Mortgage-cost bias found locally; Toledo area 17th-highest in loans to blacks, study says
African-Americans in metro Toledo get more high-cost home loans than do white residents, although the proportion is down slightly from a similar study two years ago, according to a national nonprofit group.
http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070906/BUSINESS0...
Looks like people of color can count on The Blade to report QUESTIONABLE lending practices by lenders
By paulhem - Posted on September 6th, 2007
why would the Blade not report this?
They DID report it.
purnhrt:
Perhaps, the topic on my post was influenced by the prior topic "LOOKS LIKE THE BLADE IS NOT REPORTING ALL THE FACTS AS USUAL."
I just searched Google News for mortgages Toledo blacks -- The only hits were toledoblade.com, AZ Central.com and Conde Nast Portfolio, NY
So, maybe your question would be better worded as, "Why aren't other Toledo media web sites reporting this story?
Answer: I don't know, but people can count on The Blade to report it.
Maybe some of the other local media will look at this thread and start writing up a story about the report referenced in The Blade's story?
I am not here to try to say that all mortgage lenders are choir boys, but where does it say in the article that someone found evidence that a borrower of ANY color failed to receive the best terms for which they qualified?
When that happens, we know the lender has a serious problem. Until it does there are other possibilities that can skew the figures.
I guess it was a double negative because I am not quite sure why you posted the article the way that you did.Did you mean to imply that the Blade reported factually on a black issue? If that is it, my question again is why wouldn't the blade report on any factual news, why did it have to be concerning black people?
I guess it was a double negative because I am not quite sure why you posted the article the way that you did.Did you mean to imply that the Blade reported factually on a black issue? If that is it, my question again is why wouldn't the blade report on any factual news, why did it have to be concerning black people?
What "color" is that? Is this an issue I should be worried about? I'm kinda' pink. I'd planned on a nice olive tan by now by I just can't get to the beach. Another lost summer.
We did get up to the island though - that was awesome!
"Looks like people of color can count on The Blade to report QUESTIONABLE lending practices by lenders"
This topic just seemed kind of inflammatory, but then maybe I read it wrong.
JK, well over 90% of the conforming loans these days are decided by an automated underwriting system and "perceived health risks" do not even appear on the credit application so it can't be an issue. There is just no way that would impact a standard conforming loan. Job stability would be a very similar situation. It would not be a factor with most conforming programs unless you have a low doc program. I haven't had a conforming loan turned down for job instability since 1998 when automated underwriting was just starting to become commonplace.
If you know of members of ANY ethnic group with 700+ scores who have been shafted with higher rates, send them my way. I could use the biz.
With all the flack that paulhem has taken on this discussion group when he has been loyal to his employer (a commendable thing in this day and age) I assumed he was being facetious. Maybe he expected people to say the Toledo Blade didn
I know African Americans who have excellent credit scores well over 700 and lenders try to shaft them with higher rates because of perceived health risks of African Americans and perceived job instability of African Americans. This issue is real and it goes on all the time.
glad you're ok.
nice to see you again.
Been a while :)
I see you're taking a blasting. My sympathy. Been there.