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While subprime loans deeply penetrated low-income and minority groups, a new study suggests that more upper-income borrowers and more whites took out such loans than any other groups.... Affluent borrowers, those with annual income at least 120 percent of their given area’s median income, meanwhile, took out more than 39 percent of the loans. (Subprime Loans’ Wide Reach, New York Times)Here's something to consider for those who still believe that low income, minority home buyers are to blame for the current economic crisis in our country. In a letter to Treasury Secretary Henry Paulson from Marc Morial, President and CEO of the National Urban League, cites a New York Times article which reports that low-income, minority borrowers were not the reason for the subprime mortgage scandal.
Mr. Morial's letter to Secretary Paulson reads in part...
Instead of having a healthy debate on policy issues to avert future problems, those disseminating the Weapons of Mass Deception are launching attacks not only on African-Americans and other groups...Others point to the diversity policies of failed banks like Washington Mutual that allowed unqualified minorities to and gays to ruin the banks.Kudos to Mr. Morial, for pointing out the dangers of such narrow minded and unfounded thinking. Whether Secretary Paulson, or anyone else in the Administration pays attention - the rest of us should.Now more than ever America needs unity and real solutions to fix the economic mess that has engfulfed our country. History provides too many lessons about the consequences of singling out only certain segments of the population as culprits for a country's woes. You have a moral duty to remember these lessons and to do what is necessary to extinguish the flames of hatred. (excerpted from Marc Morial's letter to Henry Paulson)
Published October 3, 2008 by Gerald Britt |
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| Tags:
Economy
Financial Industry
Henry Paulson
Sub-Prime Loans
Wall Street
