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Mortgage Meltdown in Prince George's County Among African Immigrants
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From the Washington Post, a story of an African immigrant family who have racked up $1.3 million in debt, even while not paying their mortgage for over six years.

Swamped by an underwater home

After the housing collapse derails the American Dream, a cloud of uncertainty hangs over the Boateng family

Story by Kimbriell Kelly

Published on January 26, 2015

DASHED DREAMS: This is the third part in a series looking at the plight of the black middle class, particularly in Maryland’s Prince George’s County.

Part 1: Residents of Prince George’s, the nation’s highest-income majority-black county, lost far more wealth during the financial crisis than families in neighboring, majority-white suburbs.

Part 2: Half of the loans on newly constructed homes in one Prince George’s County subdivision during the housing boom in 2006 and 2007 wound up in foreclosure.

… A decade ago, Comfort and Kofi [Boateng] were at the apex of an astonishing journey they had made from Ghana in 1997, when they had won a visa lottery to come to America. They did not know it at the time, but they were also at the midpoint in their odyssey from American Dream to American Nightmare.

Today, they struggle under nearly $1 million in debt that they will never be able to repay on the 3,292-square-foot, six-bedroom, red-brick Colonial they bought for $617,055 in 2005. The Boatengs have not made a mortgage payment in 2,322 days — more than six years — according to their most recent mortgage statement. Their plight illustrates how some of the people swallowed up by the easy credit era of the previous decade have yet to reemerge years later.

Is plight exactly the right word to describe somebody who has not had to pay to live in a new 3,292 square foot house for the last six years? And who owns a second home?

When they moved into the house in November 2005, Kofi was earning $82,740 as an IT consultant for a government contractor, and Comfort, then 43, was making $30,000 as an administrative assistant. But in the overheated mortgage market of the time, they said everyone told them that they could buy a $600,000 house.

They made a $60,000 down payment and all their mortgage payments for more than 2½ years — through September 2008. But the house was financed with subprime loans, which reset to higher rates after short time periods, creating what are known as “shock payments.” The Boatengs said they could not make their new higher payment, and, in the middle of the 2008 mortgage crisis, they could not refinance.

“I think the hardest part was the beginning,” said Kofi, now 55. “It was when I realized we really lost something. . . . Initially, we were arguing. But I guess it was because we were blaming each other for a mistake we both made.”

They came from a Ghanaian culture where credit is scarce and people built their houses with cash and lived in them for generations. Deeply religious, they found their real estate agent and mortgage broker at their church, Agape Life Ministries in Laurel.

Research has suggested that the subprime bubble looked in part like an Affinity Group Scam. A lot of the worst loans were made to minorities by co-ethnics who had gotten into the mortgage business as part of the financial world’s enthusiastic Drive for Diversity.

When their money got tight, they borrowed more and refinanced to take on more debt. Caught up in the mind-set of the time, they said, they thought they would be able to continue to refinance.

Prince George’s County had the highest foreclosure rate of any county in Maryland, and Fairwood, despite its $173,000 median income, was the fourth-hardest-hit neighborhood in the county. Fifty percent of the loans made there in 2006 and 2007 went bad, according to an analysis by The Washington Post. Nearly one-third of the foreclosures were among African immigrants such as the Boatengs, even though they made up only 5 percent of the county’s black population.

Wow. About 30% of the foreclosures were on immigrants from Africa. (Is that in the overall county or just the Fairwood neighborhood? Probably the latter, I would guess.)

But it’s fascinating that African immigrants had so much worse default rates than African-Americans.

(I wonder if that’s also true in Houston, another destination for African immigrants. Overall, default were less frequent in Houston because home prices are cheap.)

By the way, Hispanics (mostly immigrants, presumably) had worse foreclosure rates in Prince George’s County than did blacks overall. From a study of foreclosures in Prince George’s County by Katrin B. Anacker, James H. Carr, and Archana Pradhan:

White: 1.91% (372 foreclosures)
Hispanic: 6.42% (3.4X the white rate, 1,091 foreclosures)
Black: 3.62% (1.9X the white rate, 4,219 foreclosures)

That implies that being an immigrant is a risk factor for default. If you head back to the Old Country, can B of A garnish your wages in Africa?

Back to the Post story:

The Boatengs opened up their financial records and provided The Post with hundreds of pages of bank, credit and mortgage documents for review.

Sidebar: A growing debt

How one family went from no debt to owing more than $1 million.
*Debt does not include interest or other fees
July 1997
The Boatengs arrived in the United States
DEBT: $0

1999
Purchased a used Toyota Corolla for $2,000
CARS: $2,000
DEBT: $2,000

May 2000
Took out a mortgage on a three-bedroom town home in Germantown.
CARS: $2,000
MORTGAGE: $128,900
DEBT: $130,900

2000
Purchased a new Nissan Altima for $12,000.
CARS: $14,000
MORTGAGE: $128,900
DEBT: $142,900

2003
Comfort began to take out student loans.
2002-2005
Refinanced their Germantown home several times to fund improvements and to pay off some debt, including the cars.
MORTGAGE: $128,900
CASHOUTS: $95,000
DEBT: $223,900

July 2004
Refinanced their Germantown home to borrow $60,000 for the down payment on a new house in Fairwood, outside of Bowie.
CARS: $14,000
MORTGAGE: $128,900
CASHOUTS: $155,000
DEBT: $283,900

November 2005
Took out two loans to buy the new home in Fairwood.
GERMANTOWN MORTGAGE: $128,900
GERMANTOWN CASHOUTS: $155,000
FAIRWOOD MORTGAGES: $554,683
DEBT: $838,583

September 2006
Refinanced to consolidate the two loans on Fairwood home and some debt.
GERMANTOWN MORTGAGE: $128,900
GERMANTOWN CASHOUTS: $155,000
NEW FAIRWOOD MORTGAGE: $612,276
DEBT: $896,176

2006
Took out personal loans after their tenant in Germantown failed to pay rent. Comfort obtained two $20,000 business loans.
GERMANTOWN MORTGAGE: $128,900
GERMANTOWN CASHOUTS: $155,000
FAIRWOOD MORTGAGE: $612,276
PERSONAL LOANS: $15,000
BUSINESS LOANS: $40,000
DEBT: $951,176

August 2011
Bank valued the home in Fairwood at $378,216. This was $238,839 less than what they paid.
2013
Comfort completed a master’s degree after taking out roughly $60,000 in student loans.
GERMANTOWN MORTGAGE: $128,900
GERMANTOWN CASHOUTS: $155,000
FAIRWOOD MORTGAGE: $612,276
PERSONAL LOANS: $15,000
BUSINESS LOANS: $40,000
STUDENT LOANS:$60,000
DEBT: $1,011,176

January 2015
The Boatengs are still living in the Fairwood home. They have not made a mortgage payment in more than six years.

Sources: Post analysis of financial records

Every 90 days since May 31, 2010, they have received a letter threatening to foreclose on their home. They have been able to stay in the house through a confluence of factors: banks wading through a glut of foreclosures, the slow gears of the legal process, bureaucratic negotiations for mortgage modifications and an aversion by lenders to empty homes.

… Seeking better opportunities, they applied online for a lottery administered by the State Department to receive a U.S. permanent resident card.

Everybody knows that a great way to select people is through a random lottery. That’s why Harvard lets in 500 applicants per year at random. Goldman Sachs annually puts all the resumes they receive in a spinning drum and hires the first 200 they grab. Bill Belichick always makes one of his annual NFL draft picks by throwing darts at a list of all the college football players in America.

It was a long shot. Annually, less than 5 percent of the 1 million immigrants granted permanent residency enter the United States through the lottery, according to federal data.

… The Boatengs became citizens in 2003,

Because they love us for our freedoms!

allowing Comfort’s mother to get a green card and move in, eliminating the $300 weekly child-care costs.

Oh, wait, no, it sounds like they had self-interested reasons. But that must be very rare.

But with three bedrooms and two full bathrooms for six people, they needed more room.

Thanks to a booming housing market, their townhouse was worth $355,000. It was time to buy a bigger home.

For advice on neighborhoods, the couple turned to their 300-member church, where Kofi directed the choir. Most of the congregation is from Ghana or Nigeria. The church members suggested Prince George’s County.

… Fairwood had drawn other Ghanaians, as well as Nigerians and Cameroonians who were part of a general influx of West African immigrants into the Washington area, particularly into Prince George’s. The county has the second-highest rate of African immigrants per capita nationwide, behind only Baltimore County, according to recent census estimates.

In 2005, Kofi and Comfort met with one of the home builders in Fairwood, which sits in an unincorporated area of Prince George’s outside of Bowie, and they decided to build a house for a little more than $600,000.



This was more house than they were expecting to buy, but they believed it would be a good investment. They said they thought it would go up in value, like their Germantown house, and they could use that equity to finance their children’s college educations.

“The purpose of getting the house was to get our kids through college,” Comfort said.

Uh …

Their real estate agent told them they could afford it by refinancing the mortgage on the Germantown house — which they were going to keep — and cashing out the $60,000 in equity. That could serve as the down payment for the Fairwood house. At the time, Kofi’s credit score was 748, a superior rating that indicated that they were good at managing their debt.

Working through a mortgage broker, they applied for a loan, which they received from Lehman Brothers Bank under Kofi’s name. They said they were told that, based on their income, they could qualify for an interest-only, adjustable-rate mortgage. They would pay only the interest for the first five years, after which they would be required to make payments on the principal and interest. Such loans are riskier, and borrowers and have been shown to default at higher rates than a traditional 30-year fixed rate mortgage.

The Boatengs ended up borrowing $493,600 from Lehman Brothers, at an initial loan rate of 6.1 percent. In five years, it would reset to at least 8.3 percent. Their payments would start at $3,662 and go up to $4,336.

An 18% increase. In other words, that’s not really the full story of why they’ve gotten six years of free rent in a big new house out of America.

They thought they would be able to refinance to a better rate in the future. In those days, refinancing was easy to get, and the Boatengs went with the tide.

“I don’t think we really understood everything,” Comfort said. “It’s very difficult to deal with everything, especially when you’re dealing with this huge document that you don’t really understand. We didn’t take it too hard that this was going to be a problem. We thought we’d be able to manage it.”

Workers started building the house in June 2005, and the closing was set for October. But in August, Kofi was laid off after his company lost its lucrative government contract with the Army. “The company said, ‘We have no job for you,’ ” Kofi said.

Now, the Boatengs faced a dilemma. Their home was nearly finished, and they had become emotionally attached to it. They were worried they would lose their $20,000 deposit, and they weren’t even sure they could back out of the deal.

“At that time, it’s not like we wanted to back out, too,” Comfort said. “We had already done everything for the house.”

They did not tell the bank that Kofi lost his job.

Details, details, who can keep track of little things like a job loss?

Banks are supposed to verify employment and income prior to approving a loan. Nevertheless, the loan closed, and the Boatengs also received a second loan to complete the financing through their broker’s company, a 30-year fixed-rate mortgage of $61,700 at 8.5 percent. They paid $29,000 in closing costs and put down a total of $73,000 in cash at the closing.

On Nov. 25, 2005, the family moved into their new home in Fairwood. …

Kofi looked for a job and the couple sought a renter for their Germantown home. Their payments on the two houses amounted to $5,550 each month.

“We wanted to sell it,” Comfort said of the townhouse. “But some church members also have rental properties. So they said we shouldn’t, that we should rent it out. And we did it.”

So now they own two houses: the American Double Dream!

In December, they found a tenant, whose rent check would cover the Germantown mortgage. And Kofi was hired by a tech company in Fairfax County, earning $82,000 a year.

But February and March came and went with no rent check. Soon they were in court asking a judge to evict the tenant, a process that takes months. “They couldn’t pay their rent,” Comfort said. “We couldn’t kick them out.”

Kofi went to Bank of America and took out a $5,000 personal loan to cover their mortgages for a month. When the case dragged on, Comfort went to Bank of America and received a personal loan for $10,000.

In subsequent months, with Kofi’s consent, she took out a $20,000 personal loan from Federal Credit Union in Montgomery County to start a home business selling Mary Kay products. The loan carried a 15 percent interest rate over a 10-year term.

That sounds like a plan!

She didn’t see the loan as a risk but as a way to help the family, and she says she believed that she could earn up to $7,000 a month with Mary Kay. …

She said she quickly earned director status and was given the choice of a leased car, a Pontiac Vibe, or the money in cash, $700 a month. The family decided to take the money.

To grow her Mary Kay business, Comfort said she took out another $20,000 loan from the same credit union, under the same terms, but this time she did not tell Kofi. She was sure she would be successful. But now she was juggling selling cosmetics and recruiting people for Mary Kay with a job search in her own field. She fell behind. Cases of merchandise sat in their home.

In late 2006, the couple decided to refinance their Fairwood mortgage and consolidate their debt, including the personal loans and some auto and student loans. They met with another mortgage broker, also a church member.

They eventually took out a $620,000 refinancing loan from Countrywide Home Loans.

You know, if you read any iSteve post long enough, Angelo Mozilo will show up.

It was also an interest-only subprime loan, carrying a 6.29 percent interest rate and adjusting in two years instead of five. Their payment on the Fairwood house would rise to about $5,230 by November 2008.

As the broker walked them through their credit report, Kofi learned about the second $20,000 loan taken out by Comfort.

… The Boatengs made their last Fairwood mortgage payment on Sept. 18, 2008.

… The Boatengs received their first notice of Bank of America’s intent to foreclose on their home on May 31, 2010. The mortgage was 606 days past due.

