Get the loan you deserve: African Americans can avoid being steered into bad loans by following these tips

Real estate industry experts are warning that the increase in sub-prime lending has opened the door for unscrupulous lending practices, known in the banking industry as predatory lending. Subprime loans are generally high-cost loans made to individuals who have had credit problems, And while not all of these loans are bad, predatory lenders use their more flexible terms to prey on consumers who may be desperate for a loan or uneducated about the home buying process. "Predatory lenders have two distinct targets," says James Ballentine, director of community and economic development at the American Bankers Association in Washington, D.C. "They go after minorities, because they consider them to be less financially sophisticated than other ethnic groups, and the elderly, because they are seeking to retrieve equity out of their homes. Or they sell the elderly high-cost mortgages, refinanced loans, or consolidation loans that they can't afford so they can take their homes."(Continue Reading)

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