Posted on 09/30/2011 6:52:50 AM PDT by dangus
Basically, what’s wrong with “if you pay your bills on time and have sufficient assets and income, you can get a loan?”
It has, but really, even this isn’t a simple case of “easy lending” there was outright fraudulent creation of documents and such. Techincally it could have been done even using only traditional loans, although they would have had to be more selective with their straw buyers and fake documents.
No, it establishes that some people's imaginations establish patterns that exist only in their imaginations.
I imagine this is one of those.
We need some level of immigration due to the fact that our native born population (of all races included) barely keeps us at zero population growth.
However, rather than import millions of people who are poor and uneducated even by the standards of their own countries, we should look for immigrants who can contribute something besides cheap labor and anchor babies. Whatever country they come from.
OK. Got it. Still, Bush was a fool to do that. Clinton was the evil mastermind.
Nothing...as long as you are willing to accept more defaults. Contrary to what we are told, “culture” does make a difference. Other things being equal, blacks default on mortgages more often than Asians or whites. The studies showing this were completely ignored when Carter’s CRA was put in place. There would be no issue if banks could make their own lending decisions locally so that they can take into account personal knowledge gained through banking relationships. But they can’t. They are now forced to make quota loans, which is how we got the mortgage fiasco.
Where did I say he was appointed to ANY board??
Instead of getting all bent out of shape, why not read my #31 again.
You're just lookin' for a fight and I ain't gonna accommodate you.
They do, but their credit histories will reflect this. I should add "and have sufficiently good credit" to that.
Here’s Bush in a speech, pushing home loans for totally unqualified minorities.
http://www.youtube.com/watch?v=MqR15H0gNBU
Listen to this audio from Bush’s speech, demanding home loans for the unqualified.
http://www.youtube.com/watch?v=MqR15H0gNBU
The point was prospective - given the same credit scores, etc. The credit histories obviously only reflect the defaults after they occur. This aside, the feds have forced lenders to ignore “traditional” criteria in lending, which led to the NINJA loans and other absurdities.
I wonder what the causative factor is in blacks being more likely to default on mortgages vs. other types of credit.
That wasn’t what I said. I know the studies for mortgages. Perhaps it isn’t true for other kinds of credit or perhaps it is. I simply haven’t seen that studied.
Right, but if they indeed also failed to pay other debts, their credit would be bad at the time of application...
The point was that if they look the same at the time of application the credit risk is greater than for Asians or whites.
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