CNN says mortgage lenders are racist. what say you?
Do I have to mention how critical home ownership is?
I dont know if this happens where I live because they wouldn't be able to sell any house (too many black people where I live)
If the banks are doing this, is it possible that any other institution are racist?
Answers:
And Fox news still insists Hillary is a worthy presidential candidate. Racism is not practiced in any area where I have worked as a Realtor and a Mortgage Broker in the 20+ years I have done both. The western halves of Washington and Oregon are where I have my experience. I have worked as a lender only in many additional states and never have I turned down a client over race of any kind. I have however helped many poor credit people repair their scores so they could obtain a larger ltv at a much better fixed rate. I have done such for free and often in less than 45 days. What has your lender done for you lately ?
Why would a lender care who pays them their interest rate? They usually sell the mortgage withing the first six months to another lender anyway. That's the dumbest thing I ever heard. Money is money. If you don't pay, they take the house.
i believe that this world is racsist & classcist, i believe that the report is definitely skewed towards the lower and middle class... but i can guarantee you if you were a black doctor coming out of harvard, you can get a loan anywhere you want... i believe that all the major corporations are looking at diversity, schools are looking at diversity, and when they say 'diversity' they mean african americans; if you are an educated african american with a great career, you can get a loan.
and if you are on the lower end of the spectrum, it wouldn't matter your color, you won't be getting a loan and/or you will be paying off the chart interest... this is the reality of the society we live in... it is tough to break the cycle.
Ive been in this business for years.
I might agree that some people are racist and dont work as hard to get the deal done. I would have to say the loan officers are racist not the insitutions. They dont care if you are white, black or purple. They dont keep the loan its sold as a mortgage back security in 100M lump some to china or japan. They have no idea the race.
You take out a loan at wells fargo or washington mutual... Its gone and packaged in a mortgage backed security. They dont care its not their money. The bond is paid for by China etc.
Loans now go through DU or LP. doesnt even require race information. The only reason race is tracked is to track lenders. I would have to say the computer doesnt know color and for the most part that is who approves your loan.
I work in California.
Equal credit? What exactly is 'equal credit'? Everyone's situation is different. Fico scores are not the only criteria used to determine creditworthiness. Income, debt, length of employment, reserves, desired loan amount, other properties owned, the loan programs available for that lender are a few other criteria that are figured into the 'big APPROVAL picture.'
What is the info that the non-profit agency used to come up with the 45% figure of denial of blacks? The study would have to critically analyze every borrower they are comparing, otherwise, they may be comparing apples to bowling balls.
Wouldn't you agree that if loan officers had the power, they'd approve EVERYONE? More approvals simply mean more commissions to them. So, why would they deny a black borrower who is clearly a solid borrower?
There has to be a reason for the denial: black borrower or green borrower. And by law, that lender must provide a written explanation for the denial...and that denial is unlikely due to racism.
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