Share on Google Plus
  2
Share on Twitter
  2
Share on Facebook
  1
Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 5 Shares     
Printer Friendly Page Save As Favorite View Favorites View Article Stats
No comments

Federal Reserve Chair: Discriminatory Lending Made Housing Crisis Worse For Minorities

Become a Fan
  (9 fans)
Quicklink submitted by Amanda Lang     Permalink
Related Topic(s): ; ; ; , Add Tags

View Ratings | Rate It


At thinkprogress.org

Discriminatory lending policies made the housing crisis worse for African-American and Latino borrowers, Federal Reserve Chairman Ben Bernanke told a financial summit held Thursday in Atlanta. The housing crisis and economic slump followed the 'unfortunate pattern' of 'disproportionately affecting' minorities, Bernanke said, pointing to the fact that black home ownership rates have fallen five percentage points in the last eight years, compared to just a two percent drop for the general population. Two major discriminatory actions made the crisis worse for minorities, Bernanke said: 'One is redlining, in which mortgage lenders discriminate against minority neighborhoods, and the other is pricing discrimination, in which lenders charge minorities higher loan prices than they would to comparable nonminority borrowers,' Bernanke said. 'We remain committed to vigorous enforcement...'

Read the rest of the story HERE:

At thinkprogress.org


 

Comments

The time limit for entering new comments on this Quicklink has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments