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View Diary: Any Kossacks Up for a Rebuttal Challenge?? UPDATED W/RESPONSE (45 comments)

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  •  Affluent white folks in default, too (1+ / 0-)
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    hopesprings

    The smear that "minorities caused the mortgage crisis" is popular with some of my family members. I wrote a diary on the topic that you might find useful.

    My favorite bit: this item from Reuters, "Foreclosures come to McMansion country. Leesburg, VA, 84% white:

    One out of every 69 households in the county was in foreclosure in the last three months of 2007, well above the national average of one filing for every 555 households, according to RealtyTrac.

    •  Actually, we ended up with our dream house (0+ / 0-)

      two years ago because the previous occupants had taken on a super low adjustable and gotten stuck with much more house than they could afford.  They bought a lot of house at peak market expecting more obscene appreciation...and instead were stuck with bills they couldn't pay.

      They were a yuppie couple - a dermatologist and makeup artist - with all the trappings - the expensive furniture, designer clothes, SUV's etc..and they accepted our cash offer of several hundred thousand below their initial asking.

      We had no idea why they took this amount, which in a normal market would have been laughed at (our realtor told us "Just go for it, all they can say is No")...until my husband went to close and ended up writing checks to four different banks.  

      I feel a little guilty about it still, but it proves that not only the low income and uninformed got trumped by the mortgage scams.  It's not exactly a "McMansion" but it's a very nice home with a view in a prime neighborhood.

      "There have been tyrants and murderers and for a time they seem invincible but in the end, they always fall -- think of it, ALWAYS." - Gandhi

      by hopesprings on Thu Oct 30, 2008 at 07:41:04 AM PDT

      [ Parent ]

    •  Fantastic diary, SantaFeMarie. (0+ / 0-)

      Missed it the first time, thanks for the link.

      "There have been tyrants and murderers and for a time they seem invincible but in the end, they always fall -- think of it, ALWAYS." - Gandhi

      by hopesprings on Thu Oct 30, 2008 at 07:53:51 AM PDT

      [ Parent ]

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