A new view of the housing boom and bust

http://datatools.urban.org/Features/mortgages-by-race/#5/37.996/-96.570

by prostoalex • 12 years ago

7 1 12 years ago

datatools.urban.org

krigi• 12 years ago

The surge in black/hispanic mortgage applications came from lenders and agents specifically targeting (predatorily) those communities when white applicant numbers sagged. I know this because several friends who were brokers and loan officers at the time have told me this was what they were directed to do. These communities were also recipients, primarily, of sub-prime loans because their credit was bad or had yet to be established, or they were simply driven into these types of loans because they were easier to cram through the system.

So it's a bit disingenuous to think that hispanics and blacks just chose the peak of the market to buy, it's more likely they were the dessert the lending industry gluttonously sought out after gobbling up the poultry dish.

A new view of the housing boom and bust

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