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Article: Low-Income, Minority Homebuyers Are Still More Likely to Get Subprime Loans.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 27, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. 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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By Bruce Spence, The Record, Stockton, Calif. Knight Ridder/Tribune Business News
Nov. 27--The proportion of low-income and minority borrowers subjected to the higher costs of subprime loans continued to soar last year, according to a new study by an advocacy group for low- and middle-income families.
The Association of Community Organizations for Reform Now said its study, released Tuesday, indicated that black homeowners were 4.4 times as likely to receive a subprime loan last year than white homeowners. That's up from 2.8 times more likely in 2000.
Latinos were 2.2 times more likely to get a subprime loan last year than whites, up from ...