edthecynic
Censored for Cynicism
- Oct 20, 2008
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Their "lack of qualification" was their skin color, not their creditworthiness.Bullshit!
"Under served applicants" were QUALIFIED MINORITIES, as you well know, but to RACISTS no minority is ever qualified, they are all "deadbeats" with bad credit. If you remember the banks got "stung" when a newspaper sent minority couples to banks for a loan, who were rejected, and then sent white couples with the EXACT SAME PAPERWORK with only the name changed and every white couple got the loan.
Again people with bad credit were not allowed no downpayment loans until Bush's ADDI was passed in Dec 2003. Bush owns the housing market crash.
Wrong, they weren't qualified. The banks already gave mortgages to qualified applicants. To meet the requirements imposed on them by the regulators, banks had to give mortgages to people with bad credit. that's the meaning of the term "under served applicant." Anyone who denies it is simply a damn liar.
Again that's bullshit, as the newspaper sting proved. They sent black couples and white couples to the same bank to buy the same house in a white neighborhood with the exact same paperwork and none of the black couples got the loan and every white couple got the loan.
As if you ever prove anything you post.Prove it.
What We Know About Mortgage Lending Discrimination in America | HUD USER
Discrimination can begin at the early stages of the mortgage lending process, including pre-application inquiries by would-be borrowers. The Urban Institute findings were based in part on "paired testing" that was carried out by people of different racial and ethnic backgrounds in a sample of cities. Each group of testers - including one white and one or more minorities - told lenders they had similar credit histories, incomes and financial histories, and had the same type of mortgage needs. The testing found that overall, minorities were less likely to receive information about loan products, received less time and information from loan officers, and were quoted higher interest rates in most of the cities where tests were conducted.
At later stages of the process, racial disparities in loan denial rates cannot be "explained away" by differences in creditworthiness or by technical factors affecting the analyses of denial rates.