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Housing Meltdown Not a Racial Issue

Conservative commentators have chosen the wrong scapegoat

By Rob Quinn, Newser Staff

Posted Sep 27, 2008 4:15 PM CDT

(Newser) – Some conservative commentators have bypassed greedy Wall Street firms, reckless lenders, and a government asleep at the wheel to blame minorities for the credit crisis, Cynthia Tucker observes in the Atlanta Journal-Constitution. This a misguided move for many reasons, she writes. For starters, the affirmative action lending programs they blame for many subprime loans don't even exist.

It's true that many minority homeowners were pushed into risky loans, Tucker writes, but the lenders weren't complying with any regulations to ensure equality—they were just out to make money. "The credit crisis is an all-American disaster, a melting pot of greed, recklessness, and myopia," Tucker concludes. "Those all-too-human traits aren’t limited to any particular race or ethnic group."

[Images (2)]

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In this July 20, 2008 file photo, signs sit outside an unsold new home in Denver. (AP Photo/David Zalubowski)

An open house is held at repossessed home in San Clemente, Calif. on Saturday, Aug. 4, 2007. (AP Photo/Kim Johnson Flodin)

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Why would anyone inject skin color into a debate over credit? There is certainly no evidence to support this claptrap. Federal regulators have never 'demanded parity between racial groups in lending.' Not ever. - Cynthia Tucker

I hold no brief for dumb home buyers, be they white, black or brown. But minority homeowners were frequently the victims of aggressive practices by mortgage brokers.
- Cynthia Tucker

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Housing Meltdown Not a Racial Issue