NAACP: Bank Giants Steered Blacks to Bad Loans

[driveby]

That's the beauty of a non-monopoly, free market. If one bank has a high interest rate, get quotes from one, two, six more. Or are you gonna make some ridiculous claim that there is a conspiracy in which ALL banks give blacks these higher rates? If so, do you have a legit source that says so or are you just a sellout ?

You must be on dope or dog food, this is exactly the evil of capitalism. Mortgage discrimination and redlining are not beautiful things.

Your nappy weave must be too tight, credit requirements were loosened up to give minorities MORE opportunities for home ownership, not less. Also, with free market capitalism, mortgage lenders COMPETE for your business. Why not find black lenders if you think there is so much discrimination ? I'll tell you why, because when your credit score is 500, you're not getting a 5% loan, it doesn't matter who the lender is. White folks ain't getting those loan either, no matter what your whack ass source says........

 

[driveby]

I love it: If banks don't lend to blacks because their credit stinks (and it usually does), they're racist. If they DO lend to blacks, they're racist because they fooled the poor blacks into taking a loan.

Apparently you're hard of reading, 40% of those blacks who were steeredinto subprime loans had good credit, those blacks weren't forced into subprime loans because of stinky credit, it was because of mortgage discrimination. Forcing people who have good credit into subprime loans because of mortgage discrimination is ripping them off, its all about greed and that greed is what has taxpayers footing the bill via bailout funds to these same damn greedy companies.

They tried to steer me into a sub prime loan, i simply said "no". What the fuck is so hard about that ?

 

[KittenKoder]

I love it: If banks don't lend to blacks because their credit stinks (and it usually does), they're racist. If they DO lend to blacks, they're racist because they fooled the poor blacks into taking a loan.

Apparently you're hard of reading, 40% of those blacks who were steeredinto subprime loans had good credit, those blacks weren't forced into subprime loans because of stinky credit, it was because of mortgage discrimination. Forcing people who have good credit into subprime loans because of mortgage discrimination is ripping them off, its all about greed and that greed is what has taxpayers footing the bill via bailout funds to these same damn greedy companies.

They tried to steer me into a sub prime loan, i simply said "no". What the fuck is so hard about that ?

Same here ... the sad thing, I wasn't even looking for a loan.

 

[driveby]

Apparently you're hard of reading, 40% of those blacks who were steeredinto subprime loans had good credit, those blacks weren't forced into subprime loans because of stinky credit, it was because of mortgage discrimination. Forcing people who have good credit into subprime loans because of mortgage discrimination is ripping them off, its all about greed and that greed is what has taxpayers footing the bill via bailout funds to these same damn greedy companies.

They tried to steer me into a sub prime loan, i simply said "no". What the fuck is so hard about that ?

Same here ... the sad thing, I wasn't even looking for a loan.

Yep, sad. Bass is still full of shit though........

 

[KittenKoder]

They tried to steer me into a sub prime loan, i simply said "no". What the fuck is so hard about that ?

Same here ... the sad thing, I wasn't even looking for a loan.

Yep, sad. Bass is still full of shit though........

The irony ... I am pale as hell!

Bass is always full of shit.

 

[B94]

Hey Bass, I’ve got a great deal on a loan for you at 20% interest per year.
How do I force you to take it?

 

[Mad Scientist]

NEWSFLASH! "NAACP BLAMES WHITEY YET AGAIN!"

Bass, I think you're gonna' have to change yer' sig from "Simply the Best Ever" to "Simply Too Stupid To Read Mortgage Paperwork".

 

[BrokenAngel]

BlackNews.com - Report Details Challenges Facing Black Women

"This is systematic, institutionalized racism," Tighe said. "Once you take out factors relative to income and credit risk, the only difference between the borrowers is the color of their skin."

Tighe estimated that "tens of thousands" of blacks had been forced into bad loans, but said it was difficult to gauge the scope of the problem because banks keep much of their internal data private. The lawsuits could force banks to divulge closely guarded information, such as how banks can determine the race of a loan applicant and how federal bailout funds are being spent.

The NAACP is seeking reforms from the banks such as increased transparency in the loan process, educational outreach and internal training.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.

Once you ignore their credit and income. Hmmm.. sounds like the two major things banks would base a loan off of. The only thing I see that is a travesty in this article is that the NAACP will win and will force banks to begin disclosing information about who they give loans to, how those loans are given, and who has what loans currently.

I don't know about any of you but I don't exactly want my personal banking information to be given out to a racist and radical group that is merely looking for another loophole in the system. If this were truly just race I would be behind Jackson and Sharpton but it is not. This is using race as a foothold for a different agenda and I have zero respect for these charlatans.

 

[elvis]

Another whine from the ASS.

