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"WASHINGTON — The Justice Department on Wednesday announced the largest residential fair-lending settlement in history, saying that Bank of America had agreed to pay $335 million to settle allegations that its Countrywide Financial unit discriminated against black and Hispanic borrowers during the housing boom. A department investigation concluded that Countrywide loan officers and brokers charged higher fees and rates to more than 200,000 minority borrowers across the country than to white borrowers who posed the same credit risk. Countrywide also steered more than 10,000 minority borrowers into costly subprime mortgages when white borrowers with similar credit profiles received regular loans, it found."
http://www.nytimes.com/2011/12/22/busine......ing.html And not one person sent to prison.
Click here to get Gerald Deutsch's Perverse Magic: The First Sixteen Years
All proceeds to Open Heart Magic charity. |
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Marlin1894 Special user 559 Posts
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Isn't that the company that was giving sweetheart mortgage rates to a bunch of Democrat politicans and higher ups at Fannie Mae?
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landmark Inner circle within a triangle 5194 Posts
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Probably. The corruption of the elite is not limited to any particular party. That's why another way has to be found.
Click here to get Gerald Deutsch's Perverse Magic: The First Sixteen Years
All proceeds to Open Heart Magic charity. |
General_Magician Special user United States 707 Posts
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Honestly, there will always be rich and poor and no matter how hard we try, the playing field will never be perfectly level. There will always be people who have more advantage than others. That's just reality. That being said, we should strive to make the playing field as level as we can, without harming the economy or the environment or society. That's easier said than done though.
In the end, despite technological advances, human ingenuity and human efforts, there will still remain the reality that there will always be rich and poor and those with advantages that others do not possess. Some things will never change no matter what. I am not excusing these lending practices though or justifying them, as clearly, these were unethical practices and inexcusable. But regardless, in the end, there will never be a perfectly level playing field. Life isn't fair, so you just have to play the cards you dealt by life to the best of your ability and if you play your cards well, you can turn your disadvantages into advantages or cultivate advantages that others do not possess (without violating good business ethics and practices).
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown
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Devious Inner circle 2120 Posts
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That was very well stated General Magician!
Thank your for your Honorable Military Service as well big guy! :applause: |
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General_Magician Special user United States 707 Posts
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Quote:
On 2011-12-22 15:04, Devious wrote: It is always an honor and a privilege to serve and once again, thanks for your service as well Devious. Here is an interesting tidbit from Tarbell's Course in Magic Volume 1 that I remember reading when the book discussed the history of Magic: "The magi believed in service and that what you give is what you get..." I guess being a magician means to live a lifetime of service.
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown
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landmark Inner circle within a triangle 5194 Posts
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Just more support for the elite. There's little attempt there to battle inequality in a non-partisan way.
Click here to get Gerald Deutsch's Perverse Magic: The First Sixteen Years
All proceeds to Open Heart Magic charity. |
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acesover Special user I believe I have 821 Posts
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While I in no way condone these practices based on race alone I must ask. Is the default rate on loans higher from black and Hispanic borrowers as from white borrowers? If so would than not be a logical decision in deciding the rates and who gets the loan? Again I do not condone the practice on race alone but rather the credit history of each.
I do not know the answer to the question I asked.
If I were to agree with you. Then we would both be wrong. As of Apr 5, 2015 10:26 pm I have 880 posts. Used to have over 1,000
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Marlin1894 Special user 559 Posts
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"A department investigation concluded that Countrywide loan officers and brokers charged higher fees and rates to more than 200,000 minority borrowers across the country than to white borrowers who posed the same credit risk."
It appears in this case that they compared apples to apples and found that the minority applicants did not get an even break. |
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acesover Special user I believe I have 821 Posts
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Quote:
On 2011-12-22 17:10, Marlin1894 wrote: While I undertand that higher fees were passed on to more than 200,000 minority borrowers than whites across the country with the same credit risk it does not answer my query as to the default rate of the minority bowwers as compared to white borrowers. I was trying to find out if there was a difference in defauts among nonwhites as compared to whites (which I do not know but I am sure banking firms do), and to see if that was a possibility the decisions were based, which has nothing to do with credit history. Not questioning the "ability" to pay back at the time of the application but rather the "rate of failure" to pay back by booth groups. I hope I am making myself clear.
If I were to agree with you. Then we would both be wrong. As of Apr 5, 2015 10:26 pm I have 880 posts. Used to have over 1,000
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Marlin1894 Special user 559 Posts
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On 2011-12-22 23:27, acesover wrote: I know what you're saying. I don't know the answer offhand either. |
| The Magic Cafe Forum Index » » Not very magical, still... » » The level playing field . . . (0 Likes) | |
Posted: Dec 22, 2011 10:26 am 
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