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Predatory Lending Is Another Type Of United States Housing Discrimination

18 Mar , 2020,
Beth Weissman
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Predatory Lending Is Another Type Of United States Housing Discrimination

Over five million US families lost their houses to foreclosure throughout the Great Recession, with minorities hit particularly hard because of the crisis. Blacks and Hispanics faced foreclosure at a consistent level which was dual compared to white households, based on a 2011 report through the Center for Responsible Lending, with devastating effects for minority and built-in areas. The ensuing destruction of minority wide range erased years of progress at narrowing racial wide range gaps—according into the Pew Research Center, the median white home now has 13 times the wealth for the median black colored home (the biggest space since 1989), and 10 times the wealth associated with the median Hispanic home (the greatest space since 2001).

A paper that is working early in the day this week because of the nationwide Bureau of Economic Research sheds light on a single component that contributed to those race-driven styles: high-cost loans.

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