NewsFlash: June 11, 2008
Subprime mortgages are nearly double for Hispanics and African Americans
The higher likelihood that Hispanics and African Americans receive subprime mortgages raises the prospect of discrimination, according to today’s Snapshot by Algernon Austin, who directs EPI’s Race, Ethnicity, and the Economy program. Hispanics and African Americans were about twice as likely as whites to receive these loans compared to whites during 2006. “For many years people of color have been calling for more attention to and better regulation of lending institutions,” said Austin. “Had policymakers been more attentive to these calls, there might never have been a subprime mortgage crisis.”
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