Deck the halls
– it’s the holidays
Deck the halls – it’s the holidays
Last Sunday there was a fabulous concert at Saint Benedicts’s Church. The Choral Project and the San Jose Chamber Orchestra presented Winter’s Gifts: Peace. It was indeed a gift of the spirit of the Season to those in attendance. Make sure you don’t miss whatever concert they create for you next year. The soaring voices reverberating within the spiritual space of the church was something special. And don’t forget about our own Oriana Chorale. The performances of this group just get better and getter as the group grows and expands its creative wings.
Another great experience is watching Sketches of Frank Gehry, a documentary film by Sydney Pollack. Whether you think Gehry’s a genius architect or a nut case, the film will challenge the way you think about buildings.
“Okay, enough!” you say. It’s hard to fit things to grow your mind and spirit into a season overstuffed like a kid’s Christmas stocking with tasks of baking, shopping, wrapping, and planning for holiday gatherings. I know, I know. But remember one of the best gifts you can give yourself at this hectic time of year is a little recreation and renewal of your spirit.
My spirit was disgruntled to read a report released recently by the Consumer Federation of America (CFA). It showed that women are more likely to get subprime (higher interest rates than are available) mortgages. This makes it more difficult for them to initially qualify for homes, and then the higher interest rates make it more difficult to build wealth through home ownership. About a third of the women got these loans, as opposed to a quarter of the men. That’s a pretty healthy disparity.
Allen Fishbein, director of housing and credit policy at CFA states, “Evidence suggests that women have slightly higher credit scores on average than men and similar credit usage patterns, yet the fact that women are more likely to receive more expensive mortgages at all income levels undercuts the lending industries calm assurances that borrowers are priced based on their creditworthiness.”
Indeed 4.4 million mortgage originations throughout the country where borrowers identified their gender indicated while women earning below the median income were 8 percent more likely to receive subprime loans than similarly earning men, women earning more than double the area median income were 50 more likely to receive subprime loans than men with similar earnings.
Bah, humbug. And I suppose it comes as no surprise to you that African American and Latino women had the highest incidences of subprime lending – and the gap between women of color and white men increased as incomes increased! African American women earning twice the median income were nearly five times more likely to be given subprime home purchase mortgages than white men with similar incomes. Latino women earning twice the median income were about four times more likely to receive subprime purchase mortgages than white men with similar earnings. (Please note also that African American women make up half the African American purchase mortgage borrowers and Latino women make up nearly a third of Latino home purchase mortgage borrowers.)
Whoa, doggies…I smell a rat! (Or maybe it’s just a fruitcake from Great Aunt Willhemina. The odor is similar.)
If you would like to learn more about this, the entire report is available online at http://www.consumerfed.org/pdfs/WomenPrimeTargetsStudy120606.pdf.
Let’s look at an interesting juxtaposition. New legislation (AB2800) going into effect in 2007 expands the Fair Housing Act, which currently makes illegal discrimination based on race, color, gender, marital status or religion, to additionally prohibit discrimination based upon national origin, ancestry, family status, disability and sexual orientation.
So what’s up with the lending practices? Discrimination is insidious, and often comes disguised in our society. Its scaly fingers reach out and touch us in ways of which we are not even aware. During this season of hope, peace, joy and renewal it behooves us all to look in our hearts and minds and rid ourselves of preconceptions, misinformation and fear.
Isn’t that what discrimination is all about? Fear? Fear that someone else will get what we want, or do something to us, or take something from us? In actuality the Universe is a safe place of abundance, and it is by giving that we truly receive.
Okay, now on to some good news. It’s going to be more difficult to get a real estate license in 2007! Hooray! This is good news because current legislation basically says if you’re 18 and not a felon, and can reflect in a mirror you can be a Realtor. AB2429 requires a bit more education.
It has been difficult to get this change because the Department of Real Estate (DRE) makes the majority of their money on licensing fees. They have no problem with having lots and lots of agents coming through a revolving glass door paying the fees to take the tests and obtain the license. So what that most of the people never even recoup the start-up costs and hang up the towel? For the DRE, it’s a full-employment guarantee! Perhaps now we’ll start to see more new Realtors dedicated to providing a valuable service to the consumer. (That would be you.)
Have a joyous week. May all your cookies be calorie-free and may the magic of the Season bring you hope, love and laughter. It’s a good life.
Be kind to your Realtor.
