Wednesday, September 17, 2008
Meet "The Mortgage Industry" Which Was Targeting Black Folks To Take Their Wealth
I have read several articles in which the allegation that "the Mortgage Industry" targeted Black people in order to steal their wealth right from underneath their feet by stealing their houses. Such was the allegations made in an article in "TheROOT.com" and other "progressive" publications. I noticed that they had been ambiguous in their depiction of "the mortgage industry". The reader was left to believe that some balding corporate executives sitting behind a desk with a wall map that had red push pins that pricked every last Black majority community representing their battle plan.
The men who conspired to perform mortgage fraud in the West End section of Atlanta is but one of several collections of people who performed similar actions to the detriment of many home owners. Let me be clear - I am NOT SAYING that the various mortgage underwriters have no liability in this issue. Certainly they should have done more due diligence to vet many of the paper that was sent to them. In the end they realized that their own payday will come once they packaged these loans and sold them off to some other institution long before the loans "exploded".
I know from my own personal research, however, that there were many co-conspirators operating within the nucleus of the Black community who greatly helped to degrade the situation. There were simply too many people who were shady home inspectors, mortgage brokers and real estate agents. Now some of them are saying "George Bush why did you ALLOW US to operate in this manner and not stop us?"
This was the second major mortgage fraud ring busted up in the West End Atlanta area this year. In Dekalb County GA about 3 years ago one particular subdivision was decimated by the rampant house flipping activity. This resulted in many modern homes being left vacant after the housing values artificially raised by the conspirators and ultimately the occupants being "upside down" in a mortgage that was worth far more than the house itself.