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timgatewood
Tennessee
27 Posts |
 Posted - 02/20/2008 : 08:06:50 AM
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The race is required by federal law so that the lender can report annually how many loans they made to each race, gender, etc. This all goes into comparison reports to see whether they are discriminating against any group based on how many of that group are within their service area (if you have 50% black and you only 10% of your loans are going to blacks, you get some grief about when the report is issued, for instance). It is just another way that the government tries to force outcomes when they should be just keeping the process honest (poor people tend to be black, poor people tend to have fewer assets and worse credit and be less able to repay - so poor and black people will get worse deals or no deals - that is the expected outcome of a fair and unbiased process. You may not like that outcome and I agree with you that it sucks, but life is hard and no one said you could be both fair and merciful all the time; sometimes, you have to choose justice or mercy.)
What they want is for the lenders to make loans based on the % of each group in the area, not based on reason and logic and who can actually repay. We see the results in the subprime crisis now -- these are subprime borrowers and the lenders had to get creative with the sorts of loans offered to them in order to juice their stats and get the %s that the government and professional busybodies demanded. Of course, much of the crisis is that they went hog-wild with the creative financing once that door was opened.
-- Tim Gatewood
Notary Memphis
quote:
Originally posted by jbelmont
Honest. I was in Harlem and the form asked the borrower to specify their "race". The only "race" of interest is the New York Marathon - but that's a different story. Anyway, the borrower looks steely eyed at me and says "What's this race stuff your asking me to fill out?" I tell him it's supposed to be for some statistical purposes, but I really dont know how the info is used. He tells me "I'll just leave it blank, if it's all the same with you". "Fine", I tell him, " but if you do i'm supposed to fill it in "based on visual observation". He really did not like my response, but seemed a bit impressed with my honesty. "So", he said, "unless I make a selection, you do?". Yup, that's the way it works, and I don't like it either. Then a big smile crossed his face, "gimme that page", he says. With a truly wide grin he fills in the "other" line with the single word "Klingon" for his "race". Well, i'm not one to argue with people about their race, gender, marital status or any other personal issues. I'm strictly "just a NAME kinda guy". So, Klingon it was and that's how i submitted it to the Title Company. Never heard another word. Wonder if I will get to sign ET some day........
Regards,
Ken
Posted by Ken Edelstein
Notary Memphis
Traveling Notary, Signing Agent & Field Inspector
Serving Memphis & west Tenn. |
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n/a
114 Posts |
Posted - 01/09/2008 : 2:32:35 PM
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quote:
Originally posted by jbelmont
Honest. I was in Harlem and the form asked the borrower to specify their "race". The only "race" of interest is the New York Marathon - but that's a different story. Anyway, the borrower looks steely eyed at me and says "What's this race stuff your asking me to fill out?" I tell him it's supposed to be for some statistical purposes, but I really dont know how the info is used. He tells me "I'll just leave it blank, if it's all the same with you". "Fine", I tell him, " but if you do i'm supposed to fill it in "based on visual observation". He really did not like my response, but seemed a bit impressed with my honesty. "So", he said, "unless I make a selection, you do?". Yup, that's the way it works, and I don't like it either. Then a big smile crossed his face, "gimme that page", he says. With a truly wide grin he fills in the "other" line with the single word "Klingon" for his "race". Well, i'm not one to argue with people about their race, gender, marital status or any other personal issues. I'm strictly "just a NAME kinda guy". So, Klingon it was and that's how i submitted it to the Title Company. Never heard another word. Wonder if I will get to sign ET some day........
Regards,
Ken
Posted by Ken Edelstein
I'm certain some statistician somewhere got a big laugh out of this one. 
Burton F. |
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jbelmont
California
3106 Posts |
Posted - 03/08/2007 : 2:44:57 PM
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Honest. I was in Harlem and the form asked the borrower to specify their "race". The only "race" of interest is the New York Marathon - but that's a different story. Anyway, the borrower looks steely eyed at me and says "What's this race stuff your asking me to fill out?" I tell him it's supposed to be for some statistical purposes, but I really dont know how the info is used. He tells me "I'll just leave it blank, if it's all the same with you". "Fine", I tell him, " but if you do i'm supposed to fill it in "based on visual observation". He really did not like my response, but seemed a bit impressed with my honesty. "So", he said, "unless I make a selection, you do?". Yup, that's the way it works, and I don't like it either. Then a big smile crossed his face, "gimme that page", he says. With a truly wide grin he fills in the "other" line with the single word "Klingon" for his "race". Well, i'm not one to argue with people about their race, gender, marital status or any other personal issues. I'm strictly "just a NAME kinda guy". So, Klingon it was and that's how i submitted it to the Title Company. Never heard another word. Wonder if I will get to sign ET some day........
Regards,
Ken
Posted by Ken Edelstein |
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I notarized a Klingon
