Thursday, August 28, 2008

Women getting screwed over in home financing

A must read article about how single women are being hit hardest in the housing crisis. Turns out women are more likely to get subprime loans even when they earn the exact same amount as men. African-American women were FIVE times more likely to get hit with subprime mortgages than white men- even when they earned double the area's median income!


Several studies have shown that women -- and women of color, in particular -- are more likely than men to be targets of subprime and predatory lenders, and that many of the women who have lost their homes to foreclosure could have qualified for lower-cost loans. And although there are no data comparing foreclosure rates between men and women, subprime loans have a higher rate of default. So with foreclosures soaring, experts say women are at particular risk of losing their homes.
Shocking! Sexism and racism bites women in the ass!

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