Dam Those Illegal Loans

African-Americans and Latinos are much more likely to be sold high-cost home loans than white households in San Diego and around the nation, according to a study released by the Association of Community Organizations for Reform Now, or ACORN. The Foreclosure Exposure results for San Diego:

• 31% of home-refinance loans made to African-Americans in 2006 were high cost.
• 25% of such loans to Latinos were high cost.
• 13% of home-refinance loans made to whites had unfavorably high interest rates.

The study found that African-Americans within the county were 2.4 times more likely to receive high-cost refinance loans than whites. “America’s lower-income and minority communities receive a disproportionate number of subprime loans and are therefore most exposed to experience default and foreclosure,” the study found. They should do a study on percentage of women are getting high-interest loans than men. Stupidity and greed go cross racial boundaries.

This entry was posted on Thursday, September 6th, 2007 at 12:50 am and is filed under Business, News, Personal Finance, Real Estate, Studies and Surveys, The Greed Wagon. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.