There's No `Whites Only' Sign, But...Geoffrey Smith
The Federal Reserve Bank of Boston has come up with a definitive answer to a question that has dogged the banking industry for decades--whether banks discriminate against minorities. The answer: Yes. A study released Oct. 8 found that mortgage applications from blacks and Hispanics are 60% more likely to be turned down than those from whites with similar financial backgrounds. Says Boston Fed President Richard F. Syron: "We have a real problem."
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