Appelbaum, Binyamin,
Lenders Draw Fire for High Number of High-Rate Loans for Minorities. Binyamin Appelbaum and others. - Charlotte Observer, 2005. - SIRS Enduring Issues 2006. Article 40, Human Relations, 1522-3248; .
Articles Contained in SIRS Enduring Issues 2006. Originally Published: Lenders Draw Fire for High Number of High-Rate Loans for Minorities, Aug. 29, 2005; pp. n.p..
"There are two mortgage lending industries. Traditional lenders, including Bank of America Corp. and Wachovia Corp., still make 9 in 10 home purchase loans in America. But over the last decade, several million people bought homes with loans from a new industry. These lenders charge higher interest rates that cost on average tens of thousands of dollars more than a bank loan. That can be the best option for people who don't qualify for a traditional loan. But community advocates and federal agencies say some people got high rates because the traditional industry failed to make market-rate loans available--particularly in minority neighborhoods." (CHARLOTTE OBSERVER) This article examines how traditional lenders are ignoring minority communities who are instead served by brokers charging higher rates.
1522-3248;
Debtor and creditor
Discrimination in mortgage loans
Foreclosure
Homeowners--Statistics
Interest rates
Loan servicing--Corrupt practices
Minorities--Housing
Mortgage banks
Mortgage brokers
AC1.S5
050
Lenders Draw Fire for High Number of High-Rate Loans for Minorities. Binyamin Appelbaum and others. - Charlotte Observer, 2005. - SIRS Enduring Issues 2006. Article 40, Human Relations, 1522-3248; .
Articles Contained in SIRS Enduring Issues 2006. Originally Published: Lenders Draw Fire for High Number of High-Rate Loans for Minorities, Aug. 29, 2005; pp. n.p..
"There are two mortgage lending industries. Traditional lenders, including Bank of America Corp. and Wachovia Corp., still make 9 in 10 home purchase loans in America. But over the last decade, several million people bought homes with loans from a new industry. These lenders charge higher interest rates that cost on average tens of thousands of dollars more than a bank loan. That can be the best option for people who don't qualify for a traditional loan. But community advocates and federal agencies say some people got high rates because the traditional industry failed to make market-rate loans available--particularly in minority neighborhoods." (CHARLOTTE OBSERVER) This article examines how traditional lenders are ignoring minority communities who are instead served by brokers charging higher rates.
1522-3248;
Debtor and creditor
Discrimination in mortgage loans
Foreclosure
Homeowners--Statistics
Interest rates
Loan servicing--Corrupt practices
Minorities--Housing
Mortgage banks
Mortgage brokers
AC1.S5
050