Lenders Draw Fire for High Number of High-Rate Loans for Minorities. Binyamin Appelbaum and others.
by Appelbaum, Binyamin; ProQuest Information and Learning Company.
Series: SIRS Enduring Issues 2006Article 40Human Relations. Publisher: Charlotte Observer, 2005ISSN: 1522-3248;.Subject(s): Debtor and creditor | Discrimination in mortgage loans | Foreclosure | Homeowners -- Statistics | Interest rates | Loan servicing -- Corrupt practices | Minorities -- Housing | Mortgage banks | Mortgage brokersDDC classification: 050 Summary: "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.| Item type | Current location | Call number | Status | Date due |
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High School - old - to delete | REF SIRS 2006 Human Relations Article 40 (Browse shelf) | Available |
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.
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