Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In the mortgage public-policy cosmos, studies alleging racial bias in lending are like comets. They blaze across the industry skyline on a regular basis, drawing attention from the media and outrage from fair housing activists.
The latest flare came from a report alleging Black applicants are nearly twice as likely to be denied a conventional mortgage as compared to White applicants with similar financial profiles. The study, which claims to advance the case for widespread lending discrimination through the analysis of newly available data about loan applicants, was generated by the non-profit investigative website The Mark-Up in partnership with the Associated Press.
But according to some industry analysts, The Mark-Up’s j’accuse! moment comes up short. Those data crunchers say the allegedly damning analysis fails to consider a critical aspect of applicants’ financial history and ignores outcomes that undermine the argument for systemic discrimination in mortgage lending.
As The Mark-Up notes in its analysis, earlier reports alleging discrimination by lenders came under industry fire for not controlling for three key factors in the mortgage decision-making process: debt-to-income ratio, combined loan-to-value ratio, and credit score.
if you are the right color you can get the best service and the best rates. That color is Green. Thats the only thing business really does care about and ya know what its all they should. Anything else they say or do is just virtue signaling or an attempt to influence those who make the laws which can effect their bottom dollar.
So many studies now are biased, they craft a study to get the results they desire. problem is, most people have zero clue how to read a study, the methodology, and understand where the bias comes in.
So many studies now are biased, they craft a study to get the results they desire. problem is, most people have zero clue how to read a study, the methodology, and understand where the bias comes in.
Most do not know how to manage their credit score either. I keep mine between 800-820 by using my "available credit" wisely. No maxing out or missing payments.
There is no racial bias in police enforcement either.
The stop & frisks, arrests, and incarceration of blacks is on par with the rate at which they commit crime.
"Modern racism" is mostly a made up liberal myth, a desperate attempt to keep black people from leaving the Democrat plantation.
I understand that many may find this Totally Shocking …. BUT
the #1 thing about buying a house is the down payment and do you have the financial resources to pay the Mortgage. This is always determined by a Formula for the loan.
The loan officer doesn’t SEE you, has no idea what Race you are. It’s about NUMBERS
NOT Color.
For you Kiddies …. In 1975, down payment was 10% of the purchase price + closing costs. Interest rate was 7.35% FHA Loan (assumable), Mortgage no more than 20% of your salary. We bought our next house in 1980 - the year of the 16-17% Carter interest rates. It was a new home, the builder had “purchased” a loan rate of 10% - but you had to put down 20% and qualify with your Mortgage no more than 24% of you salary.
We moved into our new home (took us 6 months to sell the old one, while we made payments on both) and our next door neighbors were a very nice black couple from Georgia with a little girl the same age as our youngest ….they quickly became bestest buddies.
Point is ….it was ALL about the numbers. Price, Salary, Down Payment, Closing Costs.
Those were the ONLY things that showed up on the Loan, they were the ONLY things that mattered.
Maybe because getting a mortgage involves math it’s racist?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
