Assclown(s) of the Week: the Housing Mortgage Credit Industry

According to the Philadelphia Inquirer minority borrowers received higher-cost mortgages more frequently than whites last year and were denied loans more often, the Federal Reserve said in an analysis of 2006 lending practices.

Black borrowers had high-cost loans 53.7 percent of the time last year, down a bit from 54.7 percent in 2005, the report said. For Hispanic borrowers, it was 46.6 percent last year compared with 46.1 percent in 2005. Those figures were not adjusted for loan size, borrower's income or geographic location. The report's release coincides with increased congressional scrutiny of lending practices that contributed to the collapse of the subprime-mortgage market and prompted credit-market volatility in recent weeks. The number of Americans who may lose their homes because they could not make payments reached a record in the second quarter, the Mortgage Bankers Association said in a survey released last week.

"Differences by race and ethnicity remain stubborn, persistent and significant," said Josh Silver, a vice president of research and policy for the National Community Reinvestment Coalition in Washington. "The differences are not narrowing. With all increased attention, why isn't it?"

Consumer advocates also say Blacks and Hispanics will be most hurt by the housing crisis and the "surging foreclosure and delinquency rates on subprime mortgages." Read the rest of the article on Philly.com.

Read another article back in August, 2007 that also says access to credit is deeply divided by race, ethnicity and income.

But, now these money hungry credit thieving hoodlums want a bail out - out of their crisis. This is a preposterous notion that these credit hacks who drive up the price for average Americans to buy a home, make us mortgage our entire future to gain access to home buying, and when it crashes, it of course hits those who have less, they want a bail out. It is a free market only when they cash in. When it hurts them they go crying to Daddy Bush.

We are giving our assclown of the week to the credit thieves who destroy average Americans chance at the so-called "American Dream," who drive a wedge by race, ethnicity and poverty and then seek a bail out of a mess completely controlled by them.

Assclowns.