Housing recovery in Minnesota leaves minorities behind

  • Article by: Alejandra Matos , Star Tribune
  • Updated: May 9, 2013 - 1:41 PM

Eduardo Romero Sanchez thought he had one last chance to save his house. He paid a man $1,800 after he heard a radio ad saying he could modify his mortgage to eliminate soaring monthly payments.

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sharkysharkMay. 8, 1310:55 PM

The housing recovery is mostly make-believe for everyone.

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jd55604May. 8, 1310:59 PM

"Eduardo Romero Sanchez thought he had one last chance to save his house. He paid a man $1,800 after he heard a radio ad saying he could modify his mortgage to eliminate soaring monthly payments.".... So because someone acts like a fool by obtaining an ARM loan and giving an obvious scammer $1800; that constitutes racism in housing? If anything, it's an indictment of our educational system.

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camb24May. 9, 1312:42 AM

If you take out a loan, you must make the payments. If you dont like the loan, dont take one out. Save your money, rent, and someday pay cash for a home. Its really simple. I dont feel sorry, in the least, for someone who whines after taking out an adjustable rate loan. Enough with always making these people out to be victims! ENOUGH ALREADY!

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lakesloverMay. 9, 13 1:00 AM

When I filled out paperwork for a mortgage I never checked off a box as to my race. How can there be racism in the mortgage market when they don't know my race. Could the denial be due to a bad credit score, missed payment on a previous mortgage etc.?

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madkingchrisMay. 9, 13 1:24 AM

"Between 2009 and 2011, U.S.-born blacks in Minnesota had a 26 percent homeownership rate, the lowest for at least 20 years." When your minority group has a 65% high school graduation rate at best, it isn't hard to understand why so few own homes.

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mgs5150May. 9, 13 2:00 AM

I made some bad decisions in my 20's and my credit score and financial situation was horrible. 10 years of renting, paying my bills on time, getting an education, working my way from the bottom of the IT ladder to the top, getting a "starter" credit card to help build my credit score and now I own a house with a 830 credit score. It's called hard work, not racism.

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mgs5150May. 9, 13 2:09 AM

Regardless of this article, how can there be racism in loans anymore, isn't everything online or handled by your mortgage broker? I just got a car loan a few years ago, never had to meet anyone in person to get a loan. For my house, my mortgage guy interfaces with the banks to get my rate and terms, they have no clue if I'm Asian, Black, or White. The interwebs should solve this problem easily.

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kerber12May. 9, 13 2:24 AM

"In 2012, Wells Fargo paid at least $175 million to settle federal allegations that it discriminated against black and Hispanic borrowers. The Twin Cities was not one of the eight metro areas examined by the Justice Department." If the Twin Cities wasn't involved, what's the point in writing that paragraph? Are you insinuating that the local Wells Fargo should be guilty by association? That's really getting desperate.

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jbpaperMay. 9, 13 5:09 AM

"“We wonder when this state is going to wake up and say that all of its citizens are part of this community that we call the state of Minnesota,” Gray said."---- We'll do that when all of the citizens in this state start trying to become productive members of the community instead of blaming their problems on everyone else while relying on those same people to provide for them.

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Truckman182May. 9, 13 6:16 AM

Home ownership is a privilege not a right. You don't meet the bank criteria you don't get a loan. Race has nothing to do with it.

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