Baltimore Finds Subprime Crisis Snares Women
Jan 15th, 2008 at 7:24 am by Susie
Good article in the Times about a previously stable neighborhood destabilized by foreclosures. I found this part especially interesting:
“The striking thing is that the disparity between men and women actually goes up as income rises,” said Allen J. Fishbein, director of credit and housing policy for the Consumer Federation of America. Among high earners — defined as people earning twice the median income — black women are as much as five times more likely to receive subprime mortgages than white men.
Read the rest, it sheds some light on the worst of the subprime marketing strategies. In a side note, I was intrigued to read last week that the City of Baltimore was suing Wells Fargo Bank for targeting minority neighborhoods for subprime mortgages. I’ll be following that case with interest.
