Why a housing scheme founded in racism is making a resurgence today

[SummerMadness]

It has to do with income, credit history, collateral, etc. And it's the financial institutions who bear the 'risk', not the other way around. And again, there are laws in place. And, what do you mean "a more secure loan"? If the home owner defaults on payments, what should happen? You want the government to step in and pay the mortgage?

As I've said, the data shows that even with income adjusted African Americans are targeted at higher rate for these loans.

The argument made during the subprime lending bubble was these people did not qualify, the data shows otherwise. Now we're seeing contract deeds pop up again with the same argument about people not qualifying. When this market collapses, will we yet again see otherwise? Given history, yes.

 

[HannahT]

As I've said, the data shows that even with income adjusted African Americans are targeted at higher rate for these loans.

Where is the data?

 

[TheBear]

As I've said, the data shows that even with income adjusted African Americans are targeted at higher rate for these loans.

That's against the law, and those institutions can face serious penalties, sanctions and lawsuits. I'd like to see that data, the name of the institutions, the locations, the demographics of those locations, how exactly they specifically and exclusively target black people, if any white people have also signed those contracts, income levels, etc.

 

[SummerMadness]

Study was linked on the previous page.

 

[Uncle Siggy]

At the time I write this six out of the top ten current threads are about racism, five started by the same member.

All part of the agenda...

 

[HannahT]

Study was linked on the previous page.

Maybe I'm missing something, but I checked the links. I don't see it.

 

[TerranceL]

What we need to do is start giving loans for homes to people who don't have the income to keep up with the payments on those loans. We need to mandate it by law. Then after the banks start doing this and people begin to default on loans we wanted to ensure they got we will blame the banks.

 

[Vylo]

Most of this is a symptom of other racial problems not a part of it. People with less money and credit don't get mortgages as easy. I'm an upper class white guy and I had trouble due to no credit. I can't imagine what it must be like for some poor/middle class black kid trying to get their first house.

 

[Sistrin]

What we need to do is start giving loans for homes to people who don't have the income to keep up with the payments on those loans. We need to mandate it by law. Then after the banks start doing this and people begin to default on loans we wanted to ensure they got we will blame the banks.

Didn't that already happen?

 

[TerranceL]

Didn't that already happen?

Didn't work out to well I seem to recall.... but not doing it is racist.

We wouldn't want to be racist.

 

[iluvatar5150]

That's because everything boils down to racism. Or, it could be that a larger percentage of black people living in the victimhood mindset and not taking personal responsibility for their own lives, always blaming others for their circumstances, enslaved to government handouts, and thinking more along the lines of 'group' rather than 'individual', have poor credit as a result. Just a thought.

It could also be that you have no idea what your'e talking about re: the systematic discrimination against blacks via the housing market during the mid-late 20th century and now, instead of actually reading the article, you see the word "racism" and jump at the chance to complain about blacks.

You really got to get past this 'racism' theme you seem to be stuck in, and accept reality. Everyone's entitled to their own opinions, but not their own facts. Look at all the facts and stop making unfounded and sweeping generalizations. Then again, this might be asking too much of an SJW.

Is it too much to ask of an anti-SJW crusader to actually study an issue before going on a crusade about it?

Heck, the WP article doesn't even go so far as to blame the resurgence of this on racism, so I'm not sure what imaginary boogeyman you're even crusading against.

 

[Tallguy88]

How is it different than owner financing?

 

[The Cadet]

Wrong. The only color the market sees is green.

So there should be no reason why, when it comes to buying homes, African-Americans aren't given the same opportunities and shown at least similar lots as caucasians, right?

 

[TheBear]

It could also be that you have no idea what your'e talking about re: the systematic discrimination against blacks via the housing market during the mid-late 20th century and now, instead of actually reading the article, you see the word "racism" and jump at the chance to complain about blacks.

