How Some Algorithm Lending Programs Discriminate Against Minorities

How Some Algorithm Lending Programs Discriminate Against Minorities SCOTT SIMON, HOST: Racial profiling by banks against African-Americans, Latinos and other minorities who are trying to qualify for the lowest priced home or auto loans has been a fact for decades. And, again, the intent might not have been there, but let's just say you are offering higher rates to people who live in a certain zip code, and we know that the people who mostly live in this zip code are African-American, well, that's not right. SINGLETARY: You know, it's not, and it sometimes intimidates people or sometimes, especially with minority borrowers because, let's just be honest here, there was a lot of red money and a lot of discrimination, and many people may not think that they're worthy of a better rate. SIMON: Michelle Singletary writes The Washington Post's nationally syndicated personal finance column, "The Color Of Money."