But why do you think that is? I know I’m replying to a three year old comment, but why do you think that area is higher risk? If it’s the 50s, and I don’t want to give out loans to people of color because I personally think they are unable to pay back that loan, I have now prevented them from ever building equity. Imagine not even being given a car loan. If you don’t have access to public transportation, well now you can’t get to work. You are stuck with whatever low pay employment that you can walk to. You are high risk simply because you were never even given a chance. So this old “red line” prevented minorities from getting a loan for either their own home, so they no longer have to rent, building equity rather than throwing their money away, or even a bigger nicer home away from that low income district bettering their finances even more. But now redlining is illegal, and those districts don’t exist. Great. Something your parents had to endure, but you are free to climb that socioeconomic ladder. Well, not quite. You were still born into that community, and there’s a new line. Call it blue, to differentiate from the former redline. The bankers don’t know your race. You could be white. They just know you live south of this new blue line. So you still don’t get these loans that everyone north of you do. You have a credit card, because that bank doesn’t even know where I30 even is, and paid on time and in full every single month, but your home mortgage lender doesn’t seem to care about that.
Its All people on poverty It's not just mostly black and Hispanic theres alot white people on poverty too I know bc grew up an loving in it now I too been denied for banking loan bad credit its alot the area and where u live its some bs WE NEED TO DO BETTER WE NEED REINVEST EACH BANK BEEDS HELP AND DO MORE THIS BEYOND A VIOLATION CIVIL HUMAN RIGHTS
The last thing the black and hispanic community needs a money peddler giving them a high interest loan where the contract can be modified at any time to benefit the banks. They need to get together and secure their own financial security from within those communities. Of course the bankers would hate that because the goal is power through debt servitude.
Interest rates are actually really low right now and they cannot legally change terms of the agreement once executed by both parties... I would love to see more investment in my community.
