Details about this story

• Source: New York Times
• Date: November 04, 2007
• URL: Read the story
• Bylines: Vikas Bajaj , Ford Fessenden
• Topics: Real Estate
• Data Types: Federal Data
• Description/Excerpt: High-cost subprime mortgages have often been framed as loans that catered to people with blemished credit records or little experience with debt. There has been less attention paid to the concentration of these loans in neighborhoods that are largely black, Hispanic, or both. This pattern, documented in federal loan records, holds true even when comparing white middle-income or upper-income neighborhoods with similar minority ones. Last year, blacks were 2.3 times more likely, and Hispanics twice as likely, to get high-cost loans as whites after adjusting for loan amounts and the income of the borrowers, according to an analysis of loans reported under the federal Home Mortgage Disclosure Act. (Asians are somewhat less likely than whites to take out high-cost loans.)
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