Blacks pay higher mortgage rates, study says

http://www.suntimes.com/output/news/cst-nws-mort04.html

CHARLOTTE, N.C. -- Blacks who bought homes across America last year were four times as likely as whites to get mortgage loans at high interest rates instead of lower market rates, a study conducted by the Charlotte Observer found.

The paper analyzed records from 25 of the nation's largest lenders, and found that even blacks with incomes above $100,000 a year were charged the high rates more often than whites with incomes below $40,000.

For decades, blacks struggled to get loans at any price. Lenders ignored entire black neighborhoods, a practice called redlining. Last year, the nation's 10 largest banks denied black applicants twice as often as whites, according to the report.

Many who don't qualify for a market-rate loan turn to subprime lenders, companies such as Ameriquest and New Century, which charge higher rates than banks.

here in California about 10 years ago that showed supermarket prices much higher in poorer neighborhoods. True in ours. I have to travel outside the hood to get better prices. Lost of blue collar and service workers, students and art types here.

and I have to say, that is Sooo screwed up.

be it about hiring/employment; credit applications; and housing/mortgages... and as a result... nothing. absolute denial of those not involved - and punitive financial racism foisted upon citizens goes on and on until the next study or news item appears.

Unacceptable!

...there's another firestorm coming.