#1 Whites get better loans than minorities. Duh.12-10-2008, 01:14 AM
Wow. What a groundbreaking study. I wonder how many millions of taxpayer dollars went into this gem....
The result is not surprising - whites get better loans than minorities.
What is disturbing (but also not surprising) is that the government blames racism and some hidden secret agenda. But what about the simple FACT that minorites have worse credit than whites? Your credit report doesnt know your race. Gee, do you think that might have something to do with the loan terms?
This kind of stuff pisses me off. It is all of this affirmative action BS that created subprime mortgages to begin with. Washington liberals want to force banks to loan to bums, and this crisis is what they got out of that. Now they are going to write legislation (mark my words) that FORCES banks to loan to minorities at the same rate as whites - regardless of credit.
They are already doing it with the BS "predatory lending laws", and next is housing. I suggest you stop paying your bills on time. The whole point of doing so is going away. In just a few short years we are going to have laws that force lenders to treat everyone equally, which will mean the shaft for those of us who are actually credit worthy.
There really are on only a couple of other options - a) not allow high interest rates, which means banks will only lend to the lowest risk people, which means the "housing segregation" will continue and minorities will be stuck in apartments or b) force the same rates on everyone and not allow banks to charge high interest rates at all, yet force them to loan money regardless of credit.
Now which route do you think the liberals will take?
What a POS study.... blaming high mortgage rates on race rather than crappy credit.
"The subprime market discovered the African-American and Latino communities and targeted them," said commission member Okianer Dark, a law professor at historically black Howard University in Washington.
The report found that whites got better loans than blacks, Latinos and Asians, who make up roughly a third of the population and who were sometimes steered away from buying homes in predominately white communities.**** Obama and **** you too.
12-10-2008, 01:56 AMOriginally Posted by OwlMBA
"The subprime market discovered the African-American and Latino communities and targeted them,"
said commission member Okianer Dark, a law professor at historically black Howard University in Washington.
What banks and lending institutions need is to start taking sworn videotaped statements from their borrowers, because a lot of them clearly aren't reading and/or comprehending a damn thing that they sign. Maybe if they say it out loud, they'll get it?
"Do you understand you're being loaned $150,000?"
"Do you understand that your credit sucks and you shouldn't even get this loan?"
"Do you understand that this sum is to be paid back over the next 30 years?"
"Do you understand that this is an Adjustable Rate Mortgage and you might be paying more every month in 2 years' time whether you get a better job or not?"
"Do you understand what will happen if you start missing payments?"
"Do you understand that it's your own fault if your house is foreclosed on and not the fault of the bank?"
Approved, video off.
Last edited by Troll; 12-10-2008 at 02:00 AM.Nothing helps a bad mood like spreading it around.
12-10-2008, 03:05 AM
- Join Date
- May 2008
How dare those racist in yankee land discriminate against blacks. My bad, whites in DC & Boston do not do that kind of thing. :eek::)
12-10-2008, 01:17 PM
Lemmie tell you point blank: My credit sucks. AT&T left my cell line open the whole time I was in Iraq in 2006, I had to talk to a lawyer to try and get the whole thing straightened out just to be told I'd actually spend more money trying to fight it in court (F*** AT&T forever, they screw us troops) so I been paying off a 2300 dollar collection since 2007.
I'm as white as my Irish Great Grandpappy was when he came to America in the 1800's....doesn't mean my score goes higher jackasses.
If you don't got a 700, you ain't shit and they could care less what color you are.
Last edited by marinejcksn; 12-10-2008 at 01:26 PM."Don't vote. It only encourages the bastards." -PJ O'Roarke
12-10-2008, 02:51 PM"Past and ongoing discriminatory practices in the nation's housing and lending markets continue to produce levels of residential segregation that result in significant disparities between minority and nonminority households, (and) in access to good jobs," the report warned.
By denying minorities access to traditional home loans, discrimination also drove them into costlier subprime mortgages. When defaults on these loans began to climb in 2007, they hit the entire housing market, inflicting the United States with a recession and the highest unemployment level in 15 years.
Your interest rate and terms are determined by your credit rating. Your credit rating is determined by your borrowing and payment history. People with better credit ratings get better loans just like people with better math skills get better jobs. Duh.
No one is forced into housing segregation (although some people segregate preferentially). You simply can't buy a $100,000 house in a neighborhood of $400,000 houses. That's not racial segregation, that's the open market. Housing issues don't cause unemployment. There are no jobs in upscale neighborhoods anyway unless you're there to clean toilets or mow the lawn.
This analysis is ridiculous.
12-10-2008, 04:02 PM
PS - that sucks about AT&T. You have a right to be fumed.
I think we should have passed legislation to allow active military out of stupid contracts like that when going to war.**** Obama and **** you too.
12-11-2008, 04:37 AM"Don't vote. It only encourages the bastards." -PJ O'Roarke
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