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Wednesday, April 1, 2015

Prosecutors Scrutinize Minority Borrowers’ Auto Loans (@mcorkery5 @jbsgreenberg @nytimes)

Historically, minorities have been denied loans that would be given to whites in the same financial state. The auto industry, however, seems more happy to extend loans to minorities -- but at what cost to the borrower?

Full article at The New York Times

"Minority borrowers were once starved for credit through redlining — banks’
refusal to provide mortgages in their communities.
Now the booming auto industry has turned that historic wrong on its
head, government authorities say, singling out minority borrowers and
extending them the costliest car loans, a development that threatens to
exacerbate the economic distress in some black and Hispanic neighborhoods."

Image result for car losing money

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