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Reading sowell's new book: an interesting fact regarding race and mortgage turn downs
Posted on 5/6/18 at 1:24 pm
Posted on 5/6/18 at 1:24 pm
You'll often hear the argument that there is rampant discrimination in lending and credit line approvals along racial lines, and this makes it hard for african americans to get ahead. People will rightfully bring up the data point that blacks are turned down 44% of the time for mortgages and whites are only turned down 23% of the time.
But what these people never bring up is that asians are only turned down 11% of the time. (this data point is hardly ever brought up in news articles written about the disparities)
So, while there are racial differences, it must not be due to any a-priori distaste of lenders against blacks. It is due to income differences and credit scores.
citation: Discrimination and disparities by Thomas Sowell. Chapter 4 section 1: "errors of omission"
But what these people never bring up is that asians are only turned down 11% of the time. (this data point is hardly ever brought up in news articles written about the disparities)
So, while there are racial differences, it must not be due to any a-priori distaste of lenders against blacks. It is due to income differences and credit scores.
citation: Discrimination and disparities by Thomas Sowell. Chapter 4 section 1: "errors of omission"
This post was edited on 5/6/18 at 1:27 pm
18
Posted on 5/6/18 at 1:26 pm to HailHailtoMichigan!
Amazing what the media purposely forgets in their headlines.
Posted on 5/6/18 at 1:33 pm to HailHailtoMichigan!
Divide and conquer. Your masters daily ask themselves, "How can we get the whites and the blacks to hate each other?"
Posted on 5/6/18 at 1:41 pm to HailHailtoMichigan!
It gets even worse. Unqualified people are turn down 100% of the time.
And to add insult to injury, qualified people are accepted 100% of the time.
And to add insult to injury, qualified people are accepted 100% of the time.
This post was edited on 5/6/18 at 1:42 pm
Posted on 5/6/18 at 1:46 pm to Meauxjeaux
quote:
Unqualified people are turn down 100% of the time
Not really
quote:
qualified people are accepted 100% of the
Also not true
Posted on 5/6/18 at 1:49 pm to HailHailtoMichigan!
Asians are always the inconvenient truth of white racism and privilege.
From a Chinaman’s chance, Japanese entertainment, Japanese War, Korean/Chinese War, Vietnamese War, etc.
From a Chinaman’s chance, Japanese entertainment, Japanese War, Korean/Chinese War, Vietnamese War, etc.
Posted on 5/6/18 at 1:58 pm to HailHailtoMichigan!
For a country that’s systematically racist and oppresses people of color it’s strange how Asian men have become the highest wage earning demographic in America. It’s almost as if a culture that places an emphasis on education and hard work can succeed and liberals are full of shite
Posted on 5/6/18 at 2:05 pm to Gaspergou202
Even though they don’t do great, Hispanics still do noticeably better then (American) blacks in this country.
Racism still exists but it’s dumb when some people use it as the primary if not the sole excuse.
Racism still exists but it’s dumb when some people use it as the primary if not the sole excuse.
This post was edited on 5/6/18 at 2:06 pm
Posted on 5/6/18 at 2:17 pm to HailHailtoMichigan!
It's not just Asians vs. Blacks. It's Blacks vs. general default with exact same financial status.
IE, if a black guy and a white guy have the same net worth, same age and same income the actuarial tables say the black guy is more likely to default on the identical loan.
Banks are into risk assessment. Not racism.
It's why women can get cheaper life insurance rates than men. Women live longer.
IE, if a black guy and a white guy have the same net worth, same age and same income the actuarial tables say the black guy is more likely to default on the identical loan.
Banks are into risk assessment. Not racism.
It's why women can get cheaper life insurance rates than men. Women live longer.
Posted on 5/6/18 at 2:19 pm to Meauxjeaux
quote:
It gets even worse. Unqualified people are turn down 100% of the time.
And to add insult to injury, qualified people are accepted 100% of the time.
Yeah, as someone who was involved in mortgage lending for a decade or more prior to the Fannie/Freddie crash, including documentation verification for selling packages/portfolios of 1500+ mortgages/month, not all qualified and not all unqualified follow their designation to the expected end result.
The small bank I originally worked for we literally had discussions prior to FDIC audits regarding our TD's (TurnDowns) vs Closes to be sure we stayed within acceptable ratio limits...whether the ratio was warranted or not, whether current applications pending supported the ratio or not. We just simply had no POC apply for a mortgage at all a few years.
Banks make decisions based on profitability too. It may be cheaper to make a few small bad loans than face the FDIC. Bottom line is the deciding factor.
Posted on 5/6/18 at 2:25 pm to HailHailtoMichigan!
It’s hard for a certain sect to separate facts and feelings.
We always talk about how the good ole USA is racist and hates black, Brown, and different people except that the Asians, Indians, and Jews are all thriving quite nicely.
You know why? They focus on family structure and education.
We always talk about how the good ole USA is racist and hates black, Brown, and different people except that the Asians, Indians, and Jews are all thriving quite nicely.
You know why? They focus on family structure and education.
Posted on 5/6/18 at 2:29 pm to HailHailtoMichigan!
If blacks are statistically more likely to default on loans, is it racist to incorporate those statistics into lending decisions?
Posted on 5/6/18 at 2:32 pm to HailHailtoMichigan!
I feel like this whole thing has a very easy solution: eliminate disclosing race on mortgage applications completely.
Posted on 5/6/18 at 4:40 pm to HailHailtoMichigan!
I've noticed that conservatives tend to only bring up Asians when it's convenient. In the daily threads whining about minority voting patterns being based on stupidity, or desiring free shite...the fact that Asians overwhelmingly voted for the last 2 dem Presidentalial candidates is an "interesting fact" as well. But then again, the constant race threads on here are always pointed in one direction.
Posted on 5/6/18 at 4:43 pm to HailHailtoMichigan!
This post has been marked unreadable!
Posted on 5/6/18 at 4:44 pm to Tigerdev
What's your take on approval disparity?
Posted on 5/6/18 at 4:47 pm to Tigerdev
So in your mind the fact that Asians tend to vote Democrat somehow rebuts statstical evidence that supports the notion that institutionalized racism in real estate is more of a fabrication than a fact?
This post was edited on 5/6/18 at 4:52 pm
Posted on 5/6/18 at 4:50 pm to Tigerdev
quote:
I've noticed that conservatives tend to only bring up Asians when it's convenient. In the daily threads whining about minority voting patterns being based on stupidity, or desiring free shite...the fact that Asians overwhelmingly voted for the last 2 dem Presidentalial candidates is an "interesting fact" as well. But then again, the constant race threads on here are always pointed in one direction.
First wave of asian immigrants were gop-voters. Reagan, bush 1, dole all won the asians by good margins. Younger asians who grew up here are much more liberal.
It varies widely based on nationality. Vietnamese and filipino are conservative. chinese and japenese more liberal.
Posted on 5/6/18 at 4:57 pm to HailHailtoMichigan!
quote:
But what these people never bring up is that asians are only turned down 11% of the time
Because the bank has rated them as the highest group to actually pay back the loan.
Safest bet.
Posted on 5/6/18 at 4:59 pm to HailHailtoMichigan!
Immigrants of most nationalities opened their own bank in their community.
There is nothing stopping blacks or anyone else from doing the same.
There is nothing stopping blacks or anyone else from doing the same.
This post was edited on 5/6/18 at 5:05 pm
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