A Financial Neutron Bomb in the Hood??

By
Real Estate Agent with Jack White Real Estate 15598

In the magazine Dollars and Sense, Jim Campen, professor emeritus of economics at the University of Massachusetts-Boston and an expert on racial discrimination in mortgage lending, has written a piece entitled,

"Update on Mortgage Lending Discrimination: After a Disastrous Detour, We're Back Where We Started."

I encourage you to read this scandalous horror story. Apparently, mortgage lenders were redlining neighborhood based on ethnicity, selling most of the subprime loans to black and Latino homeowners-to-be, who are now disproportionally being foreclosed upon.

http://www.dollarsandsense.org/archives/2010/1110campen.html

http://www.commondreams.org/view/2010/12/03-3

http://www.commondreams.org/view/2010/12/02-6

Since I live in Alaska, a pretty homogenously white (think Tea Party) state, I have no personal experience that would corroborate this disturbing story. I would be interested in hearing yours, one way or the other.

 

Posted by

Marianne 907-529-6602

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Topic:
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Location:
Alaska
Tags:
mortgage lending
home loan redlining
discrimination in mortgage lending
redlining neighborhoods for subprime loans

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Rainmaker
550,979
Jon Quist
REALTY EXECUTIVES TUCSON ELITE - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

Banks/lenders redlining? No, say it isn't so.

OK, it is so. Not a big surprise after everything else they pull, now, is it?

Dec 03, 2010 05:07 PM #1
Rainer
100,217
Marianne Grant, Realtor
Jack White Real Estate - Anchorage, AK
CRS 907-529-6602
Yep, you are right, of course, Jon. It is all so disgusting ...
Dec 03, 2010 05:15 PM #2
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

It is really too bad.  I do not like unfair dealing.  It is also true you cannot give people loans they cannot afford no matter their ethnicity.

Dec 03, 2010 05:44 PM #3
Rainmaker
765,956
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Great Post! I do agree with Jon and Tim comments above!

Thanks for sharing,

Adam

Dec 05, 2010 04:42 PM #4
Rainmaker
765,956
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Great Post! I do agree with Jon and Tim comments above!

Thanks for sharing,

Adam

Dec 05, 2010 04:42 PM #5
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Rainer
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Marianne Grant, Realtor

CRS 907-529-6602
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