… Two weeks later, on Aug. 31, 2011, Bank of America sent an unsolicited “short sale agreement” to the Boatengs, which would require the couple to sell their home. The bank offered them $3,000 to assist with moving expenses and told them they had to agree to sell by Christmas Day.

The bank valued the house at $378,216.

… The couple said someone — they do not remember who — referred them to the Brooklyn-based Litvin Law Firm, which specializes in foreclosure defense. The Boatengs said they started paying Litvin $750 monthly. This continued for two years, for a total of $15,000, they said. But then they got a call from an ex-Litvin employee who said the Boatengs should stop paying because the firm was not licensed to conduct business in Maryland.

“After Litvin, we realized we don’t have anybody,” Comfort said.

On Nov. 18, the Litvin Law Firm settled a complaint with the Maryland attorney general’s office that it had charged hundreds of consumers large fees but often did not help them avoid foreclosure or modify their loans.

… During much of this time, Comfort was unemployed or not working full time. In October 2010, she lost her administrative assistant job at Family Health International in Virginia. Her unemployment benefits ran out after eight months.

Beginning in 2003, she had been a part-time student in health-care administration at University of Maryland University College, with a goal of getting a bachelor’s degree and eventually a master’s. To help pay for the schooling, she took out student loans. She had earned two bachelor’s degrees, one in health-care administration in 2009 and another in organizational management in 2010, but by the time she completed her master’s in health-care administration in 2013, the debt had reached $90,000, including interest.

She said she went to school and took out the loans because she thought that was the American way to get ahead and earn more for her family.

“In my country, there’s a proverb that says we use fish to catch fish,” she said. “So before you can catch the fish, you have to use the fish. Before I can get to the money or level where I want to be, it takes money.”

With $257,776 owed on the Germantown house, $969,037 owed on the Fairwood house, $55,000 in personal loans and the student loan debt, the couple who had never owned a credit card before moving to the United States now owe more than $1.3 million.

They currently earn about $100,000 a year.

The couple are also working with Housing Initiative Partnership, a HUD-certified housing counseling agency, for help in getting a loan modification. Their housing counselor, Lee Oliver, said their downfall began with the idea of buying a second home for more than $600,000. They were stunned they could own something like that, she said. “Then they just took a leap of faith,” she said. “Where I’m from, these houses were only for white people.”

Comfort’s mother died last January. Comfort had been working part time at a temporary agency in the home-health-care field but is now looking for full-time work.

“At a point, I was so frustrated that recently I said, ‘Why do I have to keep staying in America then? Why don’t I go back to my country and look for a job there?’ ” Comfort said.

That would be self-deporting and that’s the most evil concept ever. So, please continue to envibrate us with your diversity.

 
• Tags: Mortgage, Real Estate 
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  1. seth says:

    Amazing how the financial industry took advantage of these hard-working immigrants who just wanted a better life.

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  2. Anonymous says: • Disclaimer

    The Boatengs ended up borrowing $493,600 from Lehman Brothers

    I thought Lehman Brothers was supposed to have been a prestigious investment bank doing important business deals. Why was it loansharking to African immigrants in PG County? Maybe that’s why it went bust?

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    • Replies: @rustbeltreader
    They used mortgage securities to leverage Treasury financing. In other words, the public got stuck holding the bag and Lehman got stuck between the third and forth rib and bled to death.
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  3. Danindc says:

    Due to Twitter/Internet fatigue I rarely laugh out loud (someone should come up with an abbreviation for that) but Steve’s well timed “uh……” did the trick.

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  4. I have to say I find this article quite enlightening. I hope the Post readers make it all the way through to the end. Plenty of American 21st century problems are illustrated brilliantly.

    She has two bachelor degrees and a masters. And 90k in student debt and no job.

    They rent out a home and the tenant won’t pay. And it takes MONTHS and legal bills to get rid of a bad tenant.

    They accumulate mountains of debt. This means they’re able to make payments and are eligible for bigger mountains of debt. This sounds like Greece.

    As soon as they can, they bring in family members from the old country. No waiting list for mom!

    They get to live for free in a big, new home because the bank is too slow to kick them out. Will they owe back taxes on all that unearned income?

    What did I miss?

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    • Replies: @rustbeltreader
    Athens on the Potomac! "It's time you learned what a bank does. It's the banks job to take care of your money, it's not your job to take care of the banks money." A Banker. The dream is now the nightmare.
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  5. RL says:

    People who have been American citizens for over a decade still refer to Ghana as “my country”. That’ll work out well on a large scale.

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  6. Mike says:

    It is ridiculous that these stories keep getting written.

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  7. For a couple of rubes from nowhere, they sure took the corporate American slickers for a joyride. And the idiot “journalist” is feeling sorry for them as exemplifying something wrong with us white-boys.

    I lost +/-$50 million some years ago and nobody, absolutely nobody, wrote a single empathetic word. Of course, I’m from The Bronx, not Ghana. But big houses in The Bronx were owned by white people just like Ghana.

    They should change churches as well based on the financial advice of their fellow congregates.

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  8. eah says:

    Saw this story earlier. Read a bit of it, until I just couldn’t take it anymore, and stopped in disgust. Wanted to know how many of these Blacks were government employees, since I think without affirmative action and government employment — also often the result of affirmative action — there would be practically no black middle class. And on top of that, one of my least favorite themes from the ‘mortgage meltdown’ — deadbeats living for free, and for a long time, in nice houses, whereas a renter would be thrown out on the street pronto, along with his belongings, by local law enforcement.

    Here is a foto of the reporter. Surprise!

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  9. Ed says:

    As a Ghanaian American, whose family lives in DC area, the Boateng’s story is not unusual sadly. The community is more tight knit and more susceptible to keeping up with Joneses than others I suppose. I know of 2 relatives and several family friends that ended up foreclosed upon in Prince Williams County.

    There is an unseemly fondness for big, brand new homes among West Africans. During the run up, relatives were scoffing at my mother for not moving from her 1960s built home to a brand new one. She bought her home in the mid 90s and wasn’t interested in moving. Ironically she is the only one in the family to live in PG yet she actually has equity.

    I’ve read all the articles in the series. Today the WaPo removed all comments from the previous stories and disallowed any for this new story. I guess they didn’t like the general tenor of the comments that sneered at the notion that these people are victims.

    PG simply doesn’t have the fundamentals to support high home prices. The schools are rated the 2nd worse in the state of MD. Crime is comparatively higher and there are few major non-government employers.

    However if one is realistic you can get a good deal. In my mother’s neighborhood of Camp Springs I’ve noticed more non-Black residents moving in. Homes go for about $200-250K the area is a 5 minute drive to the Beltway and Metro and 30 minutes to DC. You figure the money you save on housing you could easily put the kids in private school.

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    • Replies: @AshTon
    A lot of West Africans are members of churches which have a 'Church of Prosperity' philosophy - http://en.m.wikipedia.org/wiki/Prosperity_theology . You can imagine the leaders of these churches are eager to prove that membership leads to instant wealth, by encouraging the church-goers to get involved in these dubious get rich schemes. Hard to work out who is fooling who - I suspect they are all fooling each other. The levels of financial literacy within some African communities are almost Albanian.

    The other thing which drives this is that the West African middle classes often have a family compound back home. A sign of status. Why not recreate that in the US?

    , @Brutusale
    There's an old term for the stated "keeping up with the Joneses" attitude, but polite society has deemed it offensive.
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  10. Sounds like these scam artists have made out like bandits here. By my reckoning they’ve conned over a million dollars and they’re still going at it. Ultimately native-born, middle class taxpayers will be footing the bill. I’d be willing to chip in a buck or two to get these freeloaders on a plane back to Ghana.

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  11. None says:

    $100k per year income and no mortgage payment on a big house in PG county is a pretty good lifestyle. They won two bleeping lotteries.

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  12. Boomstick says:
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    • Replies: @rustbeltreader
    Troubling trend: When judges need disciplining
    USA TODAY-Dec 7, 2014
    DETROIT — They lied, stole, forged bank documents, padded expense accounts, drove drunk, slept with litigants and jailed innocent people.

    "Officials say Detroit 36th District Judge Brenda Sanders is seriously mentally ill, a danger to herself and others. Sanders, on the bench since 2008, wrote the U.S. Attorney's Office in Detroit in 2013 that her fellow judges were being murdered to stop them from revealing wrongdoing and that she, too, was in imminent danger. People were hacking into her phone and e-mail. Supreme Court justices had evicted her from her home." http://www.usatoday.com/story/news/nation/2014/12/07/when-judges-need-disciplining/20053455/
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  13. Anonymous says: • Website • Disclaimer

    “‘Why do I have to keep staying in America then? Why don’t I go back to my country and look for a job there?’ ” ”

    Door. Ass. Bang.

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  14. Jo s'more says:

    Overall, default were less frequent in Houston because home prices are cheap.

    Houses are cheap but payments are not low, and to quote Lance Roberts, people don’t buy houses, they buy payments. In New York your house payment is mostly interest paid to the bank. In Texas, your payment is mostly taxes paid to the state.

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    • Replies: @angus
    Yeah, the taxes are so much lower in New York or CA that it all evens out.
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  15. Why is it that the most extreme, convoluted examples are used to illustrate a supposedly general problem?

    Actually, I only read to just before the final excerpt. Was there a happy ending?

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  16. ogunsiron says:

    Given their occupations (him being an IT consultant) and educational achievements, I don’t think we’re dealing with people afflicted with extremely low IQs. We’re dealing with total and complete ignorance about the way money works. Also, it looks like the Boatengs hang out exclusively with fellow financial morons from their church community.
    I know a few people like that in black immigrant communities. A lot of those people I know are legitimately educated but they come from both a country and a social class where no one knew anything at all about money.

    I’m guessing that black african immigrants are more affected by the foreclosure because they’re more likely than african-americans to try to become homeowners by any means necessary.
    Also, I can totally picture their pastor and church friends telling them to not worry and to let god take care of everything!

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  17. “Every homeowner has his personal figures, but they all follow the same implacable mathematics. If you take out a 20-year mortgage at 5 1/2 or 5 3/4 percent, your monthly payments add up over the years to two thirds more than the original loan. If you go for the lazy man’s 30-year mortgage, you have to pay back twice what you borrowed. More important yet, every half percent difference in the interest rate makes a 10 percent difference in that all important cost of mortgage money.”
    T. George Harris-A House Isn’t Just A Home. It’s A Piggy Bank.

    I don’t know if they have a clue about mortgages. Thanks to the mathematics you borrow big dollars and pay back little dollars. Maybe we can change mathematics to help people that have debt. With government programs we can expand debt and increase the cost of mortgage money while also increasing public debt. We can ignore mathematics and borrow little dollars and pay back big dollars because paybacks are a bitch.

    “The bank offered them $3,000 to assist with moving expenses and told them they had to agree to sell by Christmas Day.” That must be some sort of new idea. The thing is upside down thanks to insane finance and yes Virginia there is a Santa Claus!

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  18. The mortgage industry might want to do what the securities industry did by requiring most Registered Reps to use a broker dealers to oversee them. The big advantage to the consumer is that if they feel ripped off they can sue the BD instead of going after just the salesman. An increasingly large part of what they do is review transactions and portfolios to make sure that clients are not overly concentrated and that the RR is not just selling high commissioned shit. It is not perfect but it is better than 20 years ago.

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  19. So, during the latest storm, was she cold Comfort?

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  20. ogunsiron says:

    Comfort must be pretty dumb, though.
    Taking out a credit-card style loan to “invest” in that Mary Kay garbage is quite out-there.

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  21. @Formerly CARealist
    I have to say I find this article quite enlightening. I hope the Post readers make it all the way through to the end. Plenty of American 21st century problems are illustrated brilliantly.

    She has two bachelor degrees and a masters. And 90k in student debt and no job.

    They rent out a home and the tenant won't pay. And it takes MONTHS and legal bills to get rid of a bad tenant.

    They accumulate mountains of debt. This means they're able to make payments and are eligible for bigger mountains of debt. This sounds like Greece.

    As soon as they can, they bring in family members from the old country. No waiting list for mom!

    They get to live for free in a big, new home because the bank is too slow to kick them out. Will they owe back taxes on all that unearned income?

    What did I miss?

    Athens on the Potomac! “It’s time you learned what a bank does. It’s the banks job to take care of your money, it’s not your job to take care of the banks money.” A Banker. The dream is now the nightmare.

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  22. “To grow her Mary Kay business, Comfort said she took out another $20,000 loan from the same credit union, under the same terms, but this time she did not tell Kofi.”

    http://www.pinklighthouse.com › Mary Kay Training Documents › Car Program
    One of the most asked about, and most misunderstood, features of Mary Kay is the car … How much Mary Kay do you have to sell to get a pink Cadillac?

    For 20 grand she could of bought a used pink Cadillac.

    Crushed velvet seats
    Riding in the back
    Cruising down the street
    Waving to the girls
    Feeling out of sight
    Spending all my money
    On a Saturday night
    Honey I just wonder what you do there in back
    Of your pink Cadillac
    Pink Cadillac

    Well now way back in the Bible
    Temptations always come along
    There’s always somebody tempting
    Somebody into doing something they know is wrong
    Well they tempt you, man, with silver
    And they tempt you, sir, with gold
    And they tempt you with the pleasures
    That the flesh does surely hold
    They say Eve tempted Adam with an apple

    http://www.lyricsfreak.com/b/bruce+springsteen/pink+cadillac_20025245.html

    Read More
    • Replies: @Steve Sailer
    https://www.youtube.com/watch?v=29_RZ82aZ6A
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  23. @Anonymous

    The Boatengs ended up borrowing $493,600 from Lehman Brothers
     
    I thought Lehman Brothers was supposed to have been a prestigious investment bank doing important business deals. Why was it loansharking to African immigrants in PG County? Maybe that's why it went bust?

