Blacks And Latinos Denied Mortgages At Rates Double Whites

originally posted by: bigfatfurrytexan
The system works against minorities.

Minorities are the system.

originally posted by: bigfatfurrytexan

The system works against minorities.

....... and being able to pay back loans.

originally posted by: toysforadults
a reply to: Mandroid7

homepath program huh??

they are making the fact that he works for himself a problem as well, they keep telling him that he needs paycheck stubs and in construction it doesn't work like that

that's not how it works. They look at bank records and tax filings. Now if he fudged his taxes to show a low income to lessen his tax payment, and he it complaining he can't get a mortgage for much more than he can afford on paper, he should look inward and not outward.

a reply to: pavil

When you fill out a loan application, there is a spot to verify race. If the applicant choses not to fill that part out, the loan officer MUST fill it out. It's the law. I'm studying to take my MLO test now.

www.fanniemae.com...
bottom of page 4.

But because of the laws, it's very risky to turn down any applicant who qualifies. That would constitute not doing your job correctly. Open for lawsuit.

originally posted by: bigfatfurrytexan
Not surprised.

The system works against minorities.

what system?

people who make unwise financial decisions suffer from them. banks want to loan the money out. they look at things like:

debt to income ratio
credit score
job history
current job status
how much you want to borrow

the banks don't care about the color of a person's skin.

originally posted by: Edumakated

originally posted by: pavil
Link

Disparities were exceptionally pronounced in 61 cities across the nation, including three in North Carolina. That was true even when controlling for applicants' income, loan amount and neighborhood. The findings come after a year-long study of millions of Home Mortgage Disclosure Act records analyzed by WUNC, The Center for Investigative Reporting's Reveal Show, and the Associated Press.

So I'm listening to NPR and they are talking about this, specifically how the Community Reinvestment Act has been a joke for Decades, not really allowing residents, mainly Black and Hispanic to get loans in the areas the CRA was designed to help.

Pretty messed up, especially since 99.9% of banks get a satisfactory record with the CRA.

Even when you factor in apples to apples comparison, there is a racially backed component to the results.

Complete and utter bovine feces...

I work in mortgages and have for the pass 15 years. There is ZERO, ZIP, NADA, racial discrimination in mortgages. Blacks on average have lower FICO scores and fewer assets which is why, not that there is any actual discrimination occurring.

Here is a good mortgage industry video/blog debunking the OP that explains how any disparate impact that actually occurs is because of Fannie policies that ALL banks have to follow when it comes to getting a conventional mortgage.

Did you miss this part?

In an April policy paper, the American Bankers Association said reporting credit scores would be expensive and "cloud any focus" the disclosure law has in identifying discrimination. America's largest bank, JPMorgan Chase & Co., has argued that the data should remain closed off even to academics, citing privacy concerns.

At the same time, studies have found proprietary credit score algorithms to have a discriminatory impact on borrowers of color.

originally posted by: bigfatfurrytexan
Not surprised.

The system works against minorities.

Minorities often work against themselves. It's tough to constantly play the victim card, never take any self responsibility for failures and personal shortcomings, but then expect to be the beneficiary of something based solely on faith in the personal responsibility and strength of the recipient. Granted there are many responsible minorities who get caught up in this stuff, but stereotypes exist for a reason and the angst needs to be redirected at their own people in a lot of these cases for ruining things for other, less stereotypical members of their community.

originally posted by: subfab

originally posted by: bigfatfurrytexan
Not surprised.

The system works against minorities.

what system?

people who make unwise financial decisions suffer from them. banks want to loan the money out. they look at things like:

debt to income ratio
credit score
job history
current job status
how much you want to borrow

the banks don't care about the color of a person's skin.

Are you telling me that a kid living in the projects in central houston has the same access to opportunities than a kid living in the suburbs?

Are you telling me that, as a percentage, more white people have had their right to vote removed (along with their right to bear arms)?

Are you telling me that paying bills is something that can easily happen when half your household earning potential is put in prison?

No, the banks may not care about skin color. But everything up until that point seems to. Its not projects full of white mothers trying to raise their kids around felons and sex offenders.

originally posted by: bigfatfurrytexan
Are you telling me that paying bills is something that can easily happen when half your household earning potential is put in prison?

If you listen long enough for somebody complain about a problem, they'll usually tell you the reason why they're responsible for those problems.

a reply to: bigfatfurrytexan

Are you telling me none of those issues are self inflicted?

originally posted by: TheLead
a reply to: bigfatfurrytexan

Are you telling me none of those issues are self inflicted?

As someone that was born in the situation, what did I do to 'self inflict'?

a reply to: toysforadults

Yeah a 1099 sub will need to provide tax returns instead of paychecks, and over a couple years to show a pattern.
It's another wonderful thing put in place that biz owners have to deal with.

But yeah, Homepath is a hud program with less stringent requirements, it helps turn non performing houses back onto the market, and place property tax paying people in them.

If you really want into the real estate mrkt, but don't have a dwnpmnt, maybe soso credit, imo the 2 best routes are rent to own and auction houses.

