Lenders are Sexist and Racist
By Chip Parker, Jacksonville Bankruptcy Attorney on May 21, 2007 in Florida, General Bankruptcy Information
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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