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Racially discriminatory mortgage lending practices are a fairly well-documented problem.
A study of mortgages leading up to the housing bubble burst as well as analysis of the homeowners most affected by the subprime mortgage crisis showed that middle income black and hispanic homebuyers were offered subprime mortgages at a much higher rate than even low-income whites. Even with good credit and income history.
Redlining has been an issue for a while, as well as partial redlining.
Analysis of mortgage underwriting in several major banks, such within Wells Fargo, showed that associates were actually falsifying data on mortgage applications to the detriment of black and hispanic homebuyers. For instance, if an applicant had excellent credit, the application would be sent with someone else's credit report information that wasn't as good. There were documented cases where people with verified income statements and years of tax returns and W2's had their applications sent to an underwriter with "No Verifiable Income" on it.
The Justice Department reviewed the data and found substantial proof that black and hispanic home-buyers were charged substantially higher fees and interest rates. They were also steered into subprime loans at much higher rates than similarly creditworthy white home-buyers.
And we're not talking about stuff from decades ago. Here are some links directly from the Justice Department:
Racially discriminatory mortgage lending practices are a fairly well-documented problem.
A study of mortgages leading up to the housing bubble burst as well as analysis of the homeowners most affected by the subprime mortgage crisis showed that middle income black and hispanic homebuyers were offered subprime mortgages at a much higher rate than even low-income whites. Even with good credit and income history.
I'm not buying that. From a different source:
Quote:
"In 1994, manual underwriters rated 51 percent of minority borrowers in this sample as accept. Today’s [year 2001] Loan Prospector [Fannie's and Freddie's automated underwriting system], however, would rate 79 percent of these minority borrowers as accept, as shown in Exhibit 4."
Considering blacks almost have twice of the default rate, no kidding it's difficult for them to get loans.
Are their defaults, like their murders, caused by institutionalized racism? Otherwise, we can't explain anything.
Yeah, but did you notice that Fannie's and Freddie's automated underwriting system was over-approving their loan applications by 55% by the year 2001?
And then they defaulted at much higher rates, a point you've already covered.
Many of those defaulters never should have been approved for mortgage loans in the first place. Fannie's and Freddie's automated underwriting system screwed up, BIG time.
Considering blacks almost have twice of the default rate, no kidding it's difficult for them to get loans.
Are their defaults, like their murders, caused by institutionalized racism? Otherwise, we can't explain anything.
Are you from the "black inferiorist" school of thought? Probably on the deans list. Try debating with some courage and just come out and saying that is what you believe. You believe that the inferior condition of blacks is rooted in the racially inferior nature of blacks, notwithstanding all the negative things done to black people by white society. You see those things society did as being non consequential.....and hence excuses to deflect from the real cause....which you see as black inferiority.
Whats sad is not that you think that way.......but that you are too afraid to just come out and say it. You are on the down low......to bad you do not hate yourself.
Are you from the "black inferiorist" school of thought? Probably on the deans list. Try debating with some courage and just come out and saying that is what you believe. You believe that the inferior condition of blacks is rooted in the racially inferior nature of blacks, notwithstanding all the negative things done to black people by white society. You see those things society did as being non consequential.....and hence excuses to deflect from the real cause....which you see as black inferiority.
Did any institutionalized racism compel black people to default their loans or commit murder?
Did any institutionalized racism compel black people to default their loans or commit murder?
Whether it did or did not has no bearing on whether or not you believe that black people are an inferior race. Why the deflection with a question.....instead of just answering my question?
Are you from the "black inferiorist" school of thought? Probably on the deans list. Try debating with some courage and just come out and saying that is what you believe. You believe that the inferior condition of blacks is rooted in the racially inferior nature of blacks, notwithstanding all the negative things done to black people by white society.
Not the least of which is under-educating them in our country's largest bastion of institutional racism: our country's public school system.
Yet, time after time, election after election, blacks continue to vote, en masse, for their children's educational oppressors: Democrats.
Seems to evoke an oft-said truism: You reap what you sow.
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