Subprime Lending Market Narrows Housing, Borrowing Options for Minorities
According to recent reports, minorities are being disproportionately affected by changes to the subprime lending market. A lender search tool available from MortgageCreditProblems.com helps people with poor credit or people looking to find relief from high mortgage and interest payments find qualified lenders. Information on bad credit mortgages, subprime lending, loans and other mortgage-related issues are available at MortgageCreditProblems.com
(PRWEB) May 4, 2007 -- Last month, according to the San Francisco Chronicle, "a coalition of civil rights groups called for a national six-month moratorium on foreclosures -- after observing that a subprime (lending crisis has) disproportionately affected minorities." MortgageCreditProblems.com (http://www.mortgagecreditproblems.com) helps people with bad or no credit avoid common pitfalls of the subprime lending market by offering a lender search tool that provides mortgage information.
The MortgageCreditProblems.com search tool first asks users about the loan type, property type and home location. To find the best lenders to fit an individual's needs, the tool also takes into account bankruptcy, credit rating and several other factors that depend on the loan type (http://www.mortgagecreditproblems.com/mcp/apply.htm).
"Loans to homeowners with less-than-sterling credit are the fastest-growing segment of the mortgage market," says the Boston Globe. "Subprime loans have helped boost U.S. homeownership to a record 69 percent of households, some subprime lenders charge excessive fees or rates, taking advantage of the fact the borrowers have fewer options than people with good credit."
As the subprime lending market faces scrutiny for unscrupulous practices, many subprime mortgage lenders are going out of business, leaving minorities to rely on approval from giant lending institutions, although, "tighter standards are locking a large part of the American population out of home buying," says MSNBC. Specializing in bad credit mortgages, MortgageCreditProblems.com's lending search tool helps homeowners find reliable, relevant information on the subprime lending market and mortgages so they can make informed decisions on the loan that will best meet their financial needs (http://www.mortgagecreditproblems.com/mcp/apply.htm).
Unfortunately, minorities are especially at risk for being taken advantage of through the subprime lending market as The National Council of La Raza has noted, by finding that, "forty percent of Latino families and over half of African Americans who receive home loans get higher-cost mortgages, predominately subprime loans." However, according to the U.S. Department of Housing and Urban Development, "Studies reveal that even upper-income African-American neighborhoods one are one-and-a-half times more likely to have a subprime loan than persons in low-income white neighborhoods."
MortgageCreditProblems.com is a primary source of mortgage lending information for people with poor credit history or a low credit score. MortgageCreditProblems.com connects borrowers with bad credit to lenders that are willing to give them credit despite their credit history and also offers articles on improving credit scores, refinancing with bad credit and debt consolidation.
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