What A World

Everyone in the markets and the media, is talking about the home mortgage market because of so-called sub prime loans! Let’s tell the truth about it! Sub prime loans were designed to give working class people the illusion that they can afford their “American Dream” of home ownership! At the same time, the sub prime lenders would gouge these working people with higher interest rates and stricter borrowing rules to make a huge profit off the hopes of the unsuspecting.

The sub prime lending market is not something that just sprang up over the last housing boom. It has been in place for some time and crafted for those so-called “high-risk” borrowers! This is all bull! These lending instruments were crafted for any one who is minority, primarily Black Americans! The areas where these borrowers would generally be able to afford homes have been already mapped as a “sub prime” market, or red lined as a “high-risk” neighborhood! In contrast, illegal immigrants can get a home mortgage with a utility bill at fair rates from large institutions like Wells Fargo, Bank of America and others without any proof of ability to repay or a credit history.

It is reprehensible the way the media and the bankers are portraying the victims of these predatory lenders as people who should not have received a mortgage because they were not able to afford it anyway! This is a bunch a crock! Ask anyone who has ever bought a home and they will tell that they will do “almost” anything to save their home and the dream of owning their own home ! There is way more to this story than we are being told!