    They used mortgage securities to leverage Treasury financing. In other words, the public got stuck holding the bag and Lehman got stuck between the third and forth rib and bled to death.

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  24. George says:

    The fact that these people can make so many stupid decisions yet still rake in north of $100k a year baffles me.

    Read More
    • Replies: @rustbeltreader
    "Perhaps in a year or so, it will be back to the typical thing, like drunk driving," Gray said. "When you take a snapshot, you sometimes get an aberration, and I hope, for the sake of Michigan, that's what this is."

    Detroit is so bad that drunk driving would be an improvement.
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  25. Wilkey says:

    “At a point, I was so frustrated that recently I said, ‘Why do I have to keep staying in America then? Why don’t I go back to my country and look for a job there?’ ” Comfort said.

    Well if you have to put a gun to our head, I guess we’ll let you.

    I don’t know how these things work in Maryland, but my guess is that living in a heavily black county has actually benefited the Boatengs to the tune of 6 years living rent-free. If they had bought a home in a white subdivision, the market would have recovered faster and the banks would have been much quicker to foreclose so they could sell the home. They don’t have many people to sell to, so they’re in no rush. I guess that’s the logic.

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  26. Today fewer people than ever seem to be ignorant of the time-proven aphorism “Don’t bite off more than you can chew.”

    Taking out equity from their first home to take on an ARM on a $617,000 house the Boatengs leapt into a hole, and then taking out a series of personal loans, they kept digging their hole deeper, and deeper.

    Most of all, our Dear Rulers had no business importing the Boatengs or any of the other millions of Third Worlders they’ve imported since 1965, to the despoliation of what’s left of what used to be our country and to the corresponding simultaneous massively increasing wealth of their super-rich globalist campaign donors. Why, in the name of all that’s good and decent, do Americans need to have needlessly imported Third Worlders taking American IT and health care system worker jobs?

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  27. @Boomstick
    The media is still searching for the Great Black Victim.

    http://www.washingtonexaminer.com/n.y.-times-charles-blow-said-nothing-about-cop-who-arrested-his-son-being-black/article/2559374

    Troubling trend: When judges need disciplining
    USA TODAY-Dec 7, 2014
    DETROIT — They lied, stole, forged bank documents, padded expense accounts, drove drunk, slept with litigants and jailed innocent people.

    “Officials say Detroit 36th District Judge Brenda Sanders is seriously mentally ill, a danger to herself and others. Sanders, on the bench since 2008, wrote the U.S. Attorney’s Office in Detroit in 2013 that her fellow judges were being murdered to stop them from revealing wrongdoing and that she, too, was in imminent danger. People were hacking into her phone and e-mail. Supreme Court justices had evicted her from her home.” http://www.usatoday.com/story/news/nation/2014/12/07/when-judges-need-disciplining/20053455/

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  28. @George
    The fact that these people can make so many stupid decisions yet still rake in north of $100k a year baffles me.

    “Perhaps in a year or so, it will be back to the typical thing, like drunk driving,” Gray said. “When you take a snapshot, you sometimes get an aberration, and I hope, for the sake of Michigan, that’s what this is.”

    Detroit is so bad that drunk driving would be an improvement.

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  29. ” Dennis Powers, Novi district court judge, retired in September to avoid removal from the bench after investigators found thousands of dollars of improper mileage reimbursement. Powers also was accused of golfing, and attending real estate seminars when he should have been on the bench.”

    http://www.usatoday.com/story/news/nation/2014/12/07/when-judges-need-disciplining/20053455/

    No doubt retired with a fat public pension.

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  30. Diane Hathaway, a Michigan Supreme Court justice, retired from the bench rather than face removal following her 2013 conviction on mortgage fraud. She served nine months in a federal prison and was released in May 2014. http://www.usatoday.com/story/news/nation/2014/12/07/when-judges-need-disciplining/20053455/

    A million plus in debt and it’s not fraud? It’s just unfair!

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  31. “”I stand before you a broken person,” she told the judge. “I am ashamed, embarrassed, humiliated and disgraced.” The 2011 sale of Hathaway’s Grosse Pointe Park home, near Detroit, erased the balance of her mortgage, $664,000. Prosecutors said that she claimed hardship while still possessing more than $1 million in assets, including a debt-free home in Windermere, Fla.”

    http://realestate.aol.com/blog/2013/05/29/diane-hathaway-fraud-prison-sentence/

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  32. Jefferson says:

    Left Wingers say crime is always caused by poverty, so why does PG County, Maryland have a high crime rate when the median household income there is $69,947.

    Instead of poverty, could there be a genetic reason for why the crime rate is so high in PG County.

    I don’t know of any high crime predominantly White county where the median household income is almost $70 thousand dollars a year and yet the crime rate is still out of control.

    And I doubt that inflation has gone up so high that $70 thousand dollars a year is now considered poverty.

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  33. Anonymous says: • Disclaimer

    “Refinanced their Germantown home to borrow $60,000 for the down payment on a new house in Fairwood, outside of Bowie.”

    You’re kidding. The $60,000 they used to put down on the house was borrowed money? I was initially surprised at the size of their down payment and had actually been fairly impressed by it. It’s hard to imagine that lending standards could have been so lax back then.

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    • Replies: @Ivy
    The rule at the time was that if borrowers didn't meet your standards, then lower them.
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  34. Clyde says:

    1- My guess is they extracted at least $500,000 from the house to pay for living expenses. Used the house as an ATM machine
    2- They got Federal gov’t jobs. Or Federally dependent employment.
    3- They got granny who died on SS disability and other welfare programs. For sure she did not pay one dime of her medical expenses as she was getting ill and dying. The taxpayers (ie whitey and non tax dodging Asians) did.

    The African immigrants I encounter seem honest and calm. Able to do their job. Not of above average intelligence, but not feral by a long shot. I doubt very many major in STEM fields in college

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  35. Anonymous says: • Disclaimer

    “At the time, Kofi’s credit score was 748, a superior rating that indicated that they were good at managing their debt.”

    Okay. I’ve just lost all respect for those stupid credit scores.

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  36. Maj. Kong says:

    O/T

    Soros: Bail me and modernity out in Ukraine

    Would that the average Ukrainian nationalist knew who was “backing” them.

    http://www.nytimes.com/2015/01/27/opinion/bernard-henri-levi-george-soros-save-the-new-ukraine.html?_r=0

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    • Replies: @Harold

    A New Ukraine was born a year ago in the pro-European protests that helped to drive President Viktor F. Yanukovych from power.—Bernhard-Henri Lévy and George Soros
     
    Again an accurate picture is painted in the NYTs. In fact, the whole things is a masterpiece in propaganda.
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  37. Clyde says:

    “At a point, I was so frustrated that recently I said, ‘Why do I have to keep staying in America then? Why don’t I go back to my country and look for a job there?’ ” Comfort said.

    Yeah…right!!! As much chance of her going back to Africa as any native born black person here. Zero!! Blacks have it 100 times better here than anywhere in black governed Africa.

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  38. “In my country, there’s a proverb that says we use fish to catch fish,” she said. “So before you can catch the fish, you have to use the fish. Before I can get to the money or level where I want to be, it takes money.”

    Every story of financial ruin with which I’m personally acquainted started out with someone confidently assuring me, “It takes money to make money!”

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  39. Tom Regan says:

    Now that they’ve nationalized healthcare, a system where the sicker and the poorer are subsidized by the healthier and younger, how far away are we from a Democrat push to nationalize home ownership? I can foresee a system akin to Obamacare where mortgages – both in terms of principal and interest rates – are held down at below market levels by government mandate, so as to allow the likes of the Boatengs to afford their mansions.
    The banks, which effectively own the majority of congressman, would be all for such a plan once they realize that they can get the government to compensate them many times over for the profitability they could have generated in a free market. The government would simply borrow the money to ‘compensate’ the banks.
    Not a hard sell to the public. Simply ask them ‘are you in favor of giving African Americans and other historically disadvantaged groups the same opportunities for home ownership as other more privileged groups.’ QED.

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  40. Jefferson says:
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  41. CJ says:

    I’ll give them credit for not driving flashy leased cars. A new Nissan Altima and a used Toyota Corolla — not exactly automotive overkill. Not likely they put any rims on either.

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  42. Harold says:
    @Maj. Kong
    O/T

    Soros: Bail me and modernity out in Ukraine

    Would that the average Ukrainian nationalist knew who was "backing" them.

    http://www.nytimes.com/2015/01/27/opinion/bernard-henri-levi-george-soros-save-the-new-ukraine.html?_r=0

    A New Ukraine was born a year ago in the pro-European protests that helped to drive President Viktor F. Yanukovych from power.—Bernhard-Henri Lévy and George Soros

    Again an accurate picture is painted in the NYTs. In fact, the whole things is a masterpiece in propaganda.

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  43. Twinkie says:

    PG County is very affluent by the national standards, but it is considered the ghetto county in the metro-DC area.

    It has substantially greater amount of violent crimes and lower test scores compared to other affluent, ahem, less black counties in the area with similar median income numbers.

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  44. @rustbeltreader
    "To grow her Mary Kay business, Comfort said she took out another $20,000 loan from the same credit union, under the same terms, but this time she did not tell Kofi."

    www.pinklighthouse.com › Mary Kay Training Documents › Car Program
    One of the most asked about, and most misunderstood, features of Mary Kay is the car ... How much Mary Kay do you have to sell to get a pink Cadillac?

    For 20 grand she could of bought a used pink Cadillac.

    Crushed velvet seats
    Riding in the back
    Cruising down the street
    Waving to the girls
    Feeling out of sight
    Spending all my money
    On a Saturday night
    Honey I just wonder what you do there in back
    Of your pink Cadillac
    Pink Cadillac

    Well now way back in the Bible
    Temptations always come along
    There's always somebody tempting
    Somebody into doing something they know is wrong
    Well they tempt you, man, with silver
    And they tempt you, sir, with gold
    And they tempt you with the pleasures
    That the flesh does surely hold
    They say Eve tempted Adam with an apple
    http://www.lyricsfreak.com/b/bruce+springsteen/pink+cadillac_20025245.html

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  45. LKM says:

    The Litvin Law firm mentioned in the article wasn’t just in trouble with the Maryland AG, as mentioned. A quick Google reveals they also got into trouble in Rhode Island and New York for the same thing. Its principal is one Gennady Litvin of Brooklyn. So my guess is that we have a freedom-loving Jackson-Vanek immigrant preying on freedom-loving Ghanian immigration lottery-winning immigrants as they all clamber towards the American dream, which oddly enough has nothing to do with freedom and everything to do with monster-homes. I think there’s a Tom Wolfe novel in here.

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  46. angus says:
    @Jo s'more

    Overall, default were less frequent in Houston because home prices are cheap.
     
    Houses are cheap but payments are not low, and to quote Lance Roberts, people don't buy houses, they buy payments. In New York your house payment is mostly interest paid to the bank. In Texas, your payment is mostly taxes paid to the state.

    Yeah, the taxes are so much lower in New York or CA that it all evens out.

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  47. LKM says:

    I also note with some interest the importation of Grandma to mind the kids. When they arrived in the USA the Boatengs had two children and gave birth to another within the next decade. It doesn’t seem to say how many they have now.

    I’ve wondered for a while now about whether white families are equipped to keep up(in terms of reproduction) with non-whites who come to traditionally white nations but import their own child-rearing habits. Steve likes to periodically contrast the different marriage and family-formation customs between historical England and and China, with the former creating a culture that encouraged reproductive restraint to some extent, and the latter culture having a system that allowed a select group of men to be a fecund as humanly possible.

    A can’t speak for the American experience, but in Canada, a lot of Asian(eat south, west or wherever) immigrants also import their family structures to their new homes as well. Many households in these immigrant communities are not nuclear. They often have three generations under one roof, perhaps with multiple siblings and their families, all guided by the patriarch. Thus individualism is discouraged. That’s why white politicians fall all over each other to win these non-white votes, because it’s generally a more efficient use of their time and resources.

    Going back to the main point about higher reproduction, Canada’s long-lax family reunification rules have made it easy for recent immigrants to import non-productive older family members whose prospects for work are minimal (Eg. Grandma Boateng), but can easily mind children while the parents work, allowing them to save money and possibly have more children. It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn’t see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn’t be outside the realm of her cultural experience.

    In contrast, the individualistic western family model means that a parent generally does not cohabit with an adult offspring’s family unless they are incapable of caring for themselves, so if they are to aid their adult offspring in child-rearing(Eg babysit so the parents save on childcare), they must live nearby, which is becoming less and less frequent, especially as more and more eastern Canadian whites move west for better job prospects. So basically even with educated, law abiding types like the Boatengs, I think that by importing them, we’re basically importing people who are culturally equipped to out-birth us.

    Also, if you read the original article, you’ll see that Kofi’s first job when he arrived in the US was as an “IT instructor”. Was this at a community college or as part of some corporate training gig? Either way, I’m sure that the customers, whether teenaged students or companies, felt privileged knowing that in exchange for their money, they would be taught by a man with degree in computer science at the University of Science and Technology in Kumasi.

    Finally, Steve, you failed to mention that before construction started on the Albatross-home, the Boateng clan went to the building site and well, this happened:

    “We sanctify the grounds with the blood of Jesus,” Kofi said.

    You’re slipping, Steve.

    Read More
    • Replies: @Steve Sailer
    In Chicago in the 1990s I lived next to a 20-story public housing project for the elderly. A large fraction of the residents were East Asians who didn't speak English. I believe most were imported by their immigrant children as child minders and the like and then turned over to the American taxpayers to house when they were no longer useful in that role.
    , @Simon in London
    "we’re basically importing people who are culturally equipped to out-birth us."

