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posted by King Minos in Money / Career

Fact Checking Ben Bernanke!!

November 17, 2012

“Since the peak in mortgage lending in 2006, the number of home-purchase loans extended to African Americans and Hispanics has fallen more than 65 percent, whereas lending to non-Hispanic whites has fallen less than 50 percent,” he said. “Home-purchase originations in lower-income neighborhoods have fallen about 75 percent, compared with around 50 percent for middle- and upper-income neighborhoods.”

http://onlineathens.com/national-news/2012-11-15/fed-chief-banks-tight-s...

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Why not check Bernanke's statements for accuracy? Seems like it would be an easy task in this case. In all three newspaper stories about Bernanke's Atlanta visit, I could find no links or notes to data that would back-up Bernanke's assertions.

In my view, I wonder if the data simply reflect the fact that there are fewer African-American and Hispanic citizens than there are white Americans. I know of one white investor who, apparently, was turned away from two foreclosure purchases apparently because the GSE agencies decided to sell, instead, to an African-American and then a Hispanic family; even though he bid on the homes first, offered more money and had a better credit rating, his bids were rejected in favor of those with lower offers and poorer credit ratings;

How could redlining against majorities be documented? Is it a real concern or just a way to "right" some past wrongs?!

How far would the liberal Obama Fed under Bernanke GO towards helping more minorities own homes? Could reducing white home ownership "help" create the correct demographic balance in home ownership? And, btw, what is the magic number, anyway, in terms of home ownership v. representative demographic? Surely with his access to tremendous data banks, Bernanke could reasonably come up with some target numbers! Puzzled

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