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Mortgaged Dreams 

After hearing a discussion on predatory lending on National Public Radio and reading an article in the Buffalo Criterion on housing discrimination, some thing I had long believed came glaringly apparent. Economic suppression is the most insidious weapon in the American class wars. While the talking heads on NPR one of which was a loan broker discussed how wrong it was for the unscrupulous lenders to charge outrageous rates for loans, or as they would say for the product. I realized that the only reason the predatory lender exist is to fill the vacuum left by the so-called legitimate lenders.

I find it hard to believe the some one who can pay 1100 dollars a month in rent can be told by a bank that they cannot make an 800 dollar a month mortgage payment. Then that same bank will lend 25,000 dollars for a car and have him make 600-dollar payments and he still has to pay rent.

The biggest handicap to trying to buy a home is a broken system where the real estate agent is at the right hand of god and the lender is god. Therefore, you come to them with your hat in hand hoping that they will like how you dressed. And they look at you as if buzzards look at road kill. Fannie Mae, an underwriter of government backed mortgages, estimates that half of all borrowers who take out a high priced loan could have qualified for a more reasonably priced product but where not told they had the option or that they qualified for it.

According to ACORN a national activist organization, African Americans are twice as likely as whites to be denied a conventional mortgage. Moreover, these over-priced and abusive loans are trust at African Americans of all income levels. However this practice does effect many low to middle income Whites.


Simple put there has long been a policy in America to maintain a class system based on economics. My theory on it is that in order to feel rich you must know that there are people economically less well off than your self. No matter how much you have if every one else around you has the same things you cannot feel wealthy. By limiting their access to affordable homes, you rob of the ability to acquire wealth thereby denying them the American Dream.

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