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Racist Bastards - Shady 2005 Home Loans For Blacks
Posted by Rod
According to the Associated Press Higher income does not protect blacks and Hispanics from receiving mortgage loans with above-market rates, a new study by a group pushing for reforms to lending laws says.
The report, released Tuesday by the Washington-based National Community Reinvestment Coalition, concludes that in 2005 blacks in 171 metropolitan areas were at least twice as likely as whites to receive expensive loans.
The study was based on an analysis of nationwide mortgage data collected by the Federal Reserve for the most recent year available.
The report, which analyzed 2.3 million high-cost loans in 380 metro areas, also concluded that while the disparity among blacks and whites existed at all income levels, it was more severe at higher income levels, rather than lower ones. For the rest of the story click here.
What most people dont realize you can “lock in” the interest rate before going to the table.
Cassandra,
That’s absolutely right. It’s important to educate yourself about the homebuying process and know what your credit score is before you get into any conversations about purchasing a home. it also helps to get pre-qualified so you can know how much house you can afford. Consumer Credit Counseling services can help you with this for a samll fee and some places will help you for free, check out your local HUD programs and other programs that can help you with down payments.