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Obama's Justice Dept accused Ally Bank of being racists by giving blacks a higher interest rate. However, there is something seriously wrong with Mr. Hope and Change's Dept...
#1 The Government admit to guessing the ethnicity of buyers based on the cities they live in - as Ally collected no racial data.
And this is the kicker ---
#2 Interest rates are determined by a number of things like credit score, down payment, household debt/assets, other key risk factors....They didn't look at those things. How can you cry racism when you don't look at the credit worthiness of individuals? The Gov. admits that they didn't cross reference the people that they guessed were black with those that they guessed were white with the same situation (credit score, down payment, etc)
This is Obama's America - you are a racist with no real evidence so give us a fine or have your good name rolled through the mud in a protracted legal battle. If Ally had it to do over again, I am sure they would have just donated to Organizing for Action and been rewarded.
When I was a realtor I had clients fill out a form and took it to a loan officer. She would tell me John Smith's interest rate without enquiring as to his race.
Obama's Justice Dept accused Ally Bank of being racists by giving blacks a higher interest rate. However, there is something seriously wrong with Mr. Hope and Change's Dept...
#1 The Government admit to guessing the ethnicity of buyers based on the cities they live in - as Ally collected no racial data.
And this is the kicker ---
#2 Interest rates are determined by a number of things like credit score, down payment, household debt/assets, other key risk factors....They didn't look at those things. How can you cry racism when you don't look at the credit worthiness of individuals? The Gov. admits that they didn't cross reference the people that they guessed were black with those that they guessed were white with the same situation (credit score, down payment, etc)
This is Obama's America - you are a racist with no real evidence so give us a fine or have your good name rolled through the mud in a protracted legal battle. If Ally had it to do over again, I am sure they would have just donated to Organizing for Action and been rewarded.
Niether your first nor second contentions are as claimed in the article. You have taken extream creative licence in making you points. That author himself takes snipets of quotes and even single quoted words to make his case against DoJ's actions.
So little actual information presented to make a claim against the DoJ's procedure...isnt that what you and the author are claimming was done by the DoJ?
Niether your first nor second contentions are as claimed in the article. You have taken extream creative licence in making you points. That author himself takes snipets of quotes and even single quoted words to make his case against DoJ's actions.
So little actual information presented to make a claim against the DoJ's procedure...isnt that what you and the author are claimming was done by the DoJ?
Look. Obama's DOJ has a history of "injustice." Holder is probably the most corrupt AG in US history.
Niether your first nor second contentions are as claimed in the article. You have taken extream creative licence in making you points. That author himself takes snipets of quotes and even single quoted words to make his case against DoJ's actions.
So little actual information presented to make a claim against the DoJ's procedure...isnt that what you and the author are claimming was done by the DoJ?
True or false...
#1 The DoJ is guessing, albeit an educated guess, about the race of the alleged victims.
#2 The DoJ did not factor in credit score, down payments, etc when determining victim-hood.
#1 The DoJ is guessing, albeit an educated guess, about the race of the alleged victims.
#2 The DoJ did not factor in credit score, down payments, etc when determining victim-hood.
Basically not true.
The gov used name and geography to estimate minority participants.
The number that appeared discriminatory was the auto dealer markup. The underlying rate charged by Ally was not under discussion...it was the markup of that rate by the auto dealer. Basically the gov claimed that dealers working minorities used a higher markup than dealers used with non-hispanic whites.
Niether your first nor second contentions are as claimed in the article. You have taken extream creative licence in making you points. That author himself takes snipets of quotes and even single quoted words to make his case against DoJ's actions.
So little actual information presented to make a claim against the DoJ's procedure...isnt that what you and the author are claimming was done by the DoJ?
This is from a Washington Post article ---
"The investigation into Ally’s loan practices involved a statistical analysis of the surnames of 800,000 auto loan customers, since auto loan data are not collected by race. The surnames were linked to race through a technique widely used by social scientists, according to the government complaint."
Surnames to determine who's black, Hispanic, Asian, white ? That takes discrimination beyond 'disparate impact' to guesswork. What next, how high someone can jump or the tone of voice ? [Pardon me if that implies stereotyping.]
"The investigation into Ally’s loan practices involved a statistical analysis of the surnames of 800,000 auto loan customers, since auto loan data are not collected by race. The surnames were linked to race through a technique widely used by social scientists, according to the government complaint."
Surnames to determine who's black, Hispanic, Asian, white ? That takes discrimination beyond 'disparate impact' to guesswork. What next, how high someone can jump or the tone of voice ? [Pardon me if that implies stereotyping.]
The technique uses surnames and location together. I would expect its error rate is known.
Banks can avoid this situation by publishing interest rates vs credit score and apply them to everybody. They should simply say these are our rates if this is your credit score. If your credit score is below this, you get no loan and go up from there.
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