A good credit score did not protect Latino and black borrowers

Quote from jficquette:

I doubt if he had access to that level of information. If he had he wouldn't have written the article.
More...
Unless of course he does have access to that data, and the variable was controlled for, and the results are as presented. Which does not mean that other factors were not missed, but I think this one you mention is important.
[I emailed him, we'll see what we hear, if anything.]
 
Quote from Ricter:

Unless of course he does have access to that data, and the variable was controlled for, and the results are as presented. Which does not mean that other factors were not missed, but I think this one you mention is important.
[I emailed him, we'll see what we hear, if anything.]
More...

If he had he would have mentioned it. He mentioned every chicken shit thing he could come up with even allowing for geography so why not the biggest single factor that affects rates?
 
Quote from Covertibility:

One of the most pernicious practices in which the nation’ biggest banks engaged during the lead up to the financial crisis was pushing minority borrowers into subprime loans...
More...
You mean like at gun point?

Why can't stupid people guilty of making stupid decisions simply be held accountable?

Why must we blame someone else and/or they be given a pass just because they're a minority?
 
Quote from jficquette:

If he had he would have mentioned it. He mentioned every chicken shit thing he could come up with even allowing for geography so why not the biggest single factor that affects rates?
More...
Had you ever done any research and reporting you'd know "every chicken shit" (lol, you're getting angry) variable is not going to appear in a summary that's four short paragraphs long. You're going ad hominem now. Stick with your initial, intelligent point, the down-payment variable.
 
Quote from Lucrum:

You mean like at gun point?

Why can't stupid people guilty of making stupid decisions simply be held accountable?

Why must we blame someone else and/or they be given a pass just because they're a minority?
More...
----------------------------------------------------------------------------------

Not stupid always, but trusting their lenders too much sometimes maybe. Look what happens with the Wells Fargo and some black people.

http://www.nytimes.com/2009/06/07/us/07baltimore.html?pagewanted=all

"Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as “mud people” and to subprime lending as “ghetto loans.”

“We just went right after them,” said Ms. Jacobson, who is white and said she was once the bank’s top-producing subprime loan officer nationally. “Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.”
(SNIP)

"Both loan officers said the bank had given bonuses to loan officers who referred borrowers who should have qualified for a prime loan to the subprime division. Ms. Jacobson said that she made $700,000 one year and that the company flew her and other subprime officers to resorts across the country."
 
Quote from trendlover:

Not stupid always, but trusting their lenders too much sometimes maybe.
More...
Where I come from it's pretty much the same thing.

Caveat emptor and that sort of thing.
 
Quote from Lucrum:

You mean like at gun point?

Why can't stupid people guilty of making stupid decisions simply be held accountable?
More...

You had to see this coming:
We didn't hold the 'smartest people in the room' accountable. From Enron to BAC. I, too, would like to see more details on this, more than just the minority card. At some point in America, we just have to get past the whole race thing, from both sides.



c
 
Quote from trendlover:

----------------------------------------------------------------------------------

Not stupid always, but trusting their lenders too much sometimes maybe. Look what happens with the Wells Fargo and some black people.

http://www.nytimes.com/2009/06/07/us/07baltimore.html?pagewanted=all

"Wells Fargo, Ms. Jacobson said in an interview, saw the black community as fertile ground for subprime mortgages, as working-class blacks were hungry to be a part of the nation’s home-owning mania. Loan officers, she said, pushed customers who could have qualified for prime loans into subprime mortgages. Another loan officer stated in an affidavit filed last week that employees had referred to blacks as “mud people” and to subprime lending as “ghetto loans.”

“We just went right after them,” said Ms. Jacobson, who is white and said she was once the bank’s top-producing subprime loan officer nationally. “Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans.”
(SNIP)

"Both loan officers said the bank had given bonuses to loan officers who referred borrowers who should have qualified for a prime loan to the subprime division. Ms. Jacobson said that she made $700,000 one year and that the company flew her and other subprime officers to resorts across the country."
More...

Wow, now if that is really true, it really sucks.


c
 
Quote from cgroupman:

Wow, now if that is really true, it really sucks.


c
More...
---------------------------------------------------------------------------------

So you can see now why the prime loan is not worth same as the sub prime loan. The yield spread premium for one, y to make the sub prime loan with good income/good credit create conditions for the better rating of the packages too.
 
You must log in or register to reply here.
Back
Top