Michael Wiggins

CBS Finds Unique Culprit in Subprime Hardship Story – Race

By Jeff Poor | March 10, 2008 - 13:22 ET

Fall behind on your mortgage? These days it's anyone's fault but your own according to the mainstream media.

The March 9 "CBS Evening News" found another way to fault home lenders instead of one borrower who took on an ill-planned mortgage that was more than he could pay: the race card.

"[Michael] Wiggins, a city bus driver, was one of millions of Americans caught in the subprime mortgage crisis," CBS correspondent Randall Pinkston said. "His mortgage lenders' network loan gave him an 11-percent interest rate with a payment of $3,900 a month. But that jumped to $4,200 a month because of delinquency fees and penalties. Knowing he was sinking fast, Wiggins looked for refinancing at commercial banks."

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