Dec 20
I wonder if the people of Maryland would ask that Bush tell the full picture.
What Bush didn’t tell about black home ownership, or even home ownership in general, was that too many of these home were purchased with subprime loans. In other words, with loans having high interest rates and unreasonable terms.
As a result, the Center for Responsible Lending is predicting that a full 20% of subprime loans taken out in Maryland this year will end in foreclosure.
This will hit place like Baltimore and DC the hardest — cities with heavily-black populations.
Sadly enough, there is the side of the story of home ownership that the President is not telling. People can afford to get into a home but, can’t afford to keep it.
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