I read the opinion article. I saw unsubstantiated claims. It raised many questions. Were these contract sales exclusively signed by black people? Were there any white people who also fell victim to this? Where there any black people who worked for these companies and sold those contracts? What specifically was said or written, and by whom, that indicated that this scheme was motivated by racism? How, in this case, does correlation equal causation? What is the specific data? If people are being targeted based on skin color, why haven't the been sanctioned, fined and sued? (remember the laws put in place since the mid-late 20th century)

Is it too much to ask of an anti-SJW crusader to actually study an issue before going on a crusade about it?

A crusader is proactive, like SJWs starting thread after thread about racism. You don't see me starting a single thread about true racism being the exception to the rule. I am merely reacting to what SJWs are posting. Nice try at equivalence, though.

Heck, the WP article doesn't even go so far as to blame the resurgence of this on racism, so I'm not sure what imaginary boogeyman you're even crusading against.

What OP and opinion article are you reading?

 

[iluvatar5150]

What OP and opinion article are you reading?

The one in this thread. The whole piece is about contrasting the racial motivations of the previous wave of these loans with the profit-driven motives of the current wave. The piece never claims that it's all racially-motivated like it used to be.

 

[HannahT]

I live in a multi cultural neighborhood, and we own our homes, townhouses and condo's. Things were hard for everyone during the housing crash, and things have tightened up again. The news programs and such claim that things are loosening up, and may have a tad bit...but nothing like they present things.

This is my personal perspective on that article regarding the land in Detroit. If times were better people could stretch things to afford the rent - and buying a property to fix up and hopefully live there one day.

I know our family couldn't do that.

Detroit's economy is much worse than it is here. Sadly, that city got destroyed by many different circumstances. I hope within my lifetime you see the strength it once had.

I have no doubt these families were told about how this purchase works, but I will say once again from my experience people DO NOT truly understand budgets, credit and the like. They think they do, but they aren't the first...and they won't be the last that get into these circumstances not totally wrapping their head's around this investment.

I also don't think people realize how much work and finances it will take to even do the smallest of items to these shelled houses. I remember when we were young, and before kids we were STUNNED to find out how much things cost! Unless you have done this before? Your in for a huge surprise. Our dishwasher is dying, and I was even shocked at how much those silly things are today. Heck, that isn't even a 'must have' either. Then if you can't do the work yourself? Contractors at times can be crooks. Then you have permitting costs from the cities? If you do it wrong you have to tear it out and do it again.

All I'm saying is this is a HUGE undertaking these families took on. Like most people they saw the cost of the shell of the house..and lost prospective on the rest due to excitement. Most of us have been there too. I know my H and I made mistakes thinking we could 'do it' on things too. I mean you are speaking as much money if you not more than what they paid for the property just to fix it to livable conditions.

That's a lot for anyone to take on.

 

[aieyiamfu]

It has to do with income, credit history, collateral, etc. And it's the financial institutions who bear the 'risk', not the other way around. And again, there are laws in place. And, what do you mean "a more secure loan"? If the home owner defaults on payments, what should happen? You want the government to step in and pay the mortgage?

The idea that a financial institution bears any risk for anything in this day in age is so laughable that I will be chuckling all day about it (I actually won't laugh because it is sad that some people sincerely believe this).

 

[aieyiamfu]

Wrong. The only color the market sees is green. Additionally, there are laws in place prohibiting such practices. A lending institution can get into serious trouble if it makes lending decisions based on race.

You really got to get past this 'racism' theme you seem to be stuck in, and accept reality. Everyone's entitled to their own opinions, but not their own facts. Look at all the facts and stop making unfounded and sweeping generalizations. Then again, this might be asking too much of an SJW.

"There is a law prohibiting that". Well that just fixes everything, statists give me a good chuckle.

 

[aieyiamfu]

How is it different than owner financing?

I have never quite understood that myself.

 

[ChristsSoldier115]

Wrong. The only color the market sees is green. Additionally, there are laws in place prohibiting such practices. A lending institution can get into serious trouble if it makes lending decisions based on race.

You really got to get past this 'racism' theme you seem to be stuck in, and accept reality. Everyone's entitled to their own opinions, but not their own facts. Look at all the facts and stop making unfounded and sweeping generalizations. Then again, this might be asking too much of an SJW.

Actually its been proven that the practices have at least been going on to 2009.