Sunday, March 09, 2008

Did minorities get shafted in the sub-prime mess?

Well naturally!

Some community banks believe there's a racial component to the sub prime mortgage crisis, an idea supported by a Federal Reserve Study that found 55 percent of African Americans, compared to 17 percent of whites, were steered to subprime mortgages, even when they were qualified for lower interest rates.

"It's a surprise to some people," Wright said. "It's not a surprise to us."

Not a surprise to me either.

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