VIEWS: 2 PAGES: 2 CATEGORY: Social Sciences POSTED ON: 5/25/2010
Despite similar credit scores and income levels, Black and Hispanic borrowers were more than three times as likely to acquire high-interest loans than White borrowers in cities such as Boston, Chicago and Los Angeles just to name a few, even though the majority of subprime borrowers would have qualified for a conventional prime rate loan, according to a report from the Center for Responsible Lending (CRL). Earlier this year, President Bush signed an economic stimulus bill to increase the size of the loans that the Federal Housing Administration can insure, while allowing Fannie Mae and Freddie Mac, the two government-sponsored mortgage companies to purchase larger mortgages from lenders and guarantee or hold as investments.
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