What to Do with Continuing Evidence of Race Discrimination

Just to play devils advocate:

A lot more goes into the the interest rate you are charged then just your credit rating. Money down, percent of income the mortgage will consume, type of loan, how much is being financed. A high risk loan (110% financed ARM) versus a 30 year fixed with 5% down is going to get a higher interest rate due to the increased risk even with identical credit scores. I don't think it is accurate to charge discrimination solely based off of credit rating scores.

That being said, if all aspects are equal, and the result is still higher interest rates for people of color, then that is discrimination and a practice that is immoral and should not be tolerated.

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"should not be tolerated" - can I quote you? Laughing

Just playin...

There wasn't an issue about credit rating qualifications. It was a given that those looked at were similar in credit rating.

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Right, but were their loans and other factors also similar in type? The point I was trying to make, was people with similar credit ratings can still get different interest rates based on other factors.

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snood wrote:

Quote:
One thing I don't understand----if the blacks and Hispanics in question have good credit, why do you think they aren't shopping around for better rates?

And why don't they just move into better neighborhoods?
and why don't they just get better paying jobs?
what the hell's WRONG with 'em?

...Jeez Louise.

I don't understand your refusal to address aspects of issues if they vary from the rigid direction you force "your" threads. That hyperbolic response is not a response to my legitimate question, but an attempt to discredit any questions or elaborations of the problem. Set was right, as was another poster on another thread.

I would not insult a segment of our society by intimating a problem doesn't exist. I just think it is more valuable to examine exactly what is happening, since that's the only way a solution can be found.

If you consider me so stupid for not knowing the answer, reveal your great knowledge and just answer the question. Why would people with good credit acept higher rate of interest? Why wouldn't they shop around for a better rate, and/or report the illegal activity? Once we know why they aren't doing that, a solution to that problem will go toward solving the entire problem.

What you do with the evidence, I think is obvious. Find the

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Always a joy hearing from you Lash.

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snood, the poor will always be with us; unscrupulous money lenders will always be with us; usury will always be with us from every race and denomination. Of course it's wrong, but the best that we can do is support what we feel to be right and act on it.

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jpinMilwaukee wrote:

Right, but were their loans and other factors also similar in type? The point I was trying to make, was people with similar credit ratings can still get different interest rates based on other factors.

I hadn't thought of those points, which sound valid to me. Still the numbers Snood's example in the first post gave were quite startling. I think a situation like that should at least be reviewed for how those factors would break down.

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ossobuco wrote:

I hadn't thought of those points, which sound valid to me. Still the numbers Snood's example in the first post gave were quite startling. I think a situation like that should at least be reviewed for how those factors would break down.

I agree that it should be reviewed. I'm only stating that looking at credit rating only is not a fair comparison.

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Understood.

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Cool.

It's nice to come to some sort of understanding, isn't it?

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Quote:

What to Do with Continuing Evidence of Race Discrimination?

Simple. Outlaw the De-Moker-Rat party. Racism was legally dead and buried in America in 1965 and that was too good for the fricking idiots, they had to re-invent it.

Take Affirmative Action for instance. If AA wasn't such an abominable idea on the face of it, you could almost make a case for it in the single case of the black man who you might could claim was dragged over here in chains, had a major hand in building the country early on, and for a long period of time afterwards was denied a share of the proceeds.

But from day one AA has been for blacks AND hispanics (who the United States owes precisely nothing), children of rich parents in Taiwan (who the United States owes precisely nothing), Fiji islanders (who the United States owes precisely nothing), Eskimos (who the United States owes precisely nothing), women who are 51% of the population everywhere on Earth, Japanese (who the United States owes precisely nothing), Indians (India Indians) (who the United States owes precisely nothing)........

and generally everybody on this planet except the white male. In other words, all AA is in actual fact is a new form of racism with a new victim.

The de-mokkker-RAT party is no better than the nazis, commies, tong societies, the klan, or any of the other organizations whose names appear on the list of things you swear not to know anything about when filling out government forms; its name should be on that list.

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so lemme get this straight...

you don't like democrats?

Laughing

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jpin--

Thanks for elaborating. I hadn't thought about the further issues re credit, downpayment, and all the other stuff that goes into the decision. Something to think about.

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Lash wrote:

jpin--

Thanks for elaborating. I hadn't thought about the further issues re credit, downpayment, and all the other stuff that goes into the decision. Something to think about.

No problem. All to often we see stats like the original quoted and take it for face value without digging a little deeper. Almost nothing in this world is as simple as that.

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I ain't ruling racism out at all, just see that the picture may be more complicated than I first surmised. And I suppose it's possible racism isn't going on, however greed fueled, even as a part of the situation.
I have a bridge....

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"I ain't ruling racism out at all, just see that the picture may be more complicated than I first surmised."

Me, too.

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ossobuco wrote:

I ain't ruling racism out at all, just see that the picture may be more complicated than I first surmised. And I suppose it's possible racism isn't going on, however greed fueled, even as a part of the situation.
I have a bridge....

Is that bridge over some swampland in Florida?

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That must be the one..

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Re: What to Do with Continuing Evidence of Race Discriminati

snood wrote:

When you hear of blatant race discrimination being practiced as for example in the article I cited, what do you think?

I think that one of the following possibilities: 1) The credit record doesn't tell the whole story about the chances of a lender paying back a loan, and the neighborhood the lender lives in provides some information about this. 2) The bank is making a bad business decision. Probably it will soon lose out to a competing bank, one whose loans are better tailored to the lender's actual risk.

Summing up, I think it's either not discrimination (case #1), or it'll be self-correcting (case #2).

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Re: What to Do with Continuing Evidence of Race Discriminati

Thomas wrote:

snood wrote:
When you hear of blatant race discrimination being practiced as for example in the article I cited, what do you think?

I think that one of the following possibilities: 1) The credit record doesn't tell the whole story about the chances of a lender paying back a loan, and the neighborhood the lender lives in provides some information about this. 2) The bank is making a bad business decision. Probably it will soon lose out to a competing bank, one whose loans are better tailored to the lender's actual risk.

Summing up, I think it's either not discrimination (case #1), or it'll be self-correcting (case #2).

Dang, Thomas...

I sure hope you're right, for everyone's sake.

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What to Do with Continuing Evidence of Race Discrimination

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