Credit Crisis Could Hurt Homeownership
The gap in homeownership rates of minorities and whites will increase as a result of the credit crisis, said Anhelo Mozilo, the chief executive of Countrywide Financial Corp. during a real estate conference this past Thursday. Countrywide Financial is the largest U.S. mortgage lender.
Mozilo continued to say the crisis made lenders increasingly less likely to lend to risky borrowers and that, “As a result, I believe that five years from now, or sooner, there will be substantial disparities between whites and minorities”. Countrywide is also the largest U.S. lender to African-Americans, Hispanics and Asians.
Source: Reuters News
Posted by: Randy Bell
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