On Sun, Jan 07, 2018 at 06:16:02PM +1000, jamesd@echeque.com wrote:
In consequence, if you unloaded a house after 2005 November, you were necessarily unloading it onto someone who was a beneficiary of an affirmative action mortgage.
On 1/7/2018 7:21 PM, Zenaan Harkness wrote:
And since the game is rigged, the actual beneficiaries were mostly the banks (they were bailed out after all), and those who sold their houses and so cashed in on the general Investment Theatre, and "the tax payer" foot the bill for those got in on the scam. But the banks were the most significant beneficiaries - they always are.
Lot of banks went bust, and were bailed out. But in many cases, for example the biggest and villainous of them all, Countrywide, those running the bank lost their jobs, and their shareholders lost their investment. https://duckduckgo.com/?q=Countrywide+mozilla&ia=web Indymac bank (which held most of the Countrywide assets) was seized by the regulators. Countrywide financial was sold to Bank of America Homeloans for four billion, which represented a huge loss to Countrywide shareholders, though not a total wipeout. Meanwhile a whole lot of brown people and single women got to live in nice houses free for quite a while. Yes, what was intended as a big handout to blacks, browns and single women, largely wound up in the pockets of white folk, myself among them, as such handouts tend to do. But it was still a big handout to blacks, browns, and single women.