Defaulted Loans from White Americans Impacted Mortgage Crisis
Defaulted Loans from White Americans Impacted Mortgage Crisis
Defaulted Loans from White Americans Impacted Mortgage Crisis
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February 10, 2011 (Shirley Allen)
mortgage-faces-of-foreclosure
In a special report released by ComplianceTech, African-Americans and Latinos borrowed 62 percent less in 2009 to purchase or refinance homes when compared with 2004, while mortgages to whites declined by just 17 percent during the same time frame.

Compliance Tech provides specialized information to the lending industry and has an array of reports on their website covering anything from racial disparities in lending to the politics and demographic impact of the current housing and mortgage crisis.

Based on a recent study of the Home Mortgage Disclosure Act, Maurice Jourdain-Earl, managing director of ComplianceTech, said their study was conducted to counter accusations that loans to “borrowers of color” caused the mortgage meltdown by providing the following information:

– The number of prime loans obtained by whites fell by 31 percent, while the number for African-Americans fell by 76 percent, and the number for Latinos fell a similar amount, while for Asian-Americans it fell by 28 percent.

– For sub-prime loans, the number of these loans originated for African-Americans fell 95 percent when comparing 2004 and 2009. The number originated to Latinos fell by 92 percent, to whites by 81 percent and Asian-Americans by 87 percent.

– The number of Federal Housing Administration (FHA) insured loans originated for whites increased by 238 percent between 2004 and 2009, while for African-Americans the increase was only 80 percent, Latinos, 119 percent and Asian-Americans, 447 percent.

– The market share of FHA loans to whites increased 15% in the five year period; for Asian-Americans, the share was up 86 percent. The percentage of change for African-Americans was a decline of 39 percent, while Latinos was down 25 percent.

“I was also motivated by the demographic shift in FHA lending and the false accusations that Fannie Mae and Freddie Mac contributed to the housing crisis by purchasing loans from borrowers of color to meet their affordable housing goals,” he said. “Many political leaders don’t realize, or don’t want to recognize, that it was mainly the volume of defaulted loans from white Americans that impacted the housing crisis. Minorities simply did not generate enough loans to have that kind of universal impact.”

A very interesting, and I’m sure to be, a very controversial hypothesis.

Tags: compliancetech, borrowers of color, mortgage meltdown, prime loans, sub-prime loans, fha lending, housing crisis, minorities

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Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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See today's mortgage rates. Shop, compare and save.

February 10, 2011 (Shirley Allen)
mortgage-faces-of-foreclosure
In a special report released by ComplianceTech, African-Americans and Latinos borrowed 62 percent less in 2009 to purchase or refinance homes when compared with 2004, while mortgages to whites declined by just 17 percent during the same time frame.

Compliance Tech provides specialized information to the lending industry and has an array of reports on their website covering anything from racial disparities in lending to the politics and demographic impact of the current housing and mortgage crisis.

Based on a recent study of the Home Mortgage Disclosure Act, Maurice Jourdain-Earl, managing director of ComplianceTech, said their study was conducted to counter accusations that loans to “borrowers of color” caused the mortgage meltdown by providing the following information:

– The number of prime loans obtained by whites fell by 31 percent, while the number for African-Americans fell by 76 percent, and the number for Latinos fell a similar amount, while for Asian-Americans it fell by 28 percent.

– For sub-prime loans, the number of these loans originated for African-Americans fell 95 percent when comparing 2004 and 2009. The number originated to Latinos fell by 92 percent, to whites by 81 percent and Asian-Americans by 87 percent.

– The number of Federal Housing Administration (FHA) insured loans originated for whites increased by 238 percent between 2004 and 2009, while for African-Americans the increase was only 80 percent, Latinos, 119 percent and Asian-Americans, 447 percent.

– The market share of FHA loans to whites increased 15% in the five year period; for Asian-Americans, the share was up 86 percent. The percentage of change for African-Americans was a decline of 39 percent, while Latinos was down 25 percent.

“I was also motivated by the demographic shift in FHA lending and the false accusations that Fannie Mae and Freddie Mac contributed to the housing crisis by purchasing loans from borrowers of color to meet their affordable housing goals,” he said. “Many political leaders don’t realize, or don’t want to recognize, that it was mainly the volume of defaulted loans from white Americans that impacted the housing crisis. Minorities simply did not generate enough loans to have that kind of universal impact.”

A very interesting, and I’m sure to be, a very controversial hypothesis.

Tags: compliancetech, borrowers of color, mortgage meltdown, prime loans, sub-prime loans, fha lending, housing crisis, minorities

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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February 10, 2011 (Shirley Allen)
mortgage-faces-of-foreclosure
In a special report released by ComplianceTech, African-Americans and Latinos borrowed 62 percent less in 2009 to purchase or refinance homes when compared with 2004, while mortgages to whites declined by just 17 percent during the same time frame.

Compliance Tech provides specialized information to the lending industry and has an array of reports on their website covering anything from racial disparities in lending to the politics and demographic impact of the current housing and mortgage crisis.

Based on a recent study of the Home Mortgage Disclosure Act, Maurice Jourdain-Earl, managing director of ComplianceTech, said their study was conducted to counter accusations that loans to “borrowers of color” caused the mortgage meltdown by providing the following information:

– The number of prime loans obtained by whites fell by 31 percent, while the number for African-Americans fell by 76 percent, and the number for Latinos fell a similar amount, while for Asian-Americans it fell by 28 percent.

– For sub-prime loans, the number of these loans originated for African-Americans fell 95 percent when comparing 2004 and 2009. The number originated to Latinos fell by 92 percent, to whites by 81 percent and Asian-Americans by 87 percent.

– The number of Federal Housing Administration (FHA) insured loans originated for whites increased by 238 percent between 2004 and 2009, while for African-Americans the increase was only 80 percent, Latinos, 119 percent and Asian-Americans, 447 percent.

– The market share of FHA loans to whites increased 15% in the five year period; for Asian-Americans, the share was up 86 percent. The percentage of change for African-Americans was a decline of 39 percent, while Latinos was down 25 percent.

“I was also motivated by the demographic shift in FHA lending and the false accusations that Fannie Mae and Freddie Mac contributed to the housing crisis by purchasing loans from borrowers of color to meet their affordable housing goals,” he said. “Many political leaders don’t realize, or don’t want to recognize, that it was mainly the volume of defaulted loans from white Americans that impacted the housing crisis. Minorities simply did not generate enough loans to have that kind of universal impact.”

A very interesting, and I’m sure to be, a very controversial hypothesis.

Tags: compliancetech, borrowers of color, mortgage meltdown, prime loans, sub-prime loans, fha lending, housing crisis, minorities

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.