AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Homeowners Are Most Likely To Be Subprime in Southwest.
Washington -- A new analysis of 2004 Home Mortgage Disclosure Act data discovered that borrowers in the Southwest are nearly three times more likely to receive a subprime loan than a borrower on the West Coast.
The HMDA analysis by the Consumer Federation of America shows that the share of refinance lending that is subprime varies from 10.5% in the Pacific states to 27.4% in the Southwestern states.
"The variation in the prevalence of high-cost mortgages by geography raises concerns about whether this type of lending is priced solely on risk factors, or whether some lenders take advantage of the lack of competition in certain localities to price mortgages as high as they can," said CFA director Allen Fishbein.
The CFA study shows that borrowers on the West Coast, in New England and the Midwest are less likely to receive subprime refinance loans than in the Southwest, Southeast and Great Plains.
The study also confirmed findings by federal banking regulators and others that African-American and Latino borrowers are more likely to ...
- Subprime loans concentrated in low-income areas: L.A. County's defaults double...
- Magazine article from: Los Angeles Business Journal Leffall, Jabulani March 19, 2007 700+ words
Risky subprime loans account for at least a fifth of all...numbers are conservative because not all subprime loans could be counted in the review.) The fear is that a high concentration of subprime loans in any neighborhood may lead to a...
- Subprime loans proliferate among minority borrowers.
- News wire article from: Winston-Salem Journal (Winston-Salem, NC) August 16, 2006 700+ words
...the percentage of high-cost, or subprime, loans for 130 metropolitan statistical areas...the Home Mortgage Disclosure Act. Subprime loans are directed at individuals who do...Salem ranked 70th in percentage of subprime loans written, compared with Durham, which...
- PERSONAL FINANCE : Subprime loans more common here.
- Newspaper article from: Chattanooga Times/Free Press (Chattanooga, TN) September 6, 2006 700+ words
...home loans took on higher-interest "subprime" loans, federal data indicate. By comparison...borrowers refinanced their mortgages with subprime loans. The Consumer Federation of America...conventional mortgages refinanced with subprime loans -- defined as loans priced at least...
- The Philadelphia Inquirer On Personal Finance column: Real bubble in housing...
- Newspaper article from: Philadelphia Inquirer (Philadelphia, PA) February 11, 2007 700+ words
...lending practices, most involving subprime loans. And on Friday, the Mortgage Bankers...point "fact sheet" arguing that subprime loans are not a problem. Subprime lending...the government says. In theory, subprime loans can be good. In exchange for higher...
- Delinquencies increase among 'subprime' loans: Credit crunch could bring...
- Newspaper article from: Baltimore Sun (Baltimore, MD) March 15, 2007 700+ words
...foreclosures are rising, particularly among "subprime" loans for borrowers with less-than-perfect...close and warned that the market for subprime loans "has changed dramatically in the past...of the economy." The number of new subprime loans in the Baltimore metropolitan area...
- Low-Income, Minority Homebuyers Are Still More Likely to Get Subprime Loans.
- News wire article from: Record (Stockton, CA) November 27, 2002 700+ words
...subjected to the higher costs of subprime loans continued to soar last year...the fourth-largest share of subprime loans to white homeowners who were refinancing, the study reported. Subprime loans made up 10.06 percent of refinance...
- Group Says Minorities Disproportionately Burdened by Subprime Loans.
- Newspaper article from: The Orlando Sentinel (Orlando, Florida) (via Knight-Ridder/Tribune Business News) March 11, 2004 700+ words
...borrowers have wound up with high-cost, subprime loans when they could have qualified for...borrowers, only 6.7 percent had subprime loans. In metro Orlando, the figures were...and 16.7 percent of Hispanics had subprime loans, compared with 9.3 percent of non...
- Subprime loans going under: Implosion hitting would-be homeowners, desperate...
- Newspaper article from: Contra Costa Times (Walnut Creek, CA) March 22, 2007 700+ words
...three months after lenders canceled the subprime loans of four would-be buyers. The lost...Century Mortgage Corp. stopping all subprime loans. In addition, Wells Fargo &...East Bay has a relatively low rate of subprime loans because of higher housing costs that...
- Subprime loans rattle a shaky state housing market.
- News wire article from: Detroit Free Press (Detroit, MI) March 26, 2007 700+ words
...moderate-income homeowners who have subprime loans -- mortgages given to people with shaky credit histories. Subprime loans allow such buyers to own a home...About 44,000 of the state's subprime loans -- or 21% of the total of 210...
- Surprisingly high percentage of African Americans get subprime loans.
- News wire article from: Philadelphia Inquirer (Philadelphia, PA) Brown, Jeff September 26, 2005 700+ words
...as likely as whites to end up with "subprime" loans that can increase annual payments by...borrowers, about 13 percent of whites got subprime loans, compared to 39 percent of blacks...area _ about 6 percent of whites got subprime loans, compared to 24 percent of blacks...
Source: HighBeam Research, Homeowners Are Most Likely To Be Subprime in Southwest.