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Old 09-29-2008, 01:59 PM
j33
 
4,626 posts, read 14,056,942 times
Reputation: 1719

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Quote:
Originally Posted by dixiegirl7 View Post
"redlining" and "steering" are both now illegal practices, just to be clear. Also, subprime and variable rate mortgages were not just limited to minorities.
A lot of things are illegal, yet they still happen. Just because something is illegal, doesn't mean that it doesn't happen, otherwise I wouldn't have had my car (RIP) broken into so many times now would I?
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Old 09-29-2008, 02:10 PM
 
Location: San Diego
50,125 posts, read 46,734,976 times
Reputation: 33962
Quote:
Originally Posted by reconmark View Post
Your'e sadly naive. If I want to target blacks or other minorities for sub prime or even conventional mortgages with higher fees I don't have to ask their race to know they are black. I can look at urban areas such as detroit mi or highland park mi and automatically know that 90% of those applicants will be minorities. Have I ever heard of the fair housing act,please. Why do you think that act was established in the first place, it was because qualifed minorities were being denied loans and mortgages simply due to their race and no other reason.
Have your "professional" relatives and friends ever heard of red lining, block busting, housing covenants or deed restrictions.

I'm not trying to be sarcastic but you are attempting to tell me something about the history of my race and their experiences in this area from the perspective of one who will never experience it and therefore denies it exists.
It may no longer be as blatant but like most of these type of practices, it just finds a sneakier way to assert itself.

History of Fair Housing - HUD

Racial Restrictive Covenants

Minorities pay more for mortgages, studies find.

Minority Report - Loans, Mortgages And Banking, Lenders, Economic Conditions - Builder Magazine

You would trust data from a home made data source?
The Washington-based Mortgage Bankers Association questions the author's methodology. “We looked at [the report], and we don't have access to their data, so we haven't been able to replicate their methodology,” says Mike Fratantoni, a senior economist with the association.
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Old 09-29-2008, 02:33 PM
 
Location: Metro-Detroit area
4,050 posts, read 3,951,190 times
Reputation: 2107
Quote:
Originally Posted by 1AngryTaxPayer View Post
You would trust data from a home made data source?
The Washington-based Mortgage Bankers Association questions the author's methodology. “We looked at [the report], and we don't have access to their data, so we haven't been able to replicate their methodology,” says Mike Fratantoni, a senior economist with the association.
You can mince and dice it up anyway you want that dosen't make it a lie.
One problem I see when discussing issues of race on this board is that many people will look at a source and say "look here,it dosen't EXACTLY say what you were saying so therefore it's all untrue".
Fine so be it, let's go with your line of reasoning.
There's no such thing as institutional racism, prejudice, jim crow, red lining, block busting, etc. It's just lies blacks make up in order to explain why home ownership, mortgages, and other financial matters show such disparity.
No you should feel better, I'm on your side. The whole issue is just a figment of black people's imaginations.
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