Report documents mortgage discrimination in Twin Cities
posted by Bob at Friday, February 13, 2009
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3 Comments:
Well well well.....it says no one is enforceing the Fair Housing laws in Minnesota! Where have we heard that before? Isn't that what the landlords are suing the city for? Chuck? Eric? By the wat Bob, what's going on with that lawsuit? I haven't heard much about it lately. Did the city pay them some hush money to keep quiet?
No, this has nothing to do with what the landlords are suing the City about. The landlords suit is a joke; the basic premiss is that they have the right to house people of color in substandard housing and that to require them to keep their property up to the same standard as every other house on the block is discrimination.
What this article is about is how communities of color were particularly abused by the sub-prime mortgage business.
Part of the issue continues to be the lack of branch banks of major institutions in lower income neighborhoods. If your only relationship with Wells Fargo bank is to have your pay check direct deposit from work, you don't think about applying for a mortgage at your bank and you are going to be more likely to have bought through a mortgage broker.
The mortgage brokers were looking for deals that would close the quickest and those were the sub-prime mortgages that either had higher interest rates or were 5 year arms with refi's. No one was watching out for the clients interest.
So, you had a population with less connection to the banking industry that were repeatedly called by mortgage brokers with "to good to be true" offers.
JMONTOMEPPOF
Chuck Repke
This post was a request.
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