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Massachusetts is NOT as integrated as it may seem

 
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victorgbishop



Joined: 03 Oct 2016
Posts: 25

PostPosted: Tue Apr 18, 2017 7:58 pm GMT    Post subject: Massachusetts is NOT as integrated as it may seem Reply with quote

https://www.bostonglobe.com/business/2017/04/17/around-massachusetts-racial-divides-persist/HqQrm3TcH1od1j2qQ2F44J/story.html

Just highlighting what many may know about housing in Massachusetts:

Quote:
Brockton was among five cities in the state — along with Boston, Worcester, Springfield, and Randolph — that accounted for nearly half of all loans to black borrowers for home purchases in 2015, according to the latest annual report on mortgage lending to underserved populations by the Massachusetts Community & Banking Council.

In 86 of the state’s 351 cities and towns, not a single loan was made to a black or Latino home buyer.

Even in Boston, where people of color make up the majority of the population, many neighborhoods still have stark racial divides, despite efforts to desegregate schools and public housing.

In 2015, black households received 41 percent of all the home-purchase loans in Mattapan, but none in the Back Bay, Beacon Hill, the North End, Allston, the Fenway, downtown, Mission Hill, or the South Boston Seaport area, according to the banking council.

Latino borrowers received 21 percent of the loans in Hyde Park, but none in the Fenway, the North End, Mission Hill, or the Seaport.

These disparities are not just about people of color being denied loans; they also reflect the lack of minorities applying for mortgages in certain areas,

Finances are perhaps the biggest deterrent. People of color tend to have fewer assets and fewer family members they can borrow from — a racial wealth gap that puts them at a distinct disadvantage when it comes to securing a loan. That, in turn, makes it less likely that minorities can afford to buy a home in a more expensive area, such as the Back Bay or wealthier suburbs.
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optimus



Joined: 23 May 2008
Posts: 27

PostPosted: Wed Apr 19, 2017 2:02 am GMT    Post subject: Reply with quote

Do banks even allow buyer to borrow money from family members? I thought it had to be a gift. If you declare it a gift but it actually isn't, then that would be mortgage fraud.
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Guest






PostPosted: Thu Apr 20, 2017 1:28 am GMT    Post subject: Re: Massachusetts is NOT as integrated as it may seem Reply with quote

victorgbishop wrote:
https://www.bostonglobe.com/business/2017/04/17/around-massachusetts-racial-divides-persist/HqQrm3TcH1od1j2qQ2F44J/story.html

Just highlighting what many may know about housing in Massachusetts:

Quote:
Brockton was among five cities in the state — along with Boston, Worcester, Springfield, and Randolph — that accounted for nearly half of all loans to black borrowers for home purchases in 2015, according to the latest annual report on mortgage lending to underserved populations by the Massachusetts Community & Banking Council.

In 86 of the state’s 351 cities and towns, not a single loan was made to a black or Latino home buyer.

Even in Boston, where people of color make up the majority of the population, many neighborhoods still have stark racial divides, despite efforts to desegregate schools and public housing.

In 2015, black households received 41 percent of all the home-purchase loans in Mattapan, but none in the Back Bay, Beacon Hill, the North End, Allston, the Fenway, downtown, Mission Hill, or the South Boston Seaport area, according to the banking council.

Latino borrowers received 21 percent of the loans in Hyde Park, but none in the Fenway, the North End, Mission Hill, or the Seaport.

These disparities are not just about people of color being denied loans; they also reflect the lack of minorities applying for mortgages in certain areas,

Finances are perhaps the biggest deterrent. People of color tend to have fewer assets and fewer family members they can borrow from — a racial wealth gap that puts them at a distinct disadvantage when it comes to securing a loan. That, in turn, makes it less likely that minorities can afford to buy a home in a more expensive area, such as the Back Bay or wealthier suburbs.
[/quote]

Poor people can only afford to buy in poor neighborhoods. Rich people can afford to buy in rich neighborhoods. It just happens that many poor people are minorities and many rich people are white. Banks can't discriminate by race and can only discriminate by credit scores and income. The racial wealth gap exists because white people prefer to hire their friends who are white. Look at the union construction workers who are building all the skyscrapers in the Boston area. Look at high level managers and executives in most companies.
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PostPosted: Thu Apr 20, 2017 8:03 pm GMT    Post subject: Re: Massachusetts is NOT as integrated as it may seem Reply with quote

Amen!!

Anonymous wrote:
victorgbishop wrote:
https://www.bostonglobe.com/business/2017/04/17/around-massachusetts-racial-divides-persist/HqQrm3TcH1od1j2qQ2F44J/story.html

Just highlighting what many may know about housing in Massachusetts:

Quote:
Brockton was among five cities in the state — along with Boston, Worcester, Springfield, and Randolph — that accounted for nearly half of all loans to black borrowers for home purchases in 2015, according to the latest annual report on mortgage lending to underserved populations by the Massachusetts Community & Banking Council.

In 86 of the state’s 351 cities and towns, not a single loan was made to a black or Latino home buyer.

Even in Boston, where people of color make up the majority of the population, many neighborhoods still have stark racial divides, despite efforts to desegregate schools and public housing.

In 2015, black households received 41 percent of all the home-purchase loans in Mattapan, but none in the Back Bay, Beacon Hill, the North End, Allston, the Fenway, downtown, Mission Hill, or the South Boston Seaport area, according to the banking council.

Latino borrowers received 21 percent of the loans in Hyde Park, but none in the Fenway, the North End, Mission Hill, or the Seaport.

These disparities are not just about people of color being denied loans; they also reflect the lack of minorities applying for mortgages in certain areas,

Finances are perhaps the biggest deterrent. People of color tend to have fewer assets and fewer family members they can borrow from — a racial wealth gap that puts them at a distinct disadvantage when it comes to securing a loan. That, in turn, makes it less likely that minorities can afford to buy a home in a more expensive area, such as the Back Bay or wealthier suburbs.


Poor people can only afford to buy in poor neighborhoods. Rich people can afford to buy in rich neighborhoods. It just happens that many poor people are minorities and many rich people are white. Banks can't discriminate by race and can only discriminate by credit scores and income. The racial wealth gap exists because white people prefer to hire their friends who are white. Look at the union construction workers who are building all the skyscrapers in the Boston area. Look at high level managers and executives in most companies.[/quote]
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MR
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PostPosted: Tue Jul 11, 2017 8:26 pm GMT    Post subject: Reply with quote

Is this a surprise? Of course Greater Boston is one of the most segregated metro areas, rivaling Chicagoland. There's a lot of old and inherited money in the Boston area. If it weren't for public and section 8 housing, it would be even more segregated.
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