We’d all like think we know what redlining is, and we’d all like to think we’re not doing it. Don’t be so sure according to the CFPB.
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Total Bullshit….I would bet that if you looked at the stats there weren't even properties to buy in those areas…mostly rentals. Looks like job security for the CFPB, yes we are doing our jobs, see!!
Total Bullshit….I would bet that if you looked at the stats there weren't even properties to buy in those areas…mostly rentals. Looks like job security for the CFPB, yes we are doing our jobs, see!!
Same thing just happened here in St. Louis with Eagle Bank. The feds can extort just about any amount of money they chose out of these banks. Seriously, what has happened to our country? http://www.reuters.com/article/2015/09/29/lending-eaglebank-discrimination-idUSL1N11Z2NN20150929
Same thing just happened here in St. Louis with Eagle Bank. The feds can extort just about any amount of money they chose out of these banks. Seriously, what has happened to our country? http://www.reuters.com/article/2015/09/29/lending-eaglebank-discrimination-idUSL1N11Z2NN20150929
I agree with Vickey. It was likely that there were no houses in those areas to do loans on plus the income levels of the areas are not conducive to home ownership. It is likely that the demographic for the population proves that the majority live with some sort of subsidized housing. If we are going to start telling companies where they have to open up shop we are more communist by the day. The CFPB is a free money grab by the government to obtain funds to use as they want with no strings attached. November 2016 can't get here soon enough.
I agree with Vickey. It was likely that there were no houses in those areas to do loans on plus the income levels of the areas are not conducive to home ownership. It is likely that the demographic for the population proves that the majority live with some sort of subsidized housing. If we are going to start telling companies where they have to open up shop we are more communist by the day. The CFPB is a free money grab by the government to obtain funds to use as they want with no strings attached. November 2016 can't get here soon enough.
I can't even add a comment. I am speechless^%43@!
I can't even add a comment. I am speechless^%43@!
Watch this and weep.
Watch this and weep.
Beyond pathetic what this unregulated agency is doing to the industry. More pathetic is that there seems to be no way to push back. We are sinking into a morass where the borrower, the lender, and the community is being oppressed by a monopolistic, non-regulated, out-of-control group. One controlled by crazed regulators who are unregulated themselves–making up rules as they go along, and fining willy-nilly with no accountability. I will continue to rail, but I truly fear that there is no short or long-term good that can come from the continued existence of the CFPB.
I'm just curious what the lending patterns of larger banks looks like in those same areas? Is Hudson getting fined because other lenders were actually making loans in those "redlined" areas and Hudson was the exception? If so, then good job CFPB for catching some racist bastards. If, however, no loans were being made in those areas by ANY lender, how the hell can the CFPB call it redlining? Perhaps Wells Fargo and BofA can get away with it because they are being judged on their national statistics instead of their lending practice in the Bronx?
I'm just curious what the lending patterns of larger banks looks like in those same areas? Is Hudson getting fined because other lenders were actually making loans in those "redlined" areas and Hudson was the exception? If so, then good job CFPB for catching some racist bastards. If, however, no loans were being made in those areas by ANY lender, how the hell can the CFPB call it redlining? Perhaps Wells Fargo and BofA can get away with it because they are being judged on their national statistics instead of their lending practice in the Bronx?
Why doesn't the CFPB move their headquarters to the Bronx or to a high crime neighborhood? Of course, their front doors would need to be unlocked, so citizens could come in to ask questions or even tinker around with their so-called CFPB mortgage calculator
Why doesn't the CFPB move their headquarters to the Bronx or to a high crime neighborhood? Of course, their front doors would need to be unlocked, so citizens could come in to ask questions or even tinker around with their so-called CFPB mortgage calculator
New York is the second most housing segregated city in the United States. http://www.newgeography.com/content/004568-how-segregated-is-new-york-city
Newcomers have nothing to do with New York's segregation.
I wonder what the real reason is for the fine. A disgruntled competitor?
This is just another form of “asset forfeiture”, because the fact is that the bank is not losing their money, it is losing the money of depositor’s, individuals for the most part. They don’t have enough Cops on the street to pull people over, or raid a house or business and get a few thousand bucks, why, when they can raid your bank and fine it at your expense. It’s massive asset forfeiture refined.
