The California Reinvestment Coalition (CRC) today released a new report finding that "people of color", "communities of color", and rural towns are more likely to receive higher-cost home loans, and that people of color in California could be paying $50 million more than white borrowers every month as a result of higher-cost home loans.The CRC is a organization that seeks to make it easier for low-income communities, and minorities to get home loans.
According to Kevin Stein, associated directory of CRC...
"What you look like and where you live should not determine how much you pay for a loan. Higher-cost lenders are draining wealth from families' pocketbooks and doing so in a way that is having a large and disproportionate impact on certain CaliforniaBasically what he's saying, is that just because you are black, lenders are going to charge you more to get a loan. Do any of you believe that's true?
communities."
Another blogger, who goes by the handle of Tiny, downloaded the 50-page report, read through it, and discovered the CRC didn't even take into consideration the credit score of the applicants it reviewed.
You can download the report here.
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