California’s largest banks shortchange African American and Latino borrowers

‘Redlining is at work here with its whiff of institutionalized racism,’ says Oakland city attorney San Francisco – A just released report on bank lending in California found that Citigroup, HSBC and Wells Fargo each made home loans that cost African Americans and Latinos more than 2.5 times as much as most other bank customers. The report, “Who Really Get Home Loans: Year Eleven,” documents a high-priced credit system for households of color in the cities of Oakland, Sacramento, Fresno, Los Angeles and San Diego. The report was compiled by the Bay Area-based California Reinvestment Coalition (CRC). “What you look like and where you live should not determine whether you get a loan or how much it costs,” said Kevin Stein, CRC’s associate director. “Citigroup, Countrywide, H&R Block, HSBC, National City, Washington Mutual and Wells Fargo must ensure that every customer has equal access to the lowest cost loan product for which they qualify, and that all loans are priced fairly.” Full Story: http://www.sfbayview.com/040605/shortchange040605.shtml