Do lending institutions in the US really give higher mortgage rates based on the race of the applicants? - us bank mortgage rates
... http://news.yahoo.com/s/nm/20080407/us_n
I have no doubt that most subprime loans were minority candidates, but not on the basis of their credit and finances?
I financed 2 houses in the last 5 years and can not remember who asked me about my race or ethnic origin. What would my lender know also that I 1 / 2 Native American (my two loans through traditional means not at high risk or junk ARM)?
Monday, December 28, 2009
Us Bank Mortgage Rates Do Lending Institutions In The US Really Give Higher Mortgage Rates Based On The Race Of The Applicants?
1 comment:
No
However, lenders take into account various factors, such as the relationship between debt and income, equity, etc. They do this because the factors that have a relationship shown how it is likely that the applicant may or may not repay the loan.
And some of these factors in turn - on average - between different races. There is also some evidence that financial education is between different races, so some more on average to get a loan whose conditions are worse than the best that the applicant was unable to get their shopping sign elsewhere.
So if you hear someone to talk about the banks and building societies that are racist, the indirect effect is most likely to speak.
Post a Comment