While it is true that certain folks were targeted by lenders for high risk subprime loans, what you won’t see being pointed out is the fact that in majority Black populated areas (Atlanta was #2 on the FBI’s list for mortgage fraud by city), Blacks willingly participated in pushing these faulty loans on other Black folks. I only point out this fact because I have seen too many folks attempt to make this yet another big White man against po’ frightened Blacks issue. The whole subprime mortgage meltdown issue boiled down to greed. And frankly, anybody can be susceptible to this green-eyed devil given the right climate.
In today’s issue of the AJC, there is an article which covers yet another mortgage fraud case involving a man who claimed he wanted to renovate part of the West End. But in the end, this predominately Black community, the victims of his scheme, and the banks were the ones who got hosed.
This story began to unfold back in 2007. Here is a link to an article posted last year.
There was also another major mortgage fraud case being tried in Maryland.
Here’s another scheme that took place in Chicago.
Here’s another scheme busted in New York.
Four ‘bruthas’ were involved in this scheme in Indianapolis (resulting in 550 foreclosures)
