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Banks find loopholes to deny blacks and Latinos home loans at twice the rate of whites


IvyMgmt
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30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

Ivy Ive been on the HOA board for over 9 years so yes i know hundreds of neighbors. Most i call friends. Your little ad states blacks and lationos cant get loans but hundreds of black families here certainly have them.

 

And not sure Konrad if your post was pointed towards me but i have no agenda. You do not know me or anything about me. I Am simply stating facts for a neighborhood in which i live, and serve. At the end of the day I am educated enough to know when i see fake news.

 

If people are willing to bust their arses in this country they can achieve great things. Others simply put the blame on others. You decide what’s best foe your life. Night guys. Excuse any Ipad typos.

 

 

Where is here? This article talks about the District of Columbia, Virginia, and Maryland areas?

 

 

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30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

People have pointed out some key credit metrics missing from the article you posted.

It's obvious you have a personal agenda. And this is considered a non-political board.

No agenda at all I’m just amazed that you guys don’t find any truth to this.

This isn’t a political post either.

When someone points out that 30% of their neighbors are African American when 12% of the country is African American and you speak of equality you have an agenda. Or math/numbers are difficult for you.

 

 

I am wrong I am sorry I won't do this again.. :grin:

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Interesting that they used race, neighborhood and income as the determinants for this study.

 

No mention of FICO's, DTI or net worth.

 

Sort of since I live here I know the dynamics of what is happening.... Places for years people of non-color would not be caught dead in are now gentrified.. and more is coming and its happening in Maryland to..

 

You speak as if gentrification is a bad thing?

 

 

Naw its cool when people lose their homes that they have build for a couple of decades, and people lose jobs, schools are gone, or people being forced out to build a rail system.. or send in high price restaurants for people to enjoy I find that to be the best thing ever...

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Interesting that they used race, neighborhood and income as the determinants for this study.

 

No mention of FICO's, DTI or net worth.

 

Sort of since I live here I know the dynamics of what is happening.... Places for years people of non-color would not be caught dead in are now gentrified.. and more is coming and its happening in Maryland to..

 

You speak as if gentrification is a bad thing?

 

 

Naw its cool when people lose their homes that they have build for a couple of decades, and people lose jobs, schools are gone, or people being forced out to build a rail system.. or send in high price restaurants for people to enjoy I find that to be the best thing ever...

 

As opposed to places like the far eastside of Indianapolis where there are entire neighborhoods of the vinyl villas. There's more homes vacant than occupied because of all the foreclosures where banks tried to be helpful to the people you refer to and they still couldn't pay the mortgage? Oh yeah - the vacant houses either they are gutted by thieves for the copper pipes and wiring, or they turn into drug stash houses and meth labs.

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I've wondered if I should chime in on this thread. Redlining is alive and well. Not speaking of home loans but for automotive product I have had many analysts say "Marv,I'm not approving a loan in that zip code and did you really pay attention to their names"? Happens all the time.

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Without saying too much about my job. I have worked for multiple mortgage banks in the past all have had a secondary review on all denials unless it’s an automatic denial (e. g. 400 FICO). Many denials also get other reviews by other groups as well. I have never seen Marvs example happen (based on name, etc). I am not sure auto denials get the same reviews as mortgages do. Not saying it can’t happen but it’s not wide spread in the larger banks. Maybe more in a small CU.

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I've wondered if I should chime in on this thread. Redlining is alive and well. Not speaking of home loans but for automotive product I have had many analysts say "Marv,I'm not approving a loan in that zip code and did you really pay attention to their names"? Happens all the time.

Your zipcode example is redlining. The definition of redlining is using zipcode, communities, neighborhoods or some other geographic means to fence off residents in a virtual way. A virtual "Red Line" on a map. Used to deny banking insurance etc.

 

Saying African Americans got less loan approvals than Caucasians in a certain area doesn't even meet the definition of redlining. It could be discrimination/racism which while wrong is not redlining. But this vaguely written article doesn't provide enough information for an informed determination.

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And not sure Konrad if your post was pointed towards me but i have no agenda. You do not know me or anything about me. I Am simply stating facts for a neighborhood in which i live, and serve. At the end of the day I am educated enough to know when i see fake news.

I don't know you. But I know I quoted IvyMgmt in my response and somehow you're confused. So now I know something about you and that is your reading comprehension sucks.

Edited by Konrad2012
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I know redlining happens on job applications. Name discrimination comes to mind.

