Black Money Business Jobs : Credit scoring changes may smooth path to homeownership for black Americans

Discussion in 'Black Money Business Jobs' started by Liberty, Feb 18, 2017.

  1. Liberty

    Liberty Banned MEMBER

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    J.P. Morgan Chase recently agreed to settle a federal lawsuit that accuses the bank of discriminating against minority borrowers by charging them $1,000 more than equally qualified white customers. Pew research finds that black and Hispanic home buyers have a harder time qualifying for conventional mortgages than white and Asian applicants — and when approved, are typically charged higher interest rates.

    Imagine mortgage credit standards as a roadway, connecting lenders with potential borrowers who dream of owning a home. What in the mid-2000s was a wide-open superhighway with few barriers became, after the 2008 housing crash, a one-lane path open only to the most credit-qualified.

    Read more

    http://www.marketwatch.com/story/cr...-homeownership-for-black-americans-2017-02-17

    Credit scoring changes may smooth path to homeownership for black Americans

    Here’s what new credit scoring initiatives may mean, especially to borrowers of color.
    marketwatch.com

     
  2. IFE

    IFE going above and beyond PREMIUM MEMBER

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    Alternative Credit
    Alternative lies

    I read a couple articles on this. It seems their target is young people or people that have little to no credit. Cannot replace bad credit.

    Alternative Credit allows the lender to use utility bills, cell phone bill, etc to replace common credit score.

    Another housing crisis in the making.


    1. Can Alternative Credit Scoring Help You Get a Mortgage? - The ...
      http://www.thesimpledollar.com/alternative-credit-help-you-get-a-mortgage/ - 139k - Cached - Similar pages

      Can Alternative Credit Scoring Help You Get a Mortgage? - The Simple Dollar

      Millions of Americans pay their utility bills on time, month after month, but still have no credit history to show for it. Photo: StockMonkeys By Peter Mil
      thesimpledollar.com

      Nov 29, 2016 ... Millions of Americans pay their utility bills on time, month after month, but still have no credit history to show for it. Photo: StockMonkeys By





     
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