As I think about the housing crisis, I can only think of the words of one of my favorite talk show host, Joe Madison, saying that black people are “undervalued, underestimated and marginalized.” You see, for many years, members of the Congressional Black Caucus have been railing against predatory lending. Of course, their warnings went unheeded. Now, we stand on the edge of financial catastrophe in this country, largely fueled by a lot of bad home loans — with a disproportionate amount of them made to people of color.

However, the question that’s not really been pursued in the mainstream press is “where minorities steered into bad loans when they could have otherwise been offered more conventional loans?” An article I read causes me to think that this was very likely the case.

In September, the Federal Reserve released a study that found 52.8 percent of African-Americans got a high-cost home loan when they refinanced in 2006, compared to 37.7 percent of Latinos and just 25.7 percent of whites in the same year.

A similar study by the Association of Community Organizations for Reform Now, known by its acronym ACORN, in September found the same pattern even when income was equal.

According to ACORN, upper-income blacks were 3.3 times, and Latinos 3 times, more likely than upper-income whites to have a high-cost loan when purchasing a home in 2006.

“I keep hoping one day I’ll do a study where race doesn’t play a part,” said Liz Wolff, author of the ACORN study.

“But clearly, there is a racial bias,” she added.

So, the foreclosures climb and more and more Americans are losing their homes. But, we have to ask, how many minority families are going to lose their homes because they were steered into loans by people who felt that it was okay to, basically, rip off people of color.

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