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Reporter for Jezebel stating that home loan approval much lower for people of color than w
Posted on 2/16/18 at 10:31 am
Posted on 2/16/18 at 10:31 am
LINK
This should go well for her considering we're only about a decade removed from the historical housing crisis that created the Great Recession.
quote:
On Thursday, Reveal News published a report independently verified by the Associated Press, which found that people of color, especially black and Latinx people, are often denied mortgage loans at far higher rates than their white counterparts
quote:
“[T]he Trump administration has gone the other way, weakening the standards banks must meet to pass a Community Reinvestment Act exam. During President Donald Trump’s first year in office, the Justice Department did not sue a single lender for racial discrimination.
The disproportionate denials and limited anti-discrimination enforcement help explain why the homeownership gap between whites and African Americans, which had been shrinking since the 1970s, has exploded since the housing bust. It is now wider than it was during the Jim Crow era.”
This should go well for her considering we're only about a decade removed from the historical housing crisis that created the Great Recession.
33
Posted on 2/16/18 at 10:31 am to LSUDVM1999
They should work on their credit scores.
Posted on 2/16/18 at 10:32 am to LSUDVM1999
Just think of the mental gymnastics you have to do to say stuff like that
Posted on 2/16/18 at 10:32 am to LSUDVM1999
Perhaps they should pay their fricking bills on time then.
Posted on 2/16/18 at 10:33 am to LSUDVM1999
Fool me once...
Posted on 2/16/18 at 10:33 am to LSUDVM1999
Is this like blaming higher incarceration rates on racism instead of the higher rate of crime commission within that segment of the population?
Posted on 2/16/18 at 10:34 am to LSUDVM1999
Hey, everybody has a right to a home loan, it says so in the living Constitution.
Posted on 2/16/18 at 10:35 am to LSUDVM1999
quote:
has exploded since the housing bust. It is now wider than it was during the Jim Crow era
I wonder if this report broke down the default/foreclosure rates by race?
Nah...can't have those icky statistics.
Posted on 2/16/18 at 10:36 am to TDsngumbo
I'm a F&I manager at a Ford dealership. Seeing the amounts of college student loans for people that never went to college, medical collections, utility collections, tower loan notes, and other highway robbery loan company notes, I can say that as a mortgage lender, I'd be hesitant to loan out money as well. Now, I'm not saying its just Latins or AA's, but they are the majority.
Posted on 2/16/18 at 10:36 am to LSUDVM1999
FICO is not imaginary 
Posted on 2/16/18 at 10:36 am to LSUDVM1999
Since blacks and Latinos have higher unemployment this makes sense.
The fact that home loan approvals are lower for people of color probably has something to do with their employment situation not their skin color.
Can Jezebel prove a directcorrelation between home loan approval and skin color?
Seems like a classic case of correlation does not imply causation.
The fact that home loan approvals are lower for people of color probably has something to do with their employment situation not their skin color.
Can Jezebel prove a directcorrelation between home loan approval and skin color?
Seems like a classic case of correlation does not imply causation.
Posted on 2/16/18 at 10:37 am to LSUDVM1999
LINK to Original Report
Do they really keep this hidden? It's pretty much point #1 before you can buy a house.
From a case study they discuss:
Hmmmm....
quote:
No matter their location, loan applicants told similar stories, describing an uphill battle with loan officers who they said seemed to be fishing for a reason to say no.
quote:
But they maintain that the disparity can be explained by factors the industry has fought to keep hidden, including the prospective borrowers’ credit history and overall debt-to-income ratio. They singled out the three-digit credit score – which banks use to determine whether a borrower is likely to repay a loan – as especially important in lending decisions.
Do they really keep this hidden? It's pretty much point #1 before you can buy a house.
From a case study they discuss:
quote:
By this time, Faroul had been trying to get a mortgage for over a year, and the process itself was damaging her credit. Every time a lender pulls a hard inquiry on a credit report, the score goes down to guard against people who are trying to take on a lot of debt.
“They had done so many hard pulls that my credit score had dropped to 635,” she said.
Then, an unpaid $284 electric bill appeared on Faroul’s credit report. It was for an apartment she didn’t live in anymore. She paid the bill right away, but the bank said it couldn’t move forward.
Hmmmm....
Posted on 2/16/18 at 10:38 am to LSUDVM1999
I hate the term "latinx"
"Mextasy" is much more appropriate
"Mextasy" is much more appropriate
Posted on 2/16/18 at 10:38 am to GumboPot
quote:
Seems like a classic case of correlation does not imply causation.
Nah, it's a classic case of using spurious correlation to push a political narrative.
But that's what the media does these days.
Posted on 2/16/18 at 10:38 am to LSUDVM1999
Wait until this reporter finds out that white people are approved for college football and basketball athletic scholarships, State jobs, DMV positions, rapper contracts, Baptist church minister positions, sports contracts, bodyguard contracts, membership into the bloods and crips, et al at far lower rates.
Posted on 2/16/18 at 10:39 am to LSUDVM1999
Doesn't look like (at least from that link) they looked at any other factors like income, job status, credit rating.
Sort of a disingenuous waste of time imho.
Sort of a disingenuous waste of time imho.
This post was edited on 2/16/18 at 10:55 am
Posted on 2/16/18 at 10:43 am to LSUDVM1999
Really, you only need a 580 to buy a house. A 620 gets you a prime rate. Get your shite together black folk.
Posted on 2/16/18 at 10:45 am to LSUDVM1999
quote:
During President Donald Trump’s first year in office, the Justice Department did not sue a single lender for racial discrimination.
Da outrage.
She makes it sound like this should be standard practice. In reality, it’s one of the factors that caused the housing bubble.
Posted on 2/16/18 at 10:48 am to NIH
quote:In this day-and-age of online applications, I'm wondering how a lender would know of an applicant's color in the first place. I'd bet credit scores would be nearly 100% predictive.
They should work on their credit scores
Posted on 2/16/18 at 10:49 am to LSUDVM1999
quote:This is meaningless information without knowing the credit scores of those who were denied loans and those who were approved.
On Thursday, Reveal News published a report independently verified by the Associated Press, which found that people of color, especially black and Latinx people, are often denied mortgage loans at far higher rates than their white counterparts
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