PNS National Newscast

Audio Activation
"Siri, play the Public News Service (podcast)"
"Hey Google, play the Public News Service podcast"
"Alexa, play Public News Service podcast"
or "Alexa, what's my news flash?" once you set it up in the Alexa app

2020Talks

Audio Activation
"Siri, play the 2020Talks podcast"
"Hey Google, play the 2020Talks podcast"
"Alexa, play Two-Thousand-Twenty Talks podcast"
or "Alexa, what's my news flash?" once you set it up in the Alexa app

Newscasts

PNS Daily Newscast - June 15, 2021 


Enbridge Energy wins a round on the Line 3 pipeline, but tribal activists say they'll keep fighting, and President Biden issues a warning to Russian leader Vladimir Putin.


2021Talks - June 15, 2021 


The U.S. has seen more than 270 mass shootings in 2021 as lawmakers argue over causes and strategies, President Biden previews his meeting with Vladimir Putin, and Novavax says its COVID-19 vaccine is 90% effective.

Are OR Mortgage Lenders Unfair to Minority Buyers?

Downloading Audio

Click to download

We love that you want to share our Audio! And it is helpful for us to know where it is going.
Media outlets that are interested in downloading content should go to www.newsservice.org
Click Here if you do not already have an account and need to sign up.
Please do it now, as the option to download our audio packages is ending soon

 By Chris ThomasContact
February 1, 2008

Portland, OR – Today an Oregon Senate committee takes up a bill to rein in mortgage lenders and brokers, and a new report gives just one indication of why that might be necessary. The Oregon Center for Public Policy found a racial pattern in its analysis of mortgage loan data for 2006. The group stops short of calling it "racism," because many factors go into the type of mortgage offered to a buyer.

However, the Center's Mike Leachman says a disproportionate share of subprime loans in Oregon clearly go to minority buyers, no matter what their income level.

"For middle-income African-Americans and Latinos, about half of middle-income borrowers were getting subprime loans in 2006; for whites, it was only about 25 percent. So about half--and if you look at lower-income borrowers or high-income borrowers, the disparity is similar."

The report also looked specifically at the lending practices of Washington Mutual and found that most of its minority customers were given loans through a subsidiary, called Long Beach Mortgage. Leachman says nine out of 10 of the Long Beach loans were subprime. Last month, Washington Mutual, facing a high number of loan defaults, closed the doors on its subprime operation.

Leachman says buyers assume a mortgage broker is acting in their best interest and shopping for the best deal on a loan, but the research shows that isn't necessarily true.

"Mortgage brokers in Oregon are allowed to get a kickback when they bring a loan to a lender that is more costly than the borrower could have qualified for, and Senate Bill 1090 would ban that kind of kickback."

Leachman says although federal laws are also being changed to avert a foreclosure crisis, Oregon could be doing more to ensure that mortgage lenders treat all borrowers fairly.

Best Practices