DeltaBetaBaby, I agree but people need to stop putting the onus on the mortgage lenders and realtors. These people are in big business and, unless you have some networks in the industry, this is straight business and not personal for them. They have only changed practices now because the Federal government is getting more involved.
People need to do some research. There is actually a lot of information out there that potential homebuyers can access. That includes community organizations (including some BGLOs) that do economic or homebuyer seminars. It is extremely confusing but take the time to read, compare, question, challenge, research, talk to different mortgage lenders, talk to anyone you know who has bought a house, see what your options are...cry and pray to the Heavens if need be. Just don't sit around waiting for everyone else to look out for you. These are college-educated people who are considered to be among the higher SES of Blacks in America. Surely people can't boast intelligence and kickassness when it comes to careers but then expect to be spoon fed elsewhere, especially given the nature of capitalism and discriminatory lending practices.
As it pertains to racial and ethnic minorities, this can be even more difficult because the average Black and Hispanic in this country is first generation(insert education, career, salary level). That makes it even more difficult to talk to family, friends, and access networks who have bought a home and/or who know what they are talking about. Even then, still talk to people and read/watch/research. After you get the info, you can more prepared to decide whether you think what you've learned is complete bullshit.
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