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If anything, the subprime/minority scandal would make sense in a different universe, where we never entered into a deep recession and housing prices continued to grow for another 30 years. Then we might’ve said: What the hell, why were all these minority families put into such expensive mortgages, as if they were major credit risks? Why has this black family been paying $750 more per month for the last 27 years than the white family that makes the same amount and has the same credit score? Indeed, that would’ve been quite the scandal. But that isn’t what happened.
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Subprime Lending And Minority Foreclosures: What’s The Real Link?
From my takedown of the NYT piece on minorities and foreclosures.
