Clayton Homes: Reverse redlining

[Winehole23]

Clayton appears to have engaged in reverse redlining, seeking out minorities and charging them higher rates, according to a review of company documents, interviews, and an analysis of federal loan data. “Absolutely classic reverse redlining,” attorney John Relman called it.http://www.buzzfeed.com/danielwagner/warren-buffetts-predatory-lender-charges-minorities-a-lot-mo#.vm1KbrMXl

[Winehole23]

ok, what if I said Warren Buffett made Clayton Homes into a giant and profits every step of the way?


Berkshire Hathaway quickly bought up failed competitors’ stores, factories and billions in troubled loans, building Clayton Homes into the industry’s dominant force. In 2013, Clayton provided 39 percent of new mobile-home loans, according to a Center for Public Integrity/Times analysis of federal data that 7,000 home lenders are required to submit. The next biggest lender was Wells Fargo, with just 6 percent of the loans.
https://www.publicintegrity.org/2015/04/03/17024/warren-buffetts-mobile-home-empire-preys-poor

[Winehole23]

for conventional home loans, looks much the same:

https://www.revealnews.org/article/warren-buffetts-mortgage-companies-set-up-to-cater-to-white-clients/

[Winehole23]

Newsweek undercover investigation finds disparate service and pervasive steering on Long Island:

https://projects.newsday.com/long-island/real-estate-agents-investigation/

[Winehole23]

The US racial caste system is enforced by controlling access to capital, property and perquisites.

https://www.nytimes.com/2019/12/11/business/jpmorgan-banking-racism.html

[boutons_deux]

Same discrimination in medical care: blacks get less aggressive treatment than whites

The old story was that black men were (genetically?) more susceptible to prostate cancer mortality than whites, until a study showed they died at a higher rate due to treatment less aggressive than for whites. Same for black women

[RandomGuy]

The US racial caste system is enforced by controlling access to capital, property and perquisites.

https://www.nytimes.com/2019/12/11/business/jpmorgan-banking-racism.html

reinforced by a tax system bought and paid for by the oligarchy.

boutons is more correct about this than I think a lot would admit.

[Winehole23]

Newsweek undercover investigation finds disparate service and pervasive steering on Long Island:

https://projects.newsday.com/long-island/real-estate-agents-investigation/Bloomberg: racism and real estate appraisers are screwing AA homeowners all over the country.


A 2020 study (https://cpb-us-w2.wpmucdn.com/voices.uchicago.edu/dist/6/2330/files/2019/04/Berry-Reassessing-the-Property-Tax-3121.pdf) from the University of Chicago brings unprecedented scope to the question, covering 2,600 U.S. counties. It found that more than 9 out of every 10 reflected the same pattern of unfairness. “It’s a textbook example of institutional racism,” says Christopher Berry, a professor at the university’s Harris School of Public Policy (https://www.bloomberg.com/quote/1438512D:US) who led the research effort.

https://www.bloomberg.com/news/features/2021-03-09/racial-inequality-broken-property-tax-system-blocks-black-wealth-building

[RandomGuy]

Same discrimination in medical care: blacks get less aggressive treatment than whites

The old story was that black men were (genetically?) more susceptible to prostate cancer mortality than whites, until a study showed they died at a higher rate due to treatment less aggressive than for whites. Same for black women

Eyup.

[RandomGuy]

Bloomberg: racism and real estate appraisers are screwing AA homeowners all over the country.



https://www.bloomberg.com/news/features/2021-03-09/racial-inequality-broken-property-tax-system-blocks-black-wealth-building

RACISM ISN"T DEAD?


but I was told just a couple of days ago by the group of conservatives I game with that it was.

[Winehole23]

"Racism died long ago"

Indianapolis homeowner files discrimination complaint after removal of Black identifiers leads to $100,000 appraisal increase (http://https://fox59.com/news/indianapolis-homeowner-files-discrimination-complaint-after-removal-of-black-identifiers-leads-to-100000-appraisal-increase/amp/)

[DMC]

link goes nowhere. I guess that was removed also.

:lol "black identifier"

[Winehole23]

link goes nowhere. I guess that was removed also.

:lol "black identifier"enjoy!

https://fox59.com/news/indianapolis-homeowner-files-discrimination-complaint-after-removal-of-black-identifiers-leads-to-100000-appraisal-increase/

[baseline bum]

"Racism died long ago"

Indianapolis homeowner files discrimination complaint after removal of Black identifiers leads to $100,000 appraisal increase (http://https://fox59.com/news/indianapolis-homeowner-files-discrimination-complaint-after-removal-of-black-identifiers-leads-to-100000-appraisal-increase/amp/)

Shit, I gotta put some stuff that makes me appear black at my house if it can drop my appraisals and property tax. Maybe a bench press and an El Camino on blocks in the front yard?

