Monday, June 13, 2011

Democrat Housing Efforts Fail, Minorities Hardest Hit

Back in 2008, writing on a different blog, I chronicled the push by Democrats going back to 2001 to push a quota of minority owned homes and now they are once again reaping what they sowed.
Prince George’s County, Md., has gained prominence in recent years as the most affluent county in America with a majority African-American population. Average income in the county is almost double the national average for black families, according to the Census Bureau’s 2009 American Community Survey.

But the county, adjacent to the District of Columbia, has been laid low by the recession and the mortgage meltdown and now holds a more dubious distinction: a rising foreclosure rate that ranks as the worst in Maryland.

More than half of all housing sales in the county so far this year have been properties in foreclosure, a rate that dwarfs other counties in the state, according to MRIS, which provides listing services for real estate agents. This has caused a domino effect of social, economic and financial problems to ripple throughout Prince George’s communities.

Liberals immediately want to point the finger at sub prime mortgage lenders that were handing out these loans for creating this problem while trying to ignore that they not only set the conditions for these sub prime mortgages, they encouraged them and with a push from Fannie Mae and Freddie Mac backed these mortgages.

Their misguided desire to set an affirmative action quota system in home ownership led to this. Granted my earlier writings on this is very dry but I hope you take a few minutes to at least browse the series to get a sense of how pervasive the attitude of putting minorities into homes at any cost was and how staunchly it was defended and promoted by Democrat lawmakers and their lackeys at Freddie and Fannie were.
She paid $230,000 for a tiny, 664-square-foot home that she said is “more like a small cottage.” The previous owners had paid $60,000.


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