I was pointing out the START of the problem. Then I mentioned how a "rising tide lifts all boats" and with the new spike in demand for houses, white people started selling for a profit. Then they started buying and reselling, and so on and so on.
All the morons that took out their 401ks to become real estate speculators are just as guilty. But that isn't want started all of this (nor is it what killed Freddy and Fannie).
Make up your mind.
But you are right. If a bank put up a sign that said "no black people" it would probably be the most profitable bank in world history. And that is not my opinion - that is based on the credit ratings, default rates, forcelosure rates, and bankruptcy rates of blacks.
But that is illegal.
"Im riiiich, beatch!"
How about this for a general rule in America? You make it or don't make it based on your own individual merits instead of the blanket minority special treatment. Then we won't have the problem of greedy white folks giving loans to deadbeat black folks who can't, or usually won't pay them back.
The facts here offer plenty of blame for everybody involved.
The banks were wrong to cower in front of politicians demanding that easy loans with no equity be extended to borrowers with crappy credit histories. It doesn't matter what color those borrowers were. This created an ugly domino effect where marginal homeowners suddenly had more equity and moved into houses that were too close to the edge. Those previous owners now also had equity and they fueled the housing construction boom. Millions of illegal aliens flocked to the construction business and depressed construction wages. Millions of stupid people used their equity like an ATM to pump money into the services sector. Millions of equally stupid people flipped through increasingly expensive houses riding the wave.
Now the wave is over and we have a lot people walking away from loans, we have an over-supply of residential construction, we have a bunch of people who don't belong here and no longer have jobs here wandering around, and we have to fix it.
I see it monthly in my business - if I make a bid to the US Air Force to do the grinding operations on the latest jet fighter landing gear, cross all the "tís", dot all the "iís", and get the RFQ in on time - I stand a snowballís chance in Hell against the bare-bones start-up operation in Compton, owned by a one-legged black woman with explosive diarrhoea.
The government watches over the documents and the quotas like a hawk and punishes those institutions that donít tow the line.