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Page A6
Unequal Mortgage Rates Found
Minorities
likely to pay
more for less
(A P ) — Black and H ispanic
hom e buyers are m ore likely to
pay high m ortgage rates than
w hite borrow ers w ith sim ilar
credit ratings and incom e levels,
an advocacy group found.
The C en ter for R esponsible
L ending said eith er loan sellers
are charging h igher rates to the
m in o rity c u sto m e rs o r those
borrow ers are being steered to
Hilary Shelton
loan sellers that specialize in w as m ore likely to pay a high
higher rates.
rate, it found.
U sing an industry database,
“ A f r ic a n A m e r ic a n s a n d
the D u rh a m -b a se d n o n p ro fit L atinos are paying a prem ium
cen ter com pared credit scores, for hom e loans because o f the
dow n paym ents and other fi co lo r o f th eir skin," said Hilary
nancial inform ation on about S h e lto n , d ir e c to r o f th e
177,000 loans m ade in 2004 by N A A C P ’s W ashington bureau.
“ subprim e” lenders — co m p a
T he Federal Reserve Board
nies that charge higher interest said last fall it had identified
rates than banks. T he lenders about 200 lenders w hose records
provided the borrow e rs' incom e show ed possible discrim ination.
R egulators said they w ould look
and race.
A recent study found that m ore closely at those lenders.
blacks w ere 29 percent m ore
T he c e n te r’s data did not in
likely to pay a high interest rate clude all the factors used by
on a fixed-rate hom e purchase lenders, such as a borro w er's
loan. A H ispanic borrow er also total debts, m aking the stu d y ’s
c o n c lu sio n s in com plete, said
D oug D uncan o f the M ortgage
B ankers A ssociation. He also
questioned the ability o f any
national study to prove discrim i
nation, w hich w ould require an
analysis o f specific lenders.
T he C harlotte O bserver re
ported in A ugust that blacks
w ho borrow ed from 25 o f the
n a tio n ’s largest lenders w ere
four tim es m ore likely than
w hites to pay high rates. Even
black s w ith annual in co m es
above $l(X),00() w ere charged
high rates m ore often than w hites
w ith incom es below $40,000,
the new spaper found.
Law Fights Housing Discrimination Against Minorities
A re you a victim o f housing tunity and success and w ithin it against the law for landlords
e v e ry o n e ’s reach. U n d er our and hom e sellers to refuse to
discrim ination?
If you have been denied your Fair H ousing laws, every citizen rent to you o r sell you housing;
housing rights, you may have is assured the opportunity to tell you housing is unavailable
exp erienced unlaw ful d iscrim i build a better life in the hom e or w hen in fact it is available; to
apartm ent o f their cho ice - re show you apartm ents o r hom es
nation.
T he A m erican dream o f h av gard less o f their race, color, re only in certain areas; and set
ing a safe and decent place to ligion, sex, national origin, fam different term s, conditions o r
call hom e reflects o u r shared ily status o r disability.
privileges for sale o r rental o f a
b elief that in this nation, o p p o r
T he F air H ousing A ct m akes dwelling.
T he law also prohibits adver
tising to preferred groups o f
people only; denying you a m ort
gage loan o r im posing different
term s o r conditions on a m ort
gage loan; and denying you prop
erty insurance.
It is also unlaw ful to harass,
coerce, intim idate or interfere
with anyone exercising or as-
sisting som eone else w ith his or
her fair housing rights.
If you believe your rights have
been violated, contact the office
o f Fair Housing and Equal O p
portunity at 1 -800-877-0246. A f
ter your inform ation is received,
H U D o r a state o r local fair
housing agency will contact you
to discuss the concerns you raise.
lune 14, 2006
Land Trust
Classes
Offered
T h e P o rtla n d C o m m u
nity L and T ru st o ffe rs free
c la s s e s to p ro v id e b a sic
in fo rm a tio n and g e t in te r
e ste d h o m e b u y e rs sta rte d
in the n o n -p ro fit g r o u p 's
h o m e b u y e r a ssista n c e p ro
g ram .
T h e c la sse s are s c h e d
uled T h u rsd a y , Ju ly 13 at
6 :3 0 p .m . a t P i l g r i m
L u th e r a n C h u r c h , 4 2 4 4
S .E . 91 “ A ve. and on T u e s
d ay , Ju ly 25 at 6 p.m . at
the C o m m u n ity L and T rust
o f f i c e s a t 3 1 0 9 B N .E .
B ro a d w a y .
T he one hour classes will
also bring inform ation about
new and currently available
housing o p p ortunities w ith
the trust.
T o R SV P o r m ore infor
m a tio n , c o n ta c t K e lly
C aldw ell at 503-493-0293
o r g o to th e w e b s ite
w w w .p c lt.o rg .
introducing
Adjusting Supply, Demand
unlimited calling
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Francisco Parra works at a new Pulte Homes site in Anthem,
Ariz. The company, one of the nation's biggest homebuilders, is
the third major homebuilder in a month to lower its earnings
outlook amid slowing sales. Home prices could start to dip as
companies offer incentives and discounts to attract customers,
according to some financial consultants. (AP photo)
Would You Buy
This Franchise?
interest in the team. Both said
they would keep the Blazers in
the Blazers and the Rose Garden, Portland.
and might the team become the
Porter was a Blazer during the
Kansas City, or Anaheim, Blaz team ’s better days, from 1985 to
ers? Also, prospective buyers 1995, and helped lead them to the
must remember that the purchase NBA finals twice.
comes with courtside shenani
W attles founded W ilsonville-
gans, arrests and numerous traf based Hollywood Video in 1988.
fic stops that earned the team the He resigned as chief executive
nickname “Jail Blazers”.
officer in February 2005 and now
Still, a joint deal with the team lives in Las Vegas.
and arena makes a sweet offer for
The tim ing or price o f a sale is
those with the money, resources unclear, but NBA Com m issioner
and determ ination to pull o ff a David Stern wrote in March that
turnaround and hopefully bring a joint sale could bring in more
the team back into Portland's than $300 million. The B lazers hold
good graces.
the No. 4 pick in the NBA draft,
Former Trail Blazers guard which is to be held June 28, but
T erry P o rter and H ollyw ood Stern said he has no expectations
V ideo founder M ark W attles as to when a sale would be com
haveseperately expressed public plete.
continued
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Children’s Clinic Expands
tion to the employment dispute and
that Taylor will remain on leave of
sources agency earlier this year absence, collecting full salary,
to take an impartial look at admin- through July.
istrative procedures within the
Taylor assisted clinic staff with
entire organization, with Taylor’s the relocation last month, and is
role as a part of that overview, working with local Pastor Mary
according to Bylsma.
Overstreet-Smith to open a new
He said he still expects a resolu- clinic, North by Northeast.
continued
from 43
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