More of the same ol "American Dream" sh#t that turns into the American Nightmare
Reading over the first half of the article, that couple had no business getting a house worth more than half a million. If they've been paying for years and years and still owe $560K, how much was the original amount? And they didn't mention their incomes, but something tells me that their incomes didn't justify such a large mortgage.
It's funny how poor and middle class like to wag their collective finger at the rich for being greedy, but everybody has been greedy. And stories like this confirm it. People were taking out mortgages on their dream houses. Buying second homes. Refinancing and using their homes like debit cards. All with house money....people were getting mortgages for half a ticket on $40K...like sh#t was going to last forever.
They all bought into that "home values always go up", "you can't lose on a house", "a house is the best investment" and all other middle class lies.
And logically, of course the black "middle class" and "upper class" would suffer the most. Why would anyone be surprised? Overall, blacks have less wealth to maintain a large investment when the economy drops. And blacks have a harder time getting and keeping employment. So, when a black couple loses their jobs, they have less money to devote to their house while unemployed and when the jobs start coming back, whites get hired first and blacks last.
Peace