Study: Blacks, Latinos pay more for mortgages - Real Estate - MSNBC.com: "CHARLOTTE, N.C. - Black and Hispanic home buyers are more likely to pay high mortgage rates than white borrowers with similar credit ratings and income levels, an advocacy group found.
The Center for Responsible Lending said either loan sellers are charging higher rates to the minority customers or those borrowers are being steered to loan sellers that specialize in higher rates.
Using an industry database, the Durham-based nonprofit center compared credit scores, down payments and other financial information on about 177,000 loans made in 2004 by 'subprime' lenders — companies that charge higher interest rates than banks. The lenders provided the borrowers' income and race.
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