 

[Bass v 2.0]

That's the beauty of a non-monopoly, free market. If one bank has a high interest rate, get quotes from one, two, six more. Or are you gonna make some ridiculous claim that there is a conspiracy in which ALL banks give blacks these higher rates? If so, do you have a legit source that says so or are you just a sellout ?

You must be on dope or dog food, this is exactly the evil of capitalism. Mortgage discrimination and redlining are not beautiful things.

Your nappy weave must be too tight, credit requirements were loosened up to give minorities MORE opportunities for home ownership, not less. Also, with free market capitalism, mortgage lenders COMPETE for your business. Why not find black lenders if you think there is so much discrimination ? I'll tell you why, because when your credit score is 500, you're not getting a 5% loan, it doesn't matter who the lender is. White folks ain't getting those loan either, no matter what your whack ass source says........

You idiots are hard of reading, go back and read the definition of mortgage discrimination you idiot, when banks keep denying people loans based on color what do think will happen, they're more likely to take a bad deal. In the case of blacks, 40% of them who took subprime loans had good credit, you jackasses are always avoiding the obvious racism of your own people and blaming the victims as the fault.

 

[Bass v 2.0]

I love it: If banks don't lend to blacks because their credit stinks (and it usually does), they're racist. If they DO lend to blacks, they're racist because they fooled the poor blacks into taking a loan.

Apparently you're hard of reading, 40% of those blacks who were steeredinto subprime loans had good credit, those blacks weren't forced into subprime loans because of stinky credit, it was because of mortgage discrimination. Forcing people who have good credit into subprime loans because of mortgage discrimination is ripping them off, its all about greed and that greed is what has taxpayers footing the bill via bailout funds to these same damn greedy companies.

They tried to steer me into a sub prime loan, i simply said "no". What the fuck is so hard about that ?

Apparently you silly crackers don't under the process of steering.

 

[BrokenAngel]

You must be on dope or dog food, this is exactly the evil of capitalism. Mortgage discrimination and redlining are not beautiful things.

Your nappy weave must be too tight, credit requirements were loosened up to give minorities MORE opportunities for home ownership, not less. Also, with free market capitalism, mortgage lenders COMPETE for your business. Why not find black lenders if you think there is so much discrimination ? I'll tell you why, because when your credit score is 500, you're not getting a 5% loan, it doesn't matter who the lender is. White folks ain't getting those loan either, no matter what your whack ass source says........

You idiots are hard of reading, go back and read the definition of mortgage discrimination you idiot, when banks keep denying people loans based on color what do think will happen, they're more likely to take a bad deal. In the case of blacks, 40% of them who took subprime loans had good credit, you jackasses are always avoiding the obvious racism of your own people and blaming the victims as the fault.

In order to say the banks are racist you need to get the figures on what percentages of whites had similar loans. For your argument to gain validity, quote the figures from a site that isn't "Black only" please. If you can back up your initial argument with more than just one article written on a site called "BlackNews.com" more people might be willing to listen to you.

The NAACP has become a steam rolling group of media whores who don't seem to have anyone's best interests in mind. They just want to promote people being lazy and they seem to want to promote the degradation of the race they claim to love.

 

[Bass v 2.0]

In order to say the banks are racist you need to get the figures on what percentages of whites had similar loans. For your argument to gain validity, quote the figures from a site that isn't "Black only" please. If you can back up your initial argument with more than just one article written on a site called "BlackNews.com" more people might be willing to listen to you.

Go to this website and you can do a search yourself, the information is publc


FFIEC Home Mortgage Disclosure Act

The NAACP has become a steam rolling group of media whores who don't seem to have anyone's best interests in mind. They just want to promote people being lazy and they seem to want to promote the degradation of the race they claim to love.

BS, its the media that are the black man's worst enemy with all their negative all portrayal of black people and making whites look like the good people. The NAACP doesn't promote laziness, can't see any evidence of that, what a jackass of a statement.

 

[KittenKoder]

In order to say the banks are racist you need to get the figures on what percentages of whites had similar loans. For your argument to gain validity, quote the figures from a site that isn't "Black only" please. If you can back up your initial argument with more than just one article written on a site called "BlackNews.com" more people might be willing to listen to you.

Go to this website and you can do a search yourself, the information is publc


FFIEC Home Mortgage Disclosure Act

The NAACP has become a steam rolling group of media whores who don't seem to have anyone's best interests in mind. They just want to promote people being lazy and they seem to want to promote the degradation of the race they claim to love.

BS, its the media that are the black man's worst enemy with all their negative all portrayal of black people and making whites look like the good people. The NAACP doesn't promote laziness, can't see any evidence of that, what a jackass of a statement.

So ... giving people everything they want without them having to work for it like the rest of us, rewarding them for not thinking and telling them "it's not your fault", and giving them extra rights just because they are different while expecting us all to pay for it ... hell, sounds like a good plan, so when do the gays get all this to?

