Tuesday, July 24, 2012

Report cites racial lending disparities









Anonymous said...

Even if they DON'T have a 620 credit score?

That's Mr. Adam Rust's standard of creditworthiness?

How can he say it's not a credit (FICO) issue?

I didn't think banks made loans to people with credit scores of 620.

Have I missed something?

Anonymous said...

This is a bogus piece of research and an extremely poor job of reporting by Andrew and Kirsten. Banks are for profits companies, meaning they are in business to make money. They don't care what color their prospective customers are, they only care if those people will pay their bills. 620 is not a good credit score, and to insinuate otherwise is a bold faced lie. Banks lend based solely upon the merits of each individual applicant. Go to the predominantly minority neighborhoods in Charlotte referenced by this report. I dare you to research the items a bank looks at: income, existing debt, assets, credit history, employment, etc. I'm pretty sure that's where you'll find your answer. If you have proven that you pay your bills, a bank will lend to you regardless of what color you are.

Anonymous said...

Just another BS piece out to make poor blacks look like victims, written by two liberal reporters who obviously didnt do their homework

Anonymous said...


Yeah, but their credit history says they have just that kind of problem.

So maybe they are ABLE, but just DON'T...

So who cares if they're ABLE?

When will the cries of "racism" on every issue end?

Anonymous said...

"they did not have concrete evidence of discrimination"

Which of course means the Observer will promote them.

Meanwhile, there's mountains of concrete evidence against bank executives who engineered the financial meltdown, yet none of them have been indicted.

Shamash said...

As a white guy with a credit score above 810, I don't really give a crap about the whining losers (and those who loaned to them) who helped create our current economic mess.

If your credit score is 620, you have problems totally unrelated to your race.

You need to clean up your act, get your score up in the mid-700's and THEN start worrying about your skin color.

Priorities, priorities, priorities.

Work on your REAL problems first, then worry about "discrimination".

Anonymous said...

A FICO score of 620 is generally the industry threshold for qualifying for a mortgage, via private lenders or the FHA.

Many of those commenters who are indignant about this report should do some additional reading... you would learn that, even if credit scores and all other variables are equal, African American and Latino homebuyers are STILL steered into higher-cost mortgages than their white counterparts.

The mortgage system is still deceptive, and most detrimental to Latinos and African Americans. People who point this out deserve your attention, not your scorn. Learn some more before you spout off.

Andrew Dunn said...

FYI, I'm turning off comments on this one since we're starting to get some pretty racist ones. I deleted those but left up the ones criticizing me. Shoot me an email or call if you want to talk about this.