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Article: Poor, minority homeowners pay more to refinance; They carry more subprime loans, ACORN says.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- June 23, 2004
- Author:
CopyrightCOPYRIGHT 2004 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Chris Serres; Staff Writer
A disproportionate number of minority and low-income homeowners in Minneapolis have refinanced their mortgages with high-cost loans, according to a study released Tuesday by a national consumer group.
Minority homeowners in the city during 2002 were 6.2 times more likely than white homeowners to refinance their mortgages with subprime loans, which carry higher interest rates and fees than conventional loans, according to the Association of Community Organizations for Reform Now.
Low-income borrowers, regardless of ethnicity, were 5.1 times more likely to refinance with subprime lenders than upper-income ...