Coulter: Blame minority housing law for meltdown

The vast majority of the almost 2 million in mortgage failiars crisis are white, not black or Hispanic.

Statistics prove people who applies and recieved their mortgages through a CRA program were qualified, and are still making their payments.

Let alone the fact that CRA has been around 30 years and over 1 Trillion in good loans. Using race is such a sad and ignorant excuse for greedy people that saw a way to make money and let it out of control.

And by the way I am latino and I am sick of the notion that we are minorities or Poor which is far from the case. I earn easily 6 figures in an opening racist environment but because I work hard I succeed.

Ann Coulter doesn't scare me, it is the quiet group that hang on her every word that are scary. I seriously doubt Coulter even believes half of her drivel, but it sells books, so she shocks away.

When I bought my house for $189,000 in 2003, insurance appraised it at $210,000. I had to go with an ARM loan since I was relocating unexpectedly and didn't have ready funds for a down payment.

No problem I thought, and my realtor had told me that in Rochester, MN, home of Mayo Clinic, housing values rose quickly and consistently, and most people either flipped the house in 3 years, or refinanced with cash to spare.

I got in at 4.5%, then in late 2005, as we approached the 3rd year jump, the bottom fell out, and I could only get 85% loan to value. On top of that the appraised value had fallen from $210,000 down to $169,000. This is after I had put in 5 grand worth of permanent vinyl privacy fence.

January, 06 I became disabled and we lost 70% of our income. Shortly after that the rate hike kicked in. Was it 2 or 3 percent? Nope, it was 6%, so with a 70% loss of income, my interest rate was now 10.5%. We tried to sell obviously, but with the loss of home values, I barely could get any lookers, even at 170k.

We moved to my parent's farm and got a cheap trailer to live in while we await action in our SSDI case. I know my realtor continued to try, but I never heard another word from the realtor or the mortgage company, so I assume it was auctioned, but I really have no idea. It was heartbreaking because it was what we had always worked towards.

It didn't only hurt to lose our dream home, it was also embarrassing to have to move away from our house and friends in such a fashion. Had I not become disabled, we would have been able to keep it, but I damn well would have made the lender come to the table, given the market shift, but it's all about water under the bridge.

Coulters "analysis" convieniently overlooks the fact that only 20% of the financial institutions that handed out subprime loans we obligated under the CRA. Even those so obligated were never expected to hand out so many sub prime loans that their financial stability would be put at risk. Of course Ann Coulter is never one to let the facts stand in the way of inflammatory diatribe or a new book deal. This woman should be stripped of her citizenship and launched to Pluto in a spaceship without sanitary facilities.

Michael Savage is far worse and far more frightening

She's always trying to say controversal things just to get our backs. Just a bitch.

When you look up "douchebag" in the dictionary you'll see the picture that accompanies this article.

We do know America has given loans with high interest rates out to people who couldn't afford to pay it back !! But also minorities, Low income families ,etc.. made decisions on taking these kinds of loans simply to get a piece of the "american dream" knowingly they will be paying a higher substancial payment for the life of the loan...

It not only damaged minorites and low-income families but it went up the ladder - alot of " so-called higher positions were actually making killing profits before this meltdown started.
The majority of profits were coming in from these types of high intrest loans ( house, auto, business), to the greed of all kinds of loansharks, housing developers, hugh construction firms, financial insitutions, even big furniture and appliance centers etc..were cashing it in for quite some time - it didn't happen overnight.....
Now the Bank are not just raising low-income families and minorities loans, but all other commercial, industrial -basically any kind of loans as well to try to make up money that has been "Skimmed" off the top and hasn't been audited for years!!

$$$ Ann Coulter instead of trying to point out both sides of an issue, she only focuses on one mainly of low-income families and minorities in order to sell her books and is looking for another spot on LARRY KING LIVE and CNN!!! I honestly believe that Ann Coutler and Al Sharpton are probably either good friends or some kind or associates behind the scenes when it comes to money,money,money $$$

What a crock of sh&t. This lady is so full of crap I can't believe people give her a platform for such political nonsense. She should marry Rush Limbaugh, oh wait he is secretly dating Senator Craig.

Someone please shoot her in the face already.

That's that dude from chickswithdicks.org right?

