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Investor's Business Daily - African-American and Latino borrowers are paying more than whites for home loans in six areas of the country, a report released at a Federal Reserve community advisory meeting suggested. In Los Angeles, New York, Chicago, Boston, Charlotte N.C., and Rochester, N.Y., African-American and Latino borrowers were almost four times more likely to get a higher-cost home loan. The report focuses on both prime and subprime lending by major financial services. Banks should eliminate discriminatory lending, the report said. |