NCRC: Minorities At Highest Risk Of Getting Stiffed With High Cost Home Loan

In Washington, D.C., a news release issued by the National Community Reinvestment Coalition announces:

• A new report by the National Community Reinvestment Coalition (NCRC) shows that minority consumers, regardless of income level, are most at risk of receiving high-cost home mortgage loans. High-cost loans represent the riskiest and most poorly underwritten home mortgages, millions of which have fallen into foreclosure in the last two years. The study, Income Is No Shield Against Racial Differences in Lending II, examined subprime and near prime (“Alt-A”) loans from more than 219 metropolitan areas, as reported under the Home Mortgage Disclosure Act data from 2006, the most recent publicly available data.

For more, see:

• News release: New NCRC Study Shows Racial Disparities In High-Cost Lending Remain Entrenched (Foreclosure Prone Loans Made Disproportionately to Minorities),
• Full Report: Income Is No Shield Against Racial Differences in Lending (A Comparison of High-Cost Lending in America’s Metropolitan and Rural Areas).

Go here and go here for other posts on alleged race bias in real estate transactions. PredatoryLendingRaceBias