Types Of Bankruptcy

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August 4th, 2007

Minority lending report mixed

Bank of America Corp. and Wachovia Corp. made more home-purchase mortgages to Hispanic and African-American borrowers last year, but they continued to deny their loan applications more often than whites’, a Charlotte Observer analysis of loan data found.

Both banks, the two largest in deposits in South Carolina, also reported more high-rate loans in 2006, although these mortgages remained a small part of their portfolios.

Loans to blacks last year rose 62 percent at Bank of America and 42 percent at Wachovia. Loans to Hispanics climbed 33 percent at Bank of America and 90 percent at Wachovia as the bank gained new California territory by buying Golden West. Read more



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