Minorities, including African-American and Latinos, are being discriminated against by the banks, on their home loans and lending. A study conducted by the Center For Responsible Lending showed minorities being treated unfairly. For instance, the risks and loans are at a higher rate than a Caucasian who may be going through the same financial turmoil as well. “When blacks and Latinos then turn to the banks for help refinancing or modifying the terms of their loans, the banks aren’t so willing to help unless a nonprofit counseling agency intervenes on their behalf, according to a study by the Urban Institute. Without outside intervention, the homeowner is more likely to lose their home”, said News One.com . Receiving counseling greatly increases one’s chances of keeping their home as opposed to one being unadvised. Although Californian minorities are being deeply affected, it’s also happening in Miami, Chicago, St. Louis. This isn’t an issue targeting a particular neighborhood, it is an issue targeting ethnicities.
News One.com
