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Sunday, September 16, 2007

U.S. Fed Says Minorities Denied Home Loans More Often

September 16 2007
Minority borrowers received higher- cost mortgages than whites more frequently when they refinanced their homes last year, continuing a trend of racial disparities in home loan rates, the Federal Reserve said. Blacks received high-cost loans 52.8 percent of the time when they refinanced home loanslast year, versus 49.3 percent in 2005, the Fed said in a report released today. Hispanic borrowers received high-cost refinancings 37.7 percent of the time, up from 33.8 percent in 2005. The rate for white borrowers was 25.7 percent last year, compared with 21 percent in 2005. The report's release coincides with increased scrutiny in Congress of lending practices that contributed to the collapse of the subprime-mortgage market and prompted credit-market volatility in recent weeks.


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