The Secret Bias Hidden in Mortgage-Approval Algorithms – www.governing.com

The Secret Bias Hidden in Mortgage-Approval Algorithms

From www.governing.com
2021-08-29 05:11:12

Excerpt:

 

The new four-bedroom house in Charlotte, N.C., was Crystal Marie and Eskias McDaniels’s personal American dream, the reason they had moved to this Southern town from pricey Los Angeles a few years ago. A lush, long lawn, 2,700 square feet of living space, a neighborhood pool and playground for their son, Nazret. All for $375,000.

Prequalifying for the mortgage was a breeze. They said they had saved much more than they would need for the down payment, had very good credit—scores of 805 and 725—and earned roughly six figures each, she in marketing at a utility company and Eskias representing a pharmaceutical company. The monthly mortgage payment was less than they’d paid for rent in Los Angeles for years.

They were scheduled to sign the mortgage documents on Aug. 23, 2019—a Friday—and were so excited to move in they booked movers for the same day.

The Wednesday before the big day, the loan officer called…

 

Read Full Article

Leave a Reply

Your email address will not be published. Required fields are marked *

China Unable to Bury Pen Shuai Controvery

China Can’t Stop the Deafening Silence from Peng Shuai From Freedomist.com Excerpt: It seems not even Beijing can conceal the political ruthlessness of its actions from the world even when it comes to how it usually treats its stars, specifically female stars, like sexual conquests for the party elites.  The top-ranked doubles tennis player in […]

Read More

Omicron to Blame for Expected Lingering Inflation, Fed Chair Says

Fed Chair Blames Omnicron for Inflation to Come From Freedomist.com Excerpt: The Federal Reserve Chair, Jerome Powell, the Printer King himself, is preparing to tell lawmakers that the Omnicron is to blame for the pain to come, not us, promise, pinky swear.  Look at us, we’re the good guys, the party of the morally supreme […]

Read More

Vaccine Mandate Extended to 2022 for Federal Workers

Jab Reprieve for Federal Employees Thanks to Biden From Freedomist.com Excerpt: The Biden Administration might be getting more resistance than they thought they would get judging by the recent move to extend the deadline for Federal Workers to get the jab until 2022. Read Full Article

Read More