Leaving words out to make some point that wasn't relevant is... but you know this. I specifically said I had no credit card debt. You deceptively edited the statement to make it sound like I said I had no credit cards. I'm not even sure why you felt a need to be dishonest.
I went back and read your post, you did say debt, there do you feel better now?
Bullshit. This is the lie your corrupt industry told, but it isn't true. The meltdown did not happen because poor people were buying modest housing. The meltdown happened because the realtors and the banks were selling McMansions to middle class white people who couldn't afford them, getting them to load up on debt they couldn't afford, on the hope they could turn a quick profit.
I live in an area where they were throwing up a McMansion on just about every vacant lot for a while... until the market crashed, and you had poor people squatting in those McMansions and some of them were left half finished for years before work started on them again.
But blame poor people for what the bankers and realtors did. Yup.
Joe I have always known you were a BLEEDING HEART LIBERAL, you have no understanding of the laws when it comes to buying and selling real estate. There's a little law called the Equal Housing Act, meaning you cannot tell a potential buyer not to use a FHA DPA loan ( Federal Housing Administration Down Payment Assistance) or what home they should buy, this is a federally secured loan, has nothing to do with private banking, but I almost forgot your socialist / communist agenda. This loan allowed a buyer to roll in their down payment and closing cost, effectively they had no equity at risk, buyers who have equity at risk tend to find a way to pay their mortgage on time so they don't lose their assets. Buyers who have $500 to $1,000 at risk do not seem to care as much. My company has an excellent reputation and has followed the laws to a tee, after the 2008 Mortgage Meltdown we didn't lay off 1 employee, we ran our business conservatively and kept our staff employed, not to many businesses can say this. All of these high risk loans were signed off under the watchful eye of our US Congress, the Clinton administration created FHA DPA and was in office when Glass-Stegall was repealed, look it up...
Glass–Steagall legislation - Wikipedia
Oh, quite the contrary, the process in 2004 was a LOT easier. In 2004, I did have credit card debt, no equity in a current property, a lower credit score (but still good) and got approved pretty quickly. I was able to get a VA loan with no money down. Flash forward to 2021, where I came up with 10% down, had no credit card debt, an impending payout on my previous property. My salary was a lot higher, plus I had a whole second stream of income from a side business. My credit score was considered "pristine". And yet I had to fill out a LOT more paperwork to get a loan, and it was a lot less than $450K.
The point was, the bank hired an appraiser that lowballed their property for no other reason than they were black. When they hired a white friend to stand if for them, low and behold, the property suddenly became worth $300K more!
The underwriting guidelines didn't change for your VA loan during this time frame, the only things that have changed for the veteran is very minor, the Funding Fee has been adjusted maybe once in the last 30 years, it's the easiest loan to get for a veteran, high DTI and Zero MI, doesn't take a rocket scientist to figure this out. In Texas our legislatures voted to reduce their property taxes up to 100% depending on their disability. Same loan guidelines today, what Obama created was the CFPB, they changed the settlement statement or what was called the HUD-1 to what is used today, a CD. Todays CD (Closing Disclosure) is very easy to understand, spells it out for the disadvantaged. You have no real understanding of how the appraisal works, the lender / mortgage company has no direct contact with the appraiser, ZERO, there is a Appraisal Management firm between the 2 entities today, has been this way for over a decade. The appraiser is on their own and will evaluate a property differently than the next one, $300,000 is ridiculous, but this happens more than you have a clue. Loan Depot is in the business of refinancing or doing new loans, it does them no good for this to happen, but you would have to look at this objectively to have a clue...instead you want to find the racism in any and everything you possibly can, because you yourself are a bigot hiding behind your socialist / communist agenda...
Ah, the cry of the bigot, "Some of my best friends are ######!" I did read the full article. Actually, I've read several versions of the article, and they all said the same thing.
See above, you are the rumor monger, spread lies of hate, there are millions like you, everyone knows who you are...
Only after they had to scream bloody murder about the misconduct.
You see, the thing is, when black people are treated EXACTLY the same as white people by banks, law enforcement, etc. THEN we will have solved the race problem.
Not before.
The real question is did they get to refinance their home? Yes they did, and benefited no matter what their ethnicity is, but you can't see this because you will always spread the rumor of hate, you can't help yourself...
