So, yeah...2007 sucks if you bought your house in 2005, and you really didn't look at your Loan Application, Doesn't it?
So, rising mortgage rates are hitting a lot of Minorities (including us Negroes) and a whole lotta broke White folk where it hurts,
like, throwing your ass out on the curb and repo'ing your Car too! And why?
Well, a lot of Lenders prayed on the fact that, well, deep down, everyone wants their share of the American Dream...and, swindled people, that they knew wouldn't read the fine print on their loans, the over worked, over tired that want to move out of smaller urban, and semi-surburban housing to huge mini mansions on the edges of metroplexes....
I'm most familar with places like Fairfield, Antioch, and Brentwood around these parts
But, what happens when you move 50 miles away from work...you end up spending a lot of your income, maintaining a car....So...yeah..and then urban renewel (I'm starting to see what James Baldwin said in 1962, about San Francisco, that it's Negro removal....the Sub Prime Loan was a tricky, sophisticated way to use capitalism to do Urban renewals dirty deeds, now, many poor people are losing homes, and have nowhere to go, and are priced out of old spots near their old jobs, because the "hipsters" have moved into their old flats and bungalows in the hood, in the name of New Urbanism...Ironically, President Bush stepped in this week to halt the Mortgage crisis, when it looked like it was gonna balloon out of control, and take the New Urbanism movement with it).
So, I hope, that we all don't end up homeless, the economy doesn't grind to a screeching halt (my daily bread right now is Commercial Real Estate Listings Ironically)....and, well, when will we, as a society stop trying to fuck ourselves over?
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