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Minority mortgages hit 13-year low

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Mortgage Professional America | 25 Sep 2014, 06:49 AM Agree 0
The share of home purchase mortgages made to minorities and low-income borrowers keeps declining, according to new federal data.
  • Gordon Schlicke. | | 25 Sep 2014, 12:36 PM Agree 1
    Let's look at what really happened: Barney Frank and his ilk insisted FHA, Fanny and Freddie should do more to shovel money to low income buyers. They make it law, with an assurance that "This doesn't mean grant credit to the undeserving, don't worry." Lenders went slow, suspecting poor results would mean another blame-game. But soon an army of government auditors began a new crusade. We were charging minorities more than any others. The risk-reward formula is ignored. I suggest that it isn't minorities who are discriminated against, it is mortgage lenders. We don't set the minimum credit scores or publish vaguely worded guidelines. Can we find just one person inside the Beltway that agrees with us? Some families simply will not qualify to own a home. We will gladly help fulfill housing goals when reasonableness is practiced in Washington. Right now it isn't.
  • Bolieve?!! | | 25 Sep 2014, 01:14 PM Agree 0
    Amen,.....what a roller coaster! The same laws that targeted low income families/minorities to obtain housing in the 80's on,......were retracted. The continuous blame game from the "left" and big gov. do NOT have any answers,....only a strong index finger. They have gutted anything that resembles the mortgage industry of the past. Perhaps less gov. and BS regulations will allow lenders to lend, borrowers to qualify, minorities to once own again,...and bankers(such as myself) to have a living we were proud of. People,....do the right thing. Vote all of the "progressives" out of office and allow free enterprise to exist again. As I see it the middle class, as big O keeps referring to, is no longer the "middle class" and the 1%ers are killing it!! God Bless socialism.....fascism...."trickle DOWN economics!!
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