The discrimination banks were doing against minorities had nothing to do with them being less qualified than the whites. It was discrimination against them because they were buying houses in minority neighborhoods. The banks didn't think a house located in a minority neighborhood was as good collateral as one located in a white neighborhood. The minority person could have been MORE qualified than a white person, but the bank discriminated against the location of the house. I remember when Clinton was in office and it was tough to get a loan, even as a white person.
What really happened had nothing to do with minorities as the author claims, but that the rules were relaxed in 2004 (de-regulation) allowing banks to take on more debt.