Skip to comments.African-Americans squeezed out of the housing market
Posted on 01/27/2014 10:48:32 AM PST by rightwingintelligentsia
More African-Americans are being squeezed out of the housing market.
Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.
(Excerpt) Read more at economy.money.cnn.com ...
That’s racist? ;-O
needs the j o b to gets a crib
Because we all know white people give each other stuff for free.
And this is how 2008 all started...
Rinse. Lather. Repeat.
I need to go look something up now. I remember years ago an online mortgage company in the crosshairs because it was discovered that blacks were turned down at a much higher rate than whites. Some groups studied this, and the mortgage company got a bit of bad press. Then it became more widely known that the mortgage company did not ask for the race of the applicant, at which time the whole kerfuffle got dissappeared.
I guess showing a few EBT cards is not considered a good credit reference for most lenders.
Some government action is definitely needed to correct this!
I thought your black messiah was supposed to fix that for all you folk.
Yawn - "World ends women and minorities hit hardest."
“I guess showing a few EBT cards is not considered a good credit reference for most lenders.”
Well now, if the EBT cards had odumbo’s picture on them...that would be like money in the bank.
And more whites get denied than Asians. When oh when will we get the justice we deserve?
Government should get involved and pass a law to increase home ownership to reinvest in the community.
We can call it the Community Reinvestment Act.
What do you mean I need to have job to get a loan? That’s racist.
Everybody is getting denied mortgages these days. What loans are getting made are solely to employees with the right amount of documentable W2 income...reinforcing my pet theory that the mortgage markets post Dodd-Frank are being used by the Administration to reward union labor and BigCorp employees who pay their minimum annual bribe to the IRS and punish those kulaks (self-employed, small business owners) who due to deductions or losses may have little or no tax liability in a given year and can't play the game the "right" way.
I used to be a tax preparer in an inner city area. I saw a lot of black people who had good incomes from gubmint jobs, but they still were renting. Maybe they had rotten credit, but they had the income.
Mortgage lending only cares about income and credit score and downpayment. We get paid to do loans; skin color doesn’t matter.
Yep. I see a new law coming. Too bad the name "Community Reinvestment Act" is already taken.
Impossible. There has been a Halfrican in the White Hut for over five years. The numbers are wrong or something. Some raciss accounts?
How about cross tabulating that statement of fact with the current percentage of African Americans now on Food Stamps and other government poverty programs. I suspect the rationale will come in to better focus.
It appears that Blacks want Obama phones and a never-ending access to welfare programs. Seems they really aern't interested in access to the middle-class. They voted for Obama and are receiving exactly what they voted for, and knew what they were voting for.
Don't blame anyone else for Blacks not entering the middle-class. Any blame belongs squarely upon their decision making. But my guess is the corrupt MSM will try to affix blame on Whites or Republicans in an effort to further leverage white-guilt to cast those who oppose Obama as racists.
Drug running money doesn’t count as income?
Since the prime contributor to a finance decision involves mathematics, it is no surprise to me that CNN doesn’t understand the logic behind the decisions.
Of course, I’ll take it all back if CNN can show me the “race” entry on the app form.
racisimists will see this as racist.
people based in reality will see the multitude or valid reasons for this.
The mortgage Co’s didn’t need to axe the race. The just turned on their Ghetto Name decoder.
guess we’re not confiscating enough from white workers to give to blacks to pimp their rides, do their nails, buy the bling bling, get expensive hoodies and sneakers, AS WELL AS cover a mortgage.
The 'do nothing' Conservatives in congress (just like George Wallace) stood in the way of all efforts by president Obama to right this wrong.
(See, I could be a Liberal writer)
You’re demanding data analysis leading to logical conclusions.
Obviously no future for you in media or govt, LOL.
CNN is just paving the way for Obama to beat-up the banks for not lending to them again.
In Great Leader’s 3rd term, he will give away houses to the oppressed.
Was the higher denial rate the result of more single income families applying like single mom families?
Was the higher denial rate corrected for credit scores?
Was the higher denial rate corrected for minimal to zero down payment?
Was the higher denial rate corrected for or due to the area where the home was being purchased? (i.e. who would want to make a loan in Detroit or certain other dying cities?)
Inquiring minds want to know. There is probably a lot more than race to the denials, but then, the Urban League only cares about race.
That is because so few blacks live in intact families.
We'll call it the "Community re-reinvestment Act", or "ObamaLoans" for short.
If Obama voters can’t afford to pay the monthly mortgage on a house why doesn’t congress just force the banks to loan them the money anyway?
That will solve the problem!
Believe it used to be called something like red lining - where credit was denied if you lived in a certain ZIP code and it also extended to auto loans. Also remember when I was in the personnel dept with a large corp years ago that someone in the government came up with the brilliant idea that people should not be required to include their last name, address or ZIP code on their application because that could be discriminatory.
It’s just all bizarre.
"Don't sterotype me!" said Vulv'a'litous.
I don’t have problems getting loans.
I just show them my white privilege card.
You’re asking to compare black and white who have similar credit scores, income, etc.???
I don’t think we’re supposed to ask such questions. It interrupts the racist narrative (sarcasm)
White Like Me
Dat be un FAAAAAIIIIIiiiiiirrrrr ...
You strike upon a good point here. Do mortgage applications even ask about the race of the applicant. It would be interesting to take samplings of the applications, both those that have been accepted, and those that haven’t, and see if race could have been a factor. I’m betting it couldn’t.
The way to eliminate any hint of racism isn’t more Affirmative Action, but making sure the applications are colorblind. If that doesn’t solve the problem, the problem is bigger than racial discrimination at the loan level. We need to be looking at what can make more black people better candidates for loan acceptance.
This the opening salvo of another housing bubble pushed by the Feds. By all means let over finance people who can’t pay into gaudy badly built houses as a form of affirmative action
Damn these people
Your idea would work, if the problem they wanted addressed was the one they actually stated. But that’s not the way leftists do things.
They don’t want the SAME criteria applied to everyone - they want MORE FAVORABLE criteria applied to non-white people.
They preach “equal” treatment, but what they really want is far from that.
Leftist Lexicon Lesson:
not approving loan=’redlining’
approving loan= ‘predatory lending’
If it were only done that way.
What ever happened to just ‘being a number’ to the gubmint?
Now we’re all just a victim group to be bribed by a faction of gubmint.
Why not do home loans and collegel admittance applications based on sosh security numbers only? they ask for it any way
on every document imaginable.