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re: Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests
Posted on 10/11/20 at 10:03 pm to Will Cover
Posted on 10/11/20 at 10:03 pm to Will Cover
quote:
Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically
have a harder time securing loans from mainstream commercial banks.
AKA sub prime lending. Sounds like a great business model. Not sure why Wells Fargo or Chase never thought of it.
Banks don't refuse you based on race as that is highly illegal. They refuse you based on ability to repay.
5
Posted on 10/11/20 at 11:07 pm to stout
quote:
Banks don't refuse you based on race
Shhh...you’ll upset the liberals who think black people aren’t allowed bank accounts
Posted on 10/12/20 at 5:33 am to stout
quote:
Banks don't refuse you based on race as that is highly illegal. They refuse you based on ability to repay.
In this world, the color of money is really the only color that matters.
Posted on 10/12/20 at 9:54 am to stout
quote:
Banks don't refuse you based on race as that is highly illegal. They refuse you based on ability to repay.
Credits scores are racist, didn't you get the memo?
Posted on 10/12/20 at 11:13 am to stout
quote:
AKA sub prime lending. Sounds like a great business model. Not sure why Wells Fargo or Chase never thought of it.
I love it. Obviously one of two things is going to happen:
1) The bank is going to fold like a lawn chair
2) They are going to adhere to sound underwriting practices, in which case they'll be just as "racist" as every other bank.
Either way, it's going to be a great example to bring up next time someone is screeching about 'muh racist banks'.
Posted on 10/12/20 at 2:33 pm to stout
quote:
sub prime lending
Exactly. The default rate will be through the roof. Of course the owners will make a lot of money and skip town while their customers will lose a shite ton
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