As "Republican who is Black" Herman Cain is being slammed for making the inference that Black people are too poor to be at Tea Party protests - the par for the course of "assumed Black inferiority and poverty" goes unchecked among the usual suspects.
"If this rule goes through as it stands, the demographic of borrowers who get (favorable rates) will be white and wealthy," said David Stevens, chief executive officer of the Mortgage Bankers Association and former commissioner of the Federal Housing Administration. "African-American, Latino and first-time home buyers will be charged higher prices."I have been saying on this blog for more than 5 years: Many Black people don't mind transacting Black Inferiority............as long as there is some benefit to be had at the end of the exchange.
Stevens was commenting on 376 pages of proposed rules for "Qualified Residential Mortgages," which would require a 20 percent down payment and limit a borrower's debt payments to no more than about one-third of income.
Critics say the rules would force up the borrowing costs for lower-income and younger borrowers because lenders would charge higher rates for loans that do not qualify for QRM status. They say that could sideline millions of potential first-time buyers who haven't saved the full 20 percent — and hurt the prospects of the 11 million current homeowners who owe more than their home is worth.
Yesterday I told you about "Progressive Political Preacher" Rev Jesse Jackson detailing how Blacks can't seem to manage to keep up with our photo id for voting purposes. Indeed the subject of voting triggered a former US Justice Department attorney who resigned about 6 years ago as a protest - to craft what I took as the "Inferiorities list" when he said that:
- The Poor
- The Elderly
- The Handicapped
- The Immigrant Community
- And Black people.......
The latest news about the "disparate racial impact" of new policies in the mortgage lending field follows this pattern.
As the lending rules were loosened - Black people became TARGETS of "Predatory Loans", pushed upon them by bankers with nefarious intent. Never did I hear the role that the large quantity of individuals who stopped me in various parking lots over the past 10 years asking me if I needed to refinance. These mortgage brokers who were operating in a "Financial Freedom" multi-level marketing organization escaped criticism for their role in bringing bad loans to Black people.
Now the pendulum is about to swing the other way, as credit rules are tightening.