Thursday, April 28, 2011

Mortgages and minorities

According to an article published today by Reuter's, funds for refinancing home mortgages were much more available in predominantly white sections of major U.S. cities. The study entitled 'Paying More for the American Dream V,' found that in seven major metropolitan areas, conventional mortgage refinancing in minority communities decreased by an average of 17 percent in 2009 compared with the previous year. But, in predominantly white neighborhoods, mortgage refinancing loans jumped by 129 percent.

The study also found that that lenders were "more than twice as likely" to deny refinancing applications made by those from minority communities than those applying from white neighborhoods.

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