    Yes - although in the UK the lower class white 'single mothers' usually have their own mother available nearby for childcare, too. And they don't have to work due to generous welfare, so they are able to have plenty of children. The only snag is that the authorities will punish them if they detect the 'single' mother's live-in boyfriend, so there is a lot of secret cohabiting.
    , @Ed
    This is true. My mom's mother passed by the time she had my younger brother but she was able to bring another older relative from Ghana to mind him as she went to work.

    When I worked in Baltimore the nurse manager a 60 something white lady, lived with her mother, daughter and 12 year old grandson. She used to beam about how the boy took care of his great grandma while she and her daughter worked.
    Also another co-worker, a young white woman in her 30s, had her mother move down from York. The mother didn't live with them but would take the kids during the day. Even though she was married she said she couldn't do it without her mother.

    Maybe more Americans will setup similar routines? Families are important.
    , @AP

    It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn’t see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn’t be outside the realm of her cultural experience.
     
    This is rather common practice among Eastern Europeans also. They not only bring people over to watch the kids, but also import relatives to watch over elderly family members. Keeps the old people out of nursing homes.
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  48. @LKM
    I also note with some interest the importation of Grandma to mind the kids. When they arrived in the USA the Boatengs had two children and gave birth to another within the next decade. It doesn't seem to say how many they have now.

    I've wondered for a while now about whether white families are equipped to keep up(in terms of reproduction) with non-whites who come to traditionally white nations but import their own child-rearing habits. Steve likes to periodically contrast the different marriage and family-formation customs between historical England and and China, with the former creating a culture that encouraged reproductive restraint to some extent, and the latter culture having a system that allowed a select group of men to be a fecund as humanly possible.

    A can't speak for the American experience, but in Canada, a lot of Asian(eat south, west or wherever) immigrants also import their family structures to their new homes as well. Many households in these immigrant communities are not nuclear. They often have three generations under one roof, perhaps with multiple siblings and their families, all guided by the patriarch. Thus individualism is discouraged. That’s why white politicians fall all over each other to win these non-white votes, because it's generally a more efficient use of their time and resources.

    Going back to the main point about higher reproduction, Canada's long-lax family reunification rules have made it easy for recent immigrants to import non-productive older family members whose prospects for work are minimal (Eg. Grandma Boateng), but can easily mind children while the parents work, allowing them to save money and possibly have more children. It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn't see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn't be outside the realm of her cultural experience.

    In contrast, the individualistic western family model means that a parent generally does not cohabit with an adult offspring's family unless they are incapable of caring for themselves, so if they are to aid their adult offspring in child-rearing(Eg babysit so the parents save on childcare), they must live nearby, which is becoming less and less frequent, especially as more and more eastern Canadian whites move west for better job prospects. So basically even with educated, law abiding types like the Boatengs, I think that by importing them, we're basically importing people who are culturally equipped to out-birth us.

    Also, if you read the original article, you'll see that Kofi's first job when he arrived in the US was as an "IT instructor". Was this at a community college or as part of some corporate training gig? Either way, I'm sure that the customers, whether teenaged students or companies, felt privileged knowing that in exchange for their money, they would be taught by a man with degree in computer science at the University of Science and Technology in Kumasi.

    Finally, Steve, you failed to mention that before construction started on the Albatross-home, the Boateng clan went to the building site and well, this happened:

    “We sanctify the grounds with the blood of Jesus,” Kofi said.

    You're slipping, Steve.

    In Chicago in the 1990s I lived next to a 20-story public housing project for the elderly. A large fraction of the residents were East Asians who didn’t speak English. I believe most were imported by their immigrant children as child minders and the like and then turned over to the American taxpayers to house when they were no longer useful in that role.

    Read More
    • Replies: @LKM
    So much for that legendary east Asian filial piety. But who needs it when you have white taxpayers?
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  49. Anonymous says: • Disclaimer

    Forgive me, but I wonder just what kind of home the Boatengs occupied when growing up back in Ghana.
    Perhaps the actually lived in a home constructed of cement blocks, or maybe it was made of tin sheets.
    Least ways, you can bet your boots that a none too distant ancestor or relative of theirs resided in a mud hut- and probably never owned a pair of shoes either.

    Read More
    • Replies: @Steve Sailer
    The Boatengs probably had servants back home in Ghana.
    , @Steve Sailer
    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I'd guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.
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  50. @Anonymous
    Forgive me, but I wonder just what kind of home the Boatengs occupied when growing up back in Ghana.
    Perhaps the actually lived in a home constructed of cement blocks, or maybe it was made of tin sheets.
    Least ways, you can bet your boots that a none too distant ancestor or relative of theirs resided in a mud hut- and probably never owned a pair of shoes either.

    The Boatengs probably had servants back home in Ghana.

    Read More
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  51. @Anonymous
    Forgive me, but I wonder just what kind of home the Boatengs occupied when growing up back in Ghana.
    Perhaps the actually lived in a home constructed of cement blocks, or maybe it was made of tin sheets.
    Least ways, you can bet your boots that a none too distant ancestor or relative of theirs resided in a mud hut- and probably never owned a pair of shoes either.

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    Read More
    • Replies: @Reg Cæsar

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants.
     
    Or even more. I had a prof who was the eldest son in a wealthy Shanghai family. He was slow to learn to walk because the staff were told to carry him everywhere.

    That questionably sweet deal ended when the Reds chased them out, to Hong Kong, where he grew up. He was the grumpiest, rudest academic I'd ever met, outside of engineering school.

    , @ogunsiron
    My mom grew up with a live-in servant and most of the time while I was growing up we had a maid (who had her own place).
    , @Twinkie

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.
     
    I would imagine one variable is how good life was for upper middle class folks back home.

    In poor countries like India where menial labor is very inexpensive and the quality of life less than excellent even for the upper middle class, you are going to get a lot of emigrants who had "hired help" back home.

    But if you look at, say, affluent parts of East Asia, where the middle class quality of life is more along the lines of European standards and where the cost of labor is relatively high, emigrants to the West are not likely to be, in the main, the kind of skilled people fleeing lack of opportunity and poor quality life back home. So I'd imagine their rate would be considerably lower.
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  52. Anonymous says: • Disclaimer

    Re the mass immigration of west Africans into the USA ‘a triumph of hope over experience’.

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  53. Anonymous says: • Disclaimer

    Yes, Steve, but saying that a Ghanian ‘had a servant’ – which can possibly mean a slave or quasi-slave, isn’t really saying much. All it means is that he’s a slightly bigger man with a bit more clout, he can literally purchase someone even further down the food chain than him.
    Even the chief lived in a mud hut.

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  54. 5371 says:

    [fascinating that African immigrants had so much worse default rates than African-Americans]

    Not surprising, the “African-Americans” would find it much harder to get the loan in the first place.

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  55. eah says:

    Another note on this “case”: I understand the weapon was never found — from the tone of the story, someone must have held a gun to their heads.

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  56. AshTon says:
    @Ed
    As a Ghanaian American, whose family lives in DC area, the Boateng's story is not unusual sadly. The community is more tight knit and more susceptible to keeping up with Joneses than others I suppose. I know of 2 relatives and several family friends that ended up foreclosed upon in Prince Williams County.

    There is an unseemly fondness for big, brand new homes among West Africans. During the run up, relatives were scoffing at my mother for not moving from her 1960s built home to a brand new one. She bought her home in the mid 90s and wasn't interested in moving. Ironically she is the only one in the family to live in PG yet she actually has equity.

    I've read all the articles in the series. Today the WaPo removed all comments from the previous stories and disallowed any for this new story. I guess they didn't like the general tenor of the comments that sneered at the notion that these people are victims.

    PG simply doesn't have the fundamentals to support high home prices. The schools are rated the 2nd worse in the state of MD. Crime is comparatively higher and there are few major non-government employers.

    However if one is realistic you can get a good deal. In my mother's neighborhood of Camp Springs I've noticed more non-Black residents moving in. Homes go for about $200-250K the area is a 5 minute drive to the Beltway and Metro and 30 minutes to DC. You figure the money you save on housing you could easily put the kids in private school.

    A lot of West Africans are members of churches which have a ‘Church of Prosperity’ philosophy – http://en.m.wikipedia.org/wiki/Prosperity_theology . You can imagine the leaders of these churches are eager to prove that membership leads to instant wealth, by encouraging the church-goers to get involved in these dubious get rich schemes. Hard to work out who is fooling who – I suspect they are all fooling each other. The levels of financial literacy within some African communities are almost Albanian.

    The other thing which drives this is that the West African middle classes often have a family compound back home. A sign of status. Why not recreate that in the US?

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    • Replies: @Ed
    I was fortunate to be raised by one of the few Ghanaian atheists. I've been to these churches though with other relative & girlfriends. They are big scams but are very popular.
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  57. So, my impression of the scam is that the lenders knew the lendees wouldn’t be able to repay; the debt was repackaged and sold on to rubes like the government of Iceland, and to our British banks who then went bust and had to be bailed out with UK government money extracted from taxpayers like me.
    The people who took out the loans have done very well, like these immigrants, but so have most of the people in the lender scam shops like Countrywide. The trick was ultimately played on high-trust-culture whites who would never have taken out million dollar loans, but trusted their banks and especially their governments not to betray them – still do, in fact.

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    • Replies: @Forbes
    All the scam was, was the belief that real estate values would keep rising. It was a given--well, a legend, a myth--that real estate never declines. And while possibly true, if all the underlying conditions remained, as an assumption it was falsified as all the mortgage finance gimmicks were introduced, distorting the fundamentals of supply and demand, and the price discovery process.

    Just as you can't fool mother nature, you can't fool the natural fundamentals of supply and demand. Price bubbles caused by market distortions eventually burst. All while the bubble is being inflated, there's a wealth transfer from buyers (paying distorted prices) to sellers (receiving the proceeds), and always to the middleman charging a vig.

    The distortions can be counted on to have been triggered by a political agenda, e.g. so-called affordable housing, subsidized mortgage rates, reduced underwriting standards and raised credit limits due to cronyism--relief from regulatory scrutiny for delivering on the political agenda, etc., etc. And lastly, the moral hazard to the taxpayer who must pay the tab, due to the government inserting its political agenda into marketplace, for the outcome of the misguided agenda.

    In the end, "everybody" agreed that real estate only goes up, so everybody was wrong. As such, everybody pays. It's a new-found attribute of the culture: there are no downsides to government preferences, no risks that can't be made to go away by government declaration, and like the Boatengs, borrow more to paper over the excesses when it occurs. Live for the moment because tomorrow you'll be dead.

    Besides, playing by the rules, living within your means, et al., are from the discredited white, male hierarchy that are no longer operative.
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  58. @LKM
    I also note with some interest the importation of Grandma to mind the kids. When they arrived in the USA the Boatengs had two children and gave birth to another within the next decade. It doesn't seem to say how many they have now.

    I've wondered for a while now about whether white families are equipped to keep up(in terms of reproduction) with non-whites who come to traditionally white nations but import their own child-rearing habits. Steve likes to periodically contrast the different marriage and family-formation customs between historical England and and China, with the former creating a culture that encouraged reproductive restraint to some extent, and the latter culture having a system that allowed a select group of men to be a fecund as humanly possible.

    A can't speak for the American experience, but in Canada, a lot of Asian(eat south, west or wherever) immigrants also import their family structures to their new homes as well. Many households in these immigrant communities are not nuclear. They often have three generations under one roof, perhaps with multiple siblings and their families, all guided by the patriarch. Thus individualism is discouraged. That’s why white politicians fall all over each other to win these non-white votes, because it's generally a more efficient use of their time and resources.

    Going back to the main point about higher reproduction, Canada's long-lax family reunification rules have made it easy for recent immigrants to import non-productive older family members whose prospects for work are minimal (Eg. Grandma Boateng), but can easily mind children while the parents work, allowing them to save money and possibly have more children. It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn't see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn't be outside the realm of her cultural experience.

    In contrast, the individualistic western family model means that a parent generally does not cohabit with an adult offspring's family unless they are incapable of caring for themselves, so if they are to aid their adult offspring in child-rearing(Eg babysit so the parents save on childcare), they must live nearby, which is becoming less and less frequent, especially as more and more eastern Canadian whites move west for better job prospects. So basically even with educated, law abiding types like the Boatengs, I think that by importing them, we're basically importing people who are culturally equipped to out-birth us.

    Also, if you read the original article, you'll see that Kofi's first job when he arrived in the US was as an "IT instructor". Was this at a community college or as part of some corporate training gig? Either way, I'm sure that the customers, whether teenaged students or companies, felt privileged knowing that in exchange for their money, they would be taught by a man with degree in computer science at the University of Science and Technology in Kumasi.

    Finally, Steve, you failed to mention that before construction started on the Albatross-home, the Boateng clan went to the building site and well, this happened:

    “We sanctify the grounds with the blood of Jesus,” Kofi said.

    You're slipping, Steve.

    “we’re basically importing people who are culturally equipped to out-birth us.”

    Yes – although in the UK the lower class white ‘single mothers’ usually have their own mother available nearby for childcare, too. And they don’t have to work due to generous welfare, so they are able to have plenty of children. The only snag is that the authorities will punish them if they detect the ‘single’ mother’s live-in boyfriend, so there is a lot of secret cohabiting.

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  59. Anonymous says: • Disclaimer

    Simon,
    The real blame lies on the shoulders of the prevailing school of ‘free market economists’ who back in those heady days thought that mass immigration was an unqualified good, and that in the end ‘the market’ would sort everything out to give maximum benefit.
    A lot of stupid, gullible politicians fell for it.

