millionaires 5.4 pct surtax

[jeffrockit]

Evidence for this assertion?

By the way, the CRA just made banks loan to minorities and underserved communities. Do you think minorities are more likely to default than whites? If so, why?

The evidence for this assertion is the number of home loans that are in foreclosure...that was easy. Don't ask for a link, just drive through neighborhoods throughout the country.

I think those who are not qualified for the loan amount in a contract, default on loans. Has nothing to do with race but thanks for trying.The government trying "to help", created more of a mess. The CRA created the environment where community activists tied up bank lobbies, threatened lawsuits and denied branch expansion, until the banks gave in.

When I first heard of interest only loans about 6 or 8 years ago, for the purchase of a house , I knew problems would occur. When you have people (of all races) getting into 2, 3, 4 hundred thousand dollar houses, paying only the interest, it doesn't take an economist to predict a collapse. It serves no one well, to do this. I know the CRA was not the only problem or fault in this but it definitely had a big role.

So you think foreclosures are only happening in low-income neighborhoods? Think again. And the DATE of this article is March 2007:

Mortgage crisis hits million-dollar homes | U.S. | Reuters

Where in my response did I state that?