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"Anatomy of a Crisis:2008"
Did Clinton’s Plan Work
Yes it did! Under Clinton’s Community Reinvestment Act a huge number of minorities got into new homes. Kimberly Blanton in an article for the Globe writes:
New evidence shows that blacks and Latinos in Boston were more likely to get a high-cost, subprime mortgage when purchasing a home than were white borrowers at the same financial institutions.Further evidence of the effectiveness of Clinton’s program is to be found below [source: liberatarianrepublican.blogspot.com]:Fifty-five percent of black and Latino borrowers in metropolitan Boston who obtained loans for single-family homes from seven US lending institutions had subprime loans, compared with 13 percent of white borrowers, according to a study prepared for the advocacy group, Massachusetts Affordable Housing Alliance. The study, by a University of Massachusetts at Boston economist, analyzed 2005 mortgage data submitted by lenders to regulators. Similar patterns emerged in separate analyses in Charlotte, N.C., Chicago, Los Angeles, New York City, and Rochester, N.Y.
African Americans overwhelmingly benefitted from Sub-Prime Loans.And again, Jones’ from a Yahoo! news article writes:Meanwhile, today, Robert S. McCain points out on his blog that the overwhelming majority of Sub-Prime Loans went to Blacks, and that the McCain Campaign is scared to point that out: "Team McCain Afraid to admit the Facts." From TheOtherMcCain Blog:
Now, who are subprime borrowers? About 7% of white homebuyers and 9% of Asian homebuyers, according to the FRB, compared to 16% for Native Americans, 19.6% for Hispanics and 27% for blacks. In other words, compared to whites, Native Americans are 2.3 times as likely to be subprime borrowers, Hispanics 2.8 times as likely, and blacks 3.8 times as likely.
Let us make some facts clear: The overwhelming majority of homeowners of every race (e.g., 73% of black homeowners) qualify for prime mortgages, and the overwhelming majority of homeowners of every race also make their mortgage payments on time, whether their loans are prime or subprime. And no homeowner who makes his mortgage payments on time is to blame for the current crisis, whatever their race.
Note - Whites or Americans of European descent, currently make up for approximately 51% of the US population. Americans of African descent, make up roughly 13%. (http://libertarianrepublican.blogspot.com/2008/10/obama-caught-on-tape-sub-prime-lending.html)
"From 1995 to 2005, a Harvard study shows, minorities made up 49% of the 12.5 million new homeowners."
