A couple of days ago, I saw a title that said Feds probe mortgage rates. Why are they probing you ask? It seems that more than half of African Americans who bought a home in 2005 received a higher interest rate on their mortgage loan. Subprime loans right. I have to admit this does not surprise me. Lets face it not all but there are a lot of credit problems and low income among African Americans. These factors in itself lend to being labeled as “less trustworthy” when it comes to being extended credit for a substantial person. I personally experienced where one car dealer that I went to once pulled my credit report and that particular report painted a less than favorable picture of me. The car I was purchasing was 7K. I walked away from it because I knew that this report was in error. A week prior I had qualified to purchase a house by myself with a great interest rate and the house was more than six figures. It is sad that still in this day, African Americans are being treated so poorly when it comes to purchasing homes and even cars. What are your thoughts?
