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Article: Group Says Minorities Disproportionately Burdened by Subprime Loans.
- Article from:
- The Orlando Sentinel (Orlando, FL)
- Article date:
- March 11, 2004
CopyrightCOPYRIGHT 2004 The Orlando Sentinel. 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: Richard Burnett
Mar. 11--During the nation's home-refinance boom, too many minority borrowers have wound up with high-cost, subprime loans when they could have qualified for some of the lowest mortgage interest rates in history, according to a consumer-advocacy group's study released Tuesday.
The study, part of an ongoing attempt to document racial disparity in subprime mortgages -- loans with higher-than-prime interest rates and fees, typically designed for credit-troubled borrowers -- was conducted by the ACORN Group, a consumer-advocacy organization based in Washington D.C.
Focusing on 117 U.S. metro areas, researchers said that ...