A Quote by Thomas Sowell
Both HUD and the Department of Justice began bringing lawsuits against mortgage bankers when a higher percentage of minority applicants than white applicants were turned down for mortgage loans. A substantial majority of both black and white mortgage loan applicants had their loans approved but a statistical difference was enough to get a bank sued.
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Except for a handful of banks that just keep a handful of their loans in portfolio, on their balance sheet, every other loan that's originated in the United States - whether from a bank, mortgage company, mortgage broker - is sold into the secondary market.
Redlining went beyond FHA-backed loans and spread to the entire mortgage industry, which was already rife with racism, excluding black people from most legitimate means of obtaining a mortgage.
In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.
Debt certainly isn't always a bad thing. A mortgage can help you afford a home. Student loans can be a necessity in getting a good job. Both are investments worth making, and both come with fairly low interest rates.
A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
The same with the mortgage brokers that were selling people mortgages they couldn't afford. We shouldn't pay them on each mortgage they write. They should have what they call "skin in the game," where they've got to reimburse us if the guy who sold the mortgage defaults.
This is a derivative, if you will, of Cloward-Piven [theory]. "[Stephen] Lerner's plan is to organize a mass, coordinated 'strike' on mortgage, student loan, and local government debt payments - thus bringing the banks to the edge of insolvency and forcing them to renegotiate the terms of the loans.
The process of establishing the identity of passport applicants needs to be strengthened by introducing a requirement for some applicants to attend a passport office in person.
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
All of our colleges are free in Sweden, but this acting program is the second most expensive education for the government. It's difficult to get in. There are around 1,500 applicants, and 10-12 applicants are accepted each year. I was accepted, and I studied there for five years.
When you're not recruiting effectively you're not recruiting properly through a certain channel, like a job board, then what's left of you? I don't believe HR's been able to figure that out. They need to go back to the way they used to do it. They complained that they got so many millions of applicants, they couldn't possibly spend the amount of human time on all those applicants. But they could solve the problem tomorrow if they stopped soliciting millions of applicants through job boards.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
In June 2005, mortgage rates were at 40-year lows, and risk premiums on mortgage securities were at all-time lows. Once the banks migrated to the subprime area, there was little else that could be done to send housing prices higher.
We will not, on the altar of money, mortgage our conscience, mortgage our faith, mortgage our salvation.
'The Committee has identified eight senior leaders who were in a position to prevent or to stop the IRS's targeting of conservative applicants,' the Oversight report states. 'Each of these leaders could have and should have done more to prevent the IRS's targeting of conservative tax-exempt applicants.'
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