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phatdaddy51
heros;jefferson, paine and beth warren
08:44 AM on 09/26/2012
surprised? i don't think so....boa is part'a the good ol' boy network that runs this country aren't they? probably doing nothing different than the rest and will only change if their bottom line is affected adversely
08:44 AM on 09/26/2012
Surprising? In America?
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TROOPER-X
Opportunity is Equal, not Wealth.
08:43 AM on 09/26/2012
Fail! The bank has an obligation to protect it's most valuable and marketable assets, regardless of the neighborhood demographics. Allocating resources to maintain homes worth 10 or 20k would be equivalent to throwing away cash.
Iceneedle
Techie and educator
10:20 AM on 09/26/2012
Oh here is another crinkle. I believe it is the lender who is responsible not necessarily the bank that has to maintain the property. Oh wait, the lender is probably bankrupt. Fail.
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08:42 AM on 09/26/2012
That's why its called the Bank of America, becaue this behavior is so deeply engrained in the American way of life that it is considered normative.

Those days will come to an end.
Achilles Blue
Buy a gun now!
09:22 AM on 09/26/2012
Yes it is normal to invest where your odds are greatest that you will make a profit.If some said place ten dollars on white and you'll make a hundred dollars,or place ten dollars on black and you'll only get eight dollars back which one are you placing your ten dollars on?The only color these white,black,yellow,brown,and red bankers are worried about is green.A goverment program,bank,etc can't change that,only those in the communitys affected can.First they will have to want to change that instead of making excuses and pointing the finger.
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HUFFPOST SUPER USER
mburgh
Come Back Samuel Gompers
08:40 AM on 09/26/2012
What else is new?
HUFFPOST COMMUNITY MODERATOR
classc 1
08:40 AM on 09/26/2012
In other breakIng news...water is wet.
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the964kid
Friends don't let friends vote GOP
08:36 AM on 09/26/2012
This is news? I thought it was a given that all the big banks have racist policies in lending. Seems like every year they're settling discrimination suits.
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08:34 AM on 09/26/2012
Who would have thought Bank Of America colors money white, i bet they were green with envy!
Achilles Blue
Buy a gun now!
09:11 AM on 09/26/2012
Why pour more money into somthing you know you're going to lose money on?The only color Bank of America loves is green,and if betting on white is more profitable then betting on black then thats where the money goes.Banks,goverment,special programs,etc can't change that,only the people in those communitys affected negatively can.
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michaelallenmar
08:34 AM on 09/26/2012
yep
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08:33 AM on 09/26/2012
This has nothing to do with racism. It's strictly profit driven. Homes in predominantly white neighborhoods are easier to sell, and sell for more than homes in black neighborhoods.
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mburgh
Come Back Samuel Gompers
08:40 AM on 09/26/2012
Do you honestly read what you're posting?
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08:48 AM on 09/26/2012
Odd question. I am very aware of what I wrote.
Achilles Blue
Buy a gun now!
09:13 AM on 09/26/2012
You should try practicing what you preach.
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Tori Wade
Fashion is my Life!!
09:04 AM on 09/26/2012
With that reasoning wouldn't you do foreclose on homes in the white neighborhood more because they would sell faster then the ones in the black neighborhood.
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09:16 AM on 09/26/2012
Good question. The banks cut a deal with the fed where they actually make money foreclosing. That's why it's so difficult to get a loan modification. The banks lose money of loan mods, and make money on foreclosures.

http://www.youtube.com/user/fiercefreeleancer

Any money they make on the resale is just gravy. So they'll still foreclose on anybody, but will only make an effort to maintain a property for resale if it's a good bet.
08:27 AM on 09/26/2012
I'm no fan of BOA but I'm more than a bit skeptical of this study.

AA neighborhoods have a higher incidence of boarded and broken windows than white neighborhoods? Forget about race for a minute and look at the vandalism rates for the two neighborhoods. If they're similar then maybe there is some discrimination but you won't know by just looking at the racial component.

Here's the actual study.

http://www.nationalfairhousing.org/Portals/33/the_banks_are_back_web.pdf
08:20 AM on 09/26/2012
Business decision, plain and simple. Race is irrelevant.
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jsrl317
Persuade me or prove me wrong, and I will change
08:30 AM on 09/26/2012
Hardly. Wake up, the world is not as simple as your thinking. They have already been proved time and time again to have racial bias in lending.
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CPAwADD
Always look on the bright side of life.
08:17 AM on 09/26/2012
I think it's racist, but I think it's more of the sub-conscious variety. They may justify it on business grounds but I doubt if they've actually run the numbers.
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VoteLibertarian
Despite your politics, I like you anyway.
08:16 AM on 09/26/2012
well, the houses are nicer...
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Tori Wade
Fashion is my Life!!
09:05 AM on 09/26/2012
Really? That is funny because I live in a predominantly minority area and the homes here are beautiful, schools good, and they are selling very well.
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Hoodoo X
tanstaafl
08:11 AM on 09/26/2012
The properties are owned by the bank.  If the banks are not breaking local ordinances on property upkeep, it is their business how they manage their property.  Bizarro world.