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.

Cedar Point

Metro RTA

Knight Foundation


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

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Crisis looms in filling aviation industry jobs in Ohio and the nation
I listened to this story yesterday morning on the radio and just want to add this comment. My son went to school to train as an air traffic controller, and gra...

Cuyahoga Valley National Park considers fire to fight invasives
I'm for the controlled burn. There are not enough people (myself included) who volunteer for the removal of invasive plant species. Therefore, another solution ...

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