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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: 963065" data-attributes="member: 52972"><p>Hugh,</p><p></p><p>I think you and the author of the article are reading way to much into the article that is simply not there. Just because some one investigates bank practices, does not mean any changes will be made. The law requires that access to credit be available to all credit worthy candidates regardless of race, etc. The article indicates that the banks are being questioned about redlining areas that may be predominately poor black areas.</p><p></p><p></p><p></p><p>You asked if I thought there are people in these impoverished redlined areas who could actually have a good or excellent credit rating? Yes there probably are some. The simple fact that they cannot get a loan because of the arbitrary redlining by the banks, they could have better credit ratings than you or I, but for many reasons cannot or do not want to leave these neighborhoods. People who live in these neighborhoods may have grown up there, have parents and family there...They're business is there and they want to make improvements to the neighborhoods.</p><p></p><p></p><p></p><p>Home owners and Landlords in these redlined areas cannot get loans to fix up the homes and apartments, small businesses cannot get loans to expand or buy inventory, etc.</p><p></p><p></p><p></p><p>How would you feel if the banks had too many deaults and repossesions in Georgia (where you live) and decided that they were not going to make anymore loans to residence of Georgia??? The banks will not even look at your loan application, and could care less if you are credit worthy or not. You simply live in Georgia, and they arbitrairly decided that Georgia was a redlined area. You have a job, you have good credit, but you need a loan but cannot afford to move out of Georgia. That's what is going on in the redlined area.</p><p></p><p></p><p></p><p>...Rich</p></blockquote><p></p>
[QUOTE="Richard L, post: 963065, member: 52972"] Hugh, I think you and the author of the article are reading way to much into the article that is simply not there. Just because some one investigates bank practices, does not mean any changes will be made. The law requires that access to credit be available to all credit worthy candidates regardless of race, etc. The article indicates that the banks are being questioned about redlining areas that may be predominately poor black areas. You asked if I thought there are people in these impoverished redlined areas who could actually have a good or excellent credit rating? Yes there probably are some. The simple fact that they cannot get a loan because of the arbitrary redlining by the banks, they could have better credit ratings than you or I, but for many reasons cannot or do not want to leave these neighborhoods. People who live in these neighborhoods may have grown up there, have parents and family there...They're business is there and they want to make improvements to the neighborhoods. Home owners and Landlords in these redlined areas cannot get loans to fix up the homes and apartments, small businesses cannot get loans to expand or buy inventory, etc. How would you feel if the banks had too many deaults and repossesions in Georgia (where you live) and decided that they were not going to make anymore loans to residence of Georgia??? The banks will not even look at your loan application, and could care less if you are credit worthy or not. You simply live in Georgia, and they arbitrairly decided that Georgia was a redlined area. You have a job, you have good credit, but you need a loan but cannot afford to move out of Georgia. That's what is going on in the redlined area. ...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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