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Minority borrowers were once starved for credit through redlining — banks’ refusal to provide mortgages in their communities.
Now the booming auto industry has turned that historic wrong on its head, government authorities say, singling out minority borrowers and extending them the costliest car loans, a development that threatens to exacerbate the economic distress in some black and Hispanic neighborhoods.
The practice, known as reverse redlining, is presenting new challenges for government authorities trying to shield the most vulnerable Americans from predatory lending.
Prosecutors from the Justice Department and top officials with the Consumer Financial Protection Bureau are grappling with how to root out the practice in a fractured industry, where some of the least regulated players, the auto dealers, wield the most power and where virtually no national data exists to quantify the problem.
If anybody investigates this honestly I think what they'll find is that buyers with rotten credit are the ones getting these crappy loans and that their race, creed, ethnicity, etc. are incidental to that.
If you're going to argue that people of color may have poorer credit because of discrimination against them, fine, but I can point you to a whole lot of "poor white trash" people I know who also get terrible deals on loans and quite a few people (here at MyFico) who get terrible deals because they damaged their credit. Saying this is a particular issue of minorities, and therefore of deliberate discrimination just seems like politics.
@Gunnar419 wrote:If anybody investigates this honestly I think what they'll find is that buyers with rotten credit are the ones getting these crappy loans and that their race, creed, ethnicity, etc. are incidental to that.
If you're going to argue that people of color may have poorer credit because of discrimination against them, fine, but I can point you to a whole lot of "poor white trash" people I know who also get terrible deals on loans and quite a few people (here at MyFico) who get terrible deals because they damaged their credit. Saying this is a particular issue of minorities, and therefore of deliberate discrimination just seems like politics.
I totally agree. I am colored and dont feel targeted. Bad choices also have no color except for making peoples eyes red. : )
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