AFFIL’s Executive Director authors “Changing Patterns XIV,”
shows minority communities targeted by predatory lenders: Jim
Campen’s fourteenth annual report on mortgage lending to traditionally
underserved neighborhoods and borrowers, “Changing Patterns XIV,” finds
that black and Latino borrowers were disproportionately the recipients of loans
with high interest rates in 2006. The
report shows that even high-income minorities paid far more for their loans
than their white counterparts, as 53% of African Americans making at least
$98,000 a year received mortgage loans with high interest rates, compared with
13 percent of white borrowers. Overall, the study shows that only 26% percent of
black applicants for a home-purchase loan got an interest rate near the market
average, whereas 64 percent of
white applicants got loans with market rates.