TigerD
Senior Member
“Low and moderate-income people get one shot at home ownership,” Alphonso Jackson, secretary of Housing and Urban Development, said in an interview in Washington. “And if they don't make it work, they don't get a second shot.”
by Mike Bevel,
insideARM.com
June 13, 2007
The more information that is released concerning the subprime mortgage paradigm that pervaded most of the past few year’s housing boom, the uglier it all looks.
A recent report revealed that blacks and Hispanics are more likely than whites to be saddled with high-priced home loans. And the U.S. agencies that supervise the more than 8,000 banks haven't censured any of them for violating fair-lending laws.
rest of the story
http://www.insidearm.com/index.cfm?objectID=25B56DAC-FD58-C4D6-49C2A9F1BC7AB245