Wow. This is awesome. I hate this bitch too. It's good to see so many other people who are on the same page:)

These are some of the most hilareous responses I have ever seen. Usually I get angry when I hear anything about him. But I can't stop laughing right now.You all have made my day.

Thanks!!

Coulter has a policy of making unintelligent comments purely for shock value. I refer everyone back to her degrading comments about Canada post the 9/11 attacks.

The best thing FAUXNews could do, aside from being unfair and unbalanced, is rid the viewing public of her presence.

what an embarrasment to american women...

americans in general...

and all literate people around the world...

Every time Ann Coulter opens her mouth, America gets collectively dumber.

Thanks so much she-man.

Wow, and I could have sworn that everybody I have seen being interviewed on TV were white middle class people! Millions of minorities huh? Wow. Are you kidding me? There are entire housing developments that are empty and entire neighborhoods abandoned! I guess Ed McMahon is black too huh? Man, I sure feel stupid cuz I thought all these years he was white!

About that, there is little doubt, she is a racist. But I have a hard time blaming just the finanacial institutions for this mess. Everyone who signed those crap loans are at least partially responsible in my eyes.

ninepounds - you're being a naive white person.

She does not have a point. She's a bigoted racist.

You're point is astute - there is plenty of blame to go around. That, however, is not Ms Coulter's point.

This is rediculous, she has a point!

The banks loaned money to anyone willing to build, then they loaned money to anyone willing to buy them. They over built, then had a surplus, then made bad loans to anyone willing to sign. Period.

You can blame builders, lenders, banks, mortgage companies, politicians, and the bozos that were making $12 an hour that signed these rediculous ARM's and other far-fetched loans and mortgages, or you can blame everyone.

It was greed, pure and simple, on everyone's part. And yes, minorities got loans that would not have a decade ago, and yes, with the help of Obama and the supporters of ACORN and a lot of other outfits and programs that pushed loans to lower income families.

But if you want to blame minorities alone, then you have to blame ALL of them, but it would not be fair to exclude all the white people that signed bad loans too. But blaming low income familes for signing bad loan paperwork they most likely did not understand is silly.... the lending institutions knew what they were doing, and knew it was a bubble that would blow up in a matter of years.

There is plenty of blame to go around, and human greed is the culprit.

I still argue for no bailout of any kind, but Congress will do the bidding of their masters, and appear to have already done so!

She's late to the game, Rep. Bachmann of Minnesota and the idtiots at Faux Snews have already made this assertion.

I'm voting this down because i don't want to give her credibility or airtime.

Obviously she's a racist bigot media whore who will say anything to get attention. Pitiful.

Racist remarks that are divisive.

That picture grosses me out.

The guy in the above picture can't be all that conservative if he has long hair.

And he has to have a big penis, just look at the size of his hands!

I would love to see the vacant-minded sheep that actually buy her books...I could use a good laugh.

Catch U Next Tuesday, Ann!

Dan, er, I mean Ann is implying that there was some kind of "rule" that forced (keyword: forced) banks and mortgage brokers to give out bad loans.

Bullshit.

If a guy making $12/hr applies for $ 400,000 mortgage....there is no "rule" or "law" that forced that mortgage broker to approve that application.

Them sons-o-bitches were just greedy.

And, more importantly, they had a plan to pawn that bad loan off on someone else before the shit hit the fan as they knew it inevitably would.

They got a big commission out of selling the mortgage and then protected themselves from the risk of defualt by bundling that mortgage together with other loans and SELLING that bundle to an unsuspecting 3rd party who believed that bundle was highly rated and secure.

It was a scam.

No one "forced" innocent mortgage brokers at gunpoint to approve high-risk loans.

Dan, er, Ann and the rest of the idiot Republicans are desperately trying to spin this so it doesn't look like its their fault....yet their religion of deregulation is at the heart of the problem!

The only reason they felt it was okay to approve those loans is because they were allowed to SELL them to others (before the defaults occured) and thus avoid the fallout when the guy making $12/hr eventually defaulted.

Since there was no accounting, oversight or documentation to protect the buyers of these bad loans being sold by the mortgage brokers....companies bought them.

This is 100 percent a Republican problem.

People say: its the fault of the person who took out a loan he knew he couldn't afford.

Wrong -- being stupid about money doesn't change the fact that people who WEREN'T STUPID like the mortgage brokers approved it anyway.

