the Somali cab driver/non-bacon scanning Target employee market heavily enough. That should make up for losses among the Hispanic population, and when the Somalis fall behind on their payments they can resort to piracy to make up the dif. There's plenty of lakes in Minnesota from which to do that.

4/14/09, 12:02 PM

Anonymous Anonymous said...

I would be willing to bet a months pay that they people who sold these loans were of the same ethnicity and spoke Spanish. I am a 7th generation American in financial services. Immigration has not been a big boom for my business. The newbies usually get picked off by people who network (prey) within recent immigrant groups well before I ever get them. All they are to me is a drain on my tax money and public services.

4/14/09, 12:02 PM

Blogger Evil Sandmich said...

But here's what surprised the study authors: among homeowners, the foreign born lost their homes at a much higher rate - and the majority were Spanish-speaking. That sentence speaks volumes about the shallow thinking going on in what's supposed to be our intellectual circles.

4/14/09, 1:08 PM

Anonymous none of the above said...

So, the lesson here is that uneducated manual laborers transacting business within a legal and financial system they didn't understand, and signing contracts in a foreign language, were pretty easy to scam. Now, who could possibly have seen *that* coming?

4/14/09, 1:37 PM

Anonymous Reg Cæsar said...

An odd detail about Hispanic Minnesota: except for a tiny Mexican community in St Paul which goes back about a century, there has been almost no Hispanic presence in the Twin Cities until the last 20 or 25 years. But plenty of the state's small towns have generations of experience with seasonal migrant workers. Ironically, the farm kids who move into the city have a lot more knowledge about the subject than do their urban neighbors.

As for Somalis, they've been trading with the Arabs for over a thousand years. They've learned to spot a fraud a mile away!

The Hmong, our other favorite demographic, have bred so fast, the majority of them are now native.

4/14/09, 1:46 PM

Anonymous Anonymous said...

One thing to remember is that although the predatory lenders are routinely castigated, I don't recall any of them being prosecuted for their lending practices. I have heard on talk radio that is because they were following the law, not breaking it, when lending. They were required to lend because the so-called regulators, the real overlords in this case, wanted more minority mortgage holders. Presumably this would lead to a dream-like happy ending. But as we now see this did not happen. Crash-a-roo, I see you.

4/14/09, 3:38 PM

Anonymous wren said...

What percentage do minorities account for of all the mortgage dollars that went into foreclosure in 2007-08?,I've recently been wondering what percentage of state and federal tax income as compared to state and federal outlays various races account for.

Where can I find this?

4/15/09, 12:00 AM

Blogger Andrew Oh-Willeke said...

Subprime loans were aggressively sold to minority community members by non-bank lenders, despite the fact that many of whom would have been eligibile for prime loans from bank lenders based upon credit and income. It is not much of a surprise that foreclosures are higher on these ill underwritten and high interest (and hence harder to pay down) loans, often with prepayment clauses that complicate refinancing solutions.

Lower pressure marketing in white communities probably meant less dubious underwriting and appraisal practices.

In short, isolation of communities from legitimate financial institutions produces more bad loans.

4/15/09, 8:03 PM

Anonymous Anonymous said...

Subprime loans were aggressively sold to minority community members by non-bank lenders, despite the fact that many of whom would have been eligibile for prime loans from bank lenders based upon credit and income...Lower pressure marketing in white communities probably meant less dubious underwriting and appraisal practices. In short, isolation of communities from legitimate financial institutions produces more bad loans.Ummmm, what? One does not follow from the other. Subprime may have been "aggresively marketed" n minority communities, but they were so marketed because these people did not qualify for better loans with better rates. If people can't be relied upon to seek out the best deal for the most expensive purchase they will ever make what the hell can you do? And how were they "isolated" from legitimate institutions? So they had to drive a mile or two further to find the nearest Wells Fargo?

4/15/09, 8:32 PM

Anonymous Touche said...

Homogenous locations like Minnesota have been targeted by the US State Dept for mass alien immigrant penetration. And that sort of policy is not much different from Stalin moving around populations in the USSR in order to sow ethnic discord and keep everyone on their toes.

See, the elites are actually obsessed with genetics and demography, because they realize how powerful those forces are.
Meanwhile at the same time they have made those issues out of bounds for discussion in polite society.

4/15/09, 9:37 PM

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