Banks prone to sell minorities pricy loans (Reuters)

By Joanne Morrison

WASHINGTON (Reuters) – The largest U.S. banks sold expensive subprime loans more frequently to minorities than whites, according to a study released Wednesday by a community activist group.

Fair Finance Watch found that big lenders such as Citigroup, JP Morgan Chase, Wells Fargo and UK-based HSBC extended higher-cost subprime loans to African-Americans and Latinos far more frequently than whites, according to an analysis of 2006 mortgage lending data released this week.

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