The carnage that was the US housing market is an aftermath created by the goofy idea that even the poor should own homes, despite being unable to pay for them.
Once the Clinton administration injected lowered lending standards at Fannie Mae the inevitable housing bubble and crash was set in motion.
The top ten large cities reeling from subprime disaster share a distinct commonality. In order are: Orlando, Dayton, Memphis, Detroit, Richmond, Las Vegas, Atlanta, Houston, Tampa and Toledo.
What do these cities have in common? They are predominantly black and Hispanic centers. And those two groups received the lion share of subprime NINJA lending.
Today, the country has suffered yet another mass killing in Colorado. And record murder rates have risen in Chicago, Detroit and Oakland. Economic pain is translating into savage killings. So who is up giving a speech hours after the crime? Obama.
Black Women Bear Brunt Of Subprime Crash
Disparity: 50% Of US Households Hold 1% Of Wealth
Fannie & Freddie Cornerstone Of Collapse
Student Loan Bubble Subprime Bubble Deja Vu
Jobless Rate Up In 27 States