Friday, November 7, 2008

Is subprime a new financial euphemism for black?

55% of black and Latino borrowers in Boston who had obtained loans for single-family homes in 2005 had been given subprime mortgages; the figure for white borrowers was just 13%. More than 75% of black and Latino borrowers from Washington Mutual were classed as subprime, whereas only 17% of white borrowers were.

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