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    • Replies: @MarkinLA
    A lot of stupid, gullible politicians fell for it.

    I think you are misunderstanding what really happened. I doubt the politicians were fooled. They are closer to reality than the academics. The have to wade through the crap at the local level. The academics with their true belief in their blackboard theories just gave the politicians the cover to do what the donor class wanted.
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  60. BB753 says:

    This is comedy gold! Why, the movie script virtually writes itself: Meet the Boatengs! I would cast Eddie Murphy as the patriarch.
    Alternatively, this is also good reality show material.

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  61. LKM says:
    @Steve Sailer
    In Chicago in the 1990s I lived next to a 20-story public housing project for the elderly. A large fraction of the residents were East Asians who didn't speak English. I believe most were imported by their immigrant children as child minders and the like and then turned over to the American taxpayers to house when they were no longer useful in that role.

    So much for that legendary east Asian filial piety. But who needs it when you have white taxpayers?

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    • Replies: @Twinkie

    So much for that legendary east Asian filial piety. But who needs it when you have white taxpayers?
     
    I have no doubt that happens. And this is yet another example of what an entitlement society does to good habits of a people.

    But, let's put this in perspective. Our population breakdown is roughly:

    White: 72.4%
    Blacks: 12.6%
    Asians: 4.8%
    *Hispanics: 16.4% (ethnicity, not race, as everyone knows.)

    Now, the welfare recipient rate:

    White: 38.8%
    Blacks: 39.8%
    Asians: 2.4%
    *Hispanics: 15.7%

    It might be a surprise to you, but Asians are tax payers too. In fact, since they have the highest median family income of among the major races, they are likely paying the highest rates of taxes. Given that their welfare utilization is half of their population's share, they are paying slightly more into the system and receiving slightly less than whites are. (And of course blacks consume massive amounts of welfare compared to their population percentage and contribute considerably less in terms of taxes.)

    So you are barking up the wrong tree with claims of Asians being dumped on white tax payers.
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  62. “PG County is very affluent by the national standards, but it is considered the ghetto county in the metro-DC area.

    It has substantially greater amount of violent crimes and lower test scores compared to other affluent, ahem, less black counties in the area with similar median income numbers.”

    Interesting. I have always seen it described as the best middle class black neighborhood in the country (in other words, representative of what blacks and black middle class could be, or what the black middle class of the future will be).

    I have also always presumed it was 1) crime ridden, and that crime was being covered up to legitimize the black middle class, and 2) an artificial middle class created by government make-work.

    So its not ‘interesting’ that my presumptions were correct: rather, that those presumptions are widely known-essentially a ‘given.’

    I believe there is also a black middle class neighborhood in Detroit that is often presented in a similar light-don’t know the reality of that neighborhood, though.

    Joeyjoejoe

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    • Replies: @Anonymous
    It's true that the image of PG County in the national media is misleading because it's not as wealthy or middle class as it's portrayed. But also part of the reason for its high crime rates is that the county borders Southeast and Northeast D.C., the most crime-ridden areas of D.C., and a lot of what is effectively DC crime gets counted in PG County or spills over into it.
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  63. what a complete fool i am for not pulling the trigger on a 3,000+ sq foot house for $600,000.

    little did i know that i could have spent 6 years WITH NO FUCKING HOUSE PAYMENT HAD I DONE THAT.

    i know a couple here in socal that went 48 months rent free but I’m the sucker, i always thought debt was supposed to be repaid, don’t i sure feel silly now.

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    • Replies: @Anonymous
    "what a complete fool i am for not pulling the trigger on a 3,000+ sq foot house for $600,000.

    "little did i know that i could have spent 6 years WITH NO FUCKING HOUSE PAYMENT HAD I DONE THAT."

    LOL!

    , @MarkinLA
    I think there were more people who planned to screw the banks from the get-go than anybody wants to admit. I bought a foreclosure for 100K that had a 438K mortgage on it. There were no signs of destruction like many foreclosures when the people feel then have been screwed. There was also no evidence of any maintenance done in the 6 years after the mortgage was taken out. It was a refinance. I would guess that the owners took the 438 minus what was left from the original loan 15 years earlier at 130K and spent the money elsewhere (probably a "second" home where they planned to retire). Then they never paid a nickel after the rate reset and stayed in the house for another 2 years, threw the keys in the house locked it up and just walked away without a fuss.
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  64. Ed says:
    @AshTon
    A lot of West Africans are members of churches which have a 'Church of Prosperity' philosophy - http://en.m.wikipedia.org/wiki/Prosperity_theology . You can imagine the leaders of these churches are eager to prove that membership leads to instant wealth, by encouraging the church-goers to get involved in these dubious get rich schemes. Hard to work out who is fooling who - I suspect they are all fooling each other. The levels of financial literacy within some African communities are almost Albanian.

    The other thing which drives this is that the West African middle classes often have a family compound back home. A sign of status. Why not recreate that in the US?

    I was fortunate to be raised by one of the few Ghanaian atheists. I’ve been to these churches though with other relative & girlfriends. They are big scams but are very popular.

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  65. Ed says:
    @LKM
    I also note with some interest the importation of Grandma to mind the kids. When they arrived in the USA the Boatengs had two children and gave birth to another within the next decade. It doesn't seem to say how many they have now.

    I've wondered for a while now about whether white families are equipped to keep up(in terms of reproduction) with non-whites who come to traditionally white nations but import their own child-rearing habits. Steve likes to periodically contrast the different marriage and family-formation customs between historical England and and China, with the former creating a culture that encouraged reproductive restraint to some extent, and the latter culture having a system that allowed a select group of men to be a fecund as humanly possible.

    A can't speak for the American experience, but in Canada, a lot of Asian(eat south, west or wherever) immigrants also import their family structures to their new homes as well. Many households in these immigrant communities are not nuclear. They often have three generations under one roof, perhaps with multiple siblings and their families, all guided by the patriarch. Thus individualism is discouraged. That’s why white politicians fall all over each other to win these non-white votes, because it's generally a more efficient use of their time and resources.

    Going back to the main point about higher reproduction, Canada's long-lax family reunification rules have made it easy for recent immigrants to import non-productive older family members whose prospects for work are minimal (Eg. Grandma Boateng), but can easily mind children while the parents work, allowing them to save money and possibly have more children. It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn't see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn't be outside the realm of her cultural experience.

    In contrast, the individualistic western family model means that a parent generally does not cohabit with an adult offspring's family unless they are incapable of caring for themselves, so if they are to aid their adult offspring in child-rearing(Eg babysit so the parents save on childcare), they must live nearby, which is becoming less and less frequent, especially as more and more eastern Canadian whites move west for better job prospects. So basically even with educated, law abiding types like the Boatengs, I think that by importing them, we're basically importing people who are culturally equipped to out-birth us.

    Also, if you read the original article, you'll see that Kofi's first job when he arrived in the US was as an "IT instructor". Was this at a community college or as part of some corporate training gig? Either way, I'm sure that the customers, whether teenaged students or companies, felt privileged knowing that in exchange for their money, they would be taught by a man with degree in computer science at the University of Science and Technology in Kumasi.

    Finally, Steve, you failed to mention that before construction started on the Albatross-home, the Boateng clan went to the building site and well, this happened:

    “We sanctify the grounds with the blood of Jesus,” Kofi said.

    You're slipping, Steve.

    This is true. My mom’s mother passed by the time she had my younger brother but she was able to bring another older relative from Ghana to mind him as she went to work.

    When I worked in Baltimore the nurse manager a 60 something white lady, lived with her mother, daughter and 12 year old grandson. She used to beam about how the boy took care of his great grandma while she and her daughter worked.
    Also another co-worker, a young white woman in her 30s, had her mother move down from York. The mother didn’t live with them but would take the kids during the day. Even though she was married she said she couldn’t do it without her mother.

    Maybe more Americans will setup similar routines? Families are important.

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    • Replies: @midtown
    You are right, Ed. Families are important, and American families that have relatives nearby usually are better off. Both my wife and I have parents about 1,000 miles away (in different directions) and when they come to visit and help take care of our young children, it is so much easier. Too bad it is only for a few weeks at a time.
    , @Perspective
    I always felt privileged that my grandparents were able to pick my siblings and I up after school. I remember it actually surprised me when I found out that the majority of my classmates went to day care even if their grandparents or other family members lived close. At the time I thought it was pretty selfish that other family members were not willing to assist.
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  66. NOTA says:

    The old stereotype was that an immigrant would step off the boat and immediately be sold the Brooklyn Bridge. I guess the future stereotype will involve an immigrant stepping off the boat and being sold a McMansion on a stated-income interest-only mortgage.

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  67. unit472 says:

    Not that prosecution will ever happen but crimes were committed here. Not disclosing you have lost your job on a loan application is fraud and my guess is that their tax returns are not in order either given their ‘rent free’ living arrangements.

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  68. anonymous says: • Disclaimer

    They make it seem as though these people were victims of some financial sharks. In reality they seem to have done pretty well. They started off making pretty good salaries, the degrees they have can’t be taken away from them and they lived in a nice home rent-free for six whole years. What’s the downside for them? Declaring bankruptcy, having a bad credit rating? That would hardly distinguish them from millions of other Americans. Being financially reckless seems to pay off. They probably have a good amount of cash squirreled away somewhere.

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  69. Camlost says:

    African Americans should be up in arms over this. The Boatengs live in a 600K house but aren’t paying any reparations $$ to American blacks after their forefathers willingly exchanged them into slavery in the Americas in return for a bottle of rum and shiny beads.

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  70. midtown says:
    @Ed
    This is true. My mom's mother passed by the time she had my younger brother but she was able to bring another older relative from Ghana to mind him as she went to work.

    When I worked in Baltimore the nurse manager a 60 something white lady, lived with her mother, daughter and 12 year old grandson. She used to beam about how the boy took care of his great grandma while she and her daughter worked.
    Also another co-worker, a young white woman in her 30s, had her mother move down from York. The mother didn't live with them but would take the kids during the day. Even though she was married she said she couldn't do it without her mother.

    Maybe more Americans will setup similar routines? Families are important.

    You are right, Ed. Families are important, and American families that have relatives nearby usually are better off. Both my wife and I have parents about 1,000 miles away (in different directions) and when they come to visit and help take care of our young children, it is so much easier. Too bad it is only for a few weeks at a time.

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  71. Anonymous says: • Disclaimer
    @interesting
    what a complete fool i am for not pulling the trigger on a 3,000+ sq foot house for $600,000.

    little did i know that i could have spent 6 years WITH NO FUCKING HOUSE PAYMENT HAD I DONE THAT.

    i know a couple here in socal that went 48 months rent free but I'm the sucker, i always thought debt was supposed to be repaid, don't i sure feel silly now.

    “what a complete fool i am for not pulling the trigger on a 3,000+ sq foot house for $600,000.

    “little did i know that i could have spent 6 years WITH NO FUCKING HOUSE PAYMENT HAD I DONE THAT.”

    LOL!

    Read More
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  72. Anonymous says: • Disclaimer

    @CandyCane

    Hanna Rosin of The Atlantic argues that prosperity theology contributed to the housing bubble that caused the late-2000s financial crisis. She maintains that home ownership was heavily emphasized in prosperity churches, causing a reliance on divine financial intervention that led to unwise choices.

    Yeah, the prosperity Gospel preachers, not the Gennady Litvins, are wholly to blame. Oy vey.

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    • Replies: @ogunsiron
    I don't think Rosin is wrong in attributing *some* of the blame to prosperity gospel churches.
    I'd bet a lot of swiss francs that the Boatengs belong to one such prosperity gospel church.
    , @NOTA
    There is not a limit on the number of villains allowed here. Unethical bankers, amoral mortgage brokers, irresponsible borrowers, complicit regulators, wilfully blind institutional imvestors, on-the-take rating agencies, smarmy race hustlers, inept politicians--the list goes on and on. Some of the players had more reponsibility than others (irresponsible borrowers and race hustlers could only do damage because the professionals in the finance industry found it profitable to let them), but there is *plenty* of blame to go around. Sharing a bit of it out to "Jesus wants you to be rich" and books selling get-rich-quick schemes involving house flipping doesn't really absolve the Greenspans and Mozillos of their much, much larger share of the blame.
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  73. midtown says:

    I also found it most interesting that, for this three-part series, the Post allowed comments on the first article, and most of the commenters absolutely slammed the premise of the reporter, which was that blacks had “received” “predatory mortgages” (always the passive voice!) and that mean whites wouldn’t move into the neighborhood to buoy prices. For the second article, they initially allowed comments and then sometime that day cut them off. For the third article, they disallowed them from the get-go, and Ed says they removed them from the previous articles as well.

    What this tells me is there is a vast reservoir of anti-PC bubbling up out there and that the media and academia are the last to know, or want to know. PC is hanging on only because the power centers of media, big business administration, and academia are true believers. But they are nearly the only believers. I honestly think it will break soon.

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    • Replies: @Ed
    Journalists/Columnists hate the comment sections and if they had their way would shut them all down. However the ad guys have come to realize that users stick around longer on sites with comments. So the compromise is to have moderated comments.

    Also race articles drive traffic. That's why Gawker, Buzz Feed and oddly enough Vox go so gung ho with them. Everything has a race angle to them.
    , @dcite
    I live in Montgomery County (which has its own "minority" corridor. I put minority in quotes because they actually constitute a majority in many areas and on public transportation. Be that as it may, I did look in PG county because I lived on the border. There are neighborhoods that are desirable, and have a fair number of whites--College Park, Riverdale, and the Berwyn Road area. This is the seat of the University of Maryland after all. The house prices were less and some of the neighborhoods were ok. But I wouldn't want to raise a child there unless I home schooled or could afford private.

