Christopher Donovan: NPR Stumbles on Racial Truth of Mortgage Meltdown

Christopher Donovan:  Before it slips too far into my rear-view mirror, I have to post about an NPR report I heard on the way to work last week about the mortgage meltdown.  The reporter focused on a single block in California and interviewed residents Anita Sandoval, Brenda Moore, and William and Laura Betts.  The story I link to doesn’t mention it, but if you listen to the broadcast, it’s obvious that Sandoval is Hispanic, Moore is black, and the Betts are white.

Unwittingly, I’m sure, the reporter captured the racial specifics of the mortgage meltdown in microcosm.  Sandoval, the Hispanic, simply stopped making payments on her mortgage. Moore, the black woman, refinanced eight times, and now owes $300,000.  The Betts were the lone examples of responsible financial behavior:   they now own their home, though the rollercoaster of appreciation and depreciation left them with an unimpressive gain in equity.

Such are the impoverishments for whites who live in the multiracial society:  The responsible, hard-working Betts are, in many ways, underwriting the irresponsibility of the Sandovals and the Moores through higher interest rates and probably other ways I’m not aware of.

Particularly striking was the short time-horizon view of Moore, the black woman:  “I look at it this way:  You’re sitting on a bank, so if you can use it, use it because you can’t take it with you, so enjoy it while you can.”

Contrast this with the frugality of the Betts, who would send in 10 extra dollars with each mortgage payment.

And, of course, Moore’s understanding of finance is incorrect:  she’s not sitting on a source of free money, she’s sitting on an asset that can secure a loan — but a loan that either has to be paid back or foreclosed and the house taken away.

Here’s a financial think-tank of the liberal persuasion admitting that blacks and Hispanics have shorter time-horizons than whites.

How many whites understand that what’s often characterized as a “crazy and unpredictable” economy has some forbidden explanations?

Christopher Donovan is the pen name of an attorney and former journalist. Email him.

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14 Comments to "Christopher Donovan: NPR Stumbles on Racial Truth of Mortgage Meltdown"

  1. eurodele's Gravatar eurodele
    March 26, 2010 - 12:24 pm | Permalink

    Thank God for nations like South Africa, Zimbabwe, and Haiti!

    They provide us with the best examples of precisely what happens when “oppressed” but nonetheless “intelligent and morally upstanding” Black majorities, aided by the indispensable political pressures brought to bear on “their” behalf by World Jewry, righteously appropriate the reins of government and the engines of state power in order to right the wrongs and redress the injustices perpetrated upon them by Whitey!

    In short, everything goes straight to hell on greased skids, thus paving the way for Jewish financial oligarchs to “helpfully” insert their rapacious but ever-so-righteous snouts into the resulting mess and make another big killing in the process. Unfortunately, the killing is typically not just financial, but involves escalating abuse against any Whites unfortunate enough to remain, finally culminating in a bloodthirsty, genocidal purge of which the perpetrators are mendaciously portrayed by academia and the mass media as the unfortunate “victims”.

    White South Africans and Zimbabweans deserve our utmost concern and sympathy. After all, even though most of us had no intention of allowing it, the US government was used as a deadly weapon against them.

  2. Charlemagne's Gravatar Charlemagne
    March 26, 2010 - 7:55 am | Permalink

    There is a similar system at work in South Africa where white people pay ridiculous property and municipal tax to to subsidize the the black masses who dont pay anything at all.If they default on payments,life goes on as normal.If a white person defaults,services are terminated immediately.

  3. eurodele's Gravatar eurodele
    March 16, 2010 - 11:17 am | Permalink

    The racial aspect of the mortgage meltdown goes a little farther than that.

    Back in the 70s, “community groups” noticed that lenders and the FHA were “redlining”, i.e., engaging in systematic racial discrimination against minority homebuyers and neighborhoods. So they prevailed on Congress to adopt two measures called the “Community Reinvestment Act” and the “Home Mortgage Disclosure Act”, which were ostensibly designed to reduce racial disparities in lending.

    Unfortunately, banks continued to “discriminate” against minority loan applicants for the simple reason that mortgages require down payments, and most minority applicants couldn’t come up with one. So in response to this continued “injustice”, the government – with sly encouragement from the major banks themselves – increased the pressure on mortgage lenders to issue more loans to minority applicants, even those who couldn’t pay one dollar down!

    Low-income Whites, not having the “complexion for the connection”, so to speak, were unable to take advantage of this situation. Although mortgages eventually became more available to Whites, this was only because of the adoption of “creative lending practices” by a financial industry more determined than ever to rope them, hang them, and gut them. This is why so many Whites are now losing their homes.