[Winehole23]

Shit, I gotta put some stuff that makes me appear black at my house if it can drop my appraisals and property tax. Maybe a bench press and an El Camino on blocks in the front yard?Not if you want to sell it.

[DMC]

"I had my parents' home reappraised without all the black identifiers and it appraised at over 100K more!"

"Were they not getting qualified for a loan or selling?"

"No they were qualified, but still"

Great, now your parents have 100K extra to pay taxes on lol...good going.

I'm with Bum here. Appraise mines.

[DMC]

Not if you want to sell it.

So you want to price most black people out of their own neighborhoods, is that what you're saying?

[DMC]

Shit, I gotta put some stuff that makes me appear black at my house if it can drop my appraisals and property tax. Maybe a bench press and an El Camino on blocks in the front yard?

Nah that's mexican

You need a bicycle rim without spokes nailed to the house and bars on the windows.

[Winehole23]

So you want to price most black people out of their own neighborhoods, is that what you're saying?Some people consider real estate an engine of personal and intergenerational wealth. Under-appraising property because of the skin tint of the owner undercuts that.

(Shrugs)

[Winehole23]

DMC: unfamiliar with how people build wealth :lol

[Winehole23]

thematically related, despite the fact that US civil rights legislation passed in the 1960s dispelled racism for all time

1430690740104011786

[CosmicCowboy]

Bloomberg: racism and real estate appraisers are screwing AA homeowners all over the country.



https://www.bloomberg.com/news/features/2021-03-09/racial-inequality-broken-property-tax-system-blocks-black-wealth-building

Gee. University of Chicago. Appraisals are based on sale comps. Why would a home in a black war zone be worth less than a home in a different neighborhood? Duh.

[Winehole23]

Gee. of Chicago. Appraisals are based on sale comps. Why would a home in a black war zone be worth less than a home in a different neighborhood? Duh.you're looking at it through a soda straw, plenty of evidence ITT from many sources, covering many places. you're just not willing to look at it.

"muh Chicago"

[Winehole23]

:lol

[ChumpDumper]

:lmao "war zone"

[SpursforSix]

Same discrimination in medical care: blacks get less aggressive treatment than whites

The old story was that black men were (genetically?) more susceptible to prostate cancer mortality than whites, until a study showed they died at a higher rate due to treatment less aggressive than for whites. Same for black women

I'm like 80% sure that black women don't have prostates.

[CosmicCowboy]

you're looking at it through a soda straw, plenty of evidence ITT from many sources, covering many places. you're just not willing to look at it.

"muh Chicago"

Appraisals are based on previous comparable sales. Why act surprised that a 2000 sq ft house on the deep West Side doesn't appraise as much as a 2000 sq ft house in Stone Oak.

[Winehole23]

Appraisals are based on previous comparable sales. Why act surprised that a 2000 sq ft house on the deep West Side doesn't appraise as much as a 2000 sq ft house in Stone Oak.Not sure why you're speaking in the abstract when so much concrete detail and study is linked.

Did you read any of the articles linked in this thread?

If not, you're just spinning your wheels, CC.

[Winehole23]

Algos=GIGO



An investigation by The Markup has found that lenders in 2019 were more likely to deny home loans to people of color than to White people with similar financial characteristics—even when we controlled for newly available financial factors that the mortgage industry for years has said would explain (https://www.mba.org/2018-press-releases/february/mba-statement-on-flawed-reveal-news-analysis-on-mortgage-lending) racial disparities in lending.


Holding 17 different factors steady in a complex statistical analysis of more than two million conventional mortgage applications for home purchases, we found that lenders were 40 percent more likely to turn down Latino applicants for loans, 50 percent more likely to deny Asian/Pacific Islander applicants, and 70 percent more likely to deny Native American applicants than similar White applicants. Lenders were 80 percent more likely to reject Black applicants than similar White applicants. These are national rates.


In every case, the prospective borrowers of color looked almost exactly the same on paper as the White applicants, except for their race.
https://themarkup.org/denied/2021/08/25/the-secret-bias-hidden-in-mortgage-approval-algorithms

[Winehole23]

1437282188010139651

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[Winehole23]

1437282232700481536

[Winehole23]

Pocket change, but underscores that redlining isn't a thing of the past.

1552314857197916166

[steak n eggs]

Meh, rich people doing rich people things. I'll be sure to picket outside of Dairy Queen tonight.

[ElNono]

Pocket change, but underscores that redlining isn't a thing of the past.

1552314857197916166

$20 million? lol

[boutons_deux]

Warren Buffett: Clayton Homes Does Not Discriminate |

https://www.youtube.com/watch?v=m9aTksd_W20&ab_channel=CNBC