High (Interest) rates likelier for minorities

Posted on Thu, Jun. 01, 2006

High rates likelier for minorities
BY DEB GRUVER
The Wichita Eagle

Minority homeowners receive high-interest mortgages 30 percent more often than whites, even when they have the same credit histories and qualifications, a national study has found.

The study, released Wednesday by the Center for Responsible Lending, analyzed 50,000 mortgages in the subprime market. Subprime loans carry higher interest rates and generally are marketed to people with less-than-perfect credit who can't qualify for a better rate.

Black and Hispanic families were a third more likely to finance the purchase of a home with a high-interest loan, according to the study, which looked at data collected under the Home Mortgage Disclosure Act.

The center says high-interest and high-fee lenders aggressively go after minority customers while lenders who can offer better rates often overlook them, the center says. Even with the "same risk characteristics, minorities still are more likely to get higher-rate loans," said Debbie Gruenstein Bocian, senior researcher with the center.

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http://www.kansas.com/mld/kansas/business/14712780.htm

Really. A co-worker here insists that only squishy liberals think that racism is still a problem.
:grr:

their African-American supporters don't give a shit. And many are pleased that the "riff-raff" won't be able to get loans to move into their neighborhoods or merely improve their situation.
But, immigrants from EU and Balkan and Asian countries can qualify for loans without even having a job or speaking English... they can get business loans anf government grants without having to blink.

At least as it applies to car loans.

individuals...sheesh..!