 

[Bass v 2.0]

So ... giving people everything they want without them having to work for it like the rest of us, rewarding them for not thinking and telling them "it's not your fault", and giving them extra rights just because they are different while expecting us all to pay for it ... hell, sounds like a good plan, so when do the gays get all this to?

If black people are/were getting rewarded so damn much at not orking hard for it we should be filthy rich, but guess what, that isn't the case jackass, loans and mortgages have not been made easier for black people, ever heard of redlining? If not for redlining black neighborhoods would not have decayed so much and terribly.

 

[KittenKoder]

So ... giving people everything they want without them having to work for it like the rest of us, rewarding them for not thinking and telling them "it's not your fault", and giving them extra rights just because they are different while expecting us all to pay for it ... hell, sounds like a good plan, so when do the gays get all this to?

If black people are/were getting rewarded so damn much at not orking hard for it we should be filthy rich, but guess what, that isn't the case jackass, loans and mortgages have not been made easier for black people, ever heard of redlining? If not for redlining black neighborhoods would not have decayed so much and terribly.

Hmm ... really? So all welfare recipients who don't want to work because they are "being oppressed" by the majority of people who do want to earn their way are not being rewarded ...

Neighborhoods decay because the people who live there do nothing to maintain them, not because of those who don't live there. Why not take the time to actually think about this shit before trying to use it.

The loans have been made too easy for anyone not wanting or unable to pay it back, not just for black people but everyone, you are so racist you can't see that this was aimed at ALL poor people, and that the policy was wrong for one reason: it forced banks to loan to anyone, even risky borrowers, thus why they had to charge higher interests. Too many people want to live beyond their means, and anyone who takes any loan they can't pay back deserves no less than jail, period. Black or white. These people who took money they don't have and didn't pay it back are one of the main reasons our economy tanked so badly in the first place.

 

[Bass v 2.0]

Hmm ... really? So all welfare recipients who don't want to work because they are "being oppressed" by the majority of people who do want to earn their way are not being rewarded ...

people of color aren't the only ones who receive welfare and this hasn't to do with the topic because welfare recipients are not the ones primarily affected by mortgage discrimination and subprime lending. This is one of the most disgusting stereotypes ever perpetuated, people on welfare do want to work and make more money, not sit at home with and receive the little money they get from the government.

The main ones who are getting money for doing nothing, being failures, etc are the rich people who are ripping taxpayers off with these bonuses and they're the ones who are really living it up, not the poor who receive welfare, but hey, lets bash the poor people on welfare, its what we've been conditioned to do because we've been taught that such people are worthless.

Neighborhoods decay because the people who live there do nothing to maintain them, not because of those who don't live there. Why not take the time to actually think about this shit before trying to use it.

They decay because people are denied loans to improve the neighborhoods you idiot, ever heard of redlining? redlining played a big part in that, but off course, lets the blame those hapless, criminal, inferior Negroes for not doing anything as well as having a destructive mentality to destroy everything they touch, because we've bee conditioned to think that they're worthless inferior people, right? lets ignore that the same banks that redlined black neighborhoods routinely granted white neighborhoods the loans that keep their areas looking better.

The loans have been made too easy for anyone not wanting or unable to pay it back, not just for black people but everyone, you are so racist you can't see that this was aimed at ALL poor people, and that the policy was wrong for one reason: it forced banks to loan to anyone, even risky borrowers, thus why they had to charge higher interests. Too many people want to live beyond their means, and anyone who takes any loan they can't pay back deserves no less than jail, period. Black or white. These people who took money they don't have and didn't pay it back are one of the main reasons our economy tanked so badly in the first place.

These subprime loans were disproportionately targeted at minorities you idiot and the loans weren't made easier to help these people, its to rip them off and suck money from them, have a read idiot:

Predatory Lending: Redlining in Reverse

The proverbial American dream of owning a home has become an all-too-real nightmare for a growing number of families. Take the case of Florence McKnight, an 84-year-old Rochester widow who, while heavily sedated in a hospital bed, signed a $50,000 loan secured by her home for only $10,000 in new windows and other home repairs. The terms of the loan called for $72,000 in payments over 15 years, after which she would still owe a $40,000 one-time payment. Her home is now in foreclosure.

Unfortunately, this is not an isolated incident. Predatory lending has emerged as the most salient public policy issue in financial services today. If progress has been made to increase access to capital for racial minorities, low-income families and economically distressed communities, that progress has always come with great struggle. And it appears there are few, if any, permanent victories. The emergence of predatory lending practices demonstrates that the struggle against redlining has not been won, but has simply taken some new turns.

