High Cost of Subprime Lending Featured on KUOW
I was interviewed on KUOW this morning about our report "The High Cost of Subprime Lending in Washington State." The full transcript and audio are available here and the audio is also embedded below.
Among other findings, our report points out that over 40 percent of the mortgages lent to African Americans and Hispanics in 2006 were high-cost, compared to around 22 percent for non-Hispanic whites and Asians (see graph below). Even among borrowers whose incomes were twice the area median, 39 percent of African-Americans and 37 percent of Hispanics had high-cost loans.
