[Islander7]

Black homebuyers have been 3 1/2 times more likely to receive a subprime loan than white borrowers, and six times more likely to get a subprime rate when refinancing, Tighe said. Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers, he said. . . . Tighe estimated that "tens of thousands" of blacks had been forced into bad loans,

Where's that flashing BS meter? This clown does not have access to the financial records. Also, there is no way to tell who is 'white' vs 'black'.

That information is NOT recorded on loan documents.

[MrB]

Oh, don't you know that the evidence of disparate outcome is PROOF of racism?

Blacks still were disproportionately steered into subprime loans when their credit scores, income and down payment were equal to those of white homebuyers

I demand PROOF of this assertion. It makes no sense.

[dasboot]

Isn't it the qualifications of the loan applicant that determine the prime/sub-prime status? How can one be ‘steered’ to a ‘sub-prime’, when one's lack of financial wherewithal creates such an instrument, exclusively?

[estrogen]

Where's that flashing BS meter? This clown does not have access to the financial records. Also, there is no way to tell who is 'white' vs 'black' That information is NOT recorded on loan documents

I just retired from my 29 yr job of mortgage loan officer with a large bank and you are incorrect on your assumption. There is a Federal requirement on loan documents to state Sex, Marital Status, and Race. This was implemented to fulfill CRA rules.

That being said, there is no way that any kind of coercion to a subprime loan was done to these people. Banks see green and loan officers mostly get paid on loans closed, so I don't think anyone is pushing them into bad loans. The most logical explanation is that they don't qualify for a conforming loan due to credit or income......this whole article disgusts me.

I never considered myself biased but if these people keep this up they are going to turn a lot of people against them,the backlash will be worse than before the Civil Rights act. They will see prejudice with a capital P. They are not helping their cause with this bs.