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A Financial Neutron Bomb in the Hood??
In the magazine Dollars and Sense, Jim Campen, professor emeritus of economics at the University of Massachusetts-Boston and an expert on racial discrimination in mortgage lending, has written a piece entitled,
"Update on Mortgage Lending Discrimination: After a Disastrous Detour, We're Back Where We Started."
I encourage you to read this scandalous horror story. Apparently, mortgage lenders were redlining neighborhood based on ethnicity, selling most of the subprime loans to black and Latino homeowners-to-be, who are now disproportionally being foreclosed upon.
http://www.dollarsandsense.org/archives/2010/1110campen.html
http://www.commondreams.org/view/2010/12/03-3
http://www.commondreams.org/view/2010/12/02-6
Since I live in Alaska, a pretty homogenously white (think Tea Party) state, I have no personal experience that would corroborate this disturbing story. I would be interested in hearing yours, one way or the other.
 
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