U of M study sees signs of mortgage redlining in Twin Cities

MPLS Star & SIckle ^ | 4-9-14 | JENNIFER BJORHUS

[TurboZamboni]

Minority residents in the Twin Cities are much more likely than white people of similar incomes to be rejected for a mortgage, whether they’re buying a home or refinancing. If the home sits in a diverse or mainly nonwhite neighborhood, the application is also more likely to get the boot. Those are the findings of a new study from the University of Minnesota Law School suggesting that mortgage redlining remains alive and well in the Twin Cities. The report suggests that while banks may have justifiably tightened up credit standards, they have swung so far that they are cutting off credit not just to questionable borrowers but to people whose income would appear to qualify them for a loan. Myron Orfield, the study’s author and head of the law school’s Institute on Metropolitan Opportunity, said the findings surprised him, given the economy’s improvement and the scrutiny mortgage lending and foreclosure practices have received since the real estate collapse.

[Vehmgericht]

Asians receive loans at a greater rate than Whites. I suspect that is because the banking industry is secretly run by Orientals. This must be investigated.

[driftless2]

If we were dealing with semi-honorable people with a shred of integrity, we'd have no problems. But as we know with the scam about women not getting paid as much as men for doing the same job, facts and reality have no currency with libs.

The billions wasted over the decades on worthless programs for minorities is bad enough. But what the Clinton admin did was wreck the economy costing trillions. Even many conservatives blame the banks and lending institutions as if Bear-Stearns and other big name lending and brokerage houses wanted to go out of business. Never underestimate the ability of the libs to do enormous damage to the country...all in the name of fairness.

[RegulatorCountry]

Finance is not blameless, yes they were forced into it but what they did was not honest or honorable, and if it’s ever thoroughly investigated, legal. Not caring about bs no-doc loans because the paper was being sold to derivative mills, divvied up into tranches and quite frankly misrepresented as low risk fed the frenzy and was in large part behind the financial collapse of 2008. They may not have started it but they sure fed it and exacerbated the problem.

[driftless2]

Sure, but the whole thing started with the Clinton admin. That didn’t give banks the right to screw over innocent customers, but they would never have been in that position if not for the Clinton admin.

[longtermmemmory]

I suspect this is a push to have a new “tarp”.

war on women
take your social security
race card

same old play book