News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Greater Akron Chamber

Don Drumm Studios

NOCHE


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


People of color pay more for home loans in Cleveland
Government-backed loans cost 1.5 percent more than standard loans
by WKSU's KELLI FITZPATRICK

Reporter
Kelli Fitzpatrick
 
In The Region:

A new report finds that people of color in Cleveland are more likely to pay more because they’re more likely to get government-backed home loans.

More than 85 percent of borrowers who are black got government-backed loans in 2010, compared to 47 percent of whites.

Charles Bromley is director of the Ohio Fair Lending Coalition, which participated in the report. He says loans backed by the Federal Housing Administration and the Veterans Administration cost 1.5 percent more than conventional loans.

Bromley claims banks “steer” non-white borrowers to more expensive loans.

Click to listen

Other options:
Windows Media / MP3 Download (0:17)


“People contact a broker searching for a mortgage, and [the broker says], ‘Oh, I just have a friend, just a great person for you…this is where you need to go to get your loan.’ You get steered to a loan—good, bad or indifferent, that’s what’s been going on for a number of years. It’s manipulation in and out of neighborhoods based upon race.”

Bromley contends the steering  created a pattern of lending in  Cleveland, in whichg black  borrowers took out government-backed loans more than three times as often as white; Latinos, almost two times as often. 

The recent report is based on 2010 numbers; Bromley says statistics from 2011 will be available in September.

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Bridgestone exec indictments are latest step in a billion-dollar price-fixing case
Why is O.P.E.C Not investigated and charges brought against it and it's member companies? It sounds exactly the same...

Ohio's new drilling rules rely on known earthquake faults
requiring drillers to place seismic monitors when they drill within 3 miles of known fault lines. This comment really upsets me!! What good does an instrument t...

Kasich's gubernatorial ad focuses on his blue-collar roots
John Kasich is the biggest con-man in America. He will say one thing and then do the opposite. He is terribly successful at fooling the public and he is worki...

Cab drivers who refuse to drive Gay Games taxis will be replaced
the irony is that most americans distrust or hate muslims much more than they hate gays!! silly ignorant bigots-GO HOME!!!

New transportation companies come to Cleveland
Ride-sharing companies are breaking laws and regulations every day. From regulatory fee evasion to use of smartphone while driving (and even two smartphones(!) ...

Cleveland anti-poverty agency executive resigns amid financial probe
That committee won't be too independent. He plans to stay on until after the new appointee is chosen.

How can you wipe a criminal record clean?
Great article! NO CLINIC in May 2014, however, because it's graduation month for students For the next dates of the FREE Legal Clinic to help with Expungment,...

Drilling remains suspended while ODNR investigates NE Ohio earthquakes
Flaring and lights, so has all been halted? Also, smell of HS2 and sounds of an auger/drilling/water rushing underground. So, has all been halted? In light of t...

Will the Ohio River carry fracking wastewater?
Texas $ vs. WV citizens . Who will our governor listen to?

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University