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« Senioritis and Then Some | Main | What a Muslim Teenager's Bad Day Looks Like »

April 11, 2005



A little late, but I completely agree. Perhaps Big Al thought someone repealed the Civil Rights Act. Title VIII of the CRA, better known as the Fair Housing Act was designed to prevent this type of discrimination from happening. In regards to Mortgage Lending, it states:

No one may take any of the following actions based on race, color, national origin, religion, sex, familial status or handicap (disability):
-Refuse to make a mortgage loan
-Refuse to provide information regarding loans
-Impose different terms or conditions on a loan, such as different interest rates, points, or fees
-Discriminate in appraising property
-Refuse to purchase a loan or
-Set different terms or conditions for purchasing a loan.

From (

This act was supposed to be enforced to prevent redlining, but it really hasn't changed/prevented much from happening.  Shumer (D-NY) did a study and found that even banks like Wells Fargo are systematically targeting low income neighborhoods, and even those who have good credit are getting suckered into these sub-prime loans. One of the things that always gets me is these lenders boast on how low a default rate they experience on their subprime loans, while at the same time reporting huge differentials in interest rate. If the differences in interest rate aren't justified by the risk (i.e. money lost in defaults), then what's the operative point of justifying the different treatment -- race and class, I would say.

Before folks couldn't get a home, now their getting 'em and then losing 'em; which is worse?  Kinda reminds me of slavery vs. sharecropping ... but maybe that's a bit extreme. Now that corporations like Morgan Chase and Citibank have Congress tethered by their balls, no one's looking out for us. It's as if Well's Fargo's stagecoach is being driven by a shark, pulled by Chairman Al, Ney (R-OH) and Kanjorski (D-PA).


loan: "Cash Advance Payday Loans: Yes The Rates Are Higher!By: Greg Ford "
Loans: "Unsecured Loans: The Lesser Known Sibling Of Secured Loans By: Aditya Thakur "
Loan: "5 Signs You Need a Personal Loan By: Holly Bentz "

Three phrases should be among the most common in our daily usage. They are: Thank you, I am grateful and I appreciate.

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