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Libs: "credit scores are racist"
Poast new message in this thread
Date: October 13th, 2015 2:38 PM Author: yellow office milk http://www.theguardian.com/commentisfree/2015/oct/13/your-credit-score-is-racist-heres-why (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958069) |
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Date: October 13th, 2015 2:40 PM Author: Fighting pungent sound barrier here's a story about chingchongs justifying financial fraud (which they literally call "the Chinese way") for this very reason:
http://www.newyorker.com/magazine/2015/10/12/the-accused-jiayang-fan |
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Date: October 13th, 2015 2:49 PM Author: Burgundy Galvanic Place Of Business Electric Furnace "Chi, who was twenty-four and worked in customer service at a pharmaceutical company, ... Chen, her husband, who was a year younger... Chen worked at a hair salon. They’d been living in Chen’s studio apartment, not far away, but Chi was now pregnant with their first child and they needed a bigger place.
The plan was to buy a two-family house and rent out one of the units. Looking around the neighborhood, they found one with a small garden out front. The asking price was seven hundred and eighteen thousand dollars, and they began putting together a down payment with money from savings and relatives."
http://www.newyorker.com/magazine/2015/10/12/the-accused-jiayang-fan
JFC fuck these chinks. |
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Date: October 13th, 2015 2:51 PM Author: Fighting pungent sound barrier they're a huge part of the reason for the insane housing bubble in Brooklyn these days. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958163) |
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Date: October 13th, 2015 2:54 PM Author: Fighting pungent sound barrier “To be honest, we didn’t think we were really breaking rules so much as circumventing them—you know, in a Chinese way.”
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“I thought the D.A.’s office might address the bigger, systemic problem of tax evasion in Chinatown and admonish the population about the importance of following the law,”
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He was also scornful of Vance’s idea that Abacus had put its borrowers at risk. “They don’t need protection, because they are the biggest beneficiaries and perpetrators in the entire case. Some of these people earn half a million or more and still get to be on welfare and Medicaid.” |
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Date: October 13th, 2015 2:58 PM Author: vivacious pit messiness “To be honest, we didn’t think we were really breaking rules so much as circumventing them—you know, in a Chinese way.” ... “I thought the D.A.’s office might address the bigger, systemic problem of tax evasion in Chinatown and admonish the population about the importance of following the law,” ... He was also scornful of Vance’s idea that Abacus had put its borrowers at risk. “They don’t need protection, because they are the biggest beneficiaries and perpetrators in the entire case. Some of these people earn half a million or more and still get to be on welfare and Medicaid.” ...
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Date: October 13th, 2015 2:39 PM Author: Abnormal Abode Jews explain (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958078) |
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Date: October 13th, 2015 2:47 PM Author: zippy multi-billionaire range lol and whose idea was it to give these "predatory" loans/mortgages to high-risk low-income minorities, hmmmmmm libs? (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958128) |
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Date: October 13th, 2015 4:59 PM Author: Transparent awkward pozpig gay wizard Having a coherent understanding of history is racist. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28959164) |
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Date: October 13th, 2015 2:50 PM Author: dashing roast beef son of senegal i wish our political discourse were serious enough to have a more fundamental debate over data aggregation by private companies, and whether it should even be legal on an equifax-scale.
it's not legal in germany, for example. if you started compiling dossiers like that on private german citizens, you'd face five years in jail.
but instead, we're not a mature nation, and everything has to be dumbed down into divisive racial terms. |
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Date: October 13th, 2015 3:20 PM Author: pale fear-inspiring temple wrinkle THIS. FUCKING THIS.
...but if the race-angle is the only way to pwn these fuckers, then I'm in. |
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Date: October 13th, 2015 4:09 PM Author: aromatic emerald resort depressive Removing objective scoring would hurt minorities who manage their credit well. With no scoring available, bankers would look to soft factors like appearance, who your father is, where you went to school, job prestige. No way they're lending to Darnell the bus driver even if he pays rent and doesn't owe $2k to rent a center.
Also this would kill competition in the financial sector. Banks with lots of customers would have proprietary information to build internal metrics and it would benefit them to consolidate all a customer's business lines like insurance and retirement accounts to get a better look into their situation. Small banks could never break in. |
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Date: October 13th, 2015 3:04 PM Author: Lavender Point Twinkling Uncleanness "with more than half of all African-Americans and Latinos carrying medical debt on their credit cards."