    When I saw the article in the WaPo, I knew immediately the comments would be almost entirely against the "victims." People are wise to that nonsense pc now. Nobody seriously believes it, but to keep your status you have to pretend. I know Africans where I work and they are often very fine people -- not a PC statement, just observation. But I know a very responsible woman, married to man who also works steadily, who did develop bad credit and now can't buy. I tend to think they were overwhelmed by family stuff, relatives wanting money. Certainly she did not live lavishly. Did say she didn't understand west Africans --she is east African; said they were quite different. She said she and people from her country had formed a lending club among themselves, and her description indicated that they did understand money and actually had their own little banking situation going on.

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  74. Brutusale says:
    @Ed
    As a Ghanaian American, whose family lives in DC area, the Boateng's story is not unusual sadly. The community is more tight knit and more susceptible to keeping up with Joneses than others I suppose. I know of 2 relatives and several family friends that ended up foreclosed upon in Prince Williams County.

    There is an unseemly fondness for big, brand new homes among West Africans. During the run up, relatives were scoffing at my mother for not moving from her 1960s built home to a brand new one. She bought her home in the mid 90s and wasn't interested in moving. Ironically she is the only one in the family to live in PG yet she actually has equity.

    I've read all the articles in the series. Today the WaPo removed all comments from the previous stories and disallowed any for this new story. I guess they didn't like the general tenor of the comments that sneered at the notion that these people are victims.

    PG simply doesn't have the fundamentals to support high home prices. The schools are rated the 2nd worse in the state of MD. Crime is comparatively higher and there are few major non-government employers.

    However if one is realistic you can get a good deal. In my mother's neighborhood of Camp Springs I've noticed more non-Black residents moving in. Homes go for about $200-250K the area is a 5 minute drive to the Beltway and Metro and 30 minutes to DC. You figure the money you save on housing you could easily put the kids in private school.

    There’s an old term for the stated “keeping up with the Joneses” attitude, but polite society has deemed it offensive.

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  75. ic1000 says:

    Some simple arithmetic, based on the WaPo excerpts that Steve quotes.

    The Boatengs bought their P.G. County home in November 2005, with a $60,000 down payment and two mortgages totaling $554,683.

    They refinanced in September 2006, taking out a mortgage for $612,286.

    During this time, the WaPo reporter claims their income was about $113,000 ($82,740 (Kofi, IT consultant for a government contractor) plus $30,000 (Comfort, administrative assistant)).

    A prudent person with good future-time orientation would estimate their house payment in terms of PITI (principal, interest, taxes, and insurance) over the long term, i.e. not as the initial payments in a balloon vehicle.

    Assuming 0% equity and an assessed value of $612,286:
    Principal and interest, 30-year 5% fixed interest loan, monthly payment: $3,290.
    P.G. County property tax, $0.96 per $100 of assessed value: $490.
    Private mortgage insurance is required, costing $350-$550. Say $350.
    Homeowner’s insurance will cost at least $200 per month.

    Thus, the Boatengs committed to monthly payments of at least $4,300 on their new home. That’s $52,000 per year, or at least 46% of their claimed gross annual earnings.

    As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28% of your gross monthly income.

    This doesn’t take into account any of the many adverse factors mentioned by the reporter, such as the fully-mortgaged Germantown house.

    Everybody who touched this ticking bomb knew that it was going to explode. The banks, the brokers, the advisors, the husband, and the wife.

    Knew or should have known.

    This reporter and her employer seem to hate the notion of accountability.

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    • Replies: @David
    Future oriented? I bet no member of the Boateng clan could pass the marshmallow test.
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  76. Looks like the Post has quietly hidden the stories. You can find them through a search, but they don’t seem to be listed anywhere.

    Probably just as well for the Post. The comments were beginning to ridicule the series. It wasn’t just the silliness of the stories. Commenters, particularly a guy called Point Break Hotel, were digging up facts that contradicted the stories, facts that the reporters should known to look for. Other commenters were pointing out inconsistencies and obvious unanswered questions.

    For instance, the Post reporters acknowledged in the stories that there were questions about some of the people’s stated income which may have been a cause for them getting a sub-prime mortgage. So, did the Post reporters determine if the family was lying about it’s income on the mortgage application? No. So readers are left wondering whether the family was an innocent victim or if they were trying to cheat the system that Post claims was cheating them.

    Anyway, the stories were becoming a big embarrassment to the Post because of a commenter uprising. While not as bad as the Rolling Stone fiasco, it wasn’t something the Post could leave out in the open to fester.

    It really is becoming harder for the MSM to feed the masses B.S. However, it doesn’t seem to stop them from trying.

    Read More
    • Replies: @Luke Lea
    "a commenter uprising" -- I like that phrase!
    , @NOTA
    Getting the facts straight is hard, and digging around to make sure you've gotten them straight is harder. That means it takes time and resources, both things the MSM companies have less and less of as Google et al eat their former advertising revenue. At the same time, the megaphone model of media is breaking down--it used to be that if you noticed inconsistencies in a newspaper story, you could tell your friends, but the reporter and editor would probably never hear of it or bother to respond if they did.

    It's getting harder for them to get the facts straight at the same time that it's also getting harder for them to get by with not getting the facts straight.
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  77. Dr. Doom says:

    This is the scam of dieversity. They get a low I.Q. “professional” with a fake degree and give them a Gubmint job. The bank gives them loans knowing they are never getting repaid because these minorities are all as crooked as they come, and when they default they get your tax dollars through Uncle Sham’s dieversity equality stick it to Whitey program.
    Lehman Bros. might have died, but the Squids probably looted everything that wasn’t nailed down before the lease expired. You have to change the names of scams anyway, so the angry taxpayers don’t find out where you live.

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  78. Here are my favorite quotes, in no particular order:

    Today, they struggle under nearly $1 million in debt

    Not having made a payment in 6 years, it doesn’t sound to me like they’re struggling at all.

    They paid $29,000 in closing costs

    The fuel that drove the engine. I have an acquaintance with no discernible skills who was a mortgage broker around this time. She made a fortune and spent it on things like $3,000 purses and a convertible Corvette. Her lifestyle now is, um, much simpler. My initial resentment morphed into schadenfreude quickly. I am not proud of it.

    They refinance their Germantown home several times in 3 years, and the balance of the original mortgage/note NEVER CHANGES.

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    • Replies: @bomag
    They paid $29,000 in closing costs

    The fuel that drove the engine.

    This. All those late night TV ads about how to get rich...

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  79. Six years w/o making a mortgage payment! Why hasn’t BoA foreclosed?

    I bought a single-family home on FL’s east coast in 2011 as a short-sale from BoA. The previous owner hadn’t made a mortgage payment for only two years.

    Oh well, these financially struggling West Africans can always turn to identity theft and fraudulent federal income tax returns.

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  80. MarkinLA says:
    @Anonymous
    Simon,
    The real blame lies on the shoulders of the prevailing school of 'free market economists' who back in those heady days thought that mass immigration was an unqualified good, and that in the end 'the market' would sort everything out to give maximum benefit.
    A lot of stupid, gullible politicians fell for it.

    A lot of stupid, gullible politicians fell for it.

    I think you are misunderstanding what really happened. I doubt the politicians were fooled. They are closer to reality than the academics. The have to wade through the crap at the local level. The academics with their true belief in their blackboard theories just gave the politicians the cover to do what the donor class wanted.

    Read More
    • Replies: @Forbes

    A lot of stupid, gullible politicians fell for it.

    I think you are misunderstanding what really happened. I doubt the politicians were fooled.

     

    Two names: Barney Frank, Franklin Raines.

    Though, they weren't fooled. They were fools. As the saying goes, they believe their shit doesn't stink. They were wrong, negligent, and in Raines case, likely criminally so. But they weren't fooled by anything but their own hubris.
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  81. MarkinLA says:
    @interesting
    what a complete fool i am for not pulling the trigger on a 3,000+ sq foot house for $600,000.

    little did i know that i could have spent 6 years WITH NO FUCKING HOUSE PAYMENT HAD I DONE THAT.

    i know a couple here in socal that went 48 months rent free but I'm the sucker, i always thought debt was supposed to be repaid, don't i sure feel silly now.

    I think there were more people who planned to screw the banks from the get-go than anybody wants to admit. I bought a foreclosure for 100K that had a 438K mortgage on it. There were no signs of destruction like many foreclosures when the people feel then have been screwed. There was also no evidence of any maintenance done in the 6 years after the mortgage was taken out. It was a refinance. I would guess that the owners took the 438 minus what was left from the original loan 15 years earlier at 130K and spent the money elsewhere (probably a “second” home where they planned to retire). Then they never paid a nickel after the rate reset and stayed in the house for another 2 years, threw the keys in the house locked it up and just walked away without a fuss.

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  82. snorlax says:

    They were stunned they could own something like that, she said. “Then they just took a leap of faith,” she said. “Where I’m from, these houses were only for white people.”

    There are white people in Ghana?

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    • Replies: @Ed
    My mother took us on a visit to her home town in Ghana about 30 years ago. While there we visited the home of a white manager of the gold mine in town. Evidently he and my grandfather, a miner, were friendly and he knew my mother when she was a girl.

    Generally speaking though there weren't many white people in Ghana even during colonial days. It was too hot and humid I suppose.
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  83. Svigor says:

    Amazing how the financial industry took advantage of these hard-working immigrants who just wanted a better life.

    Indeed. YT is inherently racist and can never be trusted to treat non-YT fairly. YT discriminates against, oppresses, and exploits non-YT. YT can’t help it, the evil’s in his DNA.

    The only solution is to keep non-YT out of living spaces with large numbers of YT. And remove the non-YT immigrants already in such places, for their own protection.

    Regrettably, we’ll have to sacrifice the boons of Diversity, Multiculturalism, and Open Borders in order to protect non-YT from YT. A high price, but no price is too high when the safety, dignity, and well-being of non-YT is at stake. No doubt, many of them have Stockholm Syndrome and will insist on staying with abusive YT, but we can’t leave them to the (non-existent) mercy of YT’s inherent racism.

    Those who support open borders and oppose repatriation clearly want the racism, discrimination, oppression, and exploitation against non-YT to continue; these people must be opposed, in the name of anti-racism and social justice.

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  84. Ivy says:
    @Anonymous
    "Refinanced their Germantown home to borrow $60,000 for the down payment on a new house in Fairwood, outside of Bowie."

    You're kidding. The $60,000 they used to put down on the house was borrowed money? I was initially surprised at the size of their down payment and had actually been fairly impressed by it. It's hard to imagine that lending standards could have been so lax back then.

    The rule at the time was that if borrowers didn’t meet your standards, then lower them.

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  85. donut says:

    This story reads like something from the “Onion” , but I checked and it’s not in there.
    About the only thing these two morons did right was get on the plane to the US. Right for them that is.

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  86. David says:
    @ic1000
    Some simple arithmetic, based on the WaPo excerpts that Steve quotes.

    The Boatengs bought their P.G. County home in November 2005, with a $60,000 down payment and two mortgages totaling $554,683.

    They refinanced in September 2006, taking out a mortgage for $612,286.

    During this time, the WaPo reporter claims their income was about $113,000 ($82,740 (Kofi, IT consultant for a government contractor) plus $30,000 (Comfort, administrative assistant)).

    A prudent person with good future-time orientation would estimate their house payment in terms of PITI (principal, interest, taxes, and insurance) over the long term, i.e. not as the initial payments in a balloon vehicle.

    Assuming 0% equity and an assessed value of $612,286:
    Principal and interest, 30-year 5% fixed interest loan, monthly payment: $3,290.
    P.G. County property tax, $0.96 per $100 of assessed value: $490.
    Private mortgage insurance is required, costing $350-$550. Say $350.
    Homeowner's insurance will cost at least $200 per month.

    Thus, the Boatengs committed to monthly payments of at least $4,300 on their new home. That's $52,000 per year, or at least 46% of their claimed gross annual earnings.

    "As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28% of your gross monthly income."

    This doesn't take into account any of the many adverse factors mentioned by the reporter, such as the fully-mortgaged Germantown house.

    Everybody who touched this ticking bomb knew that it was going to explode. The banks, the brokers, the advisors, the husband, and the wife.

    Knew or should have known.

    This reporter and her employer seem to hate the notion of accountability.

    Future oriented? I bet no member of the Boateng clan could pass the marshmallow test.

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  87. @Steve Sailer
    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I'd guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants.

    Or even more. I had a prof who was the eldest son in a wealthy Shanghai family. He was slow to learn to walk because the staff were told to carry him everywhere.

    That questionably sweet deal ended when the Reds chased them out, to Hong Kong, where he grew up. He was the grumpiest, rudest academic I’d ever met, outside of engineering school.

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    • Replies: @smurfette
    I have had third world friends of my husband's over who gape in openmouthed shock at the fact that I COOK. AND CLEAN. Their wives don't do it either and they're just amazed I don't consider, say, boiling my own pasta above me. I vividly remember serving oranges and whole nuts one evening after dinner and our guest had no concept of how to peel a Mandarin; he'd had maids growing up and had never done such a thing.
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  88. “At a point, I was so frustrated that recently I said, ‘Why do I have to keep staying in America then? Why don’t I go back to my country and look for a job there?’ ” Comfort said.
    yes why? because you do not want to live among westafricans like the people of ghana but rather among whites and asians? because you want safety, money, food, shelter?

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  89. Anonymous says: • Disclaimer
    @joeyjoejoe
    "PG County is very affluent by the national standards, but it is considered the ghetto county in the metro-DC area.

