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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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<blockquote data-quote="Richard L" data-source="post: 963044" data-attributes="member: 52972"><p>Caymen,</p><p></p><p>I hear you. I agree that insurance companies are also very arbitrary in deciding how they chose their customers and the rates they pay.</p><p></p><p></p><p></p><p>As in the insurance industry, companies must provide insurance to a percentage of High Risk customers (SR22)...They certainly don't give them big discounts but they are required by law to insure a certain percentage.</p><p></p><p></p><p></p><p>I think Banks should be required to do the samething. They should be required to make loans.mortgages to some percentage of people inside their so-called Redlined zones. I don't know if that should be 1%, 5%, 10% or 20%. but if it was 10%, they would have to provide 10 loans/mortgages to Redline residents for every 100 loans outside of the Redline area. If they can only find 9 qualified Redline customers, then they can only approve 90 non-Redline zone loans to maintain that 10 to 1 ratio. That's basicly what the insurance companies do for automobile insurance.</p><p></p><p></p><p></p><p>At one time I worked for the largest automobile insurer in Texas and wrote the software that monitored the SR22 customer's driving records and one they met the minimun state requirements, they were removed from the SR22 (High Risk, High Premiums) and were permitted to purchase a regular policy at lower rates.</p><p></p><p></p><p></p><p>It does appear that we have state insurance boards that can apply certain regulatory controls on the insurnace companies in the state, but only the Fed's can monitor the Banking industry, and the Fed's are not doing a very good job!</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 963044, member: 52972"] Caymen, I hear you. I agree that insurance companies are also very arbitrary in deciding how they chose their customers and the rates they pay. As in the insurance industry, companies must provide insurance to a percentage of High Risk customers (SR22)...They certainly don't give them big discounts but they are required by law to insure a certain percentage. I think Banks should be required to do the samething. They should be required to make loans.mortgages to some percentage of people inside their so-called Redlined zones. I don't know if that should be 1%, 5%, 10% or 20%. but if it was 10%, they would have to provide 10 loans/mortgages to Redline residents for every 100 loans outside of the Redline area. If they can only find 9 qualified Redline customers, then they can only approve 90 non-Redline zone loans to maintain that 10 to 1 ratio. That's basicly what the insurance companies do for automobile insurance. At one time I worked for the largest automobile insurer in Texas and wrote the software that monitored the SR22 customer's driving records and one they met the minimun state requirements, they were removed from the SR22 (High Risk, High Premiums) and were permitted to purchase a regular policy at lower rates. It does appear that we have state insurance boards that can apply certain regulatory controls on the insurnace companies in the state, but only the Fed's can monitor the Banking industry, and the Fed's are not doing a very good job! ...Rich [/QUOTE]
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SportTrac Discussion
General Sport Trac Discussion
Obama admin pushing banks to offer sub-prime mortgages again...
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