You know the right wing talking point, that Fannie Mae and Freddy Mac, AKA the GSEs, and the Community Reinvestment Act (CRA) are responsible for the housing meltdown.
Ignore the fact that the GSEs proportion of mortgage securitization fell during the housing bubble, ignore the fact that the lenders that drove the craze were not banks, and were not covered by the CRA’s requirements for them to do lending, because if you are are a right winger, it’s all the fault of people who had the wrong coloration.
Once you let “darkies” buy houses, disaster is soon to follow.
It’s a f%$#ing lie, and the latest data point on this is the fact that, “The rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.”
So an essential part of this narrative, that non-whites cannot be trusted to pay their debts or to be lent to seems to be another lie:
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.
By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.
Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.
“The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist.
(emphasis mine)
The right wing has spent a lot of time attempting to manufacture the fiction that it was attempts to deter discrimination and to put some fairness into the system that caused this problem, but the GSEs could never securitize the jumbo mortgages, and the CRA never applied to the neighborhoods where the über-rich built their homes, because you don’t need banks to be forced to lend in well-to-do neighborhoods.
Their lying in furtherance of their bankrupt ideology, as well as a corrupt press corps which elevates “balance” above the truth, is all they have.
The facts prove them to be morally bankrupt parasites who should not be trusted.