Study: Wealthier minorities get high-cost loans - Massachusetts - (this is unacceptable and wrong!)

“A new study of high-cost, or sub prime, mortgages in Massachusetts unearthed a surprising fact: The loans are most prevalent among minorities with substantial incomes.

Around 70 percent of African-American and Latino borrowers in Greater Boston with incomes between $92,000 and $152,000 took out mortgages with high interest rates in 2005, according to the study released yesterday by Jim Campen, an economics professor at University of Massachusetts Boston and a long time analyst of mortgage lending to minorities.”

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