The Housing Bubble was set off by the Bush Administration's 2002-2004 "Increasing Minority Homeownership" campaign to add 5.5 million nonwhite homeowners by 2010. The financial industry, like all True Americans, believed Diversity Is Our Strength: So what could possibly go wrong?https://twitter.com/MalaikaJabali/status/1206928673452052481 …
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Defaults rates on 2004-07 mortgages Hispanic 31.0% Black 28.2 Asian 14.7 White 12.1 From "Journal of Urban Affairs:" "Revisiting the subprime crisis: The dual mortgage market and mortgage defaults by race and ethnicity" Reid, Bocian, Li & Quercia (2016): https://sci-hub.tw/https://doi.org/10.1080/07352166.2016.1255529 …pic.twitter.com/mNKMZ5AHLp
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This was the argument that got made against this proposition when it first surfaced in the Clinton administration.
12:54 AM - 21 Dec 2019
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