Yolanda King, the Rev. Martin Luther King Jr.’s eldest child, passed away a few days ago at the young age of 51. She was only 7 years old on August 28, 1963, when her famous father said on the steps of the Lincoln Memorial, “I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character.”
While there is evidence of progress toward racial equality, a recent article published by Susan Tompor of the Detroit Free Press is a reminder that sexism and racism continue to affect the lives of their victims in real yet subtle ways. She reports that, according to the Consumer Federation of America, 33% of female mortgagees borrowed at subprime rates in 2005, compared to just 25% of males, and upper-income black women are five times more likely than upper-income white men to receive a subprime mortgage. These statistics are surprising, considering women on the whole have better credit than men.
It pays to shop interest rates, especially for women and minorities.
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