How does a bus driver make $12,000 per month?

No way should a person try to take on a mortgage more than 1/3 of monthly income.

This isn't a race thing.

♣ a seal

To the list of life's certainties of death and taxes, a new certainty can be added: no matter the issue, sooner or later, the MSM will play the race card...

MSM is not what you think its, MSM = Mostly Slanted Media.

The reason these borrowers even got onto the road toward subprime mortgages is because these banks and mortgage companies were being accused of racism by denying mortgages to lower income people and taken to court.

The National Council of La Raza takes it one step further. The group argues that giving subprime loans to minorities is itself an act of discrimination. Talk about Orwellian double-speak! From an article I co-wrote for Capital Research Center:

Activists also allege that subprime lenders deliberately victimize racial minorities, women, and the elderly, tricking them into accepting grossly unfavorable loan terms.
For example, the National Council of La Raza (“The Race,” in Spanish), argues that subprime loans to racial minorities violate their civil rights. Earlier this year a coalition of racial preference groups demanded that subprime mortgage lenders slap a six-month moratorium on foreclosures, arguing that lenders should have known better than to lend money to people with bad credit, many of whom are minorities. The coalition said subprime mortgages are “reckless and unaffordable,” and they warned that lenders, realtors and investors who bought up subprime loans could be sued under a federal law that forbids housing discrimination.
It was the lenders’ responsibility to “match families to the sustainable loans that they should have gotten in the first place,” said Janet Murguia, president of La Raza. Pointing to 2005 data that show subprime loans with high interest rates comprised more than 50% of all mortgages taken by African-Americans and 40% of Latino borrowers, compared to 19% of white borrowers, she raised the specter of racism. Murguia failed to mention that without a subprime market many members of racial minority groups would have remained renters, unable to buy a home.

[Emphasis added.] From pages 2 and 3 of the article at http://www.capitalre...

—Matthew Vadum is Editor of Organization Trends and Foundation Watch, two monthly newsletters published by

Try forced lending.  Just imagine this scene: Mr. Wiggins walks into the bank a few years ago looking for a mortgage and they tell him, "Sorry, you don't qualify for an amount that high.  We suggest you look for a less expensive home."  The next day, the Reverends Al and Jesse would be dancing in the street in front of the bank making racism accusations against the bank and Nancy Pelosi would be on CNN explaining how the Bush tax cuts for the rich have made it impossible for Mr. Wiggins to get a loan.

The bank is screwed one way or the other.  In retrospect, the bank should have tossed Mr. Wiggins to the curb at loan application time and fought a racism lawsuit then.  Now the bank has the racism lawsuit AND a foreclosed piece of property in their inventory.

I'm all ferklempt!

A City bus driver?  What city?  How the heck much money does he make?

According to my calculations, if he was paying $3,900 per month - assuming it includes moderate property taxes, a typical 30 years, and 11% (good grief!) - the amount of his loan principal was approximately $360,000.

What city pays bus drivers enough to support a $360,000 home, and $3,900 (original) monthly payments?

And if he makes enough to have made the $3,900 payments to start with, he's not your typical "sub-prime" buyer with no credit, and no means.

But a "city bus driver"?  I can't get that part of his CV out of my head.  This is another load of CBS bushwa! 

sean robins
www.seanrobins.com