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Study: Minorities face 'rate shock' over home loans.
Byline: Richard Burnett
Aug. 16--Too many minority homeowners have been saddled with high-cost, adjustable-rate mortgages during the five-year housing boom, which makes them especially vulnerable now that rates are rising, according to a new study released Tuesday. Millions of black and Hispanic borrowers will face "rate shock" when their adjustable-rate loans start rising and higher monthly payments begin eating into household income, the study concluded. While many white borrowers will also feel the pinch, minority borrowers could suffer disproportionately because they continue to end up with higher-rate, "subprime" loans more often than whites do, even when income is taken into account, according to the latest annual survey by the ACORN Group, a nonprofit consumer-advocacy organization. The study, which ...
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- Press release article from: Business Wire July 10, 2008 700+ words
...Finance Charges If They Improved Credit Scores by 30 Points WASHINGTON -- Although consumer understanding of credit scores has improved over the past year...for example, understand that credit scores indicate risk of not repaying...
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- Press release article from: Business Wire March 15, 2005 700+ words
...consumers do not understand key facts about credit scores: --49% do not understand that credit scores measure credit risk; --45% incorrectly...Despite all of the news coverage about credit scores over the past year, many consumers still...
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- Press release article from: PR Newswire January 9, 2007 700+ words
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- Newspaper article from: The Washington Post Kenneth R. Harney August 3, 1996 700+ words
Do mortgage credit scores really work? Can a lender accurately...this answer: Like them or not, credit scores work. If you have an extremely...foreclosure -- individuals with low credit scores are disproportionately represented...
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- Newspaper article from: Knight Ridder/Tribune Business News February 4, 2004 700+ words
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- Newspaper article from: Amarillo Globe-News (Amarillo, TX) January 5, 2005 700+ words
...correlates insurance claims activity with credit scores. The report, mandated by the Texas...companies have long claimed -- higher credit scores go with fewer claims and lower scores...Analysts tried to determine whether credit scores are an effective predictor of risk...
