They mentioned a study done by a non-profit agency that say blacks were 45% percent more likely to be denied a mortgage loan than whites of equal credit.
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?
2007-02-17 01:39:14 · 12 answers · asked by Anonymous in Society & Culture ➔ Cultures & Groups ➔ Other - Cultures & Groups
Its been happing for years and years. Nothing will ever be done. They do it because they can get away with it. Whos going to stop them? As soon as we mention it we get all kinds of crap, like we do on this board.
Blacks are more likely to get charged a much high interested rate if they do get accepted.
Notice how brewer82 said he was a banker. I bet he got fired.
2007-02-17 02:09:34 · answer #1 · answered by Anonymous · 0⤊ 1⤋
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.
2016-05-23 22:24:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Absolutely! Racists have long ago gone corporate. The klan said back the late 70's and early 80's that they were putting their kids in college and they would get degrees and become business men, doctors, lawyers, police officers, etc. This could be why there is so much "white collar" racism going on. It's not out in the open, it's done in secret. New Millenium Racists exist!
2007-02-17 01:47:55 · answer #3 · answered by Anonymous · 0⤊ 1⤋
I was a banker and found it extremely difficult to give blacks loans. I just personally don't trust them and it seems it would be a bad business decision to give a black money.
2007-02-17 09:35:08 · answer #4 · answered by brewer82 3 · 1⤊ 0⤋
I'm not shock. Black people are the easy scapegoat. We can't hide our skin color. Yes, they are probably doing this else where too. Most black people want to be treated fairly and the same. We just want the American Dream just like everyone else.
2007-02-17 01:46:59 · answer #5 · answered by Anonymous · 2⤊ 1⤋
No wonder so many people who live in apartments complain about seeing so many shiny rims in the parking lot.
2007-02-17 03:01:56 · answer #6 · answered by markedasterisk 2 · 1⤊ 0⤋
Yes, it happens. I am a homeowner and property owner. I have good credit and plenty of collateral, and I have still have to jump through hoops. It is crazy.
2007-02-17 01:49:49 · answer #7 · answered by pretty_as_me 3 · 1⤊ 1⤋
As long as there is a devil, there will be color problems. He is determined that we do not get along. But let's show him otherwise.
I Cr 13;8a, Love never fails!!!!!
2007-02-17 01:44:59 · answer #8 · answered by ? 7 · 1⤊ 0⤋
Yes, Racism is alive and thriving within American society here today in "2007". Very sad, and very true. God bless****
2007-02-17 01:49:58 · answer #9 · answered by ? 7 · 0⤊ 1⤋
(Red lining) Insurance comps, car dealerships, and car rental comp.(Avis), banking (personal and business loans) these are forms of: Institutionalized racism.......
2007-02-17 07:12:32 · answer #10 · answered by Diamond in the Rough 6 · 0⤊ 1⤋