Imo, using the source of his chart, he based his article on this research paper which states (page 24) "While a full regression analysis of all underwriting and pricing features is beyond the scope of this paper, these figures do provide further evidence that minority borrowers were disproportionately targeted for mortgage products that were inherently more difficult to sustain, which has resulted in higher foreclosure and serious delinquency rates in communities of color". http://www.responsiblelending.org/mortgage-lending/research-analysis/Lost-Ground-2011.pdf ----------------- Now with this being said, the above research paper directly conflicts with my previouso link showing results by the NY Fed.reserve. (The nyfed, I doubt,has any motivation whether we have a "new" consumer protection board)
I still don't get it. If borrowers are too stupid to shop around, whose fault is that? Why is it suddenly illegal to charge what the market will bear? It costs a lot more to buy stuff in a ghetto bodega than at a suburban supermarket. Is that illegal too? The last two mortgages I got, I got them online. The underwriters had no way of knowing what race I am nor did they care. This whole thing reminds me of a joke about how various media would report the news of an asteroid's imminent destruction of the planet. Washington Post: "Asteroid to destroy planet. Women and minorities to be most affected."
Because it's always someone else's fault when you're a member of the victim class. Vote democrap, victims, and they'll give you the money you deserve! After all, the rich got there by stealing from the poor anyway. And, they don't even pay their fair share in taxes (despite the fact that the top 5% pay far more in federal income taxes than the bottom 95%). They should pay all taxes. Haven't you learned anything living in Obamaville the last three years?
" ... Jesse Jackson Sr. Blames 'Unenforced Civil Rights' Law For Housing Crisis, Denies His Own Involvement Shaking Down the Banks ..." Al Sharpton called Obama a "House Negro".(which surprisingly, there's not much on google to explain exactly what is a "house Negro") And the author of the Op's article thinks Bill Cosby is a Putz.
A house negro is someone who will vote, or act, against their own ethnic groups best interests. Very similar to a self hating jew, or a n*gger lover.
While debt‐to‐income ratios were broadly similar across these demographic groups, black borrowers had lower credit scores while Asian and Hispanic borrowersâ scores tended to exceed the overall average. Black borrowers were more likely to have very low FICO scores (below 560) and less likely to have very high scores (above 719). In light of this, it is perhaps unsurprising that initial interest rates received by black borrowers averaged approximately 20 basis points higher than the overall average, while Asian and Hispanic borrowersâ rates were 25‐36 basis points lower than average. Margins for 2/28 loans, which is the amount added to the 6‐month LIBOR rate to determine the adjustable rate in the future, follow a similar pattern, although the differences are smaller than they are for origination rates.__
tut tut TRADER 666. You know this argument is spurious. You compare in terms of absolutes, rather than percentages. Come on 6, you are a smart guy, get your A game out!
Actually, amazingly enuf, it was dubya who decided that lending patterns were racist. He started this whole ball of yarn