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.
http://www.reuters.com/article/newsO...4B860C20081210"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.