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US Subprime lenders target poor

This just in:

US Banks target blacks and or poor people for predatory loans.

A good friend of mine pointed this article out to me.
Essentially these banks target minorities and people with low incomes as "prime candidates" for predatory loans.
The report estimated the total loss of wealth "for people of color" including Latinos to be between 163 and 278 billion dollars for subprime loans taken out during the past eight years.

The report's authors said many blacks and poor Americans were deliberately targeted by lenders marketing a range of money-making home loans that were sometimes confusing for borrowers to understand.

Some economists believe the almost two-year-long housing slump could pitch the world's largest economy into a recession.


So its the bloody banks' fault for selling their predatory loans, that we are in a recession or at least close to one.

READ ON

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