Highlight: In September, the Federal Reserve released a study that found 52.8 percent of African-Americans got a high-cost home loan when they refinanced in 2006, compared to 37.7 percent of Latinos and just 25.7 percent of whites in the same year. Full Story
And here I thought the current foreclosures were effecting mostly new home buyers. Why would brokers ask a person to switch from a fixed loan to an ARM? Most importantly, why would the homeowner go for such thing? Black people have to realize that following current trends is not a means to advancement. We have to be smarter and more educated in every aspect of this society and that includes real estate. That old adage is not dead. People see things in the news and think they are just ‘becoming aware’ of practices whites have been using to be lucrative and don’t seem to realize that by the time we hear about it, it’s too late to take advantage of such a thing. The broker, the lawyer, the banker, etc., are not your friends.
