Color bias is a fact in lending business
This is an open secret so this survey in itself reveals nothing new — all it does is put this dismal fact in facts and figures, making it even more painful. A national study released recently found that a black borrower is more likely to be charged a high rate. A Hispanic borrower also was more likely than a comparable white to pay a high rate, the study found. Columbiatribune.com reports:
Consumer groups said the study by the Center for Responsible Lending offered the clearest evidence to date that minorities can face widespread discrimination when they shop for mortgage loans.
Read more: Mortgage loan study suggests lending bias
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