Minnesota Bank Asks Why It Pays for Wall Street Greed

http://www.bloomberg.com/apps/news?pid=20601109&sid=anmrn4H8hXfw&refer=home


Some subprime lending practices have raised concerns about mortgage discrimination on the basis of race. The NAACP filed a lawsuit in federal court in Los Angeles against 12 mortgage lenders. The lawsuit accuses the companies of steering black borrowers into subprime loans. Black and other minorities disproportionately fall into the category of "subprime borrowers", even when median income levels were comparable, home buyers in minority neighborhoods were more likely to get a loan from a subprime lender. Interest rates and the availability of credit are often tied to credit scores, and the results of a 2004 Texas Department of Insurance study found that of the 2 million Texans surveyed, "black policyholders had average credit scores that were 10% to 35% worse than those of white policyholders. Hispanics' average scores were 5% to 25% worse, while Asians' scores were roughly the same as whites. Haha why is race always the problem? Our government is stupid to allow this to happen, criminal.

http://en.wikipedia.org/wiki/Subprime_lending