These people NEVER mention defaut rates though.
FACT - If "miniorities" were being discriminated against in getting mortgages, they would have a lower default rate than whites.
FACT - "Minorities" have a much higher default rate than whites, indicating that whites are being discriminated against.
Why does 12% of the population commit over 50% of the murders and violent crimes?
Same financials?
Black mortgage applicants are screwed over more often by black loan officers.
Debt to Income ratio. Credit score. Job status. That’s all they need to know. If anything, banks bend over backwards to give loans to blacks simply because of these idiotic articles.
Sometimes, people who can’t pay their phone bills & credit card bills timely, or at all, will have difficulty making mortgage payments.
https://www.youtube.com/watch?v=GkAtUq0OJ68
Here is audio of a Bush speech, just a couple years prior to the housing crash, where Bush demanded home-loans for totally unqualified minorities.
That may be true, but most likely the reason has nothing to do with race, but with their income and credit rating, which is what is used to decide whether to approve an applicant for mortgage.
Everybody gets a House- George Bush!
It already cost this country something like 5 TRILLION DOLLARS to bail out the ‘system’ from the last time we attempted to have ‘equity’.
How about something different? A PRE-SCREENING. If the applicant is a TOTAL LOSER, as is the case of most of the rejections, regardless of skin color, then don’t even process the application...and then it never shows up.
I’m a part time realtor. This article is garbage. People are rejected because of their finances, plain and simple. First they complain because they get loans to easy “predator lending.” Now the complaint is they can’t get loans and are being discriminated against.
Here we go again. Community Reinvestment Act part two...
Nowadays you seldom even meet a Mortgage Broker in person. Everything is done over the phone and online.
I doubt seriously that any financial institution would deny a loan on the basis of color. If you have a history of defaulting on loans or bills you will more than likely be turned down more than some one who pays their bills!!!
ONE QUESTION THOUGH:
I have never been asked once to state my race on a mortgage application...and I doubt ANYONE has in the past 30 years.
So that leads to the obvious question: If the people reviewing and processing the applications do not know the skin color of the applicants, then how can they be discriminating against the ones who are black?
And therefore, since they’re NOT discriminating, why is this even news?
Look up your default rates according to race and you'll have your answer as to WHY certain races are discriminated against.
They played this card in the early 90s, and by 2008 it had worked it’s magic.
Leftists, are never ones to learn from history.
Your post made me ask .. haven’t we been here before - with a disastrous outcome?
So I went searching and came across an old FR post with some links that might be relevant:
http://freerepublic.com/focus/f-news/2101121/posts
This very same issue is raised every year or so, like clockwork. Mortgage lenders care about only one thing — being repaid, reliably, with a bit of interest tacked on. Black borrowers simply don’t do this — repay — as reliably as white borrowers. Nothing more, nothing less.
I read a fascinating study several years back comparing married black couples to married white couples. Same upper middle class income, same educational background. The black couples had significantly fewer assets — less savings, less investment, less home equity, etc. The black couples simply spend a much higher percentage of their income immediately on restaurants, cars, clothes, jewelry, vacations, etc. So despite having the same high income, they had very little to show for it other than bling and credit card debt.
Well, the obvious solution is to change the criteria. Just as they did for college admissions. Also, charge Whitey more and give that money to non-Whitey, just as they do for college tuition.
This is a recurring front in the playing of the race card. It was used by the left and Obama to fund lefty NGOs and extreme activist groups with consent decrees and settlements.