Jun 30, 2008

Shady Business

"...in established black neighborhoods like Westwood, where banks and brokers targeted vulnerable longtime homeowners and lured them into needless and rapidly recurring mortgages they clearly couldn't afford and from which they never stood to gain. More than half of all refinance loans made to African-Americans in 2006 were subprime, according to an analysis by the advocacy group ACORN. That's nearly twice the rate among white borrowers. Among low-income black borrowers, 62 percent of refinance loans were subprime, more than twice the rate among low-income whites."

Get the full story by clicking here.

1 comment:

Todd HellsKitchen said...

Read some article over last wkend that blames this housing fraud crisis as one of the three main underpinnings of this awful Recession.... I hate greedy Republicans.....