By all means, give them a house! Fuck what the FICO says about default rates. Math is racist. |
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Date: October 13th, 2015 3:07 PM Author: Olive Hall Feces How do they know its medical debt? (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958276) |
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Date: October 13th, 2015 3:14 PM Author: vivacious pit messiness cr. i don't think obama has legalized medical crack cocaine just yet. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958329) |
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Date: October 13th, 2015 3:15 PM Author: Lavender Point Twinkling Uncleanness I don't think FICO does, they just know debt to available credit.
I think the article is pointing out how hard it is for minorities to get ahead and we're supposed to feel sorry for them. Unfortunately, for normal people reading this, it's like a no brainer that they need to budget for things like medical, dental and health before you had them a check for 100s of thousands of dollars and risk and more debt that isn't as important as basic needs like healthcare. |
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Date: October 13th, 2015 3:17 PM Author: pink histrionic location wtf would you put medical debt on a cc (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958345) |
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Date: October 13th, 2015 3:07 PM Author: zippy multi-billionaire range "For decades, banks have systematically redlined black and Latino neighborhoods, refusing to make conventional loans or locate branches in non-white and lower-income areas,"
It's almost like banks don't want to build branches in high-crime, low-income neighborhoods.... |
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Date: October 13th, 2015 3:07 PM Author: Irradiated Crackhouse Credit reports and scores are not race neutral. Rather, they embed existing racial inequities in our credit system and economy – to the point that a person’s credit information serves as a proxy for race. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958277) |
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Date: October 13th, 2015 3:12 PM Author: heady locale puppy Well, sir, I am extremely high white these days you could say (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958307) |
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Date: October 13th, 2015 5:01 PM Author: Transparent awkward pozpig gay wizard *puts gun in mouth* (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28959181) |
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Date: October 13th, 2015 3:07 PM Author: Diverse Slimy Boltzmann Can somebody explain what the fuck makes a mortgage "predatory?" (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958281) |
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Date: October 13th, 2015 3:12 PM Author: Adventurous onyx stead selling dumb dumbs a loan whose interest rates balloon? (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958323) |
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Date: October 13th, 2015 3:17 PM Author: Burgundy Galvanic Place Of Business Electric Furnace Those teaser-rate and op-ARM mortgages were pretty predatory, but shitlibs have trouble understanding who the real victims of the predation were (hint: not the dumn poors). (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958347) |
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Date: October 13th, 2015 3:23 PM Author: Lavender Point Twinkling Uncleanness The problem with the race thing on this is it wasn't just minorities that were doing this. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958416) |
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Date: October 13th, 2015 3:26 PM Author: Burgundy Galvanic Place Of Business Electric Furnace During the height of the Great Housing Bubble, many shitmortgages were packaged into mortgage-backed securities, which were rated AAA prime super-safe investments, and then sold to pension funds, etc. This created an unusual incentive to get dumb poors to lie on loan applications so they could sign more mortgages to sell to MBS to sell to pension funds. You could call these "predatory loans"
Now, as I said, who were the victims in all this? |
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Date: October 13th, 2015 3:16 PM Author: spectacular painfully honest death wish Libs: "everything is racist" (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958339) |
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Date: October 13th, 2015 3:17 PM Author: Burgundy Galvanic Place Of Business Electric Furnace Its almost as if different races are different! (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958352) |
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Date: October 13th, 2015 3:20 PM Author: pale fear-inspiring temple wrinkle ...and for some reason, REALITY discriminates against some of those races! (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958383) |
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Date: October 13th, 2015 4:53 PM Author: yellow office milk (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28959110) |
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Date: October 13th, 2015 3:20 PM Author: Lavender Point Twinkling Uncleanness I honestly can see some tard introducing legislation to give an AA credit score boost. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958390) |
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Date: October 13th, 2015 3:16 PM Author: Flatulent mood 180 (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958342) |
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Date: October 13th, 2015 4:20 PM Author: 180 stain fortuitous meteor Article: Credit scores don't correlate with job performance. Therefore, they should not be used with respect to renting. (http://www.autoadmit.com/thread.php?thread_id=3015827&forum_id=2#28958891) |