The mortgage brokers knew.

Coulter's a bimbo.

Tip Ann Colter over and let' s see if she can legally use the women' s restroom. There has to be a reason she is so vicious.

Every time Ann opens her mouth something stupid falls out.

If her analysis of the the situation was correct then the only homes in foreclosure would be those in the lowest of economic neighborhoods. This is not the case. There are foreclosures within every socio economic group and region of America.

When you sit down and apply for a new home loan and your loan officer at the bank starts the loan process by leading you into an "Adjustable Rate Mortgage", guaranteeing you that interest rates will be coming down very soon, starts the process that has lead us into the situation this country is in today.

If you are a first time home buyer the offer of a lower initial interest rate with the promise of another reduction on the horizon is very attractive. If your a more savvy borrower, and refuse the "ARM", the next rule in the bankers play book is to offer you a fixed rate mortgage at 4 to 5.5 points above prime. Now your looking at 6.9% to 7.25% for a fixed mortgage in a market of 6% to 6.5% loans. He just offered you 5.75% on the "ARM". So you take the "ARM". Then surprise!!!! Your "ARM" jumps to 7.75%, your house payment has gone from $1,100.00 per month on your $250,000 mortgage to $1,900.00 per month.

Now, in the meantime, because of all the other home foreclosures in your area, your $280,000 home is only selling for $195,000. You can't sell it, you can't afford it, so you abandon it.

It's called "PREDATORY" lending, plain and simple. It draws no regional or ethnic lines in the sand, it is an equal opportunity ripoff.

But hey,,,Ann will say anything and blame anybody when the Republican party and its candidates are tanking nation wide.

The bail-out boondoggle is based on an upside down view of the problem that puts the cart before the horse. The key to understanding the economic problem and solution is that the real estate market tanked, and that is why the loans are upside down, or not worth face value, not the other way around. Say in 2005 a house price was $250,000, and lots of folks rushed to get a $200,000 or $250,000 loan, because the rates were low, the economy, jobs, income was booming, lots of upward mobility, and prices were rising, as they always had in real estate, so it seemed like a good bet... then the FED got scared about inflation, so raised the rates ... every month for about a year and a half, until the real estate market screached to a halt, then hack politicians like Schumer started scapegoating and threatening lenders using a few examples of ignorant borrowers swindled by mortgage hucksters., a story as old as used car salesmen and crooked lawyers. But this go around. the banks became the bad-guys for lending money, especiially when wallstreet speculators wanted the casino to make good on thier lost bets, so what did Banks do? the Banks stopped lending, .turning home mortgages from the safest investment in the world to toxic waste.... this is what caused the real estate market to really melt down, no money, no buyers, so the $250,000 house is now worth $100,000 and the homeowner/borrower is begging the bank to take it back, so they can buy the same house next door and cut thier mortgage payments in half, which they must do because thier jobs and incomes have also fallen. On top of all this other housing expenses - taxes, utlities, and homeowner insurance spiked over the same time frame, exactly when household incomes and wealth/equity were dropping. Home equity is the main form of household wealth, so america is now poorer, thus spending less, while burnded by higher housing and gas costs, with little disposible income left over, this is spiraling down demand, employment and incomes - this is the key to our sluggish economy.

The FED tried too little too late to get the banks to lend by giving them a really low discount rate, below 2%, but the banks instead borrow billions and speculate on wallstreet, just as other wallstreet invstors migrated out of mortgage back securities to driving up the price of commodities, like Oil futures, causing gas prices and inflation to rise.

The answer to this problem is very simple. Instead of bailing out Goldman Sacs executives, and thier kind, fund FHA to lend directly to homeowners at very low rates, similar to the 2% the banks already borrow at. This costs little, because the fed is already lending banks bazillions at these low rates, but the discount window 'tool' is futile if banks do not in turn lend as intended. We can eliminate the middle men and go directly to FHA mortgage loans and fix the problem. Allow homeowners to refi at the short sale value of thier home so they can keep thier home instead of buying the house next door. The effect will be to reduce the mortgage and housing costs of the middle class under the FHA umbrella. This will immediately restore household incomes, the housing market, home equity, wealth, and employment to the middle class..

I can't believe she still has her mouth to even make a sound or her hands to even scribble.

She's still alive? I thought she died around the same time as her credibility. Wow, something new everyday.