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A deeper statistical analysis performed by CNN found that Black applicants to Navy Federal were more than twice as likely to be denied as White applicants even when more than a dozen different variables – including income, debt-to-income ratio, property value, downpayment percentage, and neighborhood characteristics – were the same.
This is the important bit, so someone can't argue differences in loan applications.
Not going to lie, my first thought was to wonder whether and how they controlled for this.
But I took a step back and reminded myself that REDLINING HAPPENED. Well into the modern day. It was only outlawed in 1968, and there's evidence that banks continued to do it through the 70s.
It's absolutely no surprise that there are still disparities, and I would be further unsurprised to find out that the deciding factor was zip code.
Same for car insurance. I moved down the road and that resulted me crossing a zip code line. New zip code is less white so my rates hiked. Of course they denied everything.
Do they even deny it? I thought geographic discrimination was an open policy.
so someone can’t argue differences in loan applications.
This is the internet, my friend. Someone absolutely can still argue that in face of the facts.
And as long as people like me have a heartbeat we will crucify shit dicks like that until they flip their accounts private and cry about needing a safespace.
This is the Internet. You can post comprehensive, overwhelming, irrefutable proof and people will still argue.
Did the article say anything about their payment history? That looks like the only variable they didn't mention.
TBH, this was my first thought when I read the headline. Surely they can't be so bald-faced racist as to just deny someone because they're black, they'd be caught easily. So I assumed it must be something like lower credit scores or some other confounding factor, which, to be clear, is still the result of racism. But like a deeper, more systemic racism. That it's apparently not feels more concerning to me, like they just didn't think it would be a problem if they got caught.
That's exactly why I read the article!
There's more variables than just the ones listed that are considered when giving out loans.
For example, this article doesn't mention anything about credit score or collection accounts being the same. Credit score is THE biggest factor, this article is pure speculation.
True, but they didn't list all 12, so credit score could be part of it.
It's disheartening to hear about the challenges faced by Black applicants in accessing conventional mortgages, especially when striving for homeownership is a fundamental part of the American dream. While this issue underscores systemic disparities within the lending industry, it also highlights the importance of exploring alternative financial solutions.
In situations where traditional lending avenues may pose obstacles, options like a 25 dollar cash advance can offer immediate relief for minor expenses or unforeseen financial hurdles. While it may not address the larger issue of mortgage access directly, it can provide temporary assistance in navigating financial challenges.
However, it's crucial to recognize that systemic inequalities require comprehensive solutions that address underlying issues of discrimination and inequity in lending practices. Efforts to promote fair lending practices, improve financial literacy, and expand access to homeownership opportunities for marginalized communities are essential steps toward achieving economic justice and equality.
A much more interesting headline would compare black to non-blacks on this measure
Black people, not blacks.
And I just saw another thing about black people being like 30% of homeless population. I bet many were veterans.