Expensive Bank Debt Destroys Black Chicago Neighborhoods

As we go into yet another futile election, stories of economic distress make news yet again.  In this case, it is about a city going under the gun, literally, as black residents butcher each other mercilessly and whites flee black suburbs where they once went to escape city pollution and race riots during the 1970’s.  Here is a story about this process hammering neighboring communities around Chicago but this story in the Tribune doesn’t touch on the reality that black homeowners bring destruction down on themselves:  Chicago Tribune – Seven years after the Great Recession, some Chicago suburbs may never recover because it is becoming rapidly this ugly little slum!

 

But the modest 900-square-foot Cape Cod-style home the Vershers bought that day for $137,000, on the eve of the worldwide credit crunch, has fared especially badly, by any standard.  Despite being well-kept, with a neatly trimmed lawn and hedges, four bedrooms and a two-car garage, it sits across the street from an abandoned home and was listed for sale in January for just $29,500.

 

Click here for Vacant and Abandoned Building Finder – Chicago

 

When this black couple bought this house, there were no abandoned houses nearby.  De-industrialization has hammered many Midwest cities and continues doing this as the US continues to move jobs out of the US.  This cycle shows not the slightest sign of slowing down or changing.  Obama promised welfare and goodies but didn’t bring back one single job.  Content to have welfare, blacks vote for this en mass which is how Hillary won several primaries.

 

“After serving in Vietnam and working all my life, this just seems like a failure of justice,” said Mitchell Versher, 68, an Army vet and security guard. “We thought we were getting the American Dream and a measure of stability at this stage in our lives.”

 

The drop in the value of his home is due 100% to Democratic and Republican trade policies which began with Reagan and both parties support.  There will be no ‘American dream’ so long as we move all our industrial base overseas.  Period.  Stopping the internationalists of the Bilderberg gang types means fighting them here in the US and this isn’t happening, note how blacks are voting for Hillary who is a big globalist and huge inside of the Bilderberg gang system, she was paid many millions to lie about ‘free trade’.

 

Instead, the Vershers find themselves not so much underwater as buried in a cave beneath the ocean floor. Loria Versher was laid off from her job, and court filings associated with their two-year-old foreclosure case show that, with late fees and a 2013 loan modification, they owe Nationstar Mortgage $180,000.

 

This couple could barely afford a house and then they doubled down with more debt so it is very much underwater.  Banks did this to them and now the banks can’t collect and it will be like all those billions of dollars of dead mortgage homes that litter most of our former industrial giant cities which are now mainly occupied by blacks who can’t find work, increasingly.

 

Their situation represents only an extreme version of a financial trap in which homeowners across predominantly African-American parts of the south suburbs and in pockets of mainly Latino and white ethnic suburbs just south of O’Hare International Airport continue to struggle, almost seven years after the official end of the Great Recession.
At the end of 2010, almost 31 percent of Chicago-area homeowners with a mortgage were underwater, owing more on their loans than the properties were worth, according to housing analytics firm CoreLogic. Five years later, in 2015’s fourth quarter, the percentage of underwater local homeowners was nearly 17 percent, topped only by the 22 percent of homeowners in Miami and 21 percent in Las Vegas-Henderson, Nev.

 

I recall when Chicago was a major city when it came to commerce!  Ditto, Detroit.  The destruction of our major industrial cities is very much akin to bombing cities during WWII.  Many of these cities look like Dresden or Hiroshima back then.  They were all bombed by our rulers.  Deliberately, no less.

 

Even in the waning days of the boom, it was easy for them to get a $137,000 mortgage at 7.5 percent with no money down, for a home that sold for $87,000 in 2004 and $115,000 in 2005. “It took a few minutes,” Loria Versher said. “Everyone was talking about buying property at church — it was a time where people just felt like, ‘I qualify — let’s do this.'”

 

On the other end of the transaction with the Vershers was a seller who arranged two mortgages totaling $114,900 to buy the house, and had a foreclosure case filed against him a year later.

 

Free money!  This is exactly like the ‘free student loans’ which have high interest rates and are very destructive.  It is a trap.  And a 7.5% mortgage is deadly. If they got a $137,000 mortgage, the first year they pay off over $800 in interest a month and $100 in principal, and after 360 months of reducing the interest, they pay off this loan to the tune of  $207,000 in interest payments which would be over 100% the cost of the mortgage!!!

 

If this family paid the 3.5% mortgage, they would have paid less than $85,000 in interest costs.  That is less than half as much.  But the family couldn’t afford any mortgage.  They were economic disasters from day one due to circumstances set against them in this New World Order system.

 

So it was from day one, impossible to succeed.  And so they gave up after a few years and voila: more bad debt piled on top of a dying city that can’t survive after the US rulers threw everyone under the bus.  This topic isn’t being discussed by Hillary as she campaigns.  Black leaders don’t talk about this, either.

 

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3 Comments

Filed under .money matters

3 responses to “Expensive Bank Debt Destroys Black Chicago Neighborhoods

  1. K. Chris C.

    The thing is this: You, we the American people, do not owe the banksters one thin dime. It is the banksters that owe you, us.

    The banksters steal your deposits when you make them, counterfeit more atop of that, and then loan it out to other Americans. This bankster counterfeit then shows up later as the price-inflation you pay at the grocery store. The banksters get rich off of loaning out your wealth to others and counterfeiting, and you pay. Then they have the balls to demand that YOU pay them?!

    It is not you, we, that owe the banksters, but the banksters that owe us.

    An American citizen, not US subject.

  2. What’s interesting about that article, is that it has links connected to two RELATED articles, one stating that young couples were buying houses in the suburbs, due to house prices in the city and the second stating that area-wide house prices went up 7 pc last year with tight house for sale inventories.

  3. emsnews

    Yes, in ‘good’ neighborhoods (we all know what these are) prices are going up and up and up.

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