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Discrimination in California is Obvious
March 26th, 2008 categories: Mortgage, Real Estate
Hello Sacramento Real Estate!
Take a look at the map to the left.
What do you see that might indicate a tad bit of discrimination?
Do you happen to see all the RED in California?
It seems that the companies who insure loans are doing a bit of what I call REDLINING!
This happens to be a practice that is not acceptable in Real Estate. In fact, a Reactors license can be removed for redlining and be subjected to fair housing violations.
Then why pray tell can the mortgage insurers get away with such practice? So, how did the insurers manage to get away with discriminatory practice which obviously affects home buyers as well as current homeowners?
Block Busting and Redlining are both Fair Housing Violations. District Attorney for CA, what say you? Is this a practice that we as Sacramento Californians are going to tolerate? Are Realtors the only profession that must adhere to Fair Housing rules?
Redlining: A lending policy, illegal in California, for denying real estate loans on properties in older, changing urban areas, usually with large minority populations, because of alleged higher lending risks without due consideration being given by the lending institutions to the credit worthiness of the individual loan applicant.
Blockbusting: The practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes below market value especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing. It is an actionable wrong.
Step up. Same song just a different dance. Dont allow the mortgage insurers to categorize our neighborhoods, our Countys and our State. Do you want to pay MORE on your home mortgage loan?
I wrote about Real Estate fraud back in 2006 and its now 2008. It took 2 years for the District Attorneys office in CA to identify just a handful of these criminals who reeked havoc in Real Estate. There are plenty more and now District Attorney for CA, take a good look at the map above. Look at how the insurers for mortgage loans are effecting our California home buyers. Stop this practice of discrimination on our State and our home buyers.
Act and act now. Each County has their own District Attorney. Seems like their all hoping the other one does something, hugh? If this has touched a nerve with you, then Google CA District Attorney, find your District Attorneys Office and email them this article. Hopefully, theyll right this wrong.
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