    It has substantially greater amount of violent crimes and lower test scores compared to other affluent, ahem, less black counties in the area with similar median income numbers."

    Interesting. I have always seen it described as the best middle class black neighborhood in the country (in other words, representative of what blacks and black middle class could be, or what the black middle class of the future will be).

    I have also always presumed it was 1) crime ridden, and that crime was being covered up to legitimize the black middle class, and 2) an artificial middle class created by government make-work.

    So its not 'interesting' that my presumptions were correct: rather, that those presumptions are widely known-essentially a 'given.'

    I believe there is also a black middle class neighborhood in Detroit that is often presented in a similar light-don't know the reality of that neighborhood, though.

    Joeyjoejoe

    It’s true that the image of PG County in the national media is misleading because it’s not as wealthy or middle class as it’s portrayed. But also part of the reason for its high crime rates is that the county borders Southeast and Northeast D.C., the most crime-ridden areas of D.C., and a lot of what is effectively DC crime gets counted in PG County or spills over into it.

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  90. Bob says:

    What exactly is PMI? Is it ever paid out or just another way to pump up the payment?

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    • Replies: @smurfette
    PMI is insurance the lender makes you take out if you are putting down less than 20% on a property. Because people with low down payments are more likely default, the bank requires you to take out insurance to protect them if you want to put less down. It is quite costly and can add hundreds of dollars a month to the payment. Generally, if you can't come up with 20% down, you probably shouldn't be buying a house.
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  91. Jefferson says:

    “There are white people in Ghana?”

    There are about 20 thousand White people in Ghana, which is a drop in the bucket in a country of over 27 million people. Percentage wise that means well below 1 percent of Ghana’s population is White which would make Ghana an extremely vibrantly racially diverse country by Left Wing standards.

    Because Left Wing people’s criteria for what constitutes a racially diverse area is the lack of White faces. The less White faces around the more racially diverse it is. That means Detroit for example is a lot more racially diverse than San Francisco. East St. Louis is a lot more racially diverse than New York City. Gary, Indiana is a lot more racially diverse than Chicago. Jackson, Mississippi is a lot more racially diverse than Orlando.

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  92. Mr. Blank says:

    The fact that neither one of our major political parties is able to make hay out of this kind of thing is both a crime and a tragedy.

    I mean, the only major politician I can think of who is regularly described as a “populist” is Sen. Elizabeth Warren. As far as I can tell, her “populism” mainly consists of stale liberal Democrat talking points spiced up with a sprinkling of class warfare themes. She doesn’t offer any type of sustained critique or coherent agenda; her populism is just some crowd-pleasing bash-the-rich talk in service of bland establishment leftism. I am trying to think of how she would respond to this story, and all I can imagine is an incoherent mish-mash of bank-bashing and white-bashing and rah-rah cheering for the sacred, uncorrupted innocence of blacks and immigrants and gays and women and transgendered people.

    Good God, we’re screwed.

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  93. bomag [AKA "doombuggy"] says:
    @Steve from Detroit
    Here are my favorite quotes, in no particular order:

    Today, they struggle under nearly $1 million in debt

    Not having made a payment in 6 years, it doesn't sound to me like they're struggling at all.

    They paid $29,000 in closing costs

    The fuel that drove the engine. I have an acquaintance with no discernible skills who was a mortgage broker around this time. She made a fortune and spent it on things like $3,000 purses and a convertible Corvette. Her lifestyle now is, um, much simpler. My initial resentment morphed into schadenfreude quickly. I am not proud of it.

    They refinance their Germantown home several times in 3 years, and the balance of the original mortgage/note NEVER CHANGES.

    They paid $29,000 in closing costs

    The fuel that drove the engine.

    This. All those late night TV ads about how to get rich…

    Read More
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  94. Ed says:
    @midtown
    I also found it most interesting that, for this three-part series, the Post allowed comments on the first article, and most of the commenters absolutely slammed the premise of the reporter, which was that blacks had "received" "predatory mortgages" (always the passive voice!) and that mean whites wouldn't move into the neighborhood to buoy prices. For the second article, they initially allowed comments and then sometime that day cut them off. For the third article, they disallowed them from the get-go, and Ed says they removed them from the previous articles as well.

    What this tells me is there is a vast reservoir of anti-PC bubbling up out there and that the media and academia are the last to know, or want to know. PC is hanging on only because the power centers of media, big business administration, and academia are true believers. But they are nearly the only believers. I honestly think it will break soon.

    Journalists/Columnists hate the comment sections and if they had their way would shut them all down. However the ad guys have come to realize that users stick around longer on sites with comments. So the compromise is to have moderated comments.

    Also race articles drive traffic. That’s why Gawker, Buzz Feed and oddly enough Vox go so gung ho with them. Everything has a race angle to them.

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  95. Luke Lea says:
    @Citizen of a Silly Country
    Looks like the Post has quietly hidden the stories. You can find them through a search, but they don't seem to be listed anywhere.

    Probably just as well for the Post. The comments were beginning to ridicule the series. It wasn't just the silliness of the stories. Commenters, particularly a guy called Point Break Hotel, were digging up facts that contradicted the stories, facts that the reporters should known to look for. Other commenters were pointing out inconsistencies and obvious unanswered questions.

    For instance, the Post reporters acknowledged in the stories that there were questions about some of the people's stated income which may have been a cause for them getting a sub-prime mortgage. So, did the Post reporters determine if the family was lying about it's income on the mortgage application? No. So readers are left wondering whether the family was an innocent victim or if they were trying to cheat the system that Post claims was cheating them.

    Anyway, the stories were becoming a big embarrassment to the Post because of a commenter uprising. While not as bad as the Rolling Stone fiasco, it wasn't something the Post could leave out in the open to fester.

    It really is becoming harder for the MSM to feed the masses B.S. However, it doesn't seem to stop them from trying.

    “a commenter uprising” — I like that phrase!

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  96. Ed says:
    @snorlax

    They were stunned they could own something like that, she said. “Then they just took a leap of faith,” she said. “Where I’m from, these houses were only for white people.”
     
    There are white people in Ghana?

    My mother took us on a visit to her home town in Ghana about 30 years ago. While there we visited the home of a white manager of the gold mine in town. Evidently he and my grandfather, a miner, were friendly and he knew my mother when she was a girl.

    Generally speaking though there weren’t many white people in Ghana even during colonial days. It was too hot and humid I suppose.

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  97. Jefferson says:

    “ll I can imagine is an incoherent mish-mash of bank-bashing and white-bashing and rah-rah cheering for the sacred, uncorrupted innocence of blacks and immigrants and gays and women and transgendered people.

    Good God, we’re screwed.”

    Pasty pale and blue eyed Elizabeth Warren is a pure unmixed Amerindian without a single drop of Honky blood in her family tree, so of course she is going to stand up for the rights of Nonwhites.

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  98. Alex says:

    I especially enjoyed the part where they wanted to evict their tenant for not paying rent. It really became a play within a play at that point.

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  99. smurfette says:
    @Bob
    What exactly is PMI? Is it ever paid out or just another way to pump up the payment?

    PMI is insurance the lender makes you take out if you are putting down less than 20% on a property. Because people with low down payments are more likely default, the bank requires you to take out insurance to protect them if you want to put less down. It is quite costly and can add hundreds of dollars a month to the payment. Generally, if you can’t come up with 20% down, you probably shouldn’t be buying a house.

    Read More
    • Replies: @Bob
    Yea, what happened to it? It was supposed to protect lenders from blowing millions on African immigrants.
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  100. smurfette says:
    @Reg Cæsar

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants.
     
    Or even more. I had a prof who was the eldest son in a wealthy Shanghai family. He was slow to learn to walk because the staff were told to carry him everywhere.

    That questionably sweet deal ended when the Reds chased them out, to Hong Kong, where he grew up. He was the grumpiest, rudest academic I'd ever met, outside of engineering school.

    I have had third world friends of my husband’s over who gape in openmouthed shock at the fact that I COOK. AND CLEAN. Their wives don’t do it either and they’re just amazed I don’t consider, say, boiling my own pasta above me. I vividly remember serving oranges and whole nuts one evening after dinner and our guest had no concept of how to peel a Mandarin; he’d had maids growing up and had never done such a thing.

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  101. @Ed
    This is true. My mom's mother passed by the time she had my younger brother but she was able to bring another older relative from Ghana to mind him as she went to work.

    When I worked in Baltimore the nurse manager a 60 something white lady, lived with her mother, daughter and 12 year old grandson. She used to beam about how the boy took care of his great grandma while she and her daughter worked.
    Also another co-worker, a young white woman in her 30s, had her mother move down from York. The mother didn't live with them but would take the kids during the day. Even though she was married she said she couldn't do it without her mother.

    Maybe more Americans will setup similar routines? Families are important.

    I always felt privileged that my grandparents were able to pick my siblings and I up after school. I remember it actually surprised me when I found out that the majority of my classmates went to day care even if their grandparents or other family members lived close. At the time I thought it was pretty selfish that other family members were not willing to assist.

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  102. The most deplorable one [AKA "Fourth doorman of the apocalypse"] says:

    And the Affirmative Action CEO of MacDonalds steps down:

    http://www.bloomberg.com/news/articles/2015-01-28/mcdonald-s-names-steve-easterbrook-ceo-as-thompson-steps-down

    Women and minorities hardest hit.

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  103. ogunsiron says:
    @Steve Sailer
    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I'd guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    My mom grew up with a live-in servant and most of the time while I was growing up we had a maid (who had her own place).

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  104. ogunsiron says:
    @Anonymous
    @CandyCane

    Hanna Rosin of The Atlantic argues that prosperity theology contributed to the housing bubble that caused the late-2000s financial crisis. She maintains that home ownership was heavily emphasized in prosperity churches, causing a reliance on divine financial intervention that led to unwise choices.
     
    Yeah, the prosperity Gospel preachers, not the Gennady Litvins, are wholly to blame. Oy vey.

    I don’t think Rosin is wrong in attributing *some* of the blame to prosperity gospel churches.
    I’d bet a lot of swiss francs that the Boatengs belong to one such prosperity gospel church.

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  105. AP [AKA "Dr. Preobrazhensky"] says:
    @LKM
    I also note with some interest the importation of Grandma to mind the kids. When they arrived in the USA the Boatengs had two children and gave birth to another within the next decade. It doesn't seem to say how many they have now.

    I've wondered for a while now about whether white families are equipped to keep up(in terms of reproduction) with non-whites who come to traditionally white nations but import their own child-rearing habits. Steve likes to periodically contrast the different marriage and family-formation customs between historical England and and China, with the former creating a culture that encouraged reproductive restraint to some extent, and the latter culture having a system that allowed a select group of men to be a fecund as humanly possible.

    A can't speak for the American experience, but in Canada, a lot of Asian(eat south, west or wherever) immigrants also import their family structures to their new homes as well. Many households in these immigrant communities are not nuclear. They often have three generations under one roof, perhaps with multiple siblings and their families, all guided by the patriarch. Thus individualism is discouraged. That’s why white politicians fall all over each other to win these non-white votes, because it's generally a more efficient use of their time and resources.

    Going back to the main point about higher reproduction, Canada's long-lax family reunification rules have made it easy for recent immigrants to import non-productive older family members whose prospects for work are minimal (Eg. Grandma Boateng), but can easily mind children while the parents work, allowing them to save money and possibly have more children. It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn't see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn't be outside the realm of her cultural experience.

    In contrast, the individualistic western family model means that a parent generally does not cohabit with an adult offspring's family unless they are incapable of caring for themselves, so if they are to aid their adult offspring in child-rearing(Eg babysit so the parents save on childcare), they must live nearby, which is becoming less and less frequent, especially as more and more eastern Canadian whites move west for better job prospects. So basically even with educated, law abiding types like the Boatengs, I think that by importing them, we're basically importing people who are culturally equipped to out-birth us.

    Also, if you read the original article, you'll see that Kofi's first job when he arrived in the US was as an "IT instructor". Was this at a community college or as part of some corporate training gig? Either way, I'm sure that the customers, whether teenaged students or companies, felt privileged knowing that in exchange for their money, they would be taught by a man with degree in computer science at the University of Science and Technology in Kumasi.

    Finally, Steve, you failed to mention that before construction started on the Albatross-home, the Boateng clan went to the building site and well, this happened:

    “We sanctify the grounds with the blood of Jesus,” Kofi said.

    You're slipping, Steve.

    It is also not uncommon among immigrant Chinese in the west to host older mothers and fathers, who shuttle between adult children to help whenever a new grandchild is born. In general an Asian or African wife probably wouldn’t see much out of the ordinary of her mother-in-law came to live with them and help raise the children. She might not like the idea, but it wouldn’t be outside the realm of her cultural experience.

    This is rather common practice among Eastern Europeans also. They not only bring people over to watch the kids, but also import relatives to watch over elderly family members. Keeps the old people out of nursing homes.

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  106. NOTA says:
    @Anonymous
    @CandyCane

    Hanna Rosin of The Atlantic argues that prosperity theology contributed to the housing bubble that caused the late-2000s financial crisis. She maintains that home ownership was heavily emphasized in prosperity churches, causing a reliance on divine financial intervention that led to unwise choices.
     
    Yeah, the prosperity Gospel preachers, not the Gennady Litvins, are wholly to blame. Oy vey.

    There is not a limit on the number of villains allowed here. Unethical bankers, amoral mortgage brokers, irresponsible borrowers, complicit regulators, wilfully blind institutional imvestors, on-the-take rating agencies, smarmy race hustlers, inept politicians–the list goes on and on. Some of the players had more reponsibility than others (irresponsible borrowers and race hustlers could only do damage because the professionals in the finance industry found it profitable to let them), but there is *plenty* of blame to go around. Sharing a bit of it out to “Jesus wants you to be rich” and books selling get-rich-quick schemes involving house flipping doesn’t really absolve the Greenspans and Mozillos of their much, much larger share of the blame.

