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Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers
Consumerist ^
| December 20, 2013
Posted on 12/20/2013 6:02:15 PM PST by SMGFan
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Ally formerly GMAC- General Motors Acceptance Corporation
1
posted on
12/20/2013 6:02:15 PM PST
by
SMGFan
To: SMGFan
Sorry but is Ally Financial & Bank related?
2
posted on
12/20/2013 6:03:02 PM PST
by
SMGFan
(Sarah Michelle Gellar is now on twitter @RealSMG)
To: SMGFan
Yes it is a subsidiary ... answering my own question. Its is late ..
3
posted on
12/20/2013 6:04:32 PM PST
by
SMGFan
(Sarah Michelle Gellar is now on twitter @RealSMG)
To: SMGFan
4
posted on
12/20/2013 6:04:34 PM PST
by
dalereed
To: SMGFan
This is nothing but a shakedown, Chicago/Alinsky politics at its worst.
5
posted on
12/20/2013 6:04:35 PM PST
by
Extremely Extreme Extremist
(Governor Sarah Heath Palin for President of the United States in 2016)
To: SMGFan
It might be proven that those customers had lower credit scores which result in higher interest rates. But no matter, they are a protected class and banks are forced to give them lower rates regardless.
6
posted on
12/20/2013 6:06:26 PM PST
by
Responsibility2nd
(NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
To: SMGFan
liberal corporation probably too, check their donations
7
posted on
12/20/2013 6:06:41 PM PST
by
GeronL
(Extra Large Cheesy Over-Stuffed Hobbit)
To: SMGFan
Ummmm... were the research results adjusted for credit scoring?
To: Extremely Extreme Extremist
JPM recently shelled out 9,000,000,000 USD. SunTrust. Paid 500,000,000 in fines, and set aside another 500,000,000 for reworking loans they made; for a total of 1,000,000,000. Both banks announced the settlements with DOJ the same day or so a couple of weeks ago.
9
posted on
12/20/2013 6:13:23 PM PST
by
guyfromjrz
(fresh breath, it speaks for itself.)
To: Extremely Extreme Extremist
This is nothing but a shakedown, Chicago/Alinsky politics at its worst. Exactly.If it's possible to smile...even for a millsecond...in the deepest part of hell Saul Alinsky surely smiles upon hearing this.
10
posted on
12/20/2013 6:14:24 PM PST
by
Gay State Conservative
(Osama Obama Care: A Religion That Will Have You On Your Knees!)
To: SMGFan
You mean they would dare to charge EBT Sharkista more than an employed Jill or Joan?
11
posted on
12/20/2013 6:16:49 PM PST
by
RetiredTexasVet
(Some people might call it a confidence game or swindle, others call it ObamaCare!)
To: SMGFan
I have never seen a credit application that asked my race. They are only interested in my credit score and ability to pay.
12
posted on
12/20/2013 6:20:09 PM PST
by
informavoracious
(Root for Obamacare and healthcare.gov failure!)
To: SMGFan
I’m surprised to see Asians included in this-——they usually aren’t.
All the ones in my area have money and are too smart to be cheated.
.
13
posted on
12/20/2013 6:21:43 PM PST
by
Mears
To: SMGFan
I seem to recall that Ally was a virtual, internet-only bank. I can't how race could be a part of it unless they let auto dealers make their loans and the auto dealers could choose to press harder on certain minorities to get themselves a greater commission. That is the most obvious thing I can make out.
14
posted on
12/20/2013 6:27:48 PM PST
by
ConservativeMind
("Humane" = "Don't pen up pets or eat meat, but allow infanticide, abortion, and euthanasia.")
To: Responsibility2nd
had lower credit scores which result in higher interest rates.
Odd, those with less money, those who've hit hard times and their credit scores took a hit, are charged more.
Would it not make more sense to just lend them less and give them a break on these loan shark interest rates? It seems charging those on the lower ends of the ladder higher interest rates is down right punitive.
I'll be called anti-capitalist, but its my opinion what the banks, credit cards companies and lenders charge for loans and interest rates is criminally obscene.
15
posted on
12/20/2013 6:46:12 PM PST
by
dragnet2
(Diversion and evasion are tools of deceit)
To: SMGFan
Credit scores are statistically correlated with race.
To: SMGFan
Charging higher interest for people with higher risk financial and/or employment profiles will play out as race discrimination. So now we are going to set up another “bubble,” this time in auto purchases? or is the government determined to bankrupt the auto lenders? Auto loan derivatives- trillions and trillions of dollars worth of auto loan derivatives. Are personal loans and hock shops next?
17
posted on
12/20/2013 6:53:28 PM PST
by
arthurus
(Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
To: arthurus
not giving a loan to someone who cant pay it back=redlining
giving a loan to someone who cant pay it back=predatory lending
18
posted on
12/20/2013 7:02:25 PM PST
by
TurboZamboni
("PEACE ON EARTH TO MEN OF GOOD WILL".)
To: Pearls Before Swine
Uh, no. That would have completely ruined the story!
To: SMGFan
This is going to be a severe blow to all the Buick dealerships
20
posted on
12/20/2013 7:07:25 PM PST
by
Insigne123
(It is the soldier, not the community organizer, who gives us freedom of the press)
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