Study Finds Wide Racial Disparities In Mortgage Costs

A study by the Center for Community Change found wide racial disparities in the cost of mortgages -- black and Hispanic homeowners are paying higher interest rates than whites with comparable incomes.

1 minute read

May 2, 2002, 2:00 PM PDT

By Abhijeet Chavan @http://twitter.com/legalaidtech

"In its most surprising finding, the study said that the racial disparities increased as homeowners' salaries rose. Among households that made at least 120 percent of the typical income in their metropolitan area, 32 percent of blacks held high-interest, or subprime, loans while only 11 percent of whites did. Among households that made 80 percent or less of the typical local salary, 56 percent of blacks had subprime loans and 25 percent of whites did."

Thanks to Abby Jo Sigal

FULL STORY: Wide Racial Disparities Found in Costs of Mortgages

Thursday, May 2, 2002 in The New York Times

Community / Economic Development United States

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