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  107. NOTA says:
    @Citizen of a Silly Country
    Looks like the Post has quietly hidden the stories. You can find them through a search, but they don't seem to be listed anywhere.

    Probably just as well for the Post. The comments were beginning to ridicule the series. It wasn't just the silliness of the stories. Commenters, particularly a guy called Point Break Hotel, were digging up facts that contradicted the stories, facts that the reporters should known to look for. Other commenters were pointing out inconsistencies and obvious unanswered questions.

    For instance, the Post reporters acknowledged in the stories that there were questions about some of the people's stated income which may have been a cause for them getting a sub-prime mortgage. So, did the Post reporters determine if the family was lying about it's income on the mortgage application? No. So readers are left wondering whether the family was an innocent victim or if they were trying to cheat the system that Post claims was cheating them.

    Anyway, the stories were becoming a big embarrassment to the Post because of a commenter uprising. While not as bad as the Rolling Stone fiasco, it wasn't something the Post could leave out in the open to fester.

    It really is becoming harder for the MSM to feed the masses B.S. However, it doesn't seem to stop them from trying.

    Getting the facts straight is hard, and digging around to make sure you’ve gotten them straight is harder. That means it takes time and resources, both things the MSM companies have less and less of as Google et al eat their former advertising revenue. At the same time, the megaphone model of media is breaking down–it used to be that if you noticed inconsistencies in a newspaper story, you could tell your friends, but the reporter and editor would probably never hear of it or bother to respond if they did.

    It’s getting harder for them to get the facts straight at the same time that it’s also getting harder for them to get by with not getting the facts straight.

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  108. Twinkie says:
    @LKM
    So much for that legendary east Asian filial piety. But who needs it when you have white taxpayers?

    So much for that legendary east Asian filial piety. But who needs it when you have white taxpayers?

    I have no doubt that happens. And this is yet another example of what an entitlement society does to good habits of a people.

    But, let’s put this in perspective. Our population breakdown is roughly:

    White: 72.4%
    Blacks: 12.6%
    Asians: 4.8%
    *Hispanics: 16.4% (ethnicity, not race, as everyone knows.)

    Now, the welfare recipient rate:

    White: 38.8%
    Blacks: 39.8%
    Asians: 2.4%
    *Hispanics: 15.7%

    It might be a surprise to you, but Asians are tax payers too. In fact, since they have the highest median family income of among the major races, they are likely paying the highest rates of taxes. Given that their welfare utilization is half of their population’s share, they are paying slightly more into the system and receiving slightly less than whites are. (And of course blacks consume massive amounts of welfare compared to their population percentage and contribute considerably less in terms of taxes.)

    So you are barking up the wrong tree with claims of Asians being dumped on white tax payers.

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    • Replies: @dcite
    Your assessment is correct. They are being dumped on all tax payers, regardless of the taxpayers' race. As they would be if they were from, say, Kazahkstan or Norway.
    Thinking collectively, Asians do pay more taxes and fewer of them -- most that are, are from the far reaches of the southeast, such as Laotia and Cambodia -- are on "government" (i.e. taxpayer) assisstance.
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  109. Twinkie says:
    @Steve Sailer
    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I'd guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    I would imagine one variable is how good life was for upper middle class folks back home.

    In poor countries like India where menial labor is very inexpensive and the quality of life less than excellent even for the upper middle class, you are going to get a lot of emigrants who had “hired help” back home.

    But if you look at, say, affluent parts of East Asia, where the middle class quality of life is more along the lines of European standards and where the cost of labor is relatively high, emigrants to the West are not likely to be, in the main, the kind of skilled people fleeing lack of opportunity and poor quality life back home. So I’d imagine their rate would be considerably lower.

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    • Replies: @Twinkie

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.
     
    Continuing with this line of inquiry, I found this while reading my local propaganda rag today: http://www.washingtonpost.com/posteverything/wp/2015/01/30/guns-sex-and-arrogance-i-hated-everything-about-america-until-i-moved-here/
    The part that caught my eye:

    But when my husband asked if I wanted to move to America, I still said no. Some of my stereotypes about the country lingered: What about the gun culture? Surely, we didn’t want our daughter gunned down at school. And what about the big environmental footprint of America? I shuddered at the prospect of living in a large temperature-controlled house instead of a compact apartment and owning two cars instead of using energy-efficient public transport. Besides, I had no intention of spending all day cooking and cleaning in a country where domestic help was so unaffordable. Why give up such a comfortable life? [Boldface mine.]
     
    Wow, she's such an environmentalist and hates American opulence, but really what dismayed her about America was the lack of affordable domestic help.

    Notwithstanding all her previous moral indignation and grandstanding before she moved to America, it appears the real motive for such a stereotype was sheer, pure envy.
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  110. Rob McX says:

    Steve Sailer: It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    And many of them bring their servants to the US after them. And a surprising number of them seem not to have heard of the 13th Amendment.

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  111. Kylie says:

    From the WaPo article: “Swamped by an underwater home”

    Too bad that home isn’t in international waters.

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  112. Nash says:

    The comments (well over a thousand of them) are still there on at least one of the stories in this series (http://www.washingtonpost.com/sf/investigative/2015/01/25/in-fairwood-dreams-of-black-wealth-foundered-amid-the-mortgage-meltdown/ ). Thanks to the iSteve commenter above who mentioned PointBreakHotel’s contributions there – I’m slowly making my way through the comments section there and agree that there are some really spot-on ones.

    I really am surprised that the Post didn’t deep-six all of them

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  113. Forbes says:
    @Simon in London
    So, my impression of the scam is that the lenders knew the lendees wouldn't be able to repay; the debt was repackaged and sold on to rubes like the government of Iceland, and to our British banks who then went bust and had to be bailed out with UK government money extracted from taxpayers like me.
    The people who took out the loans have done very well, like these immigrants, but so have most of the people in the lender scam shops like Countrywide. The trick was ultimately played on high-trust-culture whites who would never have taken out million dollar loans, but trusted their banks and especially their governments not to betray them - still do, in fact.

    All the scam was, was the belief that real estate values would keep rising. It was a given–well, a legend, a myth–that real estate never declines. And while possibly true, if all the underlying conditions remained, as an assumption it was falsified as all the mortgage finance gimmicks were introduced, distorting the fundamentals of supply and demand, and the price discovery process.

    Just as you can’t fool mother nature, you can’t fool the natural fundamentals of supply and demand. Price bubbles caused by market distortions eventually burst. All while the bubble is being inflated, there’s a wealth transfer from buyers (paying distorted prices) to sellers (receiving the proceeds), and always to the middleman charging a vig.

    The distortions can be counted on to have been triggered by a political agenda, e.g. so-called affordable housing, subsidized mortgage rates, reduced underwriting standards and raised credit limits due to cronyism–relief from regulatory scrutiny for delivering on the political agenda, etc., etc. And lastly, the moral hazard to the taxpayer who must pay the tab, due to the government inserting its political agenda into marketplace, for the outcome of the misguided agenda.

    In the end, “everybody” agreed that real estate only goes up, so everybody was wrong. As such, everybody pays. It’s a new-found attribute of the culture: there are no downsides to government preferences, no risks that can’t be made to go away by government declaration, and like the Boatengs, borrow more to paper over the excesses when it occurs. Live for the moment because tomorrow you’ll be dead.

    Besides, playing by the rules, living within your means, et al., are from the discredited white, male hierarchy that are no longer operative.

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  114. Forbes says:
    @MarkinLA
    A lot of stupid, gullible politicians fell for it.

    I think you are misunderstanding what really happened. I doubt the politicians were fooled. They are closer to reality than the academics. The have to wade through the crap at the local level. The academics with their true belief in their blackboard theories just gave the politicians the cover to do what the donor class wanted.

    A lot of stupid, gullible politicians fell for it.

    I think you are misunderstanding what really happened. I doubt the politicians were fooled.

    Two names: Barney Frank, Franklin Raines.

    Though, they weren’t fooled. They were fools. As the saying goes, they believe their shit doesn’t stink. They were wrong, negligent, and in Raines case, likely criminally so. But they weren’t fooled by anything but their own hubris.

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  115. Bob says:
    @smurfette
    PMI is insurance the lender makes you take out if you are putting down less than 20% on a property. Because people with low down payments are more likely default, the bank requires you to take out insurance to protect them if you want to put less down. It is quite costly and can add hundreds of dollars a month to the payment. Generally, if you can't come up with 20% down, you probably shouldn't be buying a house.

    Yea, what happened to it? It was supposed to protect lenders from blowing millions on African immigrants.

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  116. Twinkie says:
    @Twinkie

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.
     
    I would imagine one variable is how good life was for upper middle class folks back home.

    In poor countries like India where menial labor is very inexpensive and the quality of life less than excellent even for the upper middle class, you are going to get a lot of emigrants who had "hired help" back home.

    But if you look at, say, affluent parts of East Asia, where the middle class quality of life is more along the lines of European standards and where the cost of labor is relatively high, emigrants to the West are not likely to be, in the main, the kind of skilled people fleeing lack of opportunity and poor quality life back home. So I'd imagine their rate would be considerably lower.

    It would be interesting for somebody to do a survey of what percentage of legal immigrants grew up in a household with live-in servants. I’d guess an extremely high percentage for Indians, and a fairly high percentage for Filipinos.

    Continuing with this line of inquiry, I found this while reading my local propaganda rag today: http://www.washingtonpost.com/posteverything/wp/2015/01/30/guns-sex-and-arrogance-i-hated-everything-about-america-until-i-moved-here/
    The part that caught my eye:

    But when my husband asked if I wanted to move to America, I still said no. Some of my stereotypes about the country lingered: What about the gun culture? Surely, we didn’t want our daughter gunned down at school. And what about the big environmental footprint of America? I shuddered at the prospect of living in a large temperature-controlled house instead of a compact apartment and owning two cars instead of using energy-efficient public transport. Besides, I had no intention of spending all day cooking and cleaning in a country where domestic help was so unaffordable. Why give up such a comfortable life? [Boldface mine.]

    Wow, she’s such an environmentalist and hates American opulence, but really what dismayed her about America was the lack of affordable domestic help.

    Notwithstanding all her previous moral indignation and grandstanding before she moved to America, it appears the real motive for such a stereotype was sheer, pure envy.

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  117. dcite says:
    @midtown
    I also found it most interesting that, for this three-part series, the Post allowed comments on the first article, and most of the commenters absolutely slammed the premise of the reporter, which was that blacks had "received" "predatory mortgages" (always the passive voice!) and that mean whites wouldn't move into the neighborhood to buoy prices. For the second article, they initially allowed comments and then sometime that day cut them off. For the third article, they disallowed them from the get-go, and Ed says they removed them from the previous articles as well.

    What this tells me is there is a vast reservoir of anti-PC bubbling up out there and that the media and academia are the last to know, or want to know. PC is hanging on only because the power centers of media, big business administration, and academia are true believers. But they are nearly the only believers. I honestly think it will break soon.

    I live in Montgomery County (which has its own “minority” corridor. I put minority in quotes because they actually constitute a majority in many areas and on public transportation. Be that as it may, I did look in PG county because I lived on the border. There are neighborhoods that are desirable, and have a fair number of whites–College Park, Riverdale, and the Berwyn Road area. This is the seat of the University of Maryland after all. The house prices were less and some of the neighborhoods were ok. But I wouldn’t want to raise a child there unless I home schooled or could afford private.

    When I saw the article in the WaPo, I knew immediately the comments would be almost entirely against the “victims.” People are wise to that nonsense pc now. Nobody seriously believes it, but to keep your status you have to pretend. I know Africans where I work and they are often very fine people — not a PC statement, just observation. But I know a very responsible woman, married to man who also works steadily, who did develop bad credit and now can’t buy. I tend to think they were overwhelmed by family stuff, relatives wanting money. Certainly she did not live lavishly. Did say she didn’t understand west Africans –she is east African; said they were quite different. She said she and people from her country had formed a lending club among themselves, and her description indicated that they did understand money and actually had their own little banking situation going on.

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  118. dcite says:
    @Twinkie

    So much for that legendary east Asian filial piety. But who needs it when you have white taxpayers?
     
    I have no doubt that happens. And this is yet another example of what an entitlement society does to good habits of a people.

    But, let's put this in perspective. Our population breakdown is roughly:

    White: 72.4%
    Blacks: 12.6%
    Asians: 4.8%
    *Hispanics: 16.4% (ethnicity, not race, as everyone knows.)

    Now, the welfare recipient rate:

    White: 38.8%
    Blacks: 39.8%
    Asians: 2.4%
    *Hispanics: 15.7%

    It might be a surprise to you, but Asians are tax payers too. In fact, since they have the highest median family income of among the major races, they are likely paying the highest rates of taxes. Given that their welfare utilization is half of their population's share, they are paying slightly more into the system and receiving slightly less than whites are. (And of course blacks consume massive amounts of welfare compared to their population percentage and contribute considerably less in terms of taxes.)

    So you are barking up the wrong tree with claims of Asians being dumped on white tax payers.

    Your assessment is correct. They are being dumped on all tax payers, regardless of the taxpayers’ race. As they would be if they were from, say, Kazahkstan or Norway.
    Thinking collectively, Asians do pay more taxes and fewer of them — most that are, are from the far reaches of the southeast, such as Laotia and Cambodia — are on “government” (i.e. taxpayer) assisstance.

    Read More
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