I live outside the City of Brotherly Love (that would be Philadelphia) and have heard many citizens complain over the years about the lack of retail, specifically food stores, in some areas that seem to have a high percentage of minorities and lots of crime. I empathize with folks who have difficulty traveling to buy food but we do have a "free market", don't we? While this is too often attributed to racism/ discrimination, the facts are that businesses tend to avoid areas where they won't make money (imagine that!) or where they cannot (1) hire good employees and (2) enjoy a degree of safety/ security. Years ago I was offered a position supervising a group of video stores that were all located in areas I would never consciously enter and declined the job for that reason. However, the chain owner believed that because he was the only one brave enough to offer video rentals in these areas that his stores and employees would be treated well. Video rapidly declined so I am unsure whether his plan or his niche failed. Specifically regarding your video, the real issue to me is whether folks living in the allegedly "redlined" areas were denied services if and when they tried to secure loans. Their having to travel would seem inconsequential to me. If they were denied based on anything other than their financials, that would be an obvious problem. Otherwise, this appears to be more CFPB extortion that requires attention.
I live outside the City of Brotherly Love (that would be Philadelphia) and have heard many citizens complain over the years about the lack of retail, specifically food stores, in some areas that seem to have a high percentage of minorities and lots of crime. I empathize with folks who have difficulty traveling to buy food but we do have a "free market", don't we? While this is too often attributed to racism/ discrimination, the facts are that businesses tend to avoid areas where they won't make money (imagine that!) or where they cannot (1) hire good employees and (2) enjoy a degree of safety/ security. Years ago I was offered a position supervising a group of video stores that were all located in areas I would never consciously enter and declined the job for that reason. However, the chain owner believed that because he was the only one brave enough to offer video rentals in these areas that his stores and employees would be treated well. Video rapidly declined so I am unsure whether his plan or his niche failed. Specifically regarding your video, the real issue to me is whether folks living in the allegedly "redlined" areas were denied services if and when they tried to secure loans. Their having to travel would seem inconsequential to me. If they were denied based on anything other than their financials, that would be an obvious problem. Otherwise, this appears to be more CFPB extortion that requires attention.
Sorry fellas, not buying it. "redlining" as I have always understood it, is the refusal to give a loan to someone because the area they live in is deemed a bad financial risk. Not necessarily becuase they are a minority. So, the bank is evaluating a loan not based on the person getting the loan, or the house even, but the neighborhood the house sits in. That is redlining. That fits perfectly with your theory (and I agree) that banks only see "green". Yes, the term "redlining" now has an obvious racial undertone, but I'm not sure it was always that way. And I think that based on the map you showed, where they wrote virtually no loans in the red areas and few in the orange areas, I think that qualifes as redlining.
Also, I am confused why you kept referencing where they built/opened their offices: the maps were showing where they gave loans, not where they opened offices. And I'm pretty sure the CFPB doesn't give a rip about where they put their offices, as long as they are not redlining LOANS. Hell, I'm sure they could open up their offices Midtown Manhattan and no one at the CFPB would care. The issue was with where they loaned their money. And the decision to only lend on houses in certain areas, while completely or nearly completely avoiding other areas, REGARDLESS of the reason, is still redlining.
Sorry fellas, not buying it. "redlining" as I have always understood it, is the refusal to give a loan to someone because the area they live in is deemed a bad financial risk. Not necessarily becuase they are a minority. So, the bank is evaluating a loan not based on the person getting the loan, or the house even, but the neighborhood the house sits in. That is redlining. That fits perfectly with your theory (and I agree) that banks only see "green". Yes, the term "redlining" now has an obvious racial undertone, but I'm not sure it was always that way. And I think that based on the map you showed, where they wrote virtually no loans in the red areas and few in the orange areas, I think that qualifes as redlining.
Also, I am confused why you kept referencing where they built/opened their offices: the maps were showing where they gave loans, not where they opened offices. And I'm pretty sure the CFPB doesn't give a rip about where they put their offices, as long as they are not redlining LOANS. Hell, I'm sure they could open up their offices Midtown Manhattan and no one at the CFPB would care. The issue was with where they loaned their money. And the decision to only lend on houses in certain areas, while completely or nearly completely avoiding other areas, REGARDLESS of the reason, is still redlining.