Why Love and Money Have a lot in Common

Dr. Boyce and Cousin Jeff (BET) - Click Here to Watch Video

Dr. Boyce discussing Don Imus and Rev. Al Sharpton

African American homebuyers are more likely to be given high-risk loans than White homebuyers which put them at a higher risk for foreclosure.

ACORN (Association for Community Organizations Reform Now) revealed in a study earlier this week that African American’s were 2.7 times more likely to be given high-risk loans than White homebuyers.

Their all-inclusive study called “Foreclosure Exposure” looked at adjustable-rate-loans (ARM) in 172 metropolitan areas and the study indicated that minorities regardless of income received a higher percentage of high-risk loans in the past decade according to the study.

Memphis ranked No.1 in the country for metropolitan areas with thousands of ARM’s. According to RealtyTrac Inc Memphis has 10,800 foreclosure findings in the first half of the year. Memphis is also ninth amongst the nation's largest metropolitan areas for foreclosures according to RealtyTrac Inc.

African American women are prime targets for high-risk loans and foreclosure.

Steve Lockwood, executive director of the Frayser Community Development Corp says,

"Subprime lending is targeted particularly at African-American women,"

He adds, "It's not rocket science that shows you what neighborhoods have been hit hardest, because it's that confluence of where people are buying houses and the buyers are African-American women."

Make Us Your HomePage!