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Blacks, Latinos Pay More for Mortgages
African Americans and Latinos get high-priced subprime mortgages far more frequently than whites – even when they are equally qualified, according to a groundbreaking new study from the Center for Responsible Lending. Lenders say they charge more because Blacks and Latinos on average have shakier credit histories, which makes lending to them riskier. But that explanation is simply wrong.
African Americans and Latinos get high-priced subprime mortgages far more frequently than whites – even when they are equally qualified, according to a groundbreaking new study from the Center for Responsible Lending. Lenders say they charge more because Blacks and Latinos on average have shakier credit histories, which makes lending to them riskier. But that explanation is simply wrong.
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