Big Banks to Non-Whites: No Loans for You
So there was a significant gap between refinanced mortgage loans if you were white versus non-white in these seven cities. The color of your skin clearly made a huge difference as to whether one of these “Too Big To Fail” banking institutions to which our Government in the waning days of the Bush administration handed out billions of dollars “no questions asked” to keep them from going under.
Let’s consider the implications of those statistics, shall we? When these big banks started cutting back on their loans for residential mortgages they cut off the “colored people” first, but kept lending to white folks.
And I think its a fair assumption that the number and amount of mortgages written to whites far outstrips the number and dollar amount of mortgages written to non-whites. That’s just a simple mathematical calculation: Demographically, whites are the majority of people in the US of A. According to the last US Census Bureau estimates for 2008, white Americans (of non-hispanic origin) constituted 65.6% out of a total population of roughly 307 million people. That’s just under 200 million white people.
