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Re: “Black People Got Worse Loans Than Whites”
Sarah, do a little more research before you jump on the "Let's all bash WaMu" bandwagon. Long Beach Mortgage was a WHOLESALE, subprime lender. Customers didn't "walk into a Long Beach Mortgage to get a loan", they went into their local mortgage broker shop to get a loan (who then "sold" the borrowers on the loan and Long Beach funded it / bought it at the closing table). In fact, Long Beach's 'customers' were the brokers, and borrowers were never in contact with the lender... only the broker. Greedy brokers were pushing higher rates to get more income in their pocket... because they could get away with it. Subprime loans were higher risk / higher rate because the borrower's credit sucked and they couldn't obtain (qualify for) a loan through conventional means. Local banks were not extending financing for borrowers with lower fico scores (under 620, for example)... so subprime lenders were usually the last option out there for those with recent BK's, past foreclosures or just plain crappy credit (500 - 620 fico scores). Let's not even mention how much fraud the brokers produced & perpetuated, just to make more money.
Race is/was never a determining factor in qualifying for a loan. It's all about creditworthiness. If it just so happens that more people of a particular race or ethnic background have a poor credit history, maybe that has more to do with their own individual financial education or how they individually value their credit. How unfortunate that people keep playing up the race card.
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