After decades of redlining practices that starved many urban communities for credit and denied loans to racial minorities, today a growing number of financial institutions are flooding these same markets with exploitative loan products that drain residents of their wealth. Such “reverse redlining” may be as problematic for minority families and older urban neighborhoods as has been the withdrawal of conventional financial services. Instead of contributing to homeownership and community development, predatory lending practices strip the equity homeowners have struggled to build and deplete the wealth of those communities for the enrichment of distant financial services firms.

Here are some numbers to illustrate the extent of the problem: The Joint Center for Housing Studies at Harvard University reported that mortgage companies specializing in subprime loans increased their share of home purchase mortgage loans from 1 to 13 percent between 1993 and 2000. Economists at the Office of Federal Housing Enterprise Oversight found that subprime loans are concentrated in neighborhoods with high unemployment rates and declining housing values. Almost 20 percent of refinance loans to borrowers earning less than 60 percent of area median income in 2002 were made by subprime lenders, compared to just over 7 percent for borrowers earning 120 percent of median income or higher, according to research by the Association of Community Organizations for Reform Now (ACORN). The Center for Community Change reported that African Americans are three times as likely as whites to finance their homes with subprime loans; this is true even between upper-income blacks and whites. The Joint Center for Housing Studies has also revealed that race continues to be a factor in the distribution of subprime loans after other individual and neighborhood factors are taken into consideration.

 

[KittenKoder]

Aaah .. but welfare has more to do with this than you seem to realize. The only reason that the risky borrowers were capable of getting a loan at all (black or white) was because of a bill passed to force banks to give these loans. Your short sightedness is showing again. Of the people who do get welfare it's about even, between black and white. If you are also referring to AIG morons, then you don't understand what the difference between rich and poor is at all.

But all that aside, you are still wanting to reward morons for not saying "no" to loans they can't afford, and by making it sound like it's only blacks who did this you are calling black people morons or thieves. So far everything you post only demonstrates that they shouldn't have been allowed a loan in the first place because they either wanted to steal the money or were too stupid to understand even simple economics.

 

[Bass v 2.0]

Aaah .. but welfare has more to do with this than you seem to realize. The only reason that the risky borrowers were capable of getting a loan at all (black or white) was because of a bill passed to force banks to give these loans. Your short sightedness is showing again. Of the people who do get welfare it's about even, between black and white. If you are also referring to AIG morons, then you don't understand what the difference between rich and poor is at all.

But all that aside, you are still wanting to reward morons for not saying "no" to loans they can't afford, and by making it sound like it's only blacks who did this you are calling black people morons or thieves. So far everything you post only demonstrates that they shouldn't have been allowed a loan in the first place because they either wanted to steal the money or were too stupid to understand even simple economics.

Responding to you is feeding the troll obviously, the rich ripping off those who are far less wealthy than them is far more worse than poor people getting welfare, the poor need assistance, these greedy rich people don't need anything yet its the poor that gets the most negative attention and only now the rich greedy people are getting some. Its been this way for years and no the blacks who took subprime loans are not the greedy ones you incoherent jackass, its not a case of taking the money and running, they are the ones losing out and being trapped in debt, its the lenders who are the greedy ones, they do crap like this:


Predatory Lending: Redlining in Reverse

There are no precise quantitative estimates of the extent of predatory lending. But the growth of subprime lending (higher cost loans to borrowers with blemishes on their credit records) in recent years, coupled with growing law enforcement activity in this area, clearly indicates a surge in a range of exploitative practices. Not all subprime loans are predatory, but virtually all predatory loans are subprime. Some subprime loans certainly benefit high-risk borrowers who would not qualify for conventional, prime loans. Predatory loans, however, charge higher rates and fees than warranted by the risk, trapping homeowners in unaffordable debt and often costing them their homes and life savings. Examples of predatory practices include:

*Balloon payments that require borrowers to pay off the entire balance of a loan by making a substantial payment after a period of time during which they have been making regular monthly payments;

*Required single premium credit life insurance, where the borrower must pay the entire annual premium at the beginning of the policy period rather than in monthly or quarterly payments. (With this cost folded into the loan, the total costs, including interest payments, are higher throughout the life of the loan);

*Homeowners insurance where the lender requires the borrower to pay for a policy selected by the lender;

*High pre-payment penalties that trap borrowers in the loans;

*Fees for services that may or may not actually be provided;

*Loans based on the value of the property with no regard for the borrower’s ability to make payments;

*Loan flipping, whereby lenders use deceptive and high-pressure tactics resulting in the frequent refinancing of loans with additional fees added each time;

*Negatively amortized loans and loans for more than the value of the home, which result in the borrower owing more money at the end of the loan period than when they started making payments.

 

[KittenKoder]

If I was black I'd be pissed off at you for calling blacks thieves and idiots ... really.

No one told me we had to take loans offered us ... damn, I got away with turning down several, maybe I should go turn myself in for not taking money I didn't earn.