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.
There is a Federal requirement on loan documents to state Sex, Marital Status, and Race. This was implemented to fulfill CRA rules....”
I stand corrected. It figures that the feds would want to keep tally on this, since they are so race conscious.
Having said that, this ‘lawyer’ would not have access to the loan documents. Or am I wrong on that too?
I loss any sympathy for the leftist black community after the nationwide reaction to the first cop trial in the Rodney King affair.
I was in Charlotte SC when the cops were cleared. A crazy black woman tried to stab me. I have nothing for the people, nothing.