Bloomberg Businessweek has sparked a torrent of criticism after its cover depicted exaggerated cartoon versions of Latinos and Blacks greedily grabbing for money for a story about a housing rebound across the country.

“Oh wow, oh wow, that is very offensive,” said Aracely Panemeno, the director of Latino affairs for the Center for Responsible Lending, as she first opened up a photo of the cover on her computer. “It is highly offensive and inaccurate with an intent to promote and perpetuate the myth that communities of color were undeserving of the credit and housing they received and are to blame for the housing crisis, when in reality the opposite is true. They were targeted with predatory loans.”

Bloomberg Businessweek tells NBC Latino it regrets the cover, dated February 25.

“Our cover illustration last week got strong reactions, which we regret,” said editor, Josh Tyrangiel in a statement. “Our intention was not to incite or offend. If we had to do it over again we’d do it differently.”

Read it at NBC News.