Quote:
Originally Posted by George O Well
>>>Nonsense. Where do you get this tripe?
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I can remember the media showing a black couple in CA. crying about being turned down for a home loan in 2001.
This couple said they were denied based on their skin color and there were several lawsuits filed against lenders.
I will try to find an old link.
Here is one from 1998.
5-13-98, Statement of David Berenbaum
The FHCGW receives over 500 bonafide allegations of discrimination each year. In 1997, 50 of these complaints were based upon lending. FHCGW also serves as a Fair Housing Planning resource to government in the mid-Atlantic region and as a fair housing consultant to Weichert Realtors, Long & Foster Realtors, NV Homes, Ryan Homes, NV Mortgage, MRIS, The Bozutto Group, Pardoe & Graham Real Estate, Realty Investment Company, Inc. and several other corporations.
Our advisory boards include public and private sector community leaders, including Realtors, lenders, appraisers, insurers, and individuals and groups in the Greater Washington area committed to equal housing opportunity. Three weeks ago the Fair Housing Council of Greater Washington and five victims of lending discrimination filed a first impression case against a notorious District of Columbia predatory lender - Capital Cities Mortgage.
Mr. Lazio, at your request today I will be focusing my remarks on the recent Fair Housing Council of Greater Washington’s "Fair Lending Index - An Audit of Race and National Origin Discrimination in the Greater Washington Mortgage Lending Marketplace", that was released on March 24th, 1998, and it’s relevance to the Chicago Area Fair Housing Alliance Policy Paper "The Two Faces of FHA", released on May 13th, 1998 and the Montgomery County, Maryland Human Relations Commission’s Fair Lending Report released last month.
Here is another from 2003.
Latinos, blacks face higher rejection rate for home loans
Thursday, October 16, 2003
Latinos, blacks face higher rejection rate for home loans
By MATTHEW CRAFT AND DAN RICHMAN
SEATTLE POST-INTELLIGENCER REPORTERS
Her rent checks arrived on time. Her two jobs provided a steady income and helped her chip away at her debts. Feeling financially stable, Margaret walked into a Seattle bank and applied for a mortgage loan.
"I had rented for years," she said, "and I wanted to put my money where I could get something from it."
The bank rejected her application. Margaret, who asked that her last name be withheld, said a bank representative told her she needed to clean up her credit.
Poor credit, rather than blatant discrimination, is the most common explanation given for results of a study released today that found that African Americans, such as Margaret, are more than twice as likely as white people to be turned down for conventional home mortgages.
The study by the Association of Community Organizations for Reform Now also shows that banks are more likely to deny applications from Latinos than from white people.
Using data provided by banks to the federal government, ACORN found that the discrepancy is even greater in the Seattle area. In Island, King and Snohomish counties, African Americans were rejected 2.56 times more often than white people in 2002. Banks denied Latinos 2.44 times more often than white people.
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