Quote:
Originally Posted by sokinwet
"Sokinwet, one thing I know from my line of work, data does not lie."
You are correct RIJ, data doesn't lie, however data can be misinterpreted intentionally or otherwise. I wasn't going to respond any further to this thread but since you've called me out. For 32 years I've worked as the housing director for a local gov. Planning & Community Development office. I am a member of a gov. taskforce charged with study of the foreclosure issue and I'm the contact person for the MA Foreclosure Initative and Neighborhood Stabilization Program (the fed. program providing the $$ to address the problem) Just like you may have insights into the investment business because of your line of work, on a weekly basis I see data pertaining to the wide range of issues that have contributed to this problem, industry and gov. efforts to try to stem the tide, concerns of lenders and housing developers, predatory lending problems, (Calif. by no small coincidence is one of a few states with no regulations concerning predatrory lending), the demographics of people impacted by foreclosure, etc. I could go on bet I'm sure you get the picture. Spouting stereotype bias or making gay jokes about Barney Frank (Nebe!)doesn't help peoples understanding of what is a very serious problem for everyone.
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I am a bit flumoxed by the phrase "predatory lending." I get the image of Iago demanding his pound of flesh, or of 19th century English debtor prisons. Are unscrupulous banks or, if not the bank itself but the bankers who write up the loans, intentionally selling homes to buyers who really can't afford them? And, if so, what are they gaining?