Rent-to-own are sweet. You agree to an amount, you pay rent, but are the title holder w lein now. You pay agreed amount of say 100k, live in house for 2 years. Sell for 150k, 100k owed to note, you pocket 50k untaxed.
Take 40 of the 50 for a dwn pmnt on a real mortgage and grow from there.
The rent-to-own game will be based off numbers of calls made by you, if you don't have any dwnpmnt.
so you call every one you can find until one bites.
Don't forget about the below type of investor. They bought a house for 10k, putting their name on it making them now liable for taxes and carrying costs until sold, so they want it sold, to them they are selling something that they have 10k in, as fast a possible. A rent to own is a sale that they just wait for, but escaped the holding costs until it sells.
Guys usually go this route when it doesn't sell using conventional sales.
You throw paint on it and make it sell after 2 years.

I have also seen houses sell for 10k cash at auctions. All the big cities have a streamlined foreclosure/ online bidding processes in place where you drop your offer and wait and see if you won, but you better follow through or your deposit gets taken w/o a massive deal breaker condition found and reported fast.

You don't need to involve a bank to get a house.
I don't deal with banks for lending, I'm in a 400k house now.
You have to make a long term plan, and follow it.

It's not hard to cold call rto properties or do the auction thing.

Isn't this how we ended up with then subprime mortgage housing crisis? Banks were forced to lend to people that didn't meet specific qualifications and a vast majority of then went into foreclosure?

originally posted by: bigfatfurrytexan

originally posted by: subfab

originally posted by: bigfatfurrytexan
Not surprised.

The system works against minorities.

what system?

people who make unwise financial decisions suffer from them. banks want to loan the money out. they look at things like:

debt to income ratio
credit score
job history
current job status
how much you want to borrow

the banks don't care about the color of a person's skin.

Are you telling me that a kid living in the projects in central houston has the same access to opportunities than a kid living in the suburbs?

Are you telling me that, as a percentage, more white people have had their right to vote removed (along with their right to bear arms)?

Are you telling me that paying bills is something that can easily happen when half your household earning potential is put in prison?

No, the banks may not care about skin color. But everything up until that point seems to. Its not projects full of white mothers trying to raise their kids around felons and sex offenders.

- yes people living in subsidized housing have the same opportunities as everyone else.
- last time i checked, citizens of all races are allowed to vote in the united states.
- it's uncommon that an innocent person is incarcerated. if you can't do the time, don't do the crime.

for the record, i'm not white. i grew up dirt poor. any time i had struggles in life it was due to my own poor choices. not the system, not "the man", not white america.

i worked my tail off to be debt free. i live within my means. i have a small savings. for my dedication, i earned a good credit rating, and opportunity to purchase a home. i don't expect to be given anything.

Let me guess, this is somehow a white person's fault?

a reply to: AScrubWhoDied

So you were born without voting rights and the right to bear arms? We're you born In prison? Personally I don't have kids because I can't provide the life I'd like to for them. I hate it and although it would give me reason to put up with the ship I do, but that's my burden, it's a conscious decision.

Btw white people can grow up poor too people.

originally posted by: bigfatfurrytexan
Are you telling me that a kid living in the projects in central houston has the same access to opportunities than a kid living in the suburbs?

I'd actually argue that the kid from the projects has more opportunities handed to them than the kid in the suburbs does. For the projects kid, everything is provided for them at the expense of the tax payer and philanthropic groups. Extra tutoring in school, increased school funds for various learning enhancement programs, scholarships and grants that are solely qualified for on the basis of race, minority status, and income level, inner city job training programs, etc.

Are you telling me that paying bills is something that can easily happen when half your household earning potential is put in prison?

Same thing is in play with any gringo families with convicted parents. Decisions to violate the law were made and those decisions have consequences. It's not a race matter, at least it isn't a race matter unless you decide to kick a hornet's nest and ask why minorities commit crimes at a higher per capita rate than non minorities do.

a reply to: burdman30ott6

So on any given day, how many contacts does the gheto dweller add to his network?

Forced opportunity isnt opportunity. As we can see.

originally posted by: burdman30ott6
Extra tutoring in school, increased school funds for various learning enhancement programs, scholarships and grants that are solely qualified for on the basis of race, minority status, and income level, inner city job training programs, etc.

Does the projects kid want to get a job writing television shows for a lot of money? If they have any ability at all, their resume is immediately pushed to the top of the pile, thanks to "diversity."

originally posted by: bigfatfurrytexan
a reply to: burdman30ott6

So on any given day, how many contacts does the gheto dweller add to his network?

...probably more than one of the hicks from the sticks ever does, yet it is rare that you hear any of us complain and far more common that you see many of us succeed through little more than determination and self drive.

ETA; "Forced opportunity?" Wow, when opportunity isn't handed to them by the wheelbarrow loads accusations of "keeping opportunity away from them" are made, when it's given to them in massive, prepaid, no strings attached truckloads it's "forced opportunity." See, this is where the idea that it is impossible to please all of the people all of the time, so it's more sensible to just say "screw all y'all, do it for yourself or go without" starts to make the most sense.