We also find that race has an independent effect on foreclosure even after controlling for borrower income and credit score. In particular, African American borrowers were 3.3 times as likely as white borrowers to be in foreclosure, whereas Latino and Asian borrowers were 2.5 and 1.6 times respectively more likely to be in foreclosure as white borrowers.
So, in the economists’ simple multiple regression model, after adjusting for income and FICO, minorities in California still had substantially higher foreclosure rates than whites:
- blacks 3.3X
- Latinos 2.5X
- Asians 1.6X
(These adjusted gaps are all statistically significant at the 0.01 level.)
Presumably, the raw differences in foreclosure rates are even greater.
And it's worth pointing out that America is (RIGHT NOW) about 48% non-White.
NEW YORK (Reuters) – The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.
Now some of those are White to be certain. But the exception to the rule does not negate the rule.
DEMOGRAPHICS IS DESTINY.
The third-world is not the third-world because of an incredibly long run of unbelievable bad luck. It is the third-world because of the people who inhabit it.
Yes, race is real.
Bring third-worlders into The West and they will simply proceed to re-create the (from a Western view point) deplorable conditions from which they came. But those conditions were/are endemic to their nature, to their race. Nothing is going to change that.
Those who sow to the wind will reap the whirlwind.
And right now it's getting fairly windy in California and the rest of the tattered remnants of what was once America...