Quote:
Originally posted by Grimlok
The best is when I went to get a loan to consolidate my debt and they told me I needed to pay my debts before they could give me a loan... but my white roommate walked out of the same bank with over $1k more than he asked for even though he was 8 times more in debt then me.
and I really enjoyed that 21% Car loan I was given when the average rate was like 2%.
Those were the days.
I will say this... This post was started with a story about blacks receiving loans and whites being denied... and it wasn't too long ago that a large Chrysler lender in the MidWest was popped because he denied all blacks loans stating that "n*ggers don't pay their bills." I could have easily started a post speaking about the racism against blacks but I didn't because I realize that there are some decision makers who have their heads up their asses when it comes to race...
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Although I cannot say for certain, the fact that you obtained a higher than market rate loan and denied a consolidation loan to what appears to be your Debt-to-Income Ratio - I would imagine that poor credit has more to do with you being denied than your race. I would imagine that your friend probably had better credit or a higher income, and that's why he was approved.
As far as the Chryster lender goes, I didn't really hear about it, but I have no doubts as to whether or not it actually could happen. However, the difference lies in the type of loan. Mortgage loans are government monitored and lenders are given specific guidelines that they are required by law to file. Unlike vehicle loans, race is actually
required with the HMDA (home mortgage disclosure act). If we take an application in person and the customer chooses not to disclose their race, we must make a visual observation. And like I previously stated, non-whites get approved meeting less stringent requirements than whites.
I hope you see the difference now. That particular Chrystler bastard made life miserable for quite a few black people, but it isn't universal, affecting people all over the country - put into place by our own government. People are entitled to different opinions and although wrong in my opinion, certainly can be racist if they choose to be. The Government, however, is not.
EDIT: I reread your post, and I see that I may have misinterpreted it. By "Those were the Days" I am now unsure as to how long ago that was, the HMDA came out in 1975, I believe - so if the time period you are talking about came before than, you would have a much more valid opinion than I, as I wasn't really alive then...