Real Estate Web Design Redlining: It's a practice that resulted in tax payer bail outs! Did the Government Force lenders? July 31st, 2008 1:52 PM I started practice as a real estate agent in 1990. I was more idealistic in my view of the world. I believed everyone was honest and most people were cash poor. I was wrong on both counts as well as many others. One of the first things to challenge my ideas was a small memo from a local bank posted on our office agent bulletin board. It read something like this. Dear agents, Due to a recent audit review of our lending practice we are happy to inform you of a new lending policy. The audit found some discrepancies in lending practice that may create unintentional redlining in certain areas of your market area. In an effort to remedy this practice and conform to regulating policies, we will make loans to individuals who are of African American and Hispanic origin and who might not otherwise qualify for traditional lending programs. Employment and income documentation is not necessary. We are eager to make loans in areas that historically did not meet lending guide lines. Due to the controversial nature of this program we ask that you provide this to only those people who can benefit from this program. Sincerely, Any Bank USA   I’m questioned the obvious unfairness this posed to people who were not mentioned in the letter to my manager. A business practice that protected in interest of the lender and investors was some how unfair to certain borrows and their particular situation. Fast forward 18 years to July 30th, 2008 Congress Passed and the President Bush signed a multi-billion dollars bail out for the mortgage industry. I have a better idea how to help this from happening again. Sign up for my next blog when I set forward ideas that help everyone who buys or owns a home. The Listing Tycoon  Posted by Direct to Market LLC. on July 31st, 2008 1:52 PMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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