    It is thus highly likely that the Betts obtained their mortgage on markedly different terms than those offered to the two minority interviewees. Yet, the Betts and millions of other struggling White families are now being forced to subsidize the greed of the financial industry and the irresponsibility of its specially-targeted minority debtors.

    In short, if you are White, and you can’t afford to own your own home, it is at least partially because you are paying through the nose so that non-Whites could have a shot at becoming your landlords without paying a dime for the privilege.

    That’s fair, right?

  4. Hellacious Heath's Gravatar Hellacious Heath
    March 16, 2010 - 10:09 am | Permalink

    “And they already have begun exploiting it. Hollywood has a remake of the 80s film “Red Dawn” coming out this year, with the Chinese replacing the Soviets as the military invaders of the US. And of course the neocons have been hyping the China threat or “challenge” as they like to say, for years now.”

    Thought ‘Red Dawn 2′ was going to be about brown muslims invading America?

    Either way both scenarios dove-tail nicely with the Jewish neo-con narrative that is out there. More misdirection.

    We have our work cut out for us in warning Whites about Organized Jewry.

  5. AmusedEuro's Gravatar AmusedEuro
    March 15, 2010 - 3:34 pm | Permalink

    James, thank you, it’s nice to see at least one other person who has not drunk this particular brand of Kool-Aide.

    As if to make my point, the financial headlines in the last few days are about FRAUD at Lehman Brothers – Dick Fuld isn’t black by the way.

    For the people who say banks were “forced” to give mortgages to unqualified minorities, three points:

    1. You don’t have a clue about the CRA, which is what you are mistakenly describing.

    2. You are clueless about subprime – because the subprime mortgages that blew up last year WERE NOT COVERED UNDER THE CRA.

    3. You watch too much FOX News, which is where the “blame the CRA” meme came from. Turn off the idiot box please, this is serious business.

    Goldman Sachs packaged a lot of the mortgages into the CDOs – and then immediately shorted them, betting that they would blow up. They did – and Goldman Sachs make record profits from the credit default swaps.

    To those pointing fingers at blacks and mestizos – Lloyd Blankfein and Gary Cohn thank you for your assistance.

  6. Melvin's Gravatar Melvin
    March 15, 2010 - 1:46 pm | Permalink

    I hope we aren’t going to see The Right once again converted into The Stupid Party, mobilizing “good simple folk” under the slogan “The darkies stole our money.” The darkies don’t have your money, you idiot. Guess who does?

    I think the slogan will be different. It’ll probably be something along the lines of “The Chinese stole our money.” And I think it will work pretty well. The “good simple folk” i.e. regular Americans, regular White Americans, have always been and are somewhat suspicious and hostile to China because it is foreign, a different race, “Communist”, “Red”, “evil”, on the rise, etc. So there is already plenty of fertile ground to exploit for political purposes.

    And they already have begun exploiting it. Hollywood has a remake of the 80s film “Red Dawn” coming out this year, with the Chinese replacing the Soviets as the military invaders of the US. And of course the neocons have been hyping the China threat or “challenge” as they like to say, for years now. The media certainly plays up China on the economic front, blaming it for outsourcing and the like, and will likely continue to do so and ratchet it up if the poor domestic economic situation persists or gets worse.

  7. March 15, 2010 - 12:55 pm | Permalink

    Damn straight, AmusedEuro! One of the clearest and most succinct explanations I’ve seen for why the ‘crisis’ has ZERO to do with minorities.

    If we have a “crazy and unpredictable” economy it has nothing to do with a bunch of immigrants without a pot to piss in. To answer Hellacious Heath, no one “forced banks into making bad loans.” Any local bank in the past would have failed if they made those loans, so banks by and large didn’t. What made it possible and profitable was Wall St. inventing ways to sell the paper to Wall St., who could repackage the bad loans with good, use mysterious formulae to get the rating agencies to grade it AAA, then sell it off to pension funds and foreigners. Rinse, repeat.

    As I frequently document on my blog, we have a “crazy and unpredictable” economy because for the past 30 years we have exchanged an Aryan economy of production for a “Qabalistic Economy” of paper shuffling and smoke and mirrors. It works for a while, then collapses, but by then the parasite has moved on.

    I hope we aren’t going to see The Right once again converted into The Stupid Party, mobilizing “good simple folk” under the slogan “The darkies stole our money.” The darkies don’t have your money, you idiot. Guess who does?

  8. Hellacious Heath's Gravatar Hellacious Heath
    March 15, 2010 - 9:33 am | Permalink

    “Nor did the financial crisis occur because “liberals forced banks into making bad loans.””

    Perhaps it was JEWISH CIVIL RIGHTS LAWYERS that forced banks into making bad loans!

  9. ben tillman's Gravatar ben tillman
    March 15, 2010 - 7:16 am | Permalink

    That linked article was amazingly candid.

  10. March 15, 2010 - 4:39 am | Permalink

    Actually, it also showed STATISTICALLY that minorities were primarily behind the housing crash.

    The US population is two-thirds white and one-third minority.

    Yet the sampling in the NPR story was the reverse: two-thirds minority (one black and one Hispanic) and one-third white.

    That get’s it just about right I think.

    In other words, minorities were vastly overrepresented in the subprime mortgage meltdown and housing crash.

  11. Captainchaos's Gravatar Captainchaos
    March 15, 2010 - 3:08 am | Permalink

    “Bernie Madoff was a founder of NASDAQ and they literally made up trades that didn’t exist for decades – does anyone really believe irresponsible blacks have anything to do with this?”

    The Jews, having effectively disabled the natural racially oriented psychological mechanisms of Whites, then use non-Whites as an instrument of resource acquisition from Whites, as an instrument of terror against Whites, and as an instrument of genocide via mongrelization of Whites. The Jews, consistent with their millenarian aspirations, will not achieve said without, nor will they be satisfied by less, than to stand atop the cold corpse that once was our race. It simply does not satisfy Occam’s Razor that the most intelligent, and the most powerful, of our enemies do not know precisely what they are doing. How could they not, shrewd as they are? Of course they do. Their attempt at our extermination is intentional.

    And of course our dear friend Adwarf visits us frequently to remind us of just those facts.

  12. Andrew's Gravatar Andrew
    March 15, 2010 - 2:28 am | Permalink

    “Particularly striking was the short time-horizon view of Moore, the black woman: “I look at it this way: You’re sitting on a bank, so if you can use it, use it because you can’t take it with you, so enjoy it while you can.””

    This short-term thinking of Hispanics and especially blacks was discussed at length in Michael Levin’s “Why Race Matters”. Some interesting points he brings up:

    “That blacks care less about others and worry less about the future is suggested in virtually every area of behavior. Crime is only the most obvious example, nor is it the expression of wretchedness and self-loathing that excuse-making whites pretend it to be. Prof. Levin notes that “the criminal behavior of young black males just does not look like an expression of despair. In account after account, these individuals come across as full of themselves and unrepentant.” He might have added that if blacks were really reduced to hopelessness by white oppression, they would presumably have high suicide rates, whereas in every age group blacks kill themselves at only one half to one quarter the white rate.
    The other prominent black deviation from white morality is reckless procreation, but other traits are just as striking: unwillingness to do volunteer work, support charities, donate organs, volunteer as medical test subjects, keep quiet in theaters, recycle trash, save money, exercise, or keep houses in good repair. Black mothers are twice as likely as white mothers to smoke, drink, and take drugs during pregnancy, even when doctors tell them not to. Blacks between ages 15 and 24 are ten times as likely to have fatal gun accidents as whites of the same age even when gun availability is controlled for. By white standards, black behavior is impulsive, shiftless, and inconsiderate. “

  13. Geiseric's Gravatar Geiseric
    March 14, 2010 - 4:55 pm | Permalink

    “The financial crisis did not occur because blacks and mestizos bought houses they couldn’t afford.”

    Certainly not the only factor, but subprimes DID have a macro-economic impact according to most accounts.

  14. AmusedEuro's Gravatar AmusedEuro
    March 14, 2010 - 1:26 pm | Permalink

    I disagree, the story misses everything important about the financial crisis, because it didn’t discuss the role of Wall Street – and whatever ethnic/racial issues that may bring up.

    The financial crisis did not occur because blacks and mestizos bought houses they couldn’t afford. Nor did the financial crisis occur because “liberals forced banks into making bad loans.” When someone can’t pay their mortgage, the house is foreclosed and seized by the bank – if every minority in America defaulted on their mortgage, it would not have caused a world-wide financial crisis bigger than the great depression.

    Subprime is a red herring, and irresponsible blacks and mestizos are a red herring.

    This is fraud at the top levels of Wall Street, fraud that makes Bernie Madoff look minor. Much of this fraud goes all the way back to the 1990s. It includes years of embezzling from HUD, going back to the Bush I administration. It is directly linked to monetary policy at the Fed and international financial institutions.

    Believe it or not, bankers are not stupid and nobody ever believed that an illegal immigrant making minimum wage was ever going to pay off a 500k mortage. The only question is whether whites are going to be gullible enough to blame the crisis on low-IQ minorities and ignore the very high IQ minorities who have been involved in a generation of fraud.

    Bernie Madoff was a founder of NASDAQ and they literally made up trades that didn’t exist for decades – does anyone really believe irresponsible blacks have anything to do with this?

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