Racist asshole! Most of the minorities who got subprime loans actually qualified for better ones. Plenty of whites who were speculating ended up in subprime because they had too many loans outstanding (think Flip that House).
3. I doubt the caller meant that in a good way, but in some respects, home ownership has been oversold.
Real estate is a very illiquid investment. There are people all around the country who would like to move for personal or professional reasons, but they are trapped in houses with negative equity that they can't sell and where a market rent will not cover the mortgage. They probably look longingly at the freedom of the renter to pick up and move.
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