Echoes of Berlin
Lessons From A Dance Slav
Athlete Without Compelling Personal Drama Expelled from Olympics
Surviving The Economic 'Perfect Storm'
What Free Press?
Obama's Well-Oiled Machine
Not All African Americans Starry-eyed for Obama
Who Started Cold War II?
The American Diet
The 3 a.m. Phone Call Is Real
A Majority Minority Nation
Too - Americas
'Where You From?'
No Celebration For Horses At This Celebration
Leroy Sievers
Lessons From Literature
A Sad Week For Georgia, America And The World
Good And Evil And Obama
Brave Old World
Weekly Review
It's No Longer Just About Hillary
The Bushites Crude Connection To Georgia
It's A Three-Man Race: Obama Vs The Two McCains
Faith And Our Future
Obama And Pro-Life 'Liars'
On A Fair Footing
Civilian Diplomacy
McCain Is Right To 'Go Negative' -- But Needs Positive
How To Stop Putin
Obamamania Hits A Roadblock
Dems Will Never Abort Pro-Choice Mission
Holier Than Thou
Solzhenitsyn, Iran And More About Polk
Democratic Platform's Hidden Soros Slush Fund
Lobbyist Says Blocking Her Political Donation Is Unfair
Back-To-Back Conventions: The Great Unknown
Wrist-Slap Justice For Bin Laden's Driver
Pain At The Port
Report From A Forgotten War (2nd In A Series)
Can McCain Back In Again?
Helping Boys Without Hurting Girls
Clarity Is Good, Wisdom Is Better
If There Is No God
Hillary's The One!
School Lunch Dough
Governing is Above Obama's Pay Grade
New Orleans Counts Its Blessings
English Spoken Here (As It Is Everywhere)
Pimps, Pedophiles: Welcome to S.F.
Georgia War Is A Neocon Election Ploy
'It Was The Human Thing To Do'
Memo to Obama: This Election Is About the Voters
Edwards: An Affair We Won't Remember
The Great Garet Garrett -- Interview with Bruce Ramsey
A Very Civil Forum
Blind Defense of Koran Abrogates Reality
The Rhinoceros in the Room ... RACE
A Race McCain Could Win
The Disappearing Lame Duck



Where Is The Outrage?
Jesse Jackson 8/4/2008
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The collapse of housing prices continues. Defaults on mortgages continue to rise; foreclosures are now occurring at the rate of 3 million homes a year and rising. Housing experts suggest that U.S. homes still face another 15 percent in price declines, leaving an estimated 30 percent of U.S. homeowners under water -- with mortgages larger than the value of their homes.

Declining home values have already taken a harsh toll on consumer confidence, which has plummeted to its lowest level in 28 years. A further drop in home prices could drive consumer confidence even lower.

Now the financial crisis has led to economic recession, with unemployment up and wages down while prices of gas and food soar. Consumer confidence is at the lowest level in 28 years. This, in turn, will lead to more defaults, more foreclosures and a continued decline in housing prices.

Where is the outrage? This was not an act of nature. The housing bubble -- and its subsequent collapse -- is the direct result of the banking community's success in freeing itself from sensible regulation, and a direct result of an administration that failed to use the powers it had under the law.

At the center of this was abandonment of the Fair Housing
Act. Signed into law one week after Dr. Martin Luther King was assassinated, the act was one of the era's last major pieces of civil rights legislation. It prohibits discrimination in the sale and rental of housing.

But discrimination in the sale and financing of housing lies at the center of the current subprime mortgage mess. New research released by the National Community Reinvestment Coalition suggests this is not, as many believe, a question of people looking for homes beyond their means. The NCRC study shows that racial differences in lending -- the peddling and targeting of high-cost loans -- were more pronounced among middle- and upper-income black and Latino borrowers than among those with more modest incomes. These loans and the discriminatory behavior, the NCRC concluded, "have significantly contributed to the current foreclosure crisis, wiping out hundreds of millions of dollars in mortgage equity."

Residents in Prince Georges Country, Md., one of the more affluent black counties in America, talk about how mortgage peddlers called them out of the blue, attended their churches, approached them on the street. They were targeted, guided to high-cost loans and often fleeced in the process.

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Home Prices Pinch COLOR
By Nate Beeler - The Washington Examiner * Posted 07/25/2008
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Home Prices Pinch COLOR
© Copyright 2008  Nate Beeler - All Rights Reserved.

Posted By: geoff  on Saturday, August 09, 2008

Regulation?!? But that would hurt the economy...

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