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Next Obama Regime Witch Hunt: Racism In Auto Lending…
Power Abuse

Quote:Emboldened by its shakedown of mortgage lenders, the administration is now accusing car lenders of racism. On what grounds? It refuses to say, raising suspicion of another witch hunt.

Some of the nation’s largest auto lenders, including Ally Bank, are now under federal investigation for allegedly discriminating against black and Latino borrowers — a deplorable crime, if true.

The Consumer Financial Protection Bureau is heading the new crusade with help from the Justice Department.

It claims it has “statistical evidence” showing car lenders and dealers marking up loan prices for minorities vs. whites. Lenders and dealers insist they’re pricing for risk, not race; and if there are differences, they’re explained by neutral credit factors affecting loans.

Still, the administration claims loan pricing policies that have a “disparate impact” on minorities are discriminatory — the same shaky legal ground it trod to go after home lenders.

For the first time, federal civil-rights enforcers are relying on stats rather than actual facts or intent to prove racism.

While that’s bad enough, the administration won’t reveal the methodology it’s using to find discrimination in the numbers. CFPB, the consumer bureau, is keeping its analytical formula secret.
It's the "BILL OF RIGHTS" not the bill of "needs"
This is simple to prove or disprove. Get all loan data. Group it into buckets by credit score. Group by the issuer of the loan. See the award or fail to award loan ratios by race. The issuer never knows the race usually anyway. Then wonder why the dealership asked for a specific loan type for the black customer as opposed to the white Smile. Ill guess the dealership makes more money off the bad credit score loans and more often the white guy goes "and I wont pay more than x% for interest" while minorities don't know or don't have the interal strength to demand a better interest rate. That is the real shame..
I hear Ally won't let people buy cakes from bakeries also.
A gun rack in a pick-up is not for holding guns. Its a place for women to hold on to. Smile
You can always find racism anywhere you look, especially when you control the definition.
Vampire pig man since September 2012

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