Thursday, May 1, 2008

race and foreclosure

Last night I was watching nightline which ran a story about a housing counselor who is helping people in the Baltimore neigbhorhood he works in to fight off foreclosure.

in the news story it was stated that african americans are 4 times as likely as white americans to be facing foreclosure and the mayor of Baltimore thinks one of the reason is because Wells Fargo is more likely to give African Americans a crappy deal.

the thing is what she says might not really be that shocking. But the numbers might be on Mayor Dixon's side, giving that african american and latinos are more likely to get subprime loans then whites.

it sad but industries in the housing market have had a history of doing things like that in the past. for example there where a few cases in 2006 where home retailers where sued because they directed people to certian neighborhoods based on the persons race.

or the redlining that went on during the 30's to the 60's

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