Quote:
Originally posted by skyscan
That is odd and weird for sure. However, I think there might just be a possibility that it isn't racism. One of my household members recently became involved in underwriting. From what I understand most of it is based of statistical figures from past events. So, if the loan company has data that shows that so many people of (insert race) payback the loan at a set income/credit rating level. This would make them want to approve the loan. If people of a different race at the same income/credit rating don't payback the loan, it would make the company not want to approve that person.
I'm not saying what happed isn't racism but merely noting the possibility that things aren’t always how they seem.
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Understood, but I had checked into it as well with some of the companies that we work with. When speaking with the underwriters, they basically told me that there was no statistical evidence to back it up - it is simply required by law.
However, take it with a grain of salt, if you like, as it was just told to me secondhand.