Racial Disparity Found In Home Loans

1 decade 1 year 7 months ago Monday, September 10 2007 Sep 10, 2007 Monday, September 10, 2007 2:47:53 AM CDT September 10, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS - A new study says black house buyers in the St. Louis area are far more likely to get high-cost mortgages than those in other metro areas. The study is by the Association of Community Organizations for Reform, or ACORN, a national advocacy group for low-income people and minorities. The group ranked St. Louis the tenth-worst last year among 172 metropolitan areas in the rate of high-cost house loans to blacks. In the St. Louis region, 70 percent of 3,000 loans made to blacks were high-cost. It also indicated that blacks in St. Louis were three times more likely than whites to get high-cost loans.

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