Through The Static

April 7, 2008

Banks extend pricier loans to minorities: study

Filed under: Culture,Economics,Race — disciplepete @ 7:42 pm


WASHINGTON (Reuters) – The largest U.S. banks gave expensive subprime mortgages twice as often to minorities than whites last year, according to a study of bank loan data released by a fair lending activist group on Monday.

The study, conducted by Inner City Press/Fair Finance Watch found that banks such as JPMorgan Chase, Citigroup, Bank of America, and Countrywide issued subprime loans to minorities more than twice as often as whites. At some institutions, the number of subprime loans issued increased, even amid a growing credit liquidity crisis. (article)

Fuck the system!


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