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Higher mortgages get paid by Minorities

Gannett News Service informs that Americans taking heavy mortgage loads leads to housing debt more increasingly. Almost half of all blacks and Hispanics who bought homes last year are paying above average mortgage rates.

The sharp increase was attributed to the rising number of buyers with shaky credit who could afford only small down payments. This shows one in four home buyers took out a high-priced mortgage, which double rates in 2004.

Last year, 55 percent of blacks and 46 percent of Hispanics took out high-cost loans. For whites and Asians, the rate was 17 percent. Even after adjusting for borrower and lender characteristics, there was a 10 percentage-point gap between the number of blacks and whites who took out high-cost mortgages. Minorities were also denied loans more often than whites were.

Edwina Baniqued

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