Results 1 to 9 of 9

Thread: Blacks, Latinos pay more for mortgages

  1. #1
    who Jah bless no man cus JAHTEE's Avatar JAHTEE is offline
    Join Date
    Sep 2003
    Location
    Out West
    Posts
    4,252
    Credits
    1,508,189

    Blacks, Latinos pay more for mortgages

    Study: Blacks, Latinos pay more for mortgages
    Advocacy group says minorities get higher rates than whites with same pay
    The Associated Press


    Updated: 3:43 p.m. ET June 1, 2006
    CHARLOTTE, N.C. - Black and Hispanic home buyers are more likely to pay high mortgage rates than white borrowers with similar credit ratings and income levels, an advocacy group found.

    The Center for Responsible Lending said either loan sellers are charging higher rates to the minority customers or those borrowers are being steered to loan sellers that specialize in higher rates.

    Using an industry database, the Durham-based nonprofit center compared credit scores, down payments and other financial information on about 177,000 loans made in 2004 by "subprime" lenders companies that charge higher interest rates than banks. The lenders provided the borrowers' income and race.

    The study, released Wednesday, found that blacks were 29 percent more likely to pay a high interest rate on a fixed-rate home purchase loan. A Hispanic borrower also was more likely to pay a high rate, it found.

    "African Americans and Latinos are paying a premium for home loans because of the color of their skin," said Hilary Shelton, director of the NAACP's Washington bureau.


    The Federal Reserve Board said last fall it had identified about 200 lenders whose records showed possible discrimination. Regulators said they would look more closely at those lenders.

    The center's data did not include all the factors used by lenders, such as a borrower's total debts, making the study's conclusions incomplete, said Doug Duncan of the Mortgage Bankers Association. He also questioned the ability of any national study to prove discrimination, which would require an analysis of specific lenders.

    The Charlotte Observer reported in August that blacks who borrowed from 25 of the nation's largest lenders were four times more likely than whites to pay high rates. Even blacks with incomes above $100,000 a year were charged high rates more often than whites with incomes below $40,000, the newspaper found.
    *I have been Born Again*

  2. #2
    where de crix Oneshot's Avatar Oneshot is offline
    Join Date
    Apr 2003
    Location
    Brick City, NJ
    Posts
    24,667
    Credits
    40,139,677
    before the NAACP makes a comment like that they need to compare credit scores..

  3. #3
    another day... Ms. Hershey's Avatar Ms. Hershey is offline
    Join Date
    Jul 2004
    Location
    Why, you comin' tuh visit?
    Posts
    16,495
    Credits
    1,529,448

  4. #4
    who Jah bless no man cus JAHTEE's Avatar JAHTEE is offline
    Join Date
    Sep 2003
    Location
    Out West
    Posts
    4,252
    Credits
    1,508,189
    Quote Originally Posted by ms. hershey

    great minds think alike
    *I have been Born Again*

  5. #5
    another day... Ms. Hershey's Avatar Ms. Hershey is offline
    Join Date
    Jul 2004
    Location
    Why, you comin' tuh visit?
    Posts
    16,495
    Credits
    1,529,448
    Quote Originally Posted by JAHTEE
    great minds think alike

  6. #6
    QUE SERA SERA bajanredman's Avatar bajanredman is offline
    Join Date
    Sep 2003
    Location
    behind a poochback girl
    Posts
    1,688
    Credits
    1,011,991
    no matter what anybody say..it gine never stop..people are gonna have there "reasons"..


    and we have to bare it unfortunately

  7. #7
    Registered User trinidarkie is offline
    Join Date
    Apr 2003
    Location
    Abroad in the cold longing to be home
    Posts
    6,518
    Credits
    10,615
    Serious question - How do mortgage companies know that you are black?

  8. #8
    elq
    Cleophus aka pupah lashie elq's Avatar elq is offline
    Join Date
    Sep 2003
    Location
    NY
    Posts
    21,977
    Credits
    1,516,009
    Quote Originally Posted by trinidarkie
    Serious question - How do mortgage companies know that you are black?

    u mark it on your app
    after you sign shenisha jenkins

  9. #9
    Registered User trinidarkie is offline
    Join Date
    Apr 2003
    Location
    Abroad in the cold longing to be home
    Posts
    6,518
    Credits
    10,615
    Quote Originally Posted by elq
    u mark it on your app
    after you sign shenisha jenkins


    Was wondering because I cannot remember seeing race on mine.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •