Bank of America to pay 1/3 billion over racial discrimination in mortgage lending

[momonkey]

Originally Posted by Motion

We can see the need for people knowing how to negotiate but you still can't overlook that Black-Americans and Latinos were delibertly steered into subprime loans which led to the financial meltdown. Most of the blame needs to be put on Countrywide for this predatory lending.

Lots of white people were steered to subprime loans and said "no thank you".

It would seem lots of blacks and Latinos did not.

No racist banking conspiracy here.

Just a lot of bad decision making.

[EdwardA]

I used to sell home equity loans and mortgages in NYC. I didn't underwrite the loans that was done in the Midwest. We were required by law to obtain the race of each applicant but that information was separated from the credit decision application. So I've always wondered how and where in the process discrimination occurred.

[stick2dascript]

Originally Posted by momonkey

Lots of white people were steered to subprime loans and said "no thank you".

It would seem lots of blacks and Latinos did not.

No racist banking conspiracy here.

Just a lot of bad decision making.

Not really

You probably wouldn't even try that with whites, since you assume they no better.

You'd make a killing doing it to minorities...especially if they aren't as educated...

You're targeting a group people and making alot of money off them and you're not telling them all the facts...

This is a small win imo but this happens pretty much everyday to minorities, it needs to be addressed more.

[stick2dascript]

Originally Posted by Majin

You must have not read the report.

Blacks with good credit who made 100k/year were given higher interest rates and more fees than whites with bad credit that made 30k/year.

This

[evilnewbie]

Unfortunately they don't shop around... I receive many offers of high interest rates from multiple companies and all I told them over the phone was that my name was ______. It was a rarity that I got a low interest rate loan and had nothing to do with my race unless you can see my race over a phone line... I didn't have an accent either... if they think they can rip you off, they will try but money is money and getting the deal is better than losing money...