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View Diary: New Crime: Owning Home While Black (126 comments)

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  •  Gov't "...of the 1%, by the 1% and for the 1%..." (47+ / 0-)

    Big Banks Slack on Maintaining Foreclosed Homes in Minority Areas, Complaint Charges, ProPublica, 4/16/12

    Secret Docs Show Foreclosure Watchdog Doesn’t Bark or Bite, ProPublic, 10/4/11


    Minorities hit hardest as wealth gap widens
    Joanna Lin
    July 26, 2011

    White households have a net worth 20 times that of black households and 18 times that of Hispanic households, according to a Pew Research Center analysis released today. The wealth gaps between these groups are at a record high and are about twice their pre-recession size.

    Between 2005 and 2009, household wealth plummeted 66 percent among Hispanics, 54 percent among Asians and 53 percent among blacks. The net worth of white households, on the other hand, fell 16 percent. The declines left the typical black household with just $5,677 in wealth and the typical white household with $113,149 in 2009…

    …Although the analysis is on a national level, California's significance is clear: California is home to more Hispanics and Asians than any other state, and it was among the hardest hit by the housing crisis.

    Home equity is the biggest driver of household wealth for all racial and ethnic groups, and in California, home prices dropped 37 percent between 2005 and 2009. Owned homes made up 65 percent of Hispanics' household wealth in 2005, compared with 44 percent of whites' household wealth.

    By 2009, homes represented a smaller share of net worth for all groups. But home equity continues to drag down household wealth – particularly for minorities in states crippled by the housing bust: California, Arizona, Florida, Michigan and Nevada. As a result, wealth gaps could be even greater today, Kochhar said….

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Sun Apr 22, 2012 at 12:45:33 PM PDT

    •  If that's not bad enough news (14+ / 0-)
      Yet Another Big Lie: Mortgage Fraud Investigation Not Staffed
      Sunday, 22 April 2012 11:06 By Yves Smith, Naked Capitalism | News Analysis
      The Administration has managed the impressive task of operating in a more cynical fashion than even its worst critics predicted.

      Remember the widely ballyhooed mortgage fraud investigation, announced at the State of the Union address? This was the shiny toy that succeeded in getting New York attorney general Eric Schneiderman to abandon his opposition to the mortgage settlement. Schneiderman had been the defacto leader of the dissenters by virtue both of being the first to stand against the effort and by having the Martin Act. Suborning Schneiderman put the objecting state attorneys general in disarray and enabled the Administration to push this toxic deal over the finish line.

      It was pretty obvious Schneiderman had been had. Obama tellingly did not mention his name in the SOTU. Schneiderman was only a co-chairman of the effort and would still stay on in his day job as state AG, begging the question of how much time he would be able to spend on the task force. His co-chairman is Lanny Breuer from the missing-in-action Department of Justice. And most important, no one on the committee was head of an agency, again demonstrating that this wasn't a top Administration priority.

      •  Are you saying Mr. and Mrs. Kalonji are giving up? (0+ / 0-)

        They better not!  They have come too lose it all now!  I don’t know about you…But, I could never afford a house to buy.  I am the poorest I have ever been….I just declared bankruptcy for the first time…and have gone the last four days with no food or gas.   So, when I hear someone bought a house….Oh my!   I am so Happy for them…it is truly Amazing!  More power to them!   There are always going to be those who are infantile racist and stubborn?   It is ridicules why people are like that! The Kalonji should never Give Up…on each other or their home…EVER!  My GOD!  Who the Heck has the right to tell anyone else what to do or how to think..I don’t care if they are their own family, neighbors or not!   With what the Kalonji have gone through…the looks, the whispers, the bad public stares of disgust, the people in public laughing at them in the distance, the insults, the humiliations…and so much more from total strangers…just because they are together!  There is nothing in this world that should stop them from seeking their own happiness in each other’s care and love!   As long as they have worked out all their differences and made it through all their hardships of discovery about each other, that is intensely more than most people even could ever imagine going through.  The prejudices and inability to work things out together some people carry around with them is so sad.  The inability to see life from another’s points of view and be sympathetic to others is a very selfish way to be.  The neighbors obviously have never really met the Kalonji’s….and the fact they aren’t even willing to even try…is very childish!  I have always carried my rose colored glasses around with me, kinda an optimist at heart, I guess…maybe, with a little time I would like to think…the neighbors will get over their stubborn behavior and realize life is way too short to be so bitter in life!  If not, then it’s their loss.  Because the Kalonji’s sound like great people…to have survived through so much together.   But, if the neighbors aren’t prepared to open up so soon and need a bit of time?  The Kalonji’s I am sure will just have more time alone together…Besides the Kalonji’s can spend the extra time together making their place amazing to be….A Sanctuary away from Reality!…instead of hanging over the fence and gossiping with the new neighbors.   But, in the mean time…while the neighborhood is cooling off maybe the Kalonji’s should take a week off and go to the beach or something?  Hang out till the 29th have a BBQ on the beach that Sunday afternoon….I hear it is warming up and a fun place to be?  Maybe even invite the neighbors for meet and greet get together at the beach?  Ah, maybe that is asking a bit much in their first week.   If they are from California (who knows?) there is this great place for family BBQ’s picnic’s….at Mission Beach (South End-Bayside) There are BBQ pits and benches..I like it at the end of the street at “San Luis Rey”….it’s in front of weird house I like.  But, just about anywhere works in South Mission …the beach is clean and just a beautiful place to get away for a relaxing and calm walk along the water’s edge and a great place to have Boom Fire to roast those smore’s.  You should try it sometime?

        •    "When the power of love overcomes the love of power the world will know peace." ~Jimi Hendrix

    •  Did you read they bought a foreclosure? (2+ / 0-)
      Recommended by:
      Diogenes2008, sethtriggs

      What a weird comment to leave in this diary.

      Today, strive to be the person you want to be.

      by GoGoGoEverton on Sun Apr 22, 2012 at 05:58:10 PM PDT

      [ Parent ]

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