FACT: In 2006, the foreclosure rates were higher among African-Americans and Latinos. However, Caucasians struggled with predatory lending practices as well. Last year, more than 72 percent of home refinance loans issued to African American Detroiters were high-cos, high interest loans, according to a September 2007 study commissioned by ACORN. More than 48 percent were issued to Latinos, and 36 percent to Caucasians. Similar Numbers were found in Flint, Lansing, Saginaw, and Pontiac.
FACT: In 2006, the foreclosure rates were higher among African-Americans and Latinos. However, Caucasians struggled with predatory lending practices as well. Last year, more than 72 percent of home refinance loans issued to African American Detroiters were high-cos, high interest loans, according to a September 2007 study commissioned by ACORN. More than 48 percent were issued to Latinos, and 36 percent to Caucasians. Similar Numbers were found in Flint, Lansing, Saginaw, and Pontiac.
