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Mortgage Industry Blackballs 9600 Zip Codes

So the mortgage insurers have decided to start blackballing certain zip codes. I am not quite sure how this does not count as redlining. Regardless this is some bad news after the positive news of mortgage rates falling the last two weeks. Read the rest of the story here Mortgage Companies Blackball Zip Codes

Ki Gray is a realtor helping buyers in the Austin real estate market. His site provides a free search of the Austin MLS

Posted by Ki Gray - Austin Real Estate on 03/20/2008 10:17 PM

Comments (3)

mortgage, bank, subprime, real estate

3 Comments on Mortgage Industry Blackballs 9600 Zip Codes

Ki -

You knew this was coming, didn't you. They will explain it away by saying they are not DISCRIMINATING against any one group, only not taking an inordinate business risk.

But you know where this is headed.

However, it seems the Mortage Mess was equally participated in by those of varying background, creeds, races, and ethnicities.

I guess gluttony, a bit of greed, and ignorance, are not protected classes.

Call or Stop In Anytime!

DEAN & DEAN'S TEAM CHICAGO

03/20/2008 10:32 PM

by Dean Moss - Dean's Team Chicago Real Estate Team (Dean's Team - Keller Williams Fox Realty)

Ki Gray, that is some very sad news. What are people to do know if they want a home in that area?

03/20/2008 10:35 PM

by Ray Nellum, Fort Smith Real Estate (Ramona Roberts Realtors)

20% down solves all ills. In a year or so all loans will require 20% down regardless of zip code and then we will get to see what homes are really worth when people actually have to buy them instead of substituting a rent payment for a mortgage payment.

03/21/2008 07:02 AM

by Barry - Austin

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