Blacks pay higher interest on home loans
Binyamin Appelbaum and Ted Mellnik of The Charlotte Observer used mortgage loan data from 25 top lenders to show that “blacks who bought homes in communities across America last year were four times as likely as whites to get high interest rates for mortgage loans.” The interest rate disparities occurred even when blacks had substantially higher incomes. The paper looked at 2.2 million mortgage applications from 2004 for its study and posted a breakdown of patterns on the Web. (Editor's Note: Others interested in doing similar stories should see Jo Craven McGinty's IRE Beat Book, Home Mortgage ... Read more ...