I've seen some of that too. Not so much name discrimination, but when people are involved in hiring and the skills are different than their own, they tend to fall back on stereotypes. Which is why it's best to interview people with folks that are at least as capable in the areas of need. I see this as opportunity. You sometimes get really good hires when you consciously look past stereotypes and focus on the job and skills needed. Some of the best hires I made were peeps where the stereotypes went against them. Women programmers, older or black engineers, hippy types that were skilled techs, peeps w/o degrees. They were screened out elsewhere but for us were opportunistic hires.

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Interesting that they used race, neighborhood and income as the determinants for this study.

 

No mention of FICO's, DTI or net worth.

 

Sort of since I live here I know the dynamics of what is happening.... Places for years people of non-color would not be caught dead in are now gentrified.. and more is coming and its happening in Maryland to..

 

You speak as if gentrification is a bad thing?

 

I live in a neighborhood undergoing a shift in demographics and the accompanying rent increases, price index increases and traffic congestion are a bad thing.

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And not sure Konrad if your post was pointed towards me but i have no agenda. You do not know me or anything about me. I Am simply stating facts for a neighborhood in which i live, and serve. At the end of the day I am educated enough to know when i see fake news.

I don't know you. But I know I quoted IvyMgmt in my response and somehow you're confused. So now I know something about you and that is your reading comprehension sucks.

 

Very possible :) 8 years of college and what do I get for my troubles :)

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I've wondered if I should chime in on this thread. Redlining is alive and well. Not speaking of home loans but for automotive product I have had many analysts say "Marv,I'm not approving a loan in that zip code and did you really pay attention to their names"? Happens all the time.

 

 

Yes your comments are always welcome! And I believe you I am in many other groups and I hear people say the same exact thing.. There are people who have done test runs -- persons with same exact credit scores who go purchase homes / cars and one will get approved and one will not and then there is a comparison of zip codes.. I am not sure why people are denying this exists. You don't need credit scores to prove it. I see it with my eyes how the poors areas where people live are taken over and they are pushed out.. Its easy to say get a better job but that's not the answer for everyone..

 

Then when these same people try to do better they get hit with subprime credit, etc. and then its that vicious cycle all over again.. try to make there way out..

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I've wondered if I should chime in on this thread. Redlining is alive and well. Not speaking of home loans but for automotive product I have had many analysts say "Marv,I'm not approving a loan in that zip code and did you really pay attention to their names"? Happens all the time.

Your zipcode example is redlining. The definition of redlining is using zipcode, communities, neighborhoods or some other geographic means to fence off residents in a virtual way. A virtual "Red Line" on a map. Used to deny banking insurance etc.

 

Saying African Americans got less loan approvals than Caucasians in a certain area doesn't even meet the definition of redlining. It could be discrimination/racism which while wrong is not redlining. But this vaguely written article doesn't provide enough information for an informed determination.

 

 

But redlining is where the concentration of where those persons live.. It states it in the article LOL But if you don't get it its fine but dont state it does not exist because it does..

 

People that don't want to believe it exists generally state the article doesnt have enough information and thats totally ok :-)

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I know redlining happens on job applications. Name discrimination comes to mind.

I've seen some of that too. Not so much name discrimination, but when people are involved in hiring and the skills are different than their own, they tend to fall back on stereotypes. Which is why it's best to interview people with folks that are at least as capable in the areas of need. I see this as opportunity. You sometimes get really good hires when you consciously look past stereotypes and focus on the job and skills needed. Some of the best hires I made were peeps where the stereotypes went against them. Women programmers, older or black engineers, hippy types that were skilled techs, peeps w/o degrees. They were screened out elsewhere but for us were opportunistic hires.

 

 

:clapping:

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Ivy, you want I should close this, or leave it be, as long as it remains civil?

 

Naw I got it they are being civil for the most part LOL its a good convo because its reflective of how credit really is on the other side.. many don't see this..

Edited by IvyMgmt
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The examples above do occur. But are very different than the mortgage UW process that this article is talking about. This discussion has taken a left turn.

 

Fact is it’s missing more than credit score as a key factor in decisioning.

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I know redlining happens on job applications. Name discrimination comes to mind.

So you're saying someone whose name would be "Lewis Hamilton" would be considered faster than someone named ... say ... "Leroy Washington"??

 

 

I did hire someone once solely because they could pronounce the word "ask" AND eat glutens.

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I know redlining happens on job applications. Name discrimination comes to mind.

So you're saying someone whose name would be "Lewis Hamilton" would be considered faster than someone named ... say ... "Leroy Washington"??

 

 

I did hire someone once solely because they could pronounce the word "ask" AND eat glutens.

 

I always axe people whether they say "pop" or "soda". The soda crowd are cut from the roster.

 

